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.

Equity Capital Markets

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a>, a Japanese financial institution, is looking to relist by raising about US$2 billion. The primary/secondary split is 40%/60%. </li>
<li>In December 2021, Shinsei Bank was privatised by <a href="https://www.smartkarma.com/entities/sbi-holdings-inc" target="_blank" data-smartkarma-citation="entities:10928:1" rel="noopener">SBI Holdings (8473 JP)</a> through a contentious tender offer at JPY2,800 per share. </li>
<li>The investment case rests on growth in accounts/deposits, robust loan book growth, accelerating revenue growth, rising margins and improving asset quality.</li>
</ul>



SBI Shinsei Bank (8303 JP), a Japanese financial institution, is looking to relist by raising about US$2 billion. The primary/secondary split is 40%/60%. 
In December 2021, Shinsei Bank was privatised by SBI Holdings (8473 JP) through a contentious tender offer at JPY2,800 per share. 
The investment case rests on growth in accounts/deposits, robust loan book growth, accelerating revenue growth, rising margins and improving asset quality.


SBI Shinsei Bank (8303 JP) IPO: The Investment Case

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a>, a Japanese financial institution, aims to raise around US$2bn in its Japan listing.</li>
<li>SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing.
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
In this note, we talk about the positive aspects of the deal.


SBI Shinsei Bank Pre-IPO - The Positives - Has Been Growing Well Since SBI Group Took Control

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Nov 14th. The aggregated net margin trading position is USD20,683m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in SoftBank, Mitsubishi Heavy Industries, Sanrio, Mitsubishi UFJ Financial, Advantest, Kawasaki Heavy Industries, Disco, Sony, Kasumigaseki Capital, Fujikura, Softbank, Mitsubishi Heavy Industries, Sanrio.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Nov 14th. The aggregated net margin trading position is USD20,683m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in SoftBank, Mitsubishi Heavy Industries, Sanrio, Mitsubishi UFJ Financial, Advantest, Kawasaki Heavy Industries, Disco, Sony, Kasumigaseki Capital, Fujikura, Softbank, Mitsubishi Heavy Industries, Sanrio.


JPX Margin Trading Weekly (Nov 14th): SoftBank, Mitsubishi Heavy Industries, Sanrio

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a>'s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 17 December.</li>
<li>At the indicated IPO price of ¥1,440/share, the IPO will raise up to ¥367.6bn (US$2.38bn) and value <a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a> up to ¥1,290bn (US$8.34bn).</li>
<li>The stock should be added to the <a href="https://www.smartkarma.com/entities/tokyo-stock-exchange-tokyo-price-index-topix" target="_blank" data-smartkarma-citation="entities:22910:1" rel="noopener">TOPIX INDEX</a> at the close on 29 January while inclusion in global indices should take place in May and June.</li>
</ul>



SBI Shinsei Bank (8303 JP)'s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 17 December.
At the indicated IPO price of ¥1,440/share, the IPO will raise up to ¥367.6bn (US$2.38bn) and value SBI Shinsei Bank (8303 JP) up to ¥1,290bn (US$8.34bn).
The stock should be added to the TOPIX INDEX at the close on 29 January while inclusion in global indices should take place in May and June.


SBI Shinsei Bank (8303 JP) IPO: TPX Add in Jan; Global Index: One in May; One in June

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>TSE has approved the relisting of <a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a>, which is scheduled to go public on 17 December 2025 with an anticipated market cap of $8.4bn.</li>
<li>
<a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a> is forecasted to achieve fast-entry in one Global index in December.</li>
<li>
<a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a> may be included in the other Global index at the next review, subject to float cap risk.</li>
</ul>


TSE has approved the relisting of SBI Shinsei Bank (8303 JP), which is scheduled to go public on 17 December 2025 with an anticipated market cap of $8.4bn.

SBI Shinsei Bank (8303 JP) is forecasted to achieve fast-entry in one Global index in December.

SBI Shinsei Bank (8303 JP) may be included in the other Global index at the next review, subject to float cap risk.


SBI Shinsei Bank (8303 JP): Fast-Entry Comeback

Japan

SBI Holdings, Inc. manages venture capital fund which mainly invest in Internet related venture companies.  The Company also provides brokerage, investment banking, and financial services.

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SBI Holdings (8473 JP)

SBI Shinsei Bank (8303 JP) IPO: The Investment Case

SBI Shinsei Bank, a Japanese financial institution, is looking to relist by raising about US$2 billion. In this note, I discuss the investment case.

Arun George

SBI Shinsei Bank Pre-IPO - The Positives - Has Been Growing Well Since SBI Group Took Control

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing. In this note, we talk about the...

Sumeet Singh

JPX Margin Trading Weekly (Nov 14th): SoftBank, Mitsubishi Heavy Industries, Sanrio

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Mitsubishi Heavy Industries (7011 JP), Sanrio...

Ke Yan, CFA, FRM

SBI Shinsei Bank (8303 JP) IPO: TPX Add in Jan; Global Index: One in May; One in June

The SBI Shinsei Bank IPO could raise up to US$2.38bn, valuing the company at US$8.34bn. Topix inclusion in Jan, MGlobal possibly in May. FGlobal...

Brian Freitas

SBI Shinsei Bank (8303 JP): Fast-Entry Comeback

TSE approves relisting of SBI Shinsei Bank, expected on 17 December with a market cap of $8.4bn; fast-entry forecasted for one Global index.

Dimitris Ioannidis

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