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>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

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>171 new CGRs were filed since 31-Dec-2024. Our tools show every report, links to every document, and now a new diff file tool. Input a name, see the changes.</li>
<li>A surprising number of smaller companies have yet to file a MCoCC/SP Awareness report. As cross-holdings get sold down, I expect they will become activists targets in 2025.</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.
171 new CGRs were filed since 31-Dec-2024. Our tools show every report, links to every document, and now a new diff file tool. Input a name, see the changes.
A surprising number of smaller companies have yet to file a MCoCC/SP Awareness report. As cross-holdings get sold down, I expect they will become activists targets in 2025.


Japan CorpGovReports: TSE "Mgmt Conscious of Capital Cost/Stock Price" Details (Feb25), TSE Updates

<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>609 new CGRs were filed since 31-Nov-2024. Our tools show every report, links to every document, and now a new diff file tool. Input a name, see the changes.</li>
<li>A surprising number of smaller companies have yet to file a MCoCC/SP Awareness report. As cross-holdings get sold down, I expect they will become activists targets in 2025.</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.
609 new CGRs were filed since 31-Nov-2024. Our tools show every report, links to every document, and now a new diff file tool. Input a name, see the changes.
A surprising number of smaller companies have yet to file a MCoCC/SP Awareness report. As cross-holdings get sold down, I expect they will become activists targets in 2025.


Japan CorpGovReports: TSE "Mgmt Conscious of Capital Cost/Stock Price" Details (Jan25), TSE Updates

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.</li>
<li>Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. </li>
<li>Of these, they have a combined stake of over US$1bn in 23 companies.</li>
</ul>


Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.
Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. 
Of these, they have a combined stake of over US$1bn in 23 companies.


Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

<ul>
<li>With <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota (7203 JP)</a> having sold some of its stake in <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso</a>, <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI</a> and <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive</a> this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.</li>
<li>Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


With Toyota (7203 JP) having sold some of its stake in Denso, KDDI and Harmonic Drive this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.
Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

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)

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

Japan CorpGovReports: TSE "Mgmt Conscious of Capital Cost/Stock Price" Details (Feb25), TSE Updates

Every month the TSE provides a list of companies which have "Action To Implement Management Consciousness of Share Price/Cost of Capital." We do...

Travis Lundy

Japan CorpGovReports: TSE "Mgmt Conscious of Capital Cost/Stock Price" Details (Jan25), TSE Updates

The end-December tally for Companies who have disclosed Actions to Ensure Management Consciousness of Cost of Capital and Share Price is smaller...

Travis Lundy

Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Toyotal has just announced that it will buy back around 290m (around 2% of the stock) of its own shares from MS&AD, Tokio Marine, MUFG and SMFG. In...

Sumeet Singh

Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Toyota, Toyota Industries and Denso are tag teaming to unwind some of their stake in Aisin, in a deal worth over US$1bn. While the timing of the...

Sumeet Singh

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