Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Results were pretty much in line with expectations as growth from Z Holdings and Enterprise sales offset consumer mobile weakness.</li>
<li>The company is slightly behind the pace needed to meet its full-year operating profit target but appears confident on meeting FY21 and FY22 commitments</li>
<li>Management reports that cashless app PayPay generated ¥21bn in Q3 revenue as SME monetization kicked in</li>
</ul>


Results were pretty much in line with expectations as growth from Z Holdings and Enterprise sales offset consumer mobile weakness.
The company is slightly behind the pace needed to meet its full-year operating profit target but appears confident on meeting FY21 and FY22 commitments
Management reports that cashless app PayPay generated ¥21bn in Q3 revenue as SME monetization kicked in


Softbank Corp (Buy) - Q3 21 Results Reaction: Weak Consumer Mobile but FY Targets in Sight

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

Nippon Paint Holdings / Equity Capital Markets

<ul>
<li>A group of shareholders of Nippon Paint Holdings, plan to raise around US$1.4bn via selling nearly 6% of the stock.</li>
<li>The shares haven’t done much this year and despite having corrected by around 40% since the start of 2021, they are trading just about inline with analyst average target price.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


A group of shareholders of Nippon Paint Holdings, plan to raise around US$1.4bn via selling nearly 6% of the stock.
The shares haven’t done much this year and despite having corrected by around 40% since the start of 2021, they are trading just about inline with analyst average target price.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Nippon Paint Holdings Placement - Nothing Particularly Exciting, Needs to Correct

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

NTT (Nippon Telegraph & Telephone) / Event-Driven

<ul>
<li>NTT sees a US$1 billion selldown of shares on Wednesday 29 December. </li>
<li>This is due to a weird quirk in the way TOPIX and JPX Nikkei 400 are constructed and managed - a quirk not generally seen in other major index families.</li>
<li>NTT is cheap to peers, and NTT / Peer EPSe Ratios continue to grow, up and to the right.</li>
</ul>


NTT sees a US$1 billion selldown of shares on Wednesday 29 December. 
This is due to a weird quirk in the way TOPIX and JPX Nikkei 400 are constructed and managed - a quirk not generally seen in other major index families.
NTT is cheap to peers, and NTT / Peer EPSe Ratios continue to grow, up and to the right.


Watch the $1bn Sell-On-Close on NTT (9432) Wednesday

<ul>
<li>KDDI announced two new mobililty service offerings, including a ride-sharing JV and an the expansion of transport features in its payments app</li>
<li>The new services are not material to the financial outlook but building a wider service offering and boosting payments app functionality are moves in the right direction </li>
<li>We have tweaked our forecasts after Q2 21 results and remain at Buy. </li>
</ul>


KDDI announced two new mobililty service offerings, including a ride-sharing JV and an the expansion of transport features in its payments app
The new services are not material to the financial outlook but building a wider service offering and boosting payments app functionality are moves in the right direction 
We have tweaked our forecasts after Q2 21 results and remain at Buy. 


KDDI (Buy) - New Mobility Offers Expand Consumer Service Offering

<ul>
<li>Net Protections Holdings (NPH), a buy now pay later service provider, raised around US$570m via selling a mix of primary and secondary shares in its Japan IPO.</li>
<li>As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.</li>
<li>In this note we will talk about the trading dynamics.</li>
</ul>


Net Protections Holdings (NPH), a buy now pay later service provider, raised around US$570m via selling a mix of primary and secondary shares in its Japan IPO.
As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.
In this note we will talk about the trading dynamics.


Net Protections IPO Trading - Peers Have Moved Lower. Provides the Only Exposure to BNPL in Japan

Japan

Softbank Corporation provides mobile phone telecommunication and networking services. The Company offers mobile communication opening, short messaging function opening, video function opening, and other services. Softbank also provides mobile phones.

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Softbank Corp (9434 JP)

Softbank Corp (Buy) - Q3 21 Results Reaction: Weak Consumer Mobile but FY Targets in Sight

Through Q3, SBC is behind last year’s pace to meet a similar operating profit target but Q4 growth looks achievable and management remains...

Kirk Boodry

Nippon Paint Holdings Placement - Nothing Particularly Exciting, Needs to Correct

A group of shareholders of Nippon Paint Holdings, plan to raise around US$1.4bn via selling nearly 6% of the stock. In this note, we will talk...

Sumeet Singh

Watch the $1bn Sell-On-Close on NTT (9432) Wednesday

NTT cancelled shares in November. That leads to a TOPIX event selldown at end-December. For NTT it is US$1bn. But NTT remains undeservedly cheap to...

Travis Lundy

KDDI (Buy) - New Mobility Offers Expand Consumer Service Offering

New offerings are a positive step as the consumer platform evolves and we expect more in mobility from KDDI and the industry over time. We have...

Kirk Boodry

Net Protections IPO Trading - Peers Have Moved Lower. Provides the Only Exposure to BNPL in Japan

Net Protections Holdings (NPH), a buy now pay later service provider, raised around US$570m in its Japan IPO. In this note, we will talk about the...

Sumeet Singh

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