ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Private Capital Markets

<p><a href="https://www.smartkarma.com/entities/carousell-pte-ltd" target="_blank" data-smartkarma-citation="entities:28154:1" rel="noopener">Carousell Pte Ltd (1040620D SP)</a> is South East Asia's largest  "classifieds marketplace" and it claims to make selling as easy as taking a photo and buying as simple as chatting. The traffic through Carousell is impressive but the question is can it monetize this huge potential?</p>
<p>Founded in August 2012, Carousell began in Singapore and is now one of the world’s largest and fastest-growing classifieds marketplaces, with a presence in eight markets across South East Asia, together with Taiwan and Hong Kong.</p>
<p>Carousell offers through classified listings a diverse range of products across a variety of categories, including lifestyle, gadgets, and fashion accessories but has been moving to more profitable and big-ticket areas, such as autos, property, and job ads.</p>
<p>The company is backed by a number of large-sized investors including <a href="https://www.smartkarma.com/entities/telenor-asa" target="_blank" data-smartkarma-citation="entities:22258:1" rel="noopener">Telenor ASA (TEL NO)</a>, Rakuten Ventures <a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Inc (4755 JP)</a>, Naver, Sequoia Capital (India), OLX, and most recently STIC investments giving the company strong backing with the most recent valuation at US$1.1bn, sealing its entry to the unicorn club. </p>
<p>The company was reportedly exploring a potential listing in the US through a SPAC listing which could value the company at as much as US$1.5bn but management has said that it is considering all options to grow the company including an IPO. Carousel this year appointed a former <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a> executive Edwin Chan as its CFO. Chan oversaw a gaming hardware company’s public listing in Hong Kong in 2017. We see this company as one of the most ESG-friendly investments available given its exposure to the circular economy.</p>

Carousell Pte Ltd (1040620D SP) is South East Asia's largest  "classifieds marketplace" and it claims to make selling as easy as taking a photo and buying as simple as chatting. The traffic through Carousell is impressive but the question is can it monetize this huge potential?
Founded in August 2012, Carousell began in Singapore and is now one of the world’s largest and fastest-growing classifieds marketplaces, with a presence in eight markets across South East Asia, together with Taiwan and Hong Kong.
Carousell offers through classified listings a diverse range of products across a variety of categories, including lifestyle, gadgets, and fashion accessories but has been moving to more profitable and big-ticket areas, such as autos, property, and job ads.
The company is backed by a number of large-sized investors including Telenor ASA (TEL NO), Rakuten Ventures Rakuten Inc (4755 JP), Naver, Sequoia Capital (India), OLX, and most recently STIC investments giving the company strong backing with the most recent valuation at US$1.1bn, sealing its entry to the unicorn club. 
The company was reportedly exploring a potential listing in the US through a SPAC listing which could value the company at as much as US$1.5bn but management has said that it is considering all options to grow the company including an IPO. Carousel this year appointed a former Razer Inc (1337 HK) executive Edwin Chan as its CFO. Chan oversaw a gaming hardware company’s public listing in Hong Kong in 2017. We see this company as one of the most ESG-friendly investments available given its exposure to the circular economy.

Carousell - Champion of the Circular Economy

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

<div><p>PHC Holdings and its shareholders aim to raise around US$700m, down from US$1.8bn, via selling a mix of primary and secondary shares in its Japan IPO. The company is backed by KKR (48.7% stake pre-listing), Mitsui (21.5%), Life Science Institute (13.4%) and Panasonic (11.5%).</p></div><div><p>PHC is engaged in the development, manufacturing and sale of healthcare devices and services. The company has three main segments: Diabetes Management (35% of FY21 revenue); Healthcare Services (37.9% of FY21 revenue); and Diagnosis/Life Science (26.1% of FY21 revenue).</p></div><div><p>We have covered the main aspects of the deal in our earlier notes<a href="https://www.smartkarma.com/insights/phc-holdings-pre-ipo-many-companies-rolled-into-one" target="_blank" rel="noopener"> PHC Holdings Pre-IPO - Many companies rolled into one and </a><a href="https://www.smartkarma.com/insights/phc-holdings-pre-ipo-peer-comparison" target="_blank" rel="noopener"> PHC Holdings Pre-IPO - Peer Comparison and</a> <a href="https://www.smartkarma.com/insights/phc-holdings-pre-ipo-thoughts-on-valuation" target="_blank" rel="noopener">PHC Holdings Pre-IPO - Thoughts on Valuation</a>.</p></div><div><p>In this note we will talk about the IPO valuation.</p></div>

PHC Holdings and its shareholders aim to raise around US$700m, down from US$1.8bn, via selling a mix of primary and secondary shares in its Japan IPO. The company is backed by KKR (48.7% stake pre-listing), Mitsui (21.5%), Life Science Institute (13.4%) and Panasonic (11.5%).PHC is engaged in the development, manufacturing and sale of healthcare devices and services. The company has three main segments: Diabetes Management (35% of FY21 revenue); Healthcare Services (37.9% of FY21 revenue); and Diagnosis/Life Science (26.1% of FY21 revenue).We have covered the main aspects of the deal in our earlier notes PHC Holdings Pre-IPO - Many companies rolled into one and  PHC Holdings Pre-IPO - Peer Comparison and PHC Holdings Pre-IPO - Thoughts on Valuation.In this note we will talk about the IPO valuation.

PHC Holdings IPO - Should Have Cut the Price, Not Just the Size

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Thematic (Sector/Industry)

<p>There were some fears that e-commerce growth would stall following massive consumer adoption after March 2020 but for <a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Inc (4755 JP)</a> at least, repeat customers have helped sustain momentum. <a href="https://www.smartkarma.com/entities/z-holdings-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">Z Holdings (4689 JP)</a> had a trickier start to the year, however. </p><p>Last year, excluding the big convenience stores, <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a> overtook Fast Retailing to become Japan’s third largest retailer and one of just four with sales over ¥2 trillion and  accounted for <strong>3.2% of all retail sales in Nikkei’s survey of 488 companies</strong>.</p><p>Despite early, pessimistic forecasts for e-commerce in 2020, METI’s latest annual survey released in July shows that BtoC e-commerce surged 21.7% to ¥12.23 trillion.</p>

There were some fears that e-commerce growth would stall following massive consumer adoption after March 2020 but for Rakuten Inc (4755 JP) at least, repeat customers have helped sustain momentum. Z Holdings (4689 JP) had a trickier start to the year, however. Last year, excluding the big convenience stores, Amazon.com Inc (AMZN US) overtook Fast Retailing to become Japan’s third largest retailer and one of just four with sales over ¥2 trillion and  accounted for 3.2% of all retail sales in Nikkei’s survey of 488 companies.Despite early, pessimistic forecasts for e-commerce in 2020, METI’s latest annual survey released in July shows that BtoC e-commerce surged 21.7% to ¥12.23 trillion.

Simplex Holdings / Equity Capital Markets

<div>
<p>Simplex Holdings’ shareholders raised around US$300m via selling some of their stake in the company. Simplex has consistently been ranked among the top companies in IDC Fintech rankings over the past nine years.</p>
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<p>We have looked at the company’s past performance in our earlier notes:</p>
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<ul>
<li>
<a href="https://www.smartkarma.com/insights/simplex-holdings-pre-ipo-steady-topline-growth-but-appears-to-be-at-peak-margins" target="_blank" rel="noopener">Simplex Holdings Pre-IPO - Steady topline growth but appears to be at peak margins</a> and  </li>
<li><a href="https://www.smartkarma.com/insights/simplex-holdings-pre-ipo-peer-comp-valuation-lagging-in-size-but-leading-in-growth-and-margins" target="_blank" rel="noopener">Simplex Holdings Pre-IPO - Peer Comp, Valuation - Lagging in Size but Leading in Growth and Margins and</a></li>
<li><a href="https://www.smartkarma.com/insights/simplex-holdings-ipo-valuation-looks-ok-past-performance-will-weigh-on-sentiment" target="_blank" rel="noopener">Simplex Holdings IPO - Valuation Looks Ok, past Performance Will Weigh on Sentiment</a></li>
</ul>
</div>
<div>
<p>In this note, we'll look at the deal dynamics and provide a table with implied valuation at different share price levels.</p>
</div>


Simplex Holdings’ shareholders raised around US$300m via selling some of their stake in the company. Simplex has consistently been ranked among the top companies in IDC Fintech rankings over the past nine years.


We have looked at the company’s past performance in our earlier notes:




Simplex Holdings Pre-IPO - Steady topline growth but appears to be at peak margins and  
Simplex Holdings Pre-IPO - Peer Comp, Valuation - Lagging in Size but Leading in Growth and Margins and
Simplex Holdings IPO - Valuation Looks Ok, past Performance Will Weigh on Sentiment



In this note, we'll look at the deal dynamics and provide a table with implied valuation at different share price levels.


Simplex Holdings IPO Trading - Listing Round 2

<div><p>PHC Holdings and its shareholders aim to raise around US$1.8bn via selling a mix of primary and secondary shares in its Japan IPO. The company is backed by KKR (48.7% stake pre-listing), Mitsui (21.5%), Life Science Institute (13.4%) and Panasonic (11.5%).</p></div><div><p>PHC is engaged in the development, manufacturing and sale of healthcare devices and services. The company has three main segments: Diabetes Management (35% of FY21 revenue); Healthcare Services (37.9% of FY21 revenue); and Diagnosis/Life Science (26.1% of FY21 revenue).</p></div><div><p>We have covered the main aspects of the deal in our earlier notes<a href="https://www.smartkarma.com/insights/phc-holdings-pre-ipo-many-companies-rolled-into-one" target="_blank" rel="noopener"> PHC Holdings Pre-IPO - Many companies rolled into one and </a><a href="https://www.smartkarma.com/insights/phc-holdings-pre-ipo-peer-comparison" target="_blank" rel="noopener"> PHC Holdings Pre-IPO - Peer Comparison.</a></p></div><div><p>In this note we will talk about valuation.</p></div>

PHC Holdings and its shareholders aim to raise around US$1.8bn via selling a mix of primary and secondary shares in its Japan IPO. The company is backed by KKR (48.7% stake pre-listing), Mitsui (21.5%), Life Science Institute (13.4%) and Panasonic (11.5%).PHC is engaged in the development, manufacturing and sale of healthcare devices and services. The company has three main segments: Diabetes Management (35% of FY21 revenue); Healthcare Services (37.9% of FY21 revenue); and Diagnosis/Life Science (26.1% of FY21 revenue).We have covered the main aspects of the deal in our earlier notes PHC Holdings Pre-IPO - Many companies rolled into one and  PHC Holdings Pre-IPO - Peer Comparison.In this note we will talk about valuation.

PHC Holdings Pre-IPO - Thoughts on Valuation

Japan

Rakuten Group, Inc. provides Internet services. The Company offers Internet finance services which including "Rakuten Card" and "Rakuten Bank". Rakuten Group also provides digital content services including electronic book services.

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Rakuten (4755 JP)

Carousell - Champion of the Circular Economy

Carousell is South-East Asia's largest classifieds marketplace which recently entered the uniform club with a valuation of US$1.1bn. It is a unique...

Angus Mackintosh

PHC Holdings IPO - Should Have Cut the Price, Not Just the Size

PHC Holdings and its shareholders aim to raise around US$700m, down from US$1.8bn, via selling a mix of primary and secondary shares in its Japan IPO.

Sumeet Singh

Japanese E-Commerce Growth Continues

Japan is well-known for lagging some markets in e-commerce penetration but sales surged last year to more than 20%. Only Rakuten and Amazon seem to...

Michael Causton

Simplex Holdings IPO Trading - Listing Round 2

Simplex Holdings’ shareholders raised around US$300m via selling some of their stake in the company. Simplex has consistently been ranked among the...

Sumeet Singh

PHC Holdings Pre-IPO - Thoughts on Valuation

PHC Holdings and its shareholders aim to raise around US$1.8bn via selling a mix of primary and secondary shares in its Japan IPO. The company is...

Sumeet Singh

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