Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Tech sell off led my semi-cap names after D/G to sell for AMAT</li>
<li>Ulta beat paints a brighter picture for US consumer spending than expected</li>
<li>Is the relentless buy momo/sell everything else in Japan ready for a reversal?</li>
</ul>


Tech sell off led my semi-cap names after D/G to sell for AMAT
Ulta beat paints a brighter picture for US consumer spending than expected
Is the relentless buy momo/sell everything else in Japan ready for a reversal?


Japan Morning Connection: Markets Clearly Starting to Show EoY Wind Down

<ul>
<li>HP and Dell misses after-mkt yesterday setting off a wave of tech selling.</li>
<li>MSFT under antitrust scrutiny from the FTC raising concerns AI demand is too focused?</li>
<li>Panasonic briefing on AI continues to point to strong growth for its DC related server and power management solutions.</li>
</ul>


HP and Dell misses after-mkt yesterday setting off a wave of tech selling.
MSFT under antitrust scrutiny from the FTC raising concerns AI demand is too focused?
Panasonic briefing on AI continues to point to strong growth for its DC related server and power management solutions.


Japan Morning Connection: Japan Facing an Uphill Battle on Yen Strength and Weak Tape Overnight

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

FineToday Holdings Co Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings Co Ltd (289A JP)</a> is a Japanese personal care business seeking to raise up to US$500 million. It will be listed on 17 December.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/finetoday-holdings-289a-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:167184" rel="noopener">FineToday Holdings (289A JP) IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/finetoday-holdings-289a-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:167508" rel="noopener">FineToday Holdings (289A JP) IPO: The Bear Case</a>.</li>
<li>Our valuation analysis suggests that the IPO reference price of JPY2,150 per share is unattractive. Therefore, we would pass on the IPO.</li>
</ul>



FineToday Holdings Co Ltd (289A JP) is a Japanese personal care business seeking to raise up to US$500 million. It will be listed on 17 December.
We previously discussed the IPO in FineToday Holdings (289A JP) IPO: The Bull Case and FineToday Holdings (289A JP) IPO: The Bear Case.
Our valuation analysis suggests that the IPO reference price of JPY2,150 per share is unattractive. Therefore, we would pass on the IPO.


FineToday Holdings (289A JP) IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings Co Ltd (289A JP)</a> is a Japanese personal care business seeking to raise up to US$500 million. It will be listed on 17 December.</li>
<li>In <a href="https://www.smartkarma.com/insights/finetoday-holdings-289a-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:167184" rel="noopener">FineToday Holdings (289A JP) IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on the weak 3Q24 revenue performance, mid-tier revenue growth, leveraged balance sheet, share overhang and pre-IPO dividend.</li>
</ul>



FineToday Holdings Co Ltd (289A JP) is a Japanese personal care business seeking to raise up to US$500 million. It will be listed on 17 December.
In FineToday Holdings (289A JP) IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on the weak 3Q24 revenue performance, mid-tier revenue growth, leveraged balance sheet, share overhang and pre-IPO dividend.


FineToday Holdings (289A JP) IPO: The Bear Case

<ul>
<li>
<a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings Co Ltd (289A JP)</a> is a Japanese personal care business seeking to raise up to US$500 million. It will be listed on 17 December.   </li>
<li>FineToday has four product categories: Hair care, Skin care, Body care, and others. Hair care is the largest category, accounting for 49.0% of 9M24 revenue. </li>
<li>The bull case rests on return to revenue growth, three-pronged growth strategy, top-quartile profitability and top-tier FCF generation. </li>
</ul>



FineToday Holdings Co Ltd (289A JP) is a Japanese personal care business seeking to raise up to US$500 million. It will be listed on 17 December.   
FineToday has four product categories: Hair care, Skin care, Body care, and others. Hair care is the largest category, accounting for 49.0% of 9M24 revenue. 
The bull case rests on return to revenue growth, three-pronged growth strategy, top-quartile profitability and top-tier FCF generation. 


FineToday Holdings (289A JP) IPO: The Bull Case

Japan

KOSE Corporation manufactures, retails, and exports cosmetics including make up, skin care, and hair care products.  The Company sells its products in Hong Kong, China, Singapore, and Malaysia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kose Corp (4922 JP)

Japan Morning Connection: Markets Clearly Starting to Show EoY Wind Down

Tech sell off led semi-cap names after D/G to sell for AMAT, Ulta beat signals stronger US consumer spending than expected, has buy momo/sell...

Andrew Jackson

Japan Morning Connection: Japan Facing an Uphill Battle on Yen Strength and Weak Tape Overnight

HP and Dell missed earnings leading to a sell-off in tech, Microsoft under antitrust scrutiny, Panasonic points to strong growth for its DC...

Andrew Jackson

FineToday Holdings (289A JP) IPO: Valuation Insights

Our valuation analysis suggests that the IPO reference price of JPY2,150 per share is unattractive. Therefore, we would pass on the IPO.

Arun George

FineToday Holdings (289A JP) IPO: The Bear Case

The bear case rests on the weak 3Q24 revenue performance, mid-tier revenue growth, leveraged balance sheet, share overhang and pre-IPO dividend.

Arun George

FineToday Holdings (289A JP) IPO: The Bull Case

The bull case rests on return to revenue growth, three-pronged growth strategy, top-quartile profitability and top-tier FCF generation.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)