APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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 href="https://www.smartkarma.com/entities/orion-breweries-ltd" target="_blank" data-smartkarma-citation="entities:45701:1" rel="noopener">Orion Breweries' (409A JP)</a> operations span across alcoholic beverages, tourism and hotel businesses. It aims to raise around US$162m in its Japan IPO which could increase to US$196m (including over-allotment).</li>
<li>Orion Breweries (OBL) has a strong Okinawa market position. Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.</li>
<li>In our previous note, we looked at the firm’s past performance and peer comparison. In this note, we talk about the pricing updates and IPO valuations.</li>
</ul>



Orion Breweries' (409A JP) operations span across alcoholic beverages, tourism and hotel businesses. It aims to raise around US$162m in its Japan IPO which could increase to US$196m (including over-allotment).
Orion Breweries (OBL) has a strong Okinawa market position. Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.
In our previous note, we looked at the firm’s past performance and peer comparison. In this note, we talk about the pricing updates and IPO valuations.


Orion Breweries IPO - Deal Upsized; Lower End Looks Digestible

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orion-breweries-limited" target="_blank" data-smartkarma-citation="entities:45701:1" rel="noopener">Orion Breweries Limited's (409A JT)</a> operations span across alcoholic beverages, tourism and hotel businesses, aiming to raise ~US$126m in its Japan IPO via a mix of primary and secondary offerings.</li>
<li>Orion Breweries (OBL) has a strong Okinawa market position. Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we talk about the peer comparison and IPO valuations.</li>
</ul>



Orion Breweries Limited's (409A JT) operations span across alcoholic beverages, tourism and hotel businesses, aiming to raise ~US$126m in its Japan IPO via a mix of primary and secondary offerings.
Orion Breweries (OBL) has a strong Okinawa market position. Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the peer comparison and IPO valuations.


Orion Breweries IPO - Smaller Scale Warrants Discount

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orion-breweries-limited" target="_blank" data-smartkarma-citation="entities:45701:1" rel="noopener">Orion Breweries Limited's (409A JT)</a> operations span across alcoholic beverages, tourism and hotel businesses, aiming to raise ~US$126m in its Japan IPO via a mix of primary and secondary offerings.</li>
<li>Orion Breweries (OBL) has a strong Okinawa market position (~40% beer share). Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Orion Breweries Limited's (409A JT) operations span across alcoholic beverages, tourism and hotel businesses, aiming to raise ~US$126m in its Japan IPO via a mix of primary and secondary offerings.
Orion Breweries (OBL) has a strong Okinawa market position (~40% beer share). Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Orion Breweries Pre-IPO - Brewing Growth Beyond Okinawa, Headwinds Ahead

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:10493:1" rel="noopener">Hogy Medical (3593 JP)</a>'s founder passed and there was a re-arranging of Hoki family deckchairs in 2021. In 2022 there was a BIG buyback from the family at ¥3,130/share.</li>
<li>I discussed it <a href="https://www.smartkarma.com/insights/huge-hogy-medical-3593-buyback-from-the-founding-family" target="_blank" rel="noopener">here</a>. I suggested that meant accretion, a family willing to sell, and an open register for a cheap company always heavily owned by value investors.</li>
<li>The stock went nowhere for 18mos as activists dallied. In 2024 it ran from ¥3,500 to ¥5,000 as Dalton bought 20%. Then they got a board seat. Now takeover noise.</li>
</ul>



Hogy Medical (3593 JP)'s founder passed and there was a re-arranging of Hoki family deckchairs in 2021. In 2022 there was a BIG buyback from the family at ¥3,130/share.
I discussed it here. I suggested that meant accretion, a family willing to sell, and an open register for a cheap company always heavily owned by value investors.
The stock went nowhere for 18mos as activists dallied. In 2024 it ran from ¥3,500 to ¥5,000 as Dalton bought 20%. Then they got a board seat. Now takeover noise.


[Japan Activism/M&A] Hogy Medical (3593) Reportedly Up For Auction - Totally Unsurprising

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

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.

Thematic (Sector/Industry)

<ul>
<li>The food and beverage sector stands out for its aggressive dual approach—raising prices while driving internal efficiencies—which could position it for earnings outperformance if input cost inflation stabilizes.</li>
<li>Alcoholic beverage makers are facing near-term consumption risks post-price hikes. Yet they are pursuing structural cost improvements to safeguard margins.</li>
<li>Department store operators are balancing strong recent performance and structural transformation with near-term headwinds from remodeling and softer inbound trends.</li>
</ul>


The food and beverage sector stands out for its aggressive dual approach—raising prices while driving internal efficiencies—which could position it for earnings outperformance if input cost inflation stabilizes.
Alcoholic beverage makers are facing near-term consumption risks post-price hikes. Yet they are pursuing structural cost improvements to safeguard margins.
Department store operators are balancing strong recent performance and structural transformation with near-term headwinds from remodeling and softer inbound trends.


Japan Consumer Sector Update: Q4 FY2025 Wrap-Up and FY2026 Outlook

Japan

Sapporo Holdings Ltd produces and sells alcoholic and non-alcoholic beverages.  The Company's products include beer, wine, brandy, whiskey, imported beer, soft drinks, juice, coffee, and tea.  SAPPORO HOLDINGS also operates real estate businesses.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Sapporo Holdings (2501 JP)

Orion Breweries IPO - Deal Upsized; Lower End Looks Digestible

Orion Breweries' operations span across alcoholic beverages, tourism and hotel businesses. It aims to raise around US$162m in its Japan IPO which...

Akshat Shah

Orion Breweries IPO - Smaller Scale Warrants Discount

Orion Breweries aims to raise around US$126m in its Japan IPO via a combination of a primary and secondary offering. In this note, we talk about...

Akshat Shah

Orion Breweries Pre-IPO - Brewing Growth Beyond Okinawa, Headwinds Ahead

Orion Breweries Limited’s operations span across alcoholic beverages, tourism and hotel businesses. It aims to raise around US$126m in its Japan...

Akshat Shah

[Japan Activism/M&A] Hogy Medical (3593) Reportedly Up For Auction - Totally Unsurprising

Hogy Medical has been a very slow-grower in a very stable business. It has always attracted value investors. Now it has activists. Reports of a...

Travis Lundy

Japan Consumer Sector Update: Q4 FY2025 Wrap-Up and FY2026 Outlook

Food and beverage sector raising prices and driving efficiencies for potential earnings outperformance, while alcoholic beverage makers face...

Oshadhi Kumarasiri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Orion Breweries IPO - Deal Upsized; Lower End Looks Digestible

Orion Breweries' operations span across alcoholic beverages, tourism and hotel businesses. It aims to raise around US$162m in its Japan IPO which...

Akshat Shah

Orion Breweries IPO - Smaller Scale Warrants Discount

Orion Breweries aims to raise around US$126m in its Japan IPO via a combination of a primary and secondary offering. In this note, we talk about...

Akshat Shah

Orion Breweries Pre-IPO - Brewing Growth Beyond Okinawa, Headwinds Ahead

Orion Breweries Limited’s operations span across alcoholic beverages, tourism and hotel businesses. It aims to raise around US$126m in its Japan...

Akshat Shah

[Japan Activism/M&A] Hogy Medical (3593) Reportedly Up For Auction - Totally Unsurprising

Hogy Medical has been a very slow-grower in a very stable business. It has always attracted value investors. Now it has activists. Reports of a...

Travis Lundy

Japan Consumer Sector Update: Q4 FY2025 Wrap-Up and FY2026 Outlook

​Food and beverage sector raising prices and driving efficiencies for potential earnings outperformance, while alcoholic beverage makers face...

Oshadhi Kumarasiri

Food and beverage sector raising prices and driving efficiencies for potential earnings outperformance, while alcoholic beverage makers face...