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 weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/rakuten-securities-inc" target="_blank" data-smartkarma-citation="entities:39933:1" rel="noopener">Rakuten Securities (RAKUSEC JP)</a>, <a href="https://www.smartkarma.com/entities/ebixcash" target="_blank" data-smartkarma-citation="entities:36390:1" rel="noopener">EbixCash (EBIXC IN)</a>, <a href="https://www.smartkarma.com/entities/lalatech-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:36848:1" rel="noopener">Lalatech Holdings Co Ltd (LALA HK)</a> and <a href="https://www.smartkarma.com/entities/lianlian-digitech" target="_blank" data-smartkarma-citation="entities:39940:1" rel="noopener">Lianlian DigiTech (2104619D CH)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, <a href="https://www.smartkarma.com/entities/dali-foods-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1082:1" rel="noopener">Dali Foods Group (3799 HK)</a>, <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/treasury-group-ltd" target="_blank" data-smartkarma-citation="entities:14625:1" rel="noopener">Pacific Current (PAC AU)</a>, <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health (EHE AU)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Rakuten Securities (RAKUSEC JP), EbixCash (EBIXC IN), Lalatech Holdings Co Ltd (LALA HK) and Lianlian DigiTech (2104619D CH) IPOs.
Event-Driven developments - Eoflow (294090 KS), Dali Foods Group (3799 HK), L'Occitane (973 HK), Toshiba Corp (6502 JP), Pacific Current (PAC AU), Estia Health (EHE AU). 


Weekly Deals Digest (30 Jul) - L'Occitane, Dali, Eoflow, Toshiba, Pacific Current, Estia

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

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, the coming week will see <a href="https://www.smartkarma.com/entities/nusantara-sejahtera-raya-pt" target="_blank" data-smartkarma-citation="entities:39908:1" rel="noopener">Cinema XXI listing.</a>
</li>
<li>Given that we are in the middle of earnings season, there were no new placements this week.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, the coming week will see Cinema XXI listing.

Given that we are in the middle of earnings season, there were no new placements this week.


ECM Weekly (30th July 2023) - Tryt, Genda, Cinema XXI, Abacus, Robosense, Qiniu, Muthoot, LianLian

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genda-inc" target="_blank" data-smartkarma-citation="entities:39911:1" rel="noopener">Genda Inc (9166 JP)</a> raised around US$100m in its Japan IPO.</li>
<li>Genda develops and operates amusement facilities in Japan, primarily operating under its Genda GiGO Entertainment subsidiary.</li>
<li>In this note we will talk about the trading dynamics.</li>
</ul>



Genda Inc (9166 JP) raised around US$100m in its Japan IPO.
Genda develops and operates amusement facilities in Japan, primarily operating under its Genda GiGO Entertainment subsidiary.
In this note we will talk about the trading dynamics.


Genda IPO Trading - Stronger Subscription Rates than the Recent Large JP IPO

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>In the two weeks since the announcement, Large ADDs (&gt;2d ADV, &gt;$5mm) have outperformed Large DELs by 1.3%. Smaller ADDs vs DELs (&gt;2d, &gt;$2&lt;$5mm) have outperformed by 1.3%.</li>
<li>Using only &gt;$20mm &gt;2d DELs vs Top 5 $amt &gt;2d ADDs, that's a bit better than 1%. And the really obvious large ones? Not so obvious.</li>
<li>There is still a large reverse funding trade, with some large sells. </li>
</ul>


In the two weeks since the announcement, Large ADDs (&gt;2d ADV, &gt;$5mm) have outperformed Large DELs by 1.3%. Smaller ADDs vs DELs (&gt;2d, &gt;$2&lt;$5mm) have outperformed by 1.3%.
Using only &gt;$20mm &gt;2d DELs vs Top 5 $amt &gt;2d ADDs, that's a bit better than 1%. And the really obvious large ones? Not so obvious.
There is still a large reverse funding trade, with some large sells. 


July TOPIX FFW Rebal - Update With 2 Days To Go on $3bn a Side

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. 

Equity Bottom-Up

<ul>
<li>Oisix Ra Daichi is by far Japan’s largest online food retailer, driven by the popularity of its fresh food and meal kit subscription services.</li>
<li>Despite some backend problems last year, the company expects its system of continual improvement and expansion of new lines of meal kits to bring strong growth in the medium term.</li>
<li>The development of the online food market should help boost the company's prospects. Operating margins have worsened considerably but the company hopes to match the previous peak this year.</li>
</ul>


Oisix Ra Daichi is by far Japan’s largest online food retailer, driven by the popularity of its fresh food and meal kit subscription services.
Despite some backend problems last year, the company expects its system of continual improvement and expansion of new lines of meal kits to bring strong growth in the medium term.
The development of the online food market should help boost the company's prospects. Operating margins have worsened considerably but the company hopes to match the previous peak this year.


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)

Weekly Deals Digest (30 Jul) - L'Occitane, Dali, Eoflow, Toshiba, Pacific Current, Estia

Last week, notable developments occurred in Event-Driven (Eoflow, L'Occitane, Dali, Toshiba, Pacific Current, Estia) and ECM (Rakuten Securities,...

Arun George

ECM Weekly (30th July 2023) - Tryt, Genda, Cinema XXI, Abacus, Robosense, Qiniu, Muthoot, LianLian

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Genda IPO Trading - Stronger Subscription Rates than the Recent Large JP IPO

Genda Inc (9166 JP) raised around US$100m in its Japan IPO. Genda develops and operates amusement facilities in Japan. In this note we will talk...

Clarence Chu

July TOPIX FFW Rebal - Update With 2 Days To Go on $3bn a Side

The TOPIX July FFW rebalance has gone "right way" so far. But it hasn't been huge, and it has been a better basket trade than single stock trade.

Travis Lundy

Oisix: Meal Kit Kaizen

Oisix continues to lead in trust, quality and reliability in online food but saw a collapse in operating margins last year. This was mostly an one...

Michael Causton

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