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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> (TH) is now looking to raise around US$234m in its Japan IPO, after having canceled its prior listing attempt last year.</li>
<li>TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.</li>
<li>We have looked at the past performance in our previous notes. In this note, we talk about the updates from its recent filings.</li>
</ul>



Trial Holdings (5882 JP) (TH) is now looking to raise around US$234m in its Japan IPO, after having canceled its prior listing attempt last year.
TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.
We have looked at the past performance in our previous notes. In this note, we talk about the updates from its recent filings.


Trial Holdings Pre-IPO - Refiling Updates - Margin Uptick, More Golf Courses

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> was back in the market, a year after ditching its previous attempt, while <a href="https://www.smartkarma.com/entities/juniper-hotels" target="_blank" data-smartkarma-citation="entities:40186:1" rel="noopener">Juniper Hotels</a> is trying to ride the India wave.</li>
<li>For placements, more signs of REIT coming back to life, this time in Japan. A relatively large deal in <a href="https://www.smartkarma.com/entities/toei-animation-co-ltd" target="_blank" data-smartkarma-citation="entities:18641:1" rel="noopener">Toei Animation (4816 JP)</a> as well was launched.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Trial Holdings (5882 JP) was back in the market, a year after ditching its previous attempt, while Juniper Hotels is trying to ride the India wave.
For placements, more signs of REIT coming back to life, this time in Japan. A relatively large deal in Toei Animation (4816 JP) as well was launched.


ECM Weekly (19th Feb 2024) - Toei Ani, KB Fin, IIF, Trial, Juniper, Bharti Hexacom, Octillion Energy

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 weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/toei-animation-co-ltd" target="_blank" data-smartkarma-citation="entities:18641:1" rel="noopener">Toei Animation (4816 JP)</a>'s US$550 Million secondary offering.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a>, <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a>, <a href="https://www.smartkarma.com/entities/ansarada-group-ltd" target="_blank" data-smartkarma-citation="entities:30718:1" rel="noopener">Ansarada Group Ltd (AND AU)</a>, <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a>, <a href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:475:1" rel="noopener">Vinda International (3331 HK)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Toei Animation (4816 JP)'s US$550 Million secondary offering.
Event-Driven developments: Outsourcing Inc (2427 JP), Altium Ltd (ALU AU), Ansarada Group Ltd (AND AU), China Traditional Chinese Medicine (570 HK), Vinda International (3331 HK). 


Weekly Deals Digest (18 Feb) - Toei, Outsourcing, YSK, Altium, Ansarada, China TCM, Vinda

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>US stocks surprisingly resilient after sell-off. 10Y bond yield edges lower; Nikkei futures point to strong open</li>
<li>Sony’s outlook for profit growth in the coming year looks unappealing. Management transitions the PS5 to end-of-life care.</li>
<li>Japan’s diplomats are watching the yen - don’t they always; last intervention was at 152 to the dollar</li>
</ul>


US stocks surprisingly resilient after sell-off. 10Y bond yield edges lower; Nikkei futures point to strong open
Sony’s outlook for profit growth in the coming year looks unappealing. Management transitions the PS5 to end-of-life care.
Japan’s diplomats are watching the yen - don’t they always; last intervention was at 152 to the dollar


Ohayo Japan | Resilience; Sony Sunsets PS5

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>In December 2021, when companies were required to file statements with the TSE as to plans to meet continuing listing requirements, <a href="https://www.smartkarma.com/entities/toei-animation-co-ltd" target="_blank" data-smartkarma-citation="entities:18641:1" rel="noopener">Toei Animation (4816 JP)</a> had a <a href="https://corp.toei-anim.co.jp/ja/ir/news/auto_20211220555926/pdfFile.pdf" target="_blank" rel="noopener">Plan</a>.</li>
<li>That plan? Get from a then-current 15.5% Tradable Shares level to 25.0% by 31 March 2025. That was "OK" though later, the TSE asked companies to speed it up.</li>
<li>Today, shareholders Sony and Bandai Namco announced an equity offering to sell down up to 4.48mm shares in a domestic+overseas offering. It's big, heavy, and there is more to come.</li>
</ul>


In December 2021, when companies were required to file statements with the TSE as to plans to meet continuing listing requirements, Toei Animation (4816 JP) had a Plan.
That plan? Get from a then-current 15.5% Tradable Shares level to 25.0% by 31 March 2025. That was "OK" though later, the TSE asked companies to speed it up.
Today, shareholders Sony and Bandai Namco announced an equity offering to sell down up to 4.48mm shares in a domestic+overseas offering. It's big, heavy, and there is more to come.


Toei Animation (4816) - Shareholder Selldown To Meet Listing Hurdles - Bigly, Heavy, More to Come

Japan

Sony Corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional markets.  The Company's other businesses include music, pictures, computer entertainment, and online businesses.

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Sony Corp (6758 JP)

Trial Holdings Pre-IPO - Refiling Updates - Margin Uptick, More Golf Courses

Trial Holdings (5882 JP) (TH) is now looking to raise around US$234m in its Japan IPO, after having canceled its prior listing attempt last year.

Sumeet Singh

ECM Weekly (19th Feb 2024) - Toei Ani, KB Fin, IIF, Trial, Juniper, Bharti Hexacom, Octillion Energy

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Weekly Deals Digest (18 Feb) - Toei, Outsourcing, YSK, Altium, Ansarada, China TCM, Vinda

Last week, notable developments occurred in Event-Driven (Outsourcing, YSK, Altium, Ansarada, China TCM, Vinda) and ECM (Toei Animation).

Arun George

Ohayo Japan | Resilience; Sony Sunsets PS5

US stocks remain resilient despite recent sell-off, as bond yields decrease and Nikkei futures indicate a strong opening. Sony's profit growth...

Mark Chadwick

Toei Animation (4816) - Shareholder Selldown To Meet Listing Hurdles - Bigly, Heavy, More to Come

Toei Animation has been listed for 23yrs and is a 30-bagger in that time. But it is now expensive, and float has always been low. Now two cross...

Travis Lundy

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Trial Holdings Pre-IPO - Refiling Updates - Margin Uptick, More Golf Courses

Trial Holdings (5882 JP) (TH) is now looking to raise around US$234m in its Japan IPO, after having canceled its prior listing attempt last year.

Sumeet Singh

ECM Weekly (19th Feb 2024) - Toei Ani, KB Fin, IIF, Trial, Juniper, Bharti Hexacom, Octillion Energy

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Weekly Deals Digest (18 Feb) - Toei, Outsourcing, YSK, Altium, Ansarada, China TCM, Vinda

Last week, notable developments occurred in Event-Driven (Outsourcing, YSK, Altium, Ansarada, China TCM, Vinda) and ECM (Toei Animation).

Arun George

Ohayo Japan | Resilience; Sony Sunsets PS5

​US stocks remain resilient despite recent sell-off, as bond yields decrease and Nikkei futures indicate a strong opening. Sony's profit growth...

Mark Chadwick

Toei Animation (4816) - Shareholder Selldown To Meet Listing Hurdles - Bigly, Heavy, More to Come

Toei Animation has been listed for 23yrs and is a 30-bagger in that time. But it is now expensive, and float has always been low. Now two cross...

Travis Lundy

US stocks remain resilient despite recent sell-off, as bond yields decrease and Nikkei futures indicate a strong opening. Sony's profit growth...