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>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 by Reuters prior to the deal launch.</li>
<li>In our earlier note, we spoke about the deal dynamics. In this note, we talk about the updates since then.</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 by Reuters prior to the deal launch.
In our earlier note, we spoke about the deal dynamics. In this note, we talk about the updates since then.


Honda Motor Placement - Past Large Deals Analysis - Could Do with a Bit More Correction

<ul>
<li>A group of shareholders aims to raise around US$1.3bn via selling around 11% of <a href="https://www.smartkarma.com/entities/asics-corp" target="_blank" data-smartkarma-citation="entities:16287:1" rel="noopener">ASICS Corp (7936 JP)</a>.</li>
<li>For the two large banks, this will be a cleanup of their cross-shareholding.</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 around US$1.3bn via selling around 11% of ASICS Corp (7936 JP).
For the two large banks, this will be a cleanup of their cross-shareholding.
In this note, we will talk about the placement and run the deal through our ECM framework.


ASICS Placement - Needs to Correct, but Watch Out for the Revision Impact

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee Inc (215A JP)</a>  operates an on-demand job platform in Japan and the company has filed for an IPO where existing shareholders will offer shares worth of $290m.</li>
<li>The company’s top line saw accelerated growth during last 4-5 years driven by increase in no. of clients/workers while Timee also has turned around its profitability during the last 2-years.</li>
<li>In this insight, we have discussed the company’s business model and financials in detail and we will discuss our forecasts and valuation in a follow-up insight.</li>
</ul>



Timee Inc (215A JP)  operates an on-demand job platform in Japan and the company has filed for an IPO where existing shareholders will offer shares worth of $290m.
The company’s top line saw accelerated growth during last 4-5 years driven by increase in no. of clients/workers while Timee also has turned around its profitability during the last 2-years.
In this insight, we have discussed the company’s business model and financials in detail and we will discuss our forecasts and valuation in a follow-up insight.


Timee IPO: Strong Business Model with Improving Financials

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>Last December, <a href="https://www.smartkarma.com/entities/recruit-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15070:1" rel="noopener">Recruit Holdings (6098 JP)</a> announced a ¥200bn buyback which sounded big but with lots of cross-holders, wasn't huge. The stock is up 80% in 6+ months since.</li>
<li>Today, the company announced a new buyback of ¥600bn. This is very aggressive, and at 25x EBITDA and 40x PER, is probably due to demand to sell. </li>
<li>Crossholders now hold ¥2trln which is three-plus times this buyback. And if the price were to rise 10% a year for 3yrs, it would be four times.</li>
</ul>


Last December, Recruit Holdings (6098 JP) announced a ¥200bn buyback which sounded big but with lots of cross-holders, wasn't huge. The stock is up 80% in 6+ months since.
Today, the company announced a new buyback of ¥600bn. This is very aggressive, and at 25x EBITDA and 40x PER, is probably due to demand to sell. 
Crossholders now hold ¥2trln which is three-plus times this buyback. And if the price were to rise 10% a year for 3yrs, it would be four times.


Recruit (6098 JP) - BIG Headline Buyback But Disappointing if That Is Best Use Of Cash

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee Inc (215A JP)</a> is looking to raise US$290m in its Japan IPO. The IPO will be a 100% secondary selldown by existing shareholders.</li>
<li>Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan.</li>
<li>In an earlier note, we looked at the firm’s past performance and peer comparison. In this note, we discuss our thoughts on valuation.</li>
</ul>



Timee Inc (215A JP) is looking to raise US$290m in its Japan IPO. The IPO will be a 100% secondary selldown by existing shareholders.
Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan.
In an earlier note, we looked at the firm’s past performance and peer comparison. In this note, we discuss our thoughts on valuation.


Timee Pre-IPO - Thoughts on Valuation - Primed for a Decent Upside at the Current Range

Japan

Recruit Holdings Co. Ltd. operates information providing services in human resource, housing, bridal, travel, restaurants, beauty, automobiles, and education and more. The company also operate staffing services and advertising business.

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Recruit Holdings (6098 JP)

Honda Motor Placement - Past Large Deals Analysis - Could Do with a Bit More Correction

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 updates since...

Sumeet Singh

ASICS Placement - Needs to Correct, but Watch Out for the Revision Impact

A group of shareholders aims to raise around US$1.3bn via selling around 11% of ASICS Corp (7936 JP). In this note, we talk about the deal dynamics.

Sumeet Singh

Timee IPO: Strong Business Model with Improving Financials

Timee, an on-demand job platform in Japan has filed for US$290m IPO through the issuance of secondary shares. Timee has seen accelerated growth in...

Shifara Samsudeen, FCMA, CGMA

Recruit (6098 JP) - BIG Headline Buyback But Disappointing if That Is Best Use Of Cash

Dentsu just announced a ¥600bn buyback. That is huge in yen terms but Recruit has a lot of cash to offset large crossholder selling interest....

Travis Lundy

Timee Pre-IPO - Thoughts on Valuation - Primed for a Decent Upside at the Current Range

Timee Inc (215A JP) is looking to raise US$290m in its Japan IPO. The IPO will be a 100% secondary selldown by existing shareholders. In this note,...

Clarence Chu

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52-week Range

Market Cap (USDm)

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Honda Motor Placement - Past Large Deals Analysis - Could Do with a Bit More Correction

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 updates since...

Sumeet Singh

ASICS Placement - Needs to Correct, but Watch Out for the Revision Impact

A group of shareholders aims to raise around US$1.3bn via selling around 11% of ASICS Corp (7936 JP). In this note, we talk about the deal dynamics.

Sumeet Singh

Timee IPO: Strong Business Model with Improving Financials

​Timee, an on-demand job platform in Japan has filed for US$290m IPO through the issuance of secondary shares. Timee has seen accelerated growth in...

Shifara Samsudeen, FCMA, CGMA

Recruit (6098 JP) - BIG Headline Buyback But Disappointing if That Is Best Use Of Cash

Dentsu just announced a ¥600bn buyback. That is huge in yen terms but Recruit has a lot of cash to offset large crossholder selling interest....

Travis Lundy

Timee Pre-IPO - Thoughts on Valuation - Primed for a Decent Upside at the Current Range

Timee Inc (215A JP) is looking to raise US$290m in its Japan IPO. The IPO will be a 100% secondary selldown by existing shareholders. In this note,...

Clarence Chu

Timee, an on-demand job platform in Japan has filed for US$290m IPO through the issuance of secondary shares. Timee has seen accelerated growth in...