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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> (JPH) aims to sell around US$4bn worth of <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> (JPB), trimming its stake to below 50%.</li>
<li>JPH had last sold around US$9bn worth of JPB shares in Mar 2023. That deal had a similar structure and it didn’t end up performing well.</li>
<li>We have looked at the deal dynamics in our previous note. In this note, we talk about the updates since then.</li>
</ul>



Japan Post Holdings (6178 JP) (JPH) aims to sell around US$4bn worth of Japan Post Bank (7182 JP) (JPB), trimming its stake to below 50%.
JPH had last sold around US$9bn worth of JPB shares in Mar 2023. That deal had a similar structure and it didn’t end up performing well.
We have looked at the deal dynamics in our previous note. In this note, we talk about the updates since then.


Japan Post Bank US$4bn Placement Updates-Performing Similar to Its Last. Past Large Deals Comparison

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> (JPH) aims to sell around US$4bn worth of <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> (JPB), trimming its stake to below 50%.</li>
<li>JPH had last sold around US$9bn worth of JPB shares in Mar 2023. That deal had a similar structure and it didn’t end up performing well.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Japan Post Holdings (6178 JP) (JPH) aims to sell around US$4bn worth of Japan Post Bank (7182 JP) (JPB), trimming its stake to below 50%.
JPH had last sold around US$9bn worth of JPB shares in Mar 2023. That deal had a similar structure and it didn’t end up performing well.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Japan Post Bank US$4bn Placement - Smaller Deal, Similar Structure, Might Yield Similar Results

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>Recent IPO exit multiples of invested capital above long-term averages</li>
<li>The domestic exits highlight the value in the domestic investment portfolio</li>
<li>Capital Management enhanced by the start of interim dividends and expanding stock compensation scheme</li>
</ul>


Recent IPO exit multiples of invested capital above long-term averages
The domestic exits highlight the value in the domestic investment portfolio
Capital Management enhanced by the start of interim dividends and expanding stock compensation scheme


Jafco- Recent Results Highlight the Upside Case Going Forward

<ul>
<li>Its portfolio of Japanese investments should benefit from the change in investor focus to domestic names.</li>
<li>Has shown strong outperformance since the sell-off presaging future relative strength</li>
<li>The business itself progressing as planned for increased shareholder returns</li>
</ul>


Its portfolio of Japanese investments should benefit from the change in investor focus to domestic names.
Has shown strong outperformance since the sell-off presaging future relative strength
The business itself progressing as planned for increased shareholder returns


Back to Jafco- Continues to Be in the Right Place and at the Right Time

<ul>
<li>A group of shareholders aims to raise up to US$3.2bn via selling around 5% of <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a> .</li>
<li>The possibility of such a selldown was flagged earlier in the week by Reuters. Thus, the deal is well flagged.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


A group of shareholders aims to raise up to US$3.2bn via selling around 5% of Honda Motor (7267 JP) .
The possibility of such a selldown was flagged earlier in the week by Reuters. Thus, the deal is well flagged.
In this note, we will talk about the placement and run the deal through our ECM framework.


Honda Motor Placement - Large in Size, Relatively Small in Other Terms

Japan

Nomura Holdings, Inc. is a holding company which manages financial operations for its subsidiaries.  As a group, the Company provides a variety of financial services such as dealing, brokerage, underwriting, and asset management. Nomura Securities Co., a registered member of the New York and London Stock Exchanges, has branches around the world.

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Nomura Holdings (8604 JP)

Japan Post Bank US$4bn Placement Updates-Performing Similar to Its Last. Past Large Deals Comparison

Japan Post Holdings (6178 JP) aims to sell around US$4bn worth of Japan Post Bank (7182 JP), trimming its stake to below 50%. In this note, we talk...

Sumeet Singh

Japan Post Bank US$4bn Placement - Smaller Deal, Similar Structure, Might Yield Similar Results

Japan Post Holdings (6178 JP) aims to sell around US$4bn worth of Japan Post Bank (7182 JP), trimming its stake to below 50%. In this note, we talk...

Sumeet Singh

Jafco- Recent Results Highlight the Upside Case Going Forward

Recent IPO exits show strong returns , highlighting value in their portfolio. Capital management improved with interim dividends and stock...

Rikki Malik

Back to Jafco- Continues to Be in the Right Place and at the Right Time

Jafco's outperformance during the recent market turmoil bodes well for the future. Business performance and macro trends on track to boost...

Rikki Malik

Honda Motor Placement - Large in Size, Relatively Small in Other Terms

A group of shareholders aims to raise up to US$3.2bn via selling around 5% of Honda Motor (7267 JP). In this note, we talk about the deal dynamics...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Post Bank US$4bn Placement Updates-Performing Similar to Its Last. Past Large Deals Comparison

Japan Post Holdings (6178 JP) aims to sell around US$4bn worth of Japan Post Bank (7182 JP), trimming its stake to below 50%. In this note, we talk...

Sumeet Singh

Japan Post Bank US$4bn Placement - Smaller Deal, Similar Structure, Might Yield Similar Results

Japan Post Holdings (6178 JP) aims to sell around US$4bn worth of Japan Post Bank (7182 JP), trimming its stake to below 50%. In this note, we talk...

Sumeet Singh

Jafco- Recent Results Highlight the Upside Case Going Forward

​Recent IPO exits show strong returns , highlighting value in their portfolio. Capital management improved with interim dividends and stock...

Rikki Malik

Back to Jafco- Continues to Be in the Right Place and at the Right Time

Jafco's outperformance during the recent market turmoil bodes well for the future. Business performance and macro trends on track to boost...

Rikki Malik

Honda Motor Placement - Large in Size, Relatively Small in Other Terms

A group of shareholders aims to raise up to US$3.2bn via selling around 5% of Honda Motor (7267 JP). In this note, we talk about the deal dynamics...

Sumeet Singh

Recent IPO exits show strong returns , highlighting value in their portfolio. Capital management improved with interim dividends and stock...