Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>TSE-Listed companies are asked to file "Management Conscious of Capital Cost/Stock Price" awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.</li>
<li>There were case study updates published 26 December. Interesting, but not ground-breaking. 475 companies filed CGRs in December 2025 after 262 companies filed in November.</li>
<li>The most recent set of documents has some really disappointing comments and questions from companies and their executives. It makes one wonder...</li>
</ul>


TSE-Listed companies are asked to file "Management Conscious of Capital Cost/Stock Price" awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.
There were case study updates published 26 December. Interesting, but not ground-breaking. 475 companies filed CGRs in December 2025 after 262 companies filed in November.
The most recent set of documents has some really disappointing comments and questions from companies and their executives. It makes one wonder...


[Japan CorpGov] TSE "Mgmt Conscious" Reports (Jan26) - Disappointing Set of Case Studies

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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/ns-group-inc" target="_blank" data-smartkarma-citation="entities:46003:1" rel="noopener">NS Group (471A JP)</a> (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.</li>
<li>It raised around US$220m in its Japan IPO via an entirely secondary offering.</li>
<li>In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.</li>
</ul>



NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
It raised around US$220m in its Japan IPO via an entirely secondary offering.
In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.


NS Group IPO Trading- Decent Institutional Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ns-group-inc" target="_blank" data-smartkarma-citation="entities:46003:1" rel="noopener">NS Group (471A JP) </a>(NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.</li>
<li>NSG aims to raise around US$220m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.</li>
<li>In our previous note, we looked at the firm’s past performance and peer comparison. In this note, we talk about the pricing updates and IPO valuations.</li>
</ul>



NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
NSG aims to raise around US$220m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.
In our previous note, we looked at the firm’s past performance and peer comparison. In this note, we talk about the pricing updates and IPO valuations.


NS Group IPO - Deal Downsized; Pricing Looks Digestible Now

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ns-group-inc" target="_blank" data-smartkarma-citation="entities:46003:1" rel="noopener">NS Group (471A JP)</a> (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.</li>
<li>NSG aims to raise around US$256m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we talk about the peer comparison and IPO valuations.</li>
</ul>



NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
NSG aims to raise around US$256m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the peer comparison and IPO valuations.


NS Group IPO - Peer Comp and Thoughts on Valuation

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Oct 24th. The aggregated net margin trading position is USD17,881m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in IHI, Kawasaki Heavy Industries, Lasertec, Fujikura, Mitsubishi UFJ Financial, Kobe Bussan, Sanrio, SoftBank, Fast Retailing, Mitsubishi Heavy Industries, Ihi, Kawasaki Heavy Industries.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Oct 24th. The aggregated net margin trading position is USD17,881m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in IHI, Kawasaki Heavy Industries, Lasertec, Fujikura, Mitsubishi UFJ Financial, Kobe Bussan, Sanrio, SoftBank, Fast Retailing, Mitsubishi Heavy Industries, Ihi, Kawasaki Heavy Industries.


JPX Margin Trading Weekly (Oct 24th): IHI, Kawasaki Heavy Industries, Lasertec, Fujikura

Japan

MS&AD Insurance Group Holdings, Inc. is a holding company established through reorganization of Mitsui Sumitomo Insurance Company, Limited.  The Group writes marine, fire, casualty, automobile, life, and allied insurance policies. MS&AD Insurance Group also operates financial services and agencies.

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MS&AD Insurance (8725 JP)

[Japan CorpGov] TSE "Mgmt Conscious" Reports (Jan26) - Disappointing Set of Case Studies

The TSE's "Management Conscious of Capital Costs and Share Price" filings continue. 475 CorpGovReports filed in December. Exedy has a new plan. TSE...

Travis Lundy

NS Group IPO Trading- Decent Institutional Demand

NS Group raised around US$220m in its Japan IPO via an entirely secondary offering. In this note, we take a look at the trading dynamics.

Akshat Shah

NS Group IPO - Deal Downsized; Pricing Looks Digestible Now

NS Group aims to raise around US$220m in its Japan IPO via an entirely secondary offering. In this note, we talk about the pricing updates and IPO...

Akshat Shah

NS Group IPO - Peer Comp and Thoughts on Valuation

NS Group aims to raise around US$256m in its Japan IPO via an entirely secondary offering. In this note, we talk about the peer comparison and IPO...

Akshat Shah

JPX Margin Trading Weekly (Oct 24th): IHI, Kawasaki Heavy Industries, Lasertec, Fujikura

We analyzed JPX margin trading positions report for the past week and highlighted IHI (7013 JP), Kawasaki Heavy Industries (7012 JP), Lasertec...

Ke Yan, CFA, FRM

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