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

Simplex Holdings / Equity Capital Markets

<p>Simplex Holding’s shareholders aim to raise around US$300m via selling some of their stake in the company. Simplex has consistently been ranked among the top companies in IDC Fintech rankings over the past nine years.</p><p>Simplex provides consulting, system development, maintenance and operations to banks, asset managers and insurance companies in Asia. Simplex was established in Sep 97. It was listed on JASDAQ in Feb 2002 and progressed to the First Section in Sep 2005. The company undertook an MBO, in Apr 2013 and was delisted in Oct 2013.</p><p>Since delisting, Simplex has expanded its product offering further to cover life insurance and non-life insurance companies as well, along with crypto exchanges. It has been reporting steady revenue growth over the past few years, although its margins have been volatile. Its performance prior to delisting wasn’t great, as it missed its medium term targets, and it now appears to be at peak margins.</p><p>We have looked at the company’s past performance in our earlier note, <a href="https://www.smartkarma.com/insights/simplex-holdings-pre-ipo-steady-topline-growth-but-appears-to-be-at-peak-margins" target="_blank" rel="noopener">Simplex Holdings Pre-IPO - Steady topline growth but appears to be at peak margins</a>.</p><p>In this note we will undertake a peer comparison and talk about valuations.</p>

Simplex Holding’s shareholders aim to raise around US$300m via selling some of their stake in the company. Simplex has consistently been ranked among the top companies in IDC Fintech rankings over the past nine years.Simplex provides consulting, system development, maintenance and operations to banks, asset managers and insurance companies in Asia. Simplex was established in Sep 97. It was listed on JASDAQ in Feb 2002 and progressed to the First Section in Sep 2005. The company undertook an MBO, in Apr 2013 and was delisted in Oct 2013.Since delisting, Simplex has expanded its product offering further to cover life insurance and non-life insurance companies as well, along with crypto exchanges. It has been reporting steady revenue growth over the past few years, although its margins have been volatile. Its performance prior to delisting wasn’t great, as it missed its medium term targets, and it now appears to be at peak margins.We have looked at the company’s past performance in our earlier note, Simplex Holdings Pre-IPO - Steady topline growth but appears to be at peak margins.In this note we will undertake a peer comparison and talk about valuations.

Simplex Holdings Pre-IPO - Peer Comp, Valuation - Lagging in Size but Leading in Growth and Margins

<p>Simplex Holding’s shareholders aim to raise around US$300m via selling some of their stake in the company in its Japan IPO. Simplex has consistently been ranked among the top companies in IDC Fintech rankings over the past nine years.</p><p>Simplex provides consulting, system development, maintenance and operations to banks, asset managers and insurance companies in Asia</p><p>Simplex was established in Sep 97. It was listed on JASDAQ in Feb 2002 and progressed to the First Section in Sep 2005. The company undertook an MBO, in Apr 2013 and was delisted in Oct 2013.</p><p>Since delisting, Simplex has expanded its product offering further to cover life insurance and non-life insurance companies as well, along with crypto exchanges. It has been reporting steady revenue growth over the past few years, although its margins have been volatile. </p><p>Its performance prior to delisting wasn’t great, as it missed its medium term targets, and it now appears to be at peak margins.</p>

Simplex Holding’s shareholders aim to raise around US$300m via selling some of their stake in the company in its Japan IPO. Simplex has consistently been ranked among the top companies in IDC Fintech rankings over the past nine years.Simplex provides consulting, system development, maintenance and operations to banks, asset managers and insurance companies in AsiaSimplex was established in Sep 97. It was listed on JASDAQ in Feb 2002 and progressed to the First Section in Sep 2005. The company undertook an MBO, in Apr 2013 and was delisted in Oct 2013.Since delisting, Simplex has expanded its product offering further to cover life insurance and non-life insurance companies as well, along with crypto exchanges. It has been reporting steady revenue growth over the past few years, although its margins have been volatile. Its performance prior to delisting wasn’t great, as it missed its medium term targets, and it now appears to be at peak margins.

Simplex Holdings Pre-IPO - Steady Topline Growth but Appears to Be at Peak Margins

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<p>For our next Webinar, we are excited to welcome back Insight Provider <a href="https://www.smartkarma.com/profiles/mio-kato" target="_blank" data-smartkarma-citation="accounts:713" rel="noopener">Mio Kato</a> and the LightStream Research team, as they present unique views into approaching the Japanese market. LightStream offers insights gleaned from their expertise on the ground, engaging with company management and bridging business and culture gaps between Japan and western Investors.</p><h3>The webinar will be hosted on Wednesday, 1 September 2021, 17:00 SGT/HKT.</h3><div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=89011968584" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div><p>Mio Kato has over 15 years of experience looking at Japanese and Asian cyclically driven sectors such as Gaming, Factory Automation and Autos. He was previously with FrontPoint Partners LP, Arrowhawk Capital Partners, and Uzabase before founding LightStream Research.</p><p>LightStream Research conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia. The team supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available. They further refine the accuracy of their 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.</p>

For our next Webinar, we are excited to welcome back Insight Provider Mio Kato and the LightStream Research team, as they present unique views into approaching the Japanese market. LightStream offers insights gleaned from their expertise on the ground, engaging with company management and bridging business and culture gaps between Japan and western Investors.The webinar will be hosted on Wednesday, 1 September 2021, 17:00 SGT/HKT.Register for the Webinar hereMio Kato has over 15 years of experience looking at Japanese and Asian cyclically driven sectors such as Gaming, Factory Automation and Autos. He was previously with FrontPoint Partners LP, Arrowhawk Capital Partners, and Uzabase before founding LightStream Research.LightStream Research conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia. The team supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available. They further refine the accuracy of their 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.

Smartkarma Webinar | Understanding Japanese Companies: Insights from LightStream Research

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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.

<p>Almost two years ago to the day, we discussed the <a href="https://www.smartkarma.com/insights/the-future-of-sony-s-spider-man-franchise-you-win-some-you-lose-some" target="_blank" rel="noopener">potential for Sony to step into the breach created by the end of the first generation of the MCU</a>. We suggested that based on the company’s IP assets within the Spider-Man universe and the broad popularity of the family-friendly IP. With the release of the Spider-Man: No Way Home trailer, it is looking like things are coming together extremely well for the Spider-Verse, or as it is now called Sony’s Spider-Man Universe.</p>

Almost two years ago to the day, we discussed the potential for Sony to step into the breach created by the end of the first generation of the MCU. We suggested that based on the company’s IP assets within the Spider-Man universe and the broad popularity of the family-friendly IP. With the release of the Spider-Man: No Way Home trailer, it is looking like things are coming together extremely well for the Spider-Verse, or as it is now called Sony’s Spider-Man Universe.

Conviction Call Sony – No Way Home to the Spider-Verse?

Activia Properties / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/9498" target="_blank" data-smartkarma-citation="entities:9498:1" rel="noopener">Activia Properties Inc (3279 JP)</a>(API) plans to raise around US$200m/JPY22bn to fund the acquisition of three assets worth JPY44bn.</p></div><div>
<p>We have previously covered four other deals in the name: </p>
<ul><li>US$220m in Dec 2018, <a href="https://www.smartkarma.com/insights/activia-properties-placement-time-for-the-annual-fund-raise-dpu-accretive-past-deals-did-well" target="_blank" rel="noopener">Activia Properties Placement - Time for the Annual Fund Raise, DPU Accretive, past Deals Did Well</a>
</li></ul>
</div><div><ul style="list-style-type: disc;">
<li>US$130m in Dec 2017, <a href="https://www.smartkarma.com/insights/activia-properties-placement-back-again-in-just-over-a-year-past-deals-have-done-well" target="_blank" rel="noopener">Activia Properties Placement - Back Again in Just over a Year, past Deals Have Done Well</a>
</li>
<li>US$270m in Nov 2016,  <a href="https://www.smartkarma.com/insights/activia-properties-back-for-the-annual-capital-raise-but-macro-might-not-be-supportive-this-time" target="_blank" rel="noopener">Activia Properties - Back for the Annual Capital Raise but Macro Might Not Be Supportive This</a>, and</li>
<li>US$161m in Dec 2015,  <a href="https://www.smartkarma.com/insights/activia-properties-accretive-acquisition-should-add-to-the-previous-deals-record" target="_blank" rel="noopener">Activia Properties - Accretive Acquisition Should Add to the Previous Deals Record</a>.</li>
</ul></div><div><p>All the prior deals have done well over the short-term. In this note, we will run the deal through our ECM framework and talk about the deal dynamics.</p></div>

Activia Properties Inc (3279 JP)(API) plans to raise around US$200m/JPY22bn to fund the acquisition of three assets worth JPY44bn.
We have previously covered four other deals in the name: 
US$220m in Dec 2018, Activia Properties Placement - Time for the Annual Fund Raise, DPU Accretive, past Deals Did Well


US$130m in Dec 2017, Activia Properties Placement - Back Again in Just over a Year, past Deals Have Done Well

US$270m in Nov 2016,  Activia Properties - Back for the Annual Capital Raise but Macro Might Not Be Supportive This, and
US$161m in Dec 2015,  Activia Properties - Accretive Acquisition Should Add to the Previous Deals Record.
All the prior deals have done well over the short-term. In this note, we will run the deal through our ECM framework and talk about the deal dynamics.

Activia Properties Placement - Accretive Deal but Comes with a Weak Backdrop

Japan

Sony Group Corporation manufactures and distributes electronics products and provides related solutions. The Company produces televisions, cameras, mobiles, audio and video products. game equipment, and more. Sony Group also engages in game production,  movie production, music production, and other businesses.

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Sony Corp (SONY US)

Simplex Holdings Pre-IPO - Peer Comp, Valuation - Lagging in Size but Leading in Growth and Margins

Simplex Holding’s shareholders aim to raise around US$300m via selling some of their stake in the company. Simplex has consistently been ranked...

Sumeet Singh

Simplex Holdings Pre-IPO - Steady Topline Growth but Appears to Be at Peak Margins

Simplex Holding’s shareholders aim to raise around US$300m via selling some of their stake in the company in its Japan IPO.

Sumeet Singh

Smartkarma Webinar | Understanding Japanese Companies: Insights from LightStream Research

On 1 September, 5pm SGT, join us for a Webinar with Mio Kato and the LightStream Research team, as they present unique views into approaching the...

Smartkarma Research

Conviction Call Sony – No Way Home to the Spider-Verse?

With the release of the Spider-Man: No Way Home trailer, it is looking like things are coming together extremely well for the Spider-Verse and...

Mio Kato

Activia Properties Placement - Accretive Deal but Comes with a Weak Backdrop

Activia Properties Inc (3279 JP) plans to raise around US$200m/JPY22bn to fund the acquisition of three assets worth JPY44bn.

Sumeet Singh

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