Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Valuation losses in the Vision Fund public portfolio are now approaching $5bn as the end of the quarter looms versus break-even as recently as 13 September</li>
<li>That may have influenced the level of VF staff reductions which press reports ut at 30% versus expectations of 20% last month</li>
<li>The discount remains elevated on tech weakness and that is unlikely to change</li>
</ul>


Valuation losses in the Vision Fund public portfolio are now approaching $5bn as the end of the quarter looms versus break-even as recently as 13 September
That may have influenced the level of VF staff reductions which press reports ut at 30% versus expectations of 20% last month
The discount remains elevated on tech weakness and that is unlikely to change


Softbank Group - Vision Fund Losses Accelerate into Quarter End

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.

Equity Capital Markets

<ul>
<li>Having been forced to delay its IPO due to a legal battle with Zostel, Oyo has revived its IPO plans with an updated filing with SEBI on 19th Sept 2022.</li>
<li>Considering the legal issues and <a href="https://www.smartkarma.com/entities/oyo-pvt-ltd" target="_blank" data-smartkarma-citation="entities:28861:1" rel="noopener">Oyo (1698548D IN)</a>’s financial conditions, it is hard to imagine that SEBI would wave the green flag to Oyo’s IPO.</li>
<li>If Oyo manages to beat the odds, this IPO could extend Oyo's lifespan by a few more years. Nevertheless, we would still bet on Oyo to go down in mediumn-term.</li>
</ul>


Having been forced to delay its IPO due to a legal battle with Zostel, Oyo has revived its IPO plans with an updated filing with SEBI on 19th Sept 2022.
Considering the legal issues and Oyo (1698548D IN)’s financial conditions, it is hard to imagine that SEBI would wave the green flag to Oyo’s IPO.
If Oyo manages to beat the odds, this IPO could extend Oyo's lifespan by a few more years. Nevertheless, we would still bet on Oyo to go down in mediumn-term.


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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oyo-pvt-ltd" target="_blank" data-smartkarma-citation="entities:28861:1" rel="noopener">Oyo (1698548D IN)</a> is looking to raise around US$700m in its upcoming India IPO. The IPO will consist of both a primary and secondary portion.</li>
<li>Oyo runs a digital platform that serves as a hotel and home aggregator between patrons, which include owners and lessors, and customers, such as travelers and guests booking for accommodation.</li>
<li>Since our last notes, Oravel Stays (Oyo) had filed its addendum, containing both its full-year performance for FY22, and its most recent 1Q23 performance (period ending Jun 2022).</li>
</ul>



Oyo (1698548D IN) is looking to raise around US$700m in its upcoming India IPO. The IPO will consist of both a primary and secondary portion.
Oyo runs a digital platform that serves as a hotel and home aggregator between patrons, which include owners and lessors, and customers, such as travelers and guests booking for accommodation.
Since our last notes, Oravel Stays (Oyo) had filed its addendum, containing both its full-year performance for FY22, and its most recent 1Q23 performance (period ending Jun 2022).


Oravel Stays (Oyo) Pre-IPO - Addendum Updates - Don’t Let the +ve EBITDA Mask Its Underlying Issues

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This is a hybrid insight on the upcoming TOPIX FFW Review to be announced 7 October, and the situation around <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a>. </li>
<li>Shinsei Bank is in "limbo" post control-acquisition 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> and an attempt to go over 50% should be in the works. When is not known.</li>
<li>The TOPIX FFW Review should see ¥2.0-2.2trln of one-way flow, and amongst that flow, a large sell on Shinsei to increase Real World Float by 60+% and 25d of ADV.</li>
</ul>


This is a hybrid insight on the upcoming TOPIX FFW Review to be announced 7 October, and the situation around Shinsei Bank (8303 JP). 
Shinsei Bank is in "limbo" post control-acquisition by SBI Holdings (8473 JP) and an attempt to go over 50% should be in the works. When is not known.
The TOPIX FFW Review should see ¥2.0-2.2trln of one-way flow, and amongst that flow, a large sell on Shinsei to increase Real World Float by 60+% and 25d of ADV.


The October TOPIX FFW Review and Shinsei Bank (8303)'s Future Float

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Multiple new agencies have been reporting that <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> plans to trim its investment portfolio over the remainder of the year. </li>
<li>The reports have been coming in since the second half of the year and the company has been duly denying these rumors.</li>
<li>In this note, we look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how.</li>
</ul>


Multiple new agencies have been reporting that Tencent (700 HK) plans to trim its investment portfolio over the remainder of the year. 
The reports have been coming in since the second half of the year and the company has been duly denying these rumors.
In this note, we look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how.


Tencent Investee Selldown - The US$120bn Global Overhang

Japan

SoftBank Group Corp. provides telecommunication services. The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

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Softbank Group (9984 JP)

Softbank Group - Vision Fund Losses Accelerate into Quarter End

Softbank shares are down 8% since it announced the early settlement of Alibaba derivative contracts but a strong dollar has helped as declines in...

Kirk Boodry

Oyo IPO Update – On Its Last Legs

If Oyo manages to beat the odds and conduct a successful IPO, it is possible that the company could extend its remaining lifespan by a few more...

Oshadhi Kumarasiri

Oravel Stays (Oyo) Pre-IPO - Addendum Updates - Don’t Let the +ve EBITDA Mask Its Underlying Issues

Oyo (1698548D IN) is looking to raise around US$700m in its upcoming India IPO. Oyo runs a digital platform that serves as a hotel and home...

Clarence Chu

The October TOPIX FFW Review and Shinsei Bank (8303)'s Future Float

HYBRID INSIGHT: Shinsei and the October TOPIX FFW Review. Shinsei is now somewhat cheap to largercap peers, but will see 25 days of volume to sell...

Travis Lundy

Tencent Investee Selldown - The US$120bn Global Overhang

There have been multiple reports that Tencent (700 HK) plans to trim its investment portfolio over the remainder of the year. We look at Tencent's...

Sumeet Singh

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