APAC IPOs & Placements, Aequitas Research

Clarence Chu

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/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> is looking to raise US$762m in its Japan IPO.</li>
<li>Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.</li>
<li>In our earlier notes, we looked at the firm’s past performance and peers. In this note, we discuss our thoughts on valuation.</li>
</ul>



Rigaku Holdings (268A JP) is looking to raise US$762m in its Japan IPO.
Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.
In our earlier notes, we looked at the firm’s past performance and peers. In this note, we discuss our thoughts on valuation.


Rigaku IPO Thoughts on Valuation - Decent Upside from the Indicative Range

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> is looking to raise US$762m in its Japan IPO.</li>
<li>Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.</li>
<li>In our earlier notes, we looked at the firm’s past performance. In this note, we undertake a peer comparison.</li>
</ul>



Rigaku Holdings (268A JP) is looking to raise US$762m in its Japan IPO.
Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.
In our earlier notes, we looked at the firm’s past performance. In this note, we undertake a peer comparison.


Rigaku IPO - Peer Comparison - Compensating for Smaller Scale with Better Growth and Margins

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> is Japan’s leading manufacturer of X-ray analysis, measurement and testing instruments. It is seeking to raise up to US$760 million.</li>
<li>In <em><strong><a href="https://www.smartkarma.com/insights/rigaku-holdings-268a-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:161041" rel="noopener">Rigaku Holdings (268A JP) IPO: The Bull Case</a></strong></em>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on weakening forward growth indicators, China revenue risk, rising cash conversion cycles, mid-tier FCF margin and large post-IPO share overhang. </li>
</ul>



Rigaku Holdings (268A JP) is Japan’s leading manufacturer of X-ray analysis, measurement and testing instruments. It is seeking to raise up to US$760 million.
In Rigaku Holdings (268A JP) IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on weakening forward growth indicators, China revenue risk, rising cash conversion cycles, mid-tier FCF margin and large post-IPO share overhang. 


Rigaku Holdings (268A JP) IPO: The Bear Case

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> is Japan’s leading manufacturer of X-ray analysis, measurement and testing instruments. It is seeking to raise up to US$760 million. </li>
<li>In Japan, Rigaku’s XRD (X-ray diffraction) has a high market share of 75%. Around 70% of its revenue is derived from customers outside Japan.   </li>
<li>The bull case rests on high customer switching costs, peer-leading revenue growth, top-quartile profitability, FCF generation, and low leverage.</li>
</ul>



Rigaku Holdings (268A JP) is Japan’s leading manufacturer of X-ray analysis, measurement and testing instruments. It is seeking to raise up to US$760 million. 
In Japan, Rigaku’s XRD (X-ray diffraction) has a high market share of 75%. Around 70% of its revenue is derived from customers outside Japan.   
The bull case rests on high customer switching costs, peer-leading revenue growth, top-quartile profitability, FCF generation, and low leverage.


Rigaku Holdings (268A JP) IPO: The Bull Case

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/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> provides cutting-edge analytical solutions centered on X-ray technology globally. The company is one of the largest players globally in X-ray diffraction instrument market.</li>
<li>The company has filed for an IPO on the Tokyo Stock Exchange and plans to raise proceeds of around US$900m from the IPO at a potential valuation of US$2bn.</li>
<li>In this insight, we discuss Rigaku’s business model, key drivers, financials and outlook for the company.</li>
</ul>



Rigaku Holdings (268A JP) provides cutting-edge analytical solutions centered on X-ray technology globally. The company is one of the largest players globally in X-ray diffraction instrument market.
The company has filed for an IPO on the Tokyo Stock Exchange and plans to raise proceeds of around US$900m from the IPO at a potential valuation of US$2bn.
In this insight, we discuss Rigaku’s business model, key drivers, financials and outlook for the company.


Japan

Shimadzu Corporation is a precision tools and equipment maker.  The Company develops, manufactures, and sells analytical and measuring instruments, medical systems, and  aircraft and industrial equipment.  Shimadzu researches, develops, and markets the products through its related companies in Japan, the US, the UK, and China.

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Shimadzu Corp (7701 JP)

Rigaku IPO Thoughts on Valuation - Decent Upside from the Indicative Range

Rigaku Holdings (268A JP) is looking to raise US$762m in its Japan IPO. In our earlier notes, we looked at the firm’s past performance and peers....

Clarence Chu

Rigaku IPO - Peer Comparison - Compensating for Smaller Scale with Better Growth and Margins

Rigaku Holdings (268A JP) is looking to raise US$762m in its Japan IPO. In our earlier notes, we looked at the firm’s past performance. In this...

Clarence Chu

Rigaku Holdings (268A JP) IPO: The Bear Case

The bear case rests on weakening forward growth indicators, China revenue risk, rising cash conversion cycles, mid-tier FCF margin and large post...

Arun George

Rigaku Holdings (268A JP) IPO: The Bull Case

The bull case rests on high customer switching costs, peer-leading revenue growth, top-quartile profitability, FCF generation, and low leverage.

Arun George

Rigaku Holdings IPO: Initial Thoughts

Rigaku, a global leader in scientific instruments based on X-ray technology, has filed for an IPO in Japan with plans to raise $900m at a...

Shifara Samsudeen, FCMA, CGMA

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52-week Range

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Rigaku IPO Thoughts on Valuation - Decent Upside from the Indicative Range

Rigaku Holdings (268A JP) is looking to raise US$762m in its Japan IPO. In our earlier notes, we looked at the firm’s past performance and peers....

Clarence Chu

Rigaku IPO - Peer Comparison - Compensating for Smaller Scale with Better Growth and Margins

Rigaku Holdings (268A JP) is looking to raise US$762m in its Japan IPO. In our earlier notes, we looked at the firm’s past performance. In this...

Clarence Chu

Rigaku Holdings (268A JP) IPO: The Bear Case

The bear case rests on weakening forward growth indicators, China revenue risk, rising cash conversion cycles, mid-tier FCF margin and large post...

Arun George

Rigaku Holdings (268A JP) IPO: The Bull Case

The bull case rests on high customer switching costs, peer-leading revenue growth, top-quartile profitability, FCF generation, and low leverage.

Arun George

Rigaku Holdings IPO: Initial Thoughts

​Rigaku, a global leader in scientific instruments based on X-ray technology, has filed for an IPO in Japan with plans to raise $900m at a...

Shifara Samsudeen, FCMA, CGMA

Rigaku, a global leader in scientific instruments based on X-ray technology, has filed for an IPO in Japan with plans to raise $900m at a...