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

Chando Global Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chando-global-limited" target="_blank" data-smartkarma-citation="entities:45909:1" rel="noopener">Chando Global Limited </a>(CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO.</li>
<li>Chando Global is a multi brand cosmetics company in China. It was China’s third-largest domestic cosmetics group, by retail sales in 2024, according to Frost &amp; Sullivan (F&amp;S).</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Chando Global Limited (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO.
Chando Global is a multi brand cosmetics company in China. It was China’s third-largest domestic cosmetics group, by retail sales in 2024, according to Frost &amp; Sullivan (F&amp;S).
In this note, we talk about the positive aspects of the deal.


Chando Global Pre-IPO - The Positives - Well Known Brand

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>CVC has increased its <a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a> offer by 23.2% to JPY3,105, a 0.2% premium to KKR’s potential JPY3,100 offer and a 1.7% discount to the last close.</li>
<li>The Board recommends CVC's offer due to its higher price, acceptable financing, enhanced value plan, and shorter timelines. The Board has terminated discussions with KKR. </li>
<li>KKR could return with a revised and potentially hostile offer. However, the probability is low, as its current offer resulted from an auction.  </li>
</ul>


CVC has increased its Mandom Corp (4917 JP) offer by 23.2% to JPY3,105, a 0.2% premium to KKR’s potential JPY3,100 offer and a 1.7% discount to the last close.
The Board recommends CVC's offer due to its higher price, acceptable financing, enhanced value plan, and shorter timelines. The Board has terminated discussions with KKR. 
KKR could return with a revised and potentially hostile offer. However, the probability is low, as its current offer resulted from an auction.  


Mandom (4917 JP): CVC Outbids and Outmanoeuvres KKR

Japanese Turnaround Situations, Short-Ideas, Azabu Research

Michael Allen

Japanese Turnaround Situations, Short-Ideas

Azabu Research

Azabu Research is a publishing and consulting firm focused on distressed equities in the Japanese market. We specialize in turnaround strategies, corporate combinations, divestitures, and restructuring.

Publisher of the Tokyo Turnaround Letter, which conducts the most thorough research possible of publicly available information, including forensic tests for fraudulent overstatement of assets and understatement of liabilities, as well as rigorous market and industry analysis to assess the underlying strengths of the company’s products or services, the appropriateness of the company’s turnaround strategy, and the skill of its current management team. The average length of a report exceeds 25 pages of text and tables, excluding any disclosures or executive summaries.

We have more than 30 years of experience in applying this process to distressed equities in Japan. Additionally, subscribers have free access to detailed, yet easily navigated earnings models for the target company as well as the top five comparable companies, and unlimited access to the analyst for follow-up questions.

Azabu Research also conducts be-spoke research on a project basis, and provides consulting services to companies looking to restructure, divest, make acquisitions, go public, or improve investor sentiment toward their stock.

Independent Research and Consulting Firm

Equity Bottom-Up

<ul>
<li>Aeon’s profit surge is smoke and mirrors—mostly driven by accounting tricks from subsidiary consolidations, not real business momentum. The growth rate is set to stall.</li>
<li>Core retail businesses are stuck in slow decline, with weak pricing power and no big turnaround levers. Any gains will be incremental and fragile.</li>
<li>Aeon’s stock is propped up by retail investors chasing perks, not fundamentals. If sentiment sours even a little, the damage could easily snowball. </li>
</ul>


Aeon’s profit surge is smoke and mirrors—mostly driven by accounting tricks from subsidiary consolidations, not real business momentum. The growth rate is set to stall.
Core retail businesses are stuck in slow decline, with weak pricing power and no big turnaround levers. Any gains will be incremental and fragile.
Aeon’s stock is propped up by retail investors chasing perks, not fundamentals. If sentiment sours even a little, the damage could easily snowball. 


Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Micron numbers will be amazing, but will they be enough to justify the parabolic price actions? Likely, yes. </li>
<li>Intel hiring a Trump proxy a further sign its aligning itself with the Govt's designs for onshore chip production. </li>
<li>Estee lauder is surging but what about Shiseido and Kose? </li>
</ul>


Micron numbers will be amazing, but will they be enough to justify the parabolic price actions? Likely, yes. 
Intel hiring a Trump proxy a further sign its aligning itself with the Govt's designs for onshore chip production. 
Estee lauder is surging but what about Shiseido and Kose? 


Tech Cautious Ahead of Micron, but Dip Buying Starting to Take Hold

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a> has disclosed that it has received a non-binding letter of intent from a third-party candidate, with purchase prices exceeding the CVC JPY2,520 offer.</li>
<li>The <a href="https://www.nikkei.com/article/DGXZQOUB0996J0Z01C25A2000000/" target="_blank" rel="noopener">Nikkei</a> identifies the bidder as KKR and states that the offer is over JPY2,800, a 11.1% premium to the CVC offer. KKR want a Board-recommended offer.</li>
<li>CVC has extended the close of its offer to 5 January 2026, but will need to revise terms as its irrevocables (particularly Murakami and Hibiki) can switch to KKR.</li>
</ul>



Mandom Corp (4917 JP) has disclosed that it has received a non-binding letter of intent from a third-party candidate, with purchase prices exceeding the CVC JPY2,520 offer.
The Nikkei identifies the bidder as KKR and states that the offer is over JPY2,800, a 11.1% premium to the CVC offer. KKR want a Board-recommended offer.
CVC has extended the close of its offer to 5 January 2026, but will need to revise terms as its irrevocables (particularly Murakami and Hibiki) can switch to KKR.


Mandom (4917 JP): When You Thought It Was Done, KKR Emerges as a Competing Bidder

Japan

Shiseido Company, Limited manufactures cosmetic and toiletry products. The Company offers an array of makeup and skin-care products, toiletries, beauty salon, pharmaceuticals, foodstuffs, and fine chemicals.

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Shiseido Company (4911 JP)

Chando Global Pre-IPO - The Positives - Well Known Brand

Chando Global Limited (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

Mandom (4917 JP): CVC Outbids and Outmanoeuvres KKR

The Board recommends CVC's offer due to its higher price, acceptable financing, enhanced value plan, and shorter timelines. KKR could return with a...

Arun George

Aeon (8267): Will the Fever Ever Break?

Aeon's profit surge is driven mostly by accounting tricks, not real business growth. Stock propped up by retail investors, not fundamentals....

Michael Allen

Tech Cautious Ahead of Micron, but Dip Buying Starting to Take Hold

Micron's strong numbers may justify high prices, Intel aligning with government for chip production, Estee Lauder surging but competition from...

Andrew Jackson

Mandom (4917 JP): When You Thought It Was Done, KKR Emerges as a Competing Bidder

CVC has extended the close of its offer to 5 January 2026, but will need to revise terms as its irrevocables (particularly Murakami and Hibiki) can...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

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Chando Global Pre-IPO - The Positives - Well Known Brand

Chando Global Limited (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

Mandom (4917 JP): CVC Outbids and Outmanoeuvres KKR

The Board recommends CVC's offer due to its higher price, acceptable financing, enhanced value plan, and shorter timelines. KKR could return with a...

Arun George

Aeon (8267): Will the Fever Ever Break?

​Aeon's profit surge is driven mostly by accounting tricks, not real business growth. Stock propped up by retail investors, not fundamentals....

Michael Allen

Tech Cautious Ahead of Micron, but Dip Buying Starting to Take Hold

​Micron's strong numbers may justify high prices, Intel aligning with government for chip production, Estee Lauder surging but competition from...

Andrew Jackson

Mandom (4917 JP): When You Thought It Was Done, KKR Emerges as a Competing Bidder

CVC has extended the close of its offer to 5 January 2026, but will need to revise terms as its irrevocables (particularly Murakami and Hibiki) can...

Arun George

Aeon's profit surge is driven mostly by accounting tricks, not real business growth. Stock propped up by retail investors, not fundamentals....

Micron's strong numbers may justify high prices, Intel aligning with government for chip production, Estee Lauder surging but competition from...