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

SBI Sumishin Net Bank  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a> (SSNB) is looking to raise around US$390m in its second listing attempt.</li>
<li>SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.</li>
<li>In this note, we talk about implied valuations in the IPO price range</li>
</ul>



SBI Sumishin Net Bank (7163 JP) (SSNB) is looking to raise around US$390m in its second listing attempt.
SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.
In this note, we talk about implied valuations in the IPO price range


SBI Sumishin Net Bank IPO - It Was All Good, till Friday

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a> (SSNB) is now looking to raise around US$380m in its second listing attempt.</li>
<li>SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.</li>
<li>In this note, we talk about our updated earnigns forecast and thoughts on valuations</li>
</ul>



SBI Sumishin Net Bank (7163 JP) (SSNB) is now looking to raise around US$380m in its second listing attempt.
SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.
In this note, we talk about our updated earnigns forecast and thoughts on valuations


SBI Sumishin Net Bank Pre-IPO - Revised Forecast and Valuations - RoA or RoE?

<ul>
<li>SBI Sumishin Net Bank (SSNB) is now looking to raise around US$380m in its second listing attempt.</li>
<li>SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.</li>
<li>In this note, we talk about the updates from the latest filings.</li>
</ul>


SBI Sumishin Net Bank (SSNB) is now looking to raise around US$380m in its second listing attempt.
SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.
In this note, we talk about the updates from the latest filings.


SBI Sumishin Net Bank Pre-IPO - Refiling Updates - Growth Picks Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank</a>, the online banking arm of <a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Inc (4755 JP)</a>, aims to raise around US$500m (estimated) in its Japan listing in April 2023. </li>
<li>RB is the largest internet bank in Japan, by number of accounts. As of Mar 2023, it had 13.39m deposit accounts with a total deposit base of JPY8.6tn. </li>
<li>In this note we take an early look at the IPO and talk about the positive aspects of its past performance.</li>
</ul>



Rakuten Bank, the online banking arm of Rakuten Inc (4755 JP), aims to raise around US$500m (estimated) in its Japan listing in April 2023. 
RB is the largest internet bank in Japan, by number of accounts. As of Mar 2023, it had 13.39m deposit accounts with a total deposit base of JPY8.6tn. 
In this note we take an early look at the IPO and talk about the positive aspects of its past performance.


Rakuten Bank IPO Early Look - The Positives - Has Grown Fast over the past Few Years

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

With the results of the <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a> Tender Offer for <a href="https://www.smartkarma.com/entities/ntt-docomo-inc" target="_blank" data-smartkarma-citation="entities:1089:1" rel="noopener">NTT Docomo Inc (9437 JP)</a> announced yesterday, getting them to 91.46%, this triggers a fast-track change in the Nikkei 225 treatment based on a <a href="https://indexes.nikkei.co.jp/nkave/archives/news/20200615E_1.pdf" target="_blank" rel="noopener">rule change for constituent selection</a> announced on 15 June. This was discussed briefly in <a href="https://www.smartkarma.com/insights/surprising-ntt-docomo-tender-result-accelerates-squeezeout-great-re-allocation-nikkei-225-change" target="_blank" data-smartkarma-citation="insights:45412" rel="noopener">Surprising NTT Docomo Tender Result Accelerates Squeezeout, Great Re-Allocation, Nikkei 225 Change</a>.The relevant part of the rule change is shown below. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/172/461/original/Screenshot%202020-11-18%20at%202.53.16%20PM.png?1605682411" class="editor-image img-responsive" data-smartkarma-image-id="172461"></figure></section>The first time it was used was with the replacement for <a href="https://www.smartkarma.com/entities/sony-financial-holdings-inc" target="_blank" data-smartkarma-citation="entities:564:1" rel="noopener">Sony Financial Holdings (8729 JP)</a> where the clearance of 90% made delisting a foregone conclusion because it only required the parent to ask. The same is the case here. Today, the Nikkei Index Business Office <a href="https://indexes.nikkei.co.jp/nkave/archives/news/20201118E_1.pdf" target="_blank" rel="noopener">announced</a> the replacement for NTT Docomo in the Nikkei 225 Index. It is <a href="https://www.smartkarma.com/entities/sharp-corp" target="_blank" data-smartkarma-citation="entities:391:1" rel="noopener">Sharp Corp (6753 JP)</a> with a presumed par value of 50 yen. The change will be made at the close of trading on 1 December 2020 (8 trading days left). This is surprising. Very surprising. And it matters a lot.Due to the reverse 1:10 share split of end-2017, this should have been a presumed par value of 500 yen. I half wonder whether they made a typo and will correct it. The other possibility is that because it happened while the stock was in the Purgatorio of the Second Section, that data simply didn't register so they ignored it. Which would be a Very Bureaucratic Thing To Do.Details on the index rebalance trade below.

With the results of the NTT (Nippon Telegraph &amp; Telephone) (9432 JP) Tender Offer for NTT Docomo Inc (9437 JP) announced yesterday, getting them to 91.46%, this triggers a fast-track change in the Nikkei 225 treatment based on a rule change for constituent selection announced on 15 June. This was discussed briefly in Surprising NTT Docomo Tender Result Accelerates Squeezeout, Great Re-Allocation, Nikkei 225 Change.The relevant part of the rule change is shown below. The first time it was used was with the replacement for Sony Financial Holdings (8729 JP) where the clearance of 90% made delisting a foregone conclusion because it only required the parent to ask. The same is the case here. Today, the Nikkei Index Business Office announced the replacement for NTT Docomo in the Nikkei 225 Index. It is Sharp Corp (6753 JP) with a presumed par value of 50 yen. The change will be made at the close of trading on 1 December 2020 (8 trading days left). This is surprising. Very surprising. And it matters a lot.Due to the reverse 1:10 share split of end-2017, this should have been a presumed par value of 500 yen. I half wonder whether they made a typo and will correct it. The other possibility is that because it happened while the stock was in the Purgatorio of the Second Section, that data simply didn't register so they ignored it. Which would be a Very Bureaucratic Thing To Do.Details on the index rebalance trade below.

NTT Docomo Delisting; Nikkei 225 Replacement Is SHARP (6753) - With a Surprise

Japan

Sony Financial Group Inc. provides insurance services. The Company offers life and non-life insurance, banking, and other financial services. Sony Financial Group serves customers across worldwide.

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Sony Financial Group (8729 JP)

SBI Sumishin Net Bank IPO - It Was All Good, till Friday

SBI Sumishin Net Bank (7163 JP) (SSNB) is looking to raise around US$390m in its second listing attempt. In this note, we talk about valuations.

Sumeet Singh

SBI Sumishin Net Bank Pre-IPO - Revised Forecast and Valuations - RoA or RoE?

SBI Sumishin Net Bank (7163 JP) (SSNB) is now looking to raise around US$380m in its second listing attempt. In this note we talk about our revised...

Sumeet Singh

SBI Sumishin Net Bank Pre-IPO - Refiling Updates - Growth Picks Up

SBI Sumishin Net Bank (SSNB) is now looking to raise around US$380m in its second listing attempt. In this note, we talk about the updates from the...

Sumeet Singh

Rakuten Bank IPO Early Look - The Positives - Has Grown Fast over the past Few Years

Rakuten Bank, the online banking arm of Rakuten Inc (4755 JP), aims to raise around US$500m in its Japan listing in April 2023. In this note, we...

Sumeet Singh

NTT Docomo Delisting; Nikkei 225 Replacement Is SHARP (6753) - With a Surprise

In Sharp (6753) Nikkei has offered an unsurprising replacement for Docomo in the Nikkei 225, but the terms are unexpected (and a trifle...

Travis Lundy

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