Telco/Internet specialist

Kirk Boodry

Redex Research

Thematic (Sector/Industry)

<ul>
<li>The Japan telecom and Internet companies in our coverage universe held ¥1,253bn in public equities as of Q2(Sep) largely built through capital alliances tied to business collaboration</li>
<li>NTT has the largest portfolio at c. ¥958bn (7% of market cap) followed by KDDI. Toyota (¥354bn) and JTower (three strategic telcos) are the largest and most widely held </li>
<li>The P&amp;L impact of valuation changes in Q2 should be muted. We have included tables for all the companies in our coverage</li>
</ul>


The Japan telecom and Internet companies in our coverage universe held ¥1,253bn in public equities as of Q2(Sep) largely built through capital alliances tied to business collaboration
NTT has the largest portfolio at c. ¥958bn (7% of market cap) followed by KDDI. Toyota (¥354bn) and JTower (three strategic telcos) are the largest and most widely held 
The P&amp;L impact of valuation changes in Q2 should be muted. We have included tables for all the companies in our coverage


Japan Telecoms/Internet - A Quick Look at Public Equity Portfolios

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>Satellite intelligence platform with 30+ satellites, $285m backlog, and 74% revenue growth driven by government and international demand.</li>
<li>EBITDA margins expanded from -9% to +21%, showing strong operating leverage as scale improves across data and satellite infrastructure.</li>
<li>Premium valuation (&gt;80x EBITDA) supported by strong defense tech sentiment, high backlog visibility, and improving profitability profile.</li>
</ul>


Satellite intelligence platform with 30+ satellites, $285m backlog, and 74% revenue growth driven by government and international demand.
EBITDA margins expanded from -9% to +21%, showing strong operating leverage as scale improves across data and satellite infrastructure.
Premium valuation (&gt;80x EBITDA) supported by strong defense tech sentiment, high backlog visibility, and improving profitability profile.


HawkEye 360, Inc. (HAWK): From Orbit to Order Book, HawkEye 360 Enters Public Markets with Demand

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

NextVision Stabilized Systems / Index Rebalance

<ul>
<li>The MV Global Defense Industry Index represents the performance of companies in national defense industries.</li>
<li>There will be four ADDs for the MV Global Defense Index for the December 2025 rebal. </li>
<li>We expect one-way flow of US$391mn for December 2025, which translates to a turnover of 5.4%.</li>
</ul>


The MV Global Defense Industry Index represents the performance of companies in national defense industries.
There will be four ADDs for the MV Global Defense Index for the December 2025 rebal. 
We expect one-way flow of US$391mn for December 2025, which translates to a turnover of 5.4%.


[Quiddity Index] MV Global Defense Dec25 Rebalance Results: Flow Expectations

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>The SET Index is expected to weaken, with the resistance at 1,615/1,620 points and the support at 1,585/1580 points.</li><li>Negative momentum is being generated by the new round of selling of global equities after the BoJ decided to allow the 10-year bond yield to move 50 bps either side of its 0% target, wider than the previous 25 bps band, resulting in a higher-than-expected cost of yen carry trade.</li><li>Global stock markets continued to face headwinds, now centered on concerns about the BoJ's monetary policy tightening, while the Thai market shrugged off the government's economic stimulus measures amid strong selling pressure in large cap stocks.</li></ul>

The SET Index is expected to weaken, with the resistance at 1,615/1,620 points and the support at 1,585/1580 points.Negative momentum is being generated by the new round of selling of global equities after the BoJ decided to allow the 10-year bond yield to move 50 bps either side of its 0% target, wider than the previous 25 bps band, resulting in a higher-than-expected cost of yen carry trade.Global stock markets continued to face headwinds, now centered on concerns about the BoJ's monetary policy tightening, while the Thai market shrugged off the government's economic stimulus measures amid strong selling pressure in large cap stocks.

Krungthai XSpring Zoom Eng. December 21, 2022

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>’s litigation and trading update resulted in the spread to Thoma Bravo’s A$2.10 offer widening to 7.7%. The scheme meeting is on 25 November.</li>
<li>There is no chance that the MAC clause will be triggered due to the downbeat trading update. However, the update is softening the stance of some of the retail dissenters.</li>
<li>There is a small chance of a bump as peers have re-rated. Nevertheless, the low spread prior to the update suggested that the risk of the NO vote was minimal.</li>
</ul>



Nearmap Ltd (NEA AU)’s litigation and trading update resulted in the spread to Thoma Bravo’s A$2.10 offer widening to 7.7%. The scheme meeting is on 25 November.
There is no chance that the MAC clause will be triggered due to the downbeat trading update. However, the update is softening the stance of some of the retail dissenters.
There is a small chance of a bump as peers have re-rated. Nevertheless, the low spread prior to the update suggested that the risk of the NO vote was minimal.


Nearmap (NEA AU)’s Update Results in an Unwarranted Increase in the Spread

United States

Planet Labs PBC operates as a public Earth imaging company. The Company provides daily satellite data that helps businesses, governments, researchers, and journalists understand the physical world and take action. Planet Labs designs and manufactures triple-cubsat miniature satellites called Doves that are then delivered into orbit as secondary payloads on other rocket launch missions.

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Planet Labs (PL US)

Japan Telecoms/Internet - A Quick Look at Public Equity Portfolios

Public equity portfolios in our coverage represent 3% of total market cap, driven by capital alliances tied to business collaboration. We thought...

Kirk Boodry

HawkEye 360, Inc. (HAWK): From Orbit to Order Book, HawkEye 360 Enters Public Markets with Demand

Satellite intelligence platform sees strong revenue growth and profitability, driven by government and international demand, leading to premium...

IPO Boutique

[Quiddity Index] MV Global Defense Dec25 Rebalance Results: Flow Expectations

Four ADDs and $800mm to trade in the MV Global Defense rebal to be executed on 19 December. There is one name with about 4x ADV to buy. The rest...

Travis Lundy

Krungthai XSpring Zoom Eng. December 21, 2022

The SET Index is expected to weaken, with the resistance at 1,615/1,620 points and the support at 1,585/1580 points. Negative momentum is being...

Krungthai XSpring

Nearmap (NEA AU)’s Update Results in an Unwarranted Increase in the Spread

There is no chance that the MAC clause will be triggered due to the downbeat trading update. On the other hand, the update is softening the stance...

Arun George

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Japan Telecoms/Internet - A Quick Look at Public Equity Portfolios

Public equity portfolios in our coverage represent 3% of total market cap, driven by capital alliances tied to business collaboration. We thought...

Kirk Boodry

HawkEye 360, Inc. (HAWK): From Orbit to Order Book, HawkEye 360 Enters Public Markets with Demand

​Satellite intelligence platform sees strong revenue growth and profitability, driven by government and international demand, leading to premium...

IPO Boutique

[Quiddity Index] MV Global Defense Dec25 Rebalance Results: Flow Expectations

Four ADDs and $800mm to trade in the MV Global Defense rebal to be executed on 19 December. There is one name with about 4x ADV to buy. The rest...

Travis Lundy

Krungthai XSpring Zoom Eng. December 21, 2022

The SET Index is expected to weaken, with the resistance at 1,615/1,620 points and the support at 1,585/1580 points. Negative momentum is being...

Krungthai XSpring

Nearmap (NEA AU)’s Update Results in an Unwarranted Increase in the Spread

There is no chance that the MAC clause will be triggered due to the downbeat trading update. On the other hand, the update is softening the stance...

Arun George

Satellite intelligence platform sees strong revenue growth and profitability, driven by government and international demand, leading to premium...