Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS: SPX flat, Dow -0.2%. Energy stocks best performers on higher oil prices. Micron down after results</li>
<li>JAPAN: NKY futures -0.9% vs cash. JPY 149.7/$; Mitsubishi Motors to quit production in China; </li>
<li>JAPAN X: With steel making accounting for almost half of Japan's industrial CO2 emissions, both government and corporates are moving in the right direction</li>
</ul>


OVERSEAS: SPX flat, Dow -0.2%. Energy stocks best performers on higher oil prices. Micron down after results
JAPAN: NKY futures -0.9% vs cash. JPY 149.7/$; Mitsubishi Motors to quit production in China; 
JAPAN X: With steel making accounting for almost half of Japan's industrial CO2 emissions, both government and corporates are moving in the right direction


Ohayo Japan: US Stocks Mixed; JapanX - Steelmakers Forging a Better Future

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seibu-giken-co-ltd" target="_blank" data-smartkarma-citation="entities:40113:1" rel="noopener">Seibu Giken (6223 JP)</a> (SG) is looking to raise around US$93m in its Japan IPO via selling a mix of primary and secondary shares.</li>
<li>SG sells desiccant dehumidifiers and VOC concentrators in over fifty countries globally. Its two main products accounted for over 90% of its revenue in 2022.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we talk about valuations.</li>
</ul>



Seibu Giken (6223 JP) (SG) is looking to raise around US$93m in its Japan IPO via selling a mix of primary and secondary shares.
SG sells desiccant dehumidifiers and VOC concentrators in over fifty countries globally. Its two main products accounted for over 90% of its revenue in 2022.
In our previous note, we looked at the company’s past performance. In this note, we talk about valuations.


Seibu Giken IPO - Quick Note - Not Particularly Enticing

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a>/ <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> ratio looks more attractive as JPB climbs with other banks as the possibility of Offering-induced retail overhang increases. </li>
<li>The ACCC has until 28 September 2023 to make its decision on <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797" rel="noopener">Origin Energy (ORG AU)</a>. Expect ACCC to be supportive - they haven't built a strong "against" case.</li>
<li>There should be more for the Kenedix REIT complex on a fundamental basis, a future equity capital raise accretion basis, and because of significant net buying for index purposes.</li>
</ul>


The Japan Post Holdings (6178 JP)/ Japan Post Bank (7182 JP) ratio looks more attractive as JPB climbs with other banks as the possibility of Offering-induced retail overhang increases. 
The ACCC has until 28 September 2023 to make its decision on Origin Energy (ORG AU). Expect ACCC to be supportive - they haven't built a strong "against" case.
There should be more for the Kenedix REIT complex on a fundamental basis, a future equity capital raise accretion basis, and because of significant net buying for index purposes.


Last Week in Event SPACE: Japan Post, Sun Hung Kai, LVS/Sands China, Kenedix REIT Complex, JFE

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seibu-giken-co-ltd" target="_blank" data-smartkarma-citation="entities:40113:1" rel="noopener">Seibu Giken (6223 JP)</a> (SG) is looking to raise around US$120m in its Japan IPO via selling a mix of primary and secondary shares.</li>
<li>SG sells desiccant dehumidifiers and VOC concentrators in over fifty countries globally. Its two main products accounted for over 90% of its revenue in 2022.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



Seibu Giken (6223 JP) (SG) is looking to raise around US$120m in its Japan IPO via selling a mix of primary and secondary shares.
SG sells desiccant dehumidifiers and VOC concentrators in over fifty countries globally. Its two main products accounted for over 90% of its revenue in 2022.
In this note, we look at the company’s past performance.


Seibu Giken Pre-IPO - Rapid Growth Followed by Rapid Deceleration

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, things are getting busy again with multiple deals live across the region, whic his a refreshing change from the slow start in the first half.</li>
<li>There were only a few placement this week, but what the lacked in volume they made up for in size. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, things are getting busy again with multiple deals live across the region, whic his a refreshing change from the slow start in the first half.
There were only a few placement this week, but what the lacked in volume they made up for in size. 


ECM Weekly (10th Sep 2023) - ARM, VNG, Tuhu, Integral, Doosan, Orora, JFE, RR Kabel, Samhi Hotel

Japan

JFE Holdings, Inc. is a holding company which was established through the merger of NKK Corp and Kawasaki Steel Corp.  The Company manages and conducts its subsidiaries' business, which is steel production and integrated engineering services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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JFE Holdings (5411 JP)

Ohayo Japan: US Stocks Mixed; JapanX - Steelmakers Forging a Better Future

Global stock markets are mostly steady, with energy stocks performing well due to higher oil prices, while Micron declines post results. .

Mark Chadwick

Seibu Giken IPO - Quick Note - Not Particularly Enticing

Seibu Giken (6223 JP) (SG) is looking to raise around US$93m in its Japan IPO via selling a mix of primary and secondary shares. In this note, we...

Sumeet Singh

Last Week in Event SPACE: Japan Post, Sun Hung Kai, LVS/Sands China, Kenedix REIT Complex, JFE

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Seibu Giken Pre-IPO - Rapid Growth Followed by Rapid Deceleration

Seibu Giken (6223 JP) (SG) is looking to raise around US$120m in its Japan IPO via selling a mix of primary and secondary shares. In this note, we...

Sumeet Singh

ECM Weekly (10th Sep 2023) - ARM, VNG, Tuhu, Integral, Doosan, Orora, JFE, RR Kabel, Samhi Hotel

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ohayo Japan: US Stocks Mixed; JapanX - Steelmakers Forging a Better Future

​Global stock markets are mostly steady, with energy stocks performing well due to higher oil prices, while Micron declines post results. .

Mark Chadwick

Seibu Giken IPO - Quick Note - Not Particularly Enticing

Seibu Giken (6223 JP) (SG) is looking to raise around US$93m in its Japan IPO via selling a mix of primary and secondary shares. In this note, we...

Sumeet Singh

Last Week in Event SPACE: Japan Post, Sun Hung Kai, LVS/Sands China, Kenedix REIT Complex, JFE

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Seibu Giken Pre-IPO - Rapid Growth Followed by Rapid Deceleration

Seibu Giken (6223 JP) (SG) is looking to raise around US$120m in its Japan IPO via selling a mix of primary and secondary shares. In this note, we...

Sumeet Singh

ECM Weekly (10th Sep 2023) - ARM, VNG, Tuhu, Integral, Doosan, Orora, JFE, RR Kabel, Samhi Hotel

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Global stock markets are mostly steady, with energy stocks performing well due to higher oil prices, while Micron declines post results. .