APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> is looking to raise up to US$553m from selling a 1% stake in <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>.</li>
<li>Palliser Capital, has been pushing Keisei Electric Railway to reduce its stake in OLC to unlock shareholder value owing to the wide discrepancy between carrying/market value of the former’s investment.</li>
<li>Selling just 1% of shares outstanding, the deal wouldn’t be a very large one to digest, representing 4.7 days of OLC’s three month ADV. </li>
</ul>



Keisei Electric Railway Co (9009 JP) is looking to raise up to US$553m from selling a 1% stake in Oriental Land (4661 JP).
Palliser Capital, has been pushing Keisei Electric Railway to reduce its stake in OLC to unlock shareholder value owing to the wide discrepancy between carrying/market value of the former’s investment.
Selling just 1% of shares outstanding, the deal wouldn’t be a very large one to digest, representing 4.7 days of OLC’s three month ADV. 


Oriental Land Co Placement - Relatively Small One to Digest, Overhang Might Not Be as Large

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Keisei Electric Railway Co / Event-Driven

<ul>
<li>Apart from being mildly EPS accretive, <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a>'s buyback is a means to get crossholders out, therefore, it may not have much direct market impact. </li>
<li>
<a href="https://www.smartkarma.com/entities/cie-de-saint-gobain" target="_blank" data-smartkarma-citation="entities:21547:1" rel="noopener">Cie De Saint-Gobain (SGO FP)</a> firms a decade-high-plus Offer price for <a href="https://www.smartkarma.com/entities/csr-ltd" target="_blank" data-smartkarma-citation="entities:17380:1" rel="noopener">CSR Ltd (CSR AU)</a> - this is done.</li>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Group (4755 JP)</a> announced it would propose an amendment to its Articles at the AGM (28 March) to issue "Bond-Type Class Shares." First reaction: You wot, mate?</li>
</ul>


Apart from being mildly EPS accretive, Keisei Electric Railway Co (9009 JP)'s buyback is a means to get crossholders out, therefore, it may not have much direct market impact. 

Cie De Saint-Gobain (SGO FP) firms a decade-high-plus Offer price for CSR Ltd (CSR AU) - this is done.

Rakuten Group (4755 JP) announced it would propose an amendment to its Articles at the AGM (28 March) to issue "Bond-Type Class Shares." First reaction: You wot, mate?


Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a> share price has underperformed its tourism related transport operator peers.</li>
<li>Key drivers are still strong, including the expected influx of Chinese tourists from visa-free travel arrangements.</li>
<li>Valuation is still compelling, and it is not too late to own it.</li>
</ul>



Comfortdelgro Corp (CD SP) share price has underperformed its tourism related transport operator peers.
Key drivers are still strong, including the expected influx of Chinese tourists from visa-free travel arrangements.
Valuation is still compelling, and it is not too late to own it.


Comfortdelgro (CD): March on Chinese Tourists

Travis Lundy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> has long been the target of activist-ish-y holders who seek to have the company monetise its 20+% stake in <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>. </li>
<li>Last autumn (17-Oct-2023), Keisei was the subject of a <a href="https://mms.businesswire.com/media/20231017540912/en/1917461/1/20231017_-_Palliser_Capital_-_13D_Presentation_on_Keisei.pdf?download=1" target="_blank" rel="noopener">presentation</a> by activist-ish-y fund Palliser Capital who called the stock 43% undervalued. They want Keisei to sell some OLC shares.</li>
<li>Palliser wanted Keisei to use resulting monies for growth capex+shareholder return, improve IR/governance, shrink board, adopt KPIs, etc. Thursday we got an announcement of a 2.9% stock buyback. </li>
</ul>



Keisei Electric Railway Co (9009 JP) has long been the target of activist-ish-y holders who seek to have the company monetise its 20+% stake in Oriental Land (4661 JP). 
Last autumn (17-Oct-2023), Keisei was the subject of a presentation by activist-ish-y fund Palliser Capital who called the stock 43% undervalued. They want Keisei to sell some OLC shares.
Palliser wanted Keisei to use resulting monies for growth capex+shareholder return, improve IR/governance, shrink board, adopt KPIs, etc. Thursday we got an announcement of a 2.9% stock buyback. 


Keisei Electric Rail (9009) - A BUYBACK! But It's Likely To Be Crossholders Selling in ToSTNeT-3

Keisei Electric Railway Co / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> share price has increased but not run ahead of its fundamentals.</li>
<li>Weak Yen, COVID rebound, friendlier visa policy by the Japanese government, and the potential for more Chinese tourists visiting Japan are tailwinds for Keisei.</li>
<li>Valuation may look expensive, but with the high growth rate, investors should consider to use PEG rather than PER or PBR.</li>
</ul>



Keisei Electric Railway Co (9009 JP) share price has increased but not run ahead of its fundamentals.
Weak Yen, COVID rebound, friendlier visa policy by the Japanese government, and the potential for more Chinese tourists visiting Japan are tailwinds for Keisei.
Valuation may look expensive, but with the high growth rate, investors should consider to use PEG rather than PER or PBR.


Keisei Electric Rail (9009): Can Be Higher

Japan

Keisei Electric Railway Co., Ltd. provides passenger rail and bus transportation services in the Metropolitan Tokyo and Chiba prefecture areas.  The Company operates department and supermarket stores, hotels, travel agents, movie theater and restaurants, and sells, leases, and maintains real estate.  Keisei Electric is a shareholder of Oriental Land Co., Ltd. which operates Tokyo Disneyland.

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Keisei Electric Railway Co (9009 JP)

Oriental Land Co Placement - Relatively Small One to Digest, Overhang Might Not Be as Large

Keisei Electric Railway Co (9009 JP) is looking to raise up to US$553m from selling a 1% stake in Oriental Land (4661 JP).

Clarence Chu

Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia

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

Comfortdelgro (CD): March on Chinese Tourists

Comfortdelgro Corp's share price lags behind tourism transport peers despite strong drivers like Chinese tourist influx and compelling valuation.

Henry Soediarko

Keisei Electric Rail (9009) - A BUYBACK! But It's Likely To Be Crossholders Selling in ToSTNeT-3

Keisei announced a buyback Thursday. I expect it is to buy from cross-holders, who own about a third of the company. I doubt this is a response to...

Travis Lundy

Keisei Electric Rail (9009): Can Be Higher

Keisei Electric Railway Co's share price is rising in line with positive fundamentals, driven by a weak Yen, COVID rebound, and potential increase...

Henry Soediarko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Oriental Land Co Placement - Relatively Small One to Digest, Overhang Might Not Be as Large

Keisei Electric Railway Co (9009 JP) is looking to raise up to US$553m from selling a 1% stake in Oriental Land (4661 JP).

Clarence Chu

Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia

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

Comfortdelgro (CD): March on Chinese Tourists

​Comfortdelgro Corp's share price lags behind tourism transport peers despite strong drivers like Chinese tourist influx and compelling valuation.

Henry Soediarko

Keisei Electric Rail (9009) - A BUYBACK! But It's Likely To Be Crossholders Selling in ToSTNeT-3

Keisei announced a buyback Thursday. I expect it is to buy from cross-holders, who own about a third of the company. I doubt this is a response to...

Travis Lundy

Keisei Electric Rail (9009): Can Be Higher

​Keisei Electric Railway Co's share price is rising in line with positive fundamentals, driven by a weak Yen, COVID rebound, and potential increase...

Henry Soediarko

Comfortdelgro Corp's share price lags behind tourism transport peers despite strong drivers like Chinese tourist influx and compelling valuation.

Keisei Electric Railway Co's share price is rising in line with positive fundamentals, driven by a weak Yen, COVID rebound, and potential increase...