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

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a>, a Japanese financial institution, aims to raise around US$2bn in its Japan listing.</li>
<li>SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing.
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
In this note, we talk about the positive aspects of the deal.


SBI Shinsei Bank Pre-IPO - The Positives - Has Been Growing Well Since SBI Group Took Control

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>The Nikkei Stock Average declined 738 yen (1.9%) in the second week of January as heavy-weight stocks sell-off</li>
<li>Nintendo (7974 JP) ended the trading week marginally higher by 0.7% after a partial unveiling of its new Swich 2 Console. Less earnings cyclicality, but less upside?</li>
<li>The BoJ looks set to lift interest rates again next week, unless market turbulence following Trump's  inauguration, delays the inevitable</li>
</ul>


The Nikkei Stock Average declined 738 yen (1.9%) in the second week of January as heavy-weight stocks sell-off
Nintendo (7974 JP) ended the trading week marginally higher by 0.7% after a partial unveiling of its new Swich 2 Console. Less earnings cyclicality, but less upside?
The BoJ looks set to lift interest rates again next week, unless market turbulence following Trump's  inauguration, delays the inevitable


Japan Strategy Weekly | Nintendo’s Switch and Trump’s Return

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/freee-kk" target="_blank" data-smartkarma-citation="entities:28424:1" rel="noopener">Freee KK (4478 JP)</a> offers cloud-based online accounting and HR/Payroll software to small and medium businesses (SMBs) in Japan. The company operates a subscription-based revenue model.</li>
<li>Freee reported its first-ever profits recently and we expect continued improvement in freee’s profitability driven by its strong business model vs MF whose business model has started to breakdown.</li>
<li>Freee’s current valuation multiples are cheap and there is significant upside to the current share price, hence we recommend making an entry.</li>
</ul>



Freee KK (4478 JP) offers cloud-based online accounting and HR/Payroll software to small and medium businesses (SMBs) in Japan. The company operates a subscription-based revenue model.
Freee reported its first-ever profits recently and we expect continued improvement in freee’s profitability driven by its strong business model vs MF whose business model has started to breakdown.
Freee’s current valuation multiples are cheap and there is significant upside to the current share price, hence we recommend making an entry.


2025 High Conviction: Freee KK – Becoming Free From Losses; Significant Upside

<ul>
<li>
<a href="https://www.smartkarma.com/entities/freee-kk" target="_blank" data-smartkarma-citation="entities:28424:1" rel="noopener">Freee KK (4478 JP)</a> reported 1QFY06/2025 results which saw the company generating its first-ever Adj. operating profit, earlier than we expected.</li>
<li>The company has begun capitalising its software assets (decline in R&amp;D costs as % of revenue) and this coupled with fall in S&amp;M costs have contributed to profits.</li>
<li>The corporate paying customers surpassed more than 200k for the first time and we expect freee’s earnings to continue to improve going forward.</li>
</ul>



Freee KK (4478 JP) reported 1QFY06/2025 results which saw the company generating its first-ever Adj. operating profit, earlier than we expected.
The company has begun capitalising its software assets (decline in R&amp;D costs as % of revenue) and this coupled with fall in S&amp;M costs have contributed to profits.
The corporate paying customers surpassed more than 200k for the first time and we expect freee’s earnings to continue to improve going forward.


Freee 1Q: Turns Profitable Sooner Than We Expected

<ul>
<li>In Q3, Money Forward demonstrated continued strong performance, with consolidated net sales posting 31% growth year-on-year to ¥9.81 billion</li>
<li>EBITDA for the cumulative nine months stands at ¥1.48 billion, comfortably within the company’s full year guidance range of ¥1-3 billion.</li>
<li>We now see a very modest 2% upside to our target price of ¥6,440, based on an 8x forward revenue multiple. </li>
</ul>


In Q3, Money Forward demonstrated continued strong performance, with consolidated net sales posting 31% growth year-on-year to ¥9.81 billion
EBITDA for the cumulative nine months stands at ¥1.48 billion, comfortably within the company’s full year guidance range of ¥1-3 billion.
We now see a very modest 2% upside to our target price of ¥6,440, based on an 8x forward revenue multiple. 


Money Forward (3994) | Q3 Priced In; Look for Pull-Back

Japan

Money Forward, Inc. develops mobile application software. The Company produces automatic household account book softwares, household account book application softwares, and other products. Money Forward also provides personal financial management, cloud based accounting solutions, and other services.

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

Money Forward (3994 JP)

SBI Shinsei Bank Pre-IPO - The Positives - Has Been Growing Well Since SBI Group Took Control

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing. In this note, we talk about the...

Sumeet Singh

Japan Strategy Weekly | Nintendo’s Switch and Trump’s Return

Nikkei Stock Average drops due to heavy-weight stock sell-off, Nintendo sees slight gain with new console unveiling, BoJ likely to raise interest...

Mark Chadwick

2025 High Conviction: Freee KK – Becoming Free From Losses; Significant Upside

Freee has proved that its business model is solid vs Money Forward by beginning to make profits without compromising on growth. freee's shares are...

Shifara Samsudeen, FCMA, CGMA

Freee 1Q: Turns Profitable Sooner Than We Expected

The key highlight of freee's 1Q results was the first-ever Adj. operating profits for the company, earlier than we expected. The Corporate Paying...

Shifara Samsudeen, FCMA, CGMA

Money Forward (3994) | Q3 Priced In; Look for Pull-Back

Money Forward's Q3 performance shows strong growth with net sales up 31% year-on-year, EBITDA at ¥1.48 billion, and a 2% upside to target price of...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SBI Shinsei Bank Pre-IPO - The Positives - Has Been Growing Well Since SBI Group Took Control

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing. In this note, we talk about the...

Sumeet Singh

Japan Strategy Weekly | Nintendo’s Switch and Trump’s Return

​Nikkei Stock Average drops due to heavy-weight stock sell-off, Nintendo sees slight gain with new console unveiling, BoJ likely to raise interest...

Mark Chadwick

2025 High Conviction: Freee KK – Becoming Free From Losses; Significant Upside

Freee has proved that its business model is solid vs Money Forward by beginning to make profits without compromising on growth. freee's shares are...

Shifara Samsudeen, FCMA, CGMA

Freee 1Q: Turns Profitable Sooner Than We Expected

The key highlight of freee's 1Q results was the first-ever Adj. operating profits for the company, earlier than we expected. The Corporate Paying...

Shifara Samsudeen, FCMA, CGMA

Money Forward (3994) | Q3 Priced In; Look for Pull-Back

​Money Forward's Q3 performance shows strong growth with net sales up 31% year-on-year, EBITDA at ¥1.48 billion, and a 2% upside to target price of...

Mark Chadwick

Nikkei Stock Average drops due to heavy-weight stock sell-off, Nintendo sees slight gain with new console unveiling, BoJ likely to raise interest...

Money Forward's Q3 performance shows strong growth with net sales up 31% year-on-year, EBITDA at ¥1.48 billion, and a 2% upside to target price of...