Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. Equities Sell-off on Pending Demise of Credit Suisse; Flight to Safety Trade resumes; SNB engineer Shotgun Wedding - deal closed with UBS $3.25 billion. The end of an era.</li>
<li>JAPAN. On Friday, NKY Futs -2.3% vs Cash as Contagion Fears around Credit Suisse prompted Flight to Safety; With CS Rescue, expect strong open; JP Shippers Container Profits looks shaky</li>
<li>NUGGET. As Mitsui OSK approaches ex-div, we think the share price will see headwinds given the expected earnings decline on ONE's earning collapse = (MUCH) lower dividends next year.</li>
</ul>


OVERSEAS. Equities Sell-off on Pending Demise of Credit Suisse; Flight to Safety Trade resumes; SNB engineer Shotgun Wedding - deal closed with UBS $3.25 billion. The end of an era.
JAPAN. On Friday, NKY Futs -2.3% vs Cash as Contagion Fears around Credit Suisse prompted Flight to Safety; With CS Rescue, expect strong open; JP Shippers Container Profits looks shaky
NUGGET. As Mitsui OSK approaches ex-div, we think the share price will see headwinds given the expected earnings decline on ONE's earning collapse = (MUCH) lower dividends next year.


Good Morning Japan |UBScs - Wedding Vows Sealed; NUGGET: MOL-Diversification Can't Come Fast Enough

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> is looking to raise around US$375m in its Japan IPO.</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>In this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>



Trial Holdings (5882 JP) is looking to raise around US$375m in its Japan IPO.
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.
In this note, we will talk about the not-so-positive aspects of the deal.


Trial Holdings Pre-IPO - The Negatives - Wafer-Thin Margins

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.

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> has introduced a price range of JPY1,200-1,260 per share in the wake of a sell-off in bank shares. Offer shares and timelines are unchanged.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/sbi-sumishin-net-bank-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:96979" rel="noopener">SBI Sumishin Net Bank IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/sbi-sumishin-net-bank-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:97161" rel="noopener">SBI Sumishin Net Bank IPO: Valuation Insights</a>. The shares will be listed on 29 March.</li>
<li>Our analysis suggests that SBI Sumishin Net Bank is fairly valued at the new IPO price range. We would participate in the IPO.</li>
</ul>



SBI Sumishin Net Bank (7163 JP) has introduced a price range of JPY1,200-1,260 per share in the wake of a sell-off in bank shares. Offer shares and timelines are unchanged.
We previously discussed the IPO in SBI Sumishin Net Bank IPO: The Investment Case and SBI Sumishin Net Bank IPO: Valuation Insights. The shares will be listed on 29 March.
Our analysis suggests that SBI Sumishin Net Bank is fairly valued at the new IPO price range. We would participate in the IPO.


SBI Sumishin Net Bank IPO: An IPO Price Range in the Wake of the Bank Share Sell-Off

<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>'s is looking to raise around US$375m in its Japan IPO.</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>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Trial Holdings (5882 JP)'s is looking to raise around US$375m in its Japan IPO.
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.
In this note, we will talk about the positive aspects of the deal.


Trial Holdings Pre-IPO - The Positives - Steady past Performance with an Expanding Footprint

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> priced its offer at JPY1,131, a discount of 2.1% to the last close. JPB’s on-market buyback period runs from 22 March to 12 May.</li>
<li>
<a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a>/ JPH’s 2021 offering suggests that the share price will have support to trade above the offer price at delivery date and the on-market buyback period.</li>
<li>The offer price’s forward P/B of 0.45x and yield of 4.42% are attractive vs peers. JPB’s price ratio at the offer price is undemanding vs TOPIX Banks ETF and JPH.</li>
</ul>



Japan Post Bank (7182 JP) priced its offer at JPY1,131, a discount of 2.1% to the last close. JPB’s on-market buyback period runs from 22 March to 12 May.

Japan Post Holdings (6178 JP)/ JPH’s 2021 offering suggests that the share price will have support to trade above the offer price at delivery date and the on-market buyback period.
The offer price’s forward P/B of 0.45x and yield of 4.42% are attractive vs peers. JPB’s price ratio at the offer price is undemanding vs TOPIX Banks ETF and JPH.


Japan Post Bank (7182 JP): JPY1,131 Offer Price; Updated Playbook

Japan

Sumitomo Mitsui Financial Group, Inc. manages financial operations for its subsidiaries. The Company provides commercial banking and a variety of financial services.

Sumitomo Mitsui Financial Group (8316 JP)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sumitomo Mitsui Financial Group (8316 JP)

Good Morning Japan |UBScs - Wedding Vows Sealed; NUGGET: MOL-Diversification Can't Come Fast Enough

CS is no more as UBS steps in with a rescue. Japanese markets are expected to open strong today following the UBS rescue of Credit Suisse + global...

Mark Chadwick

Trial Holdings Pre-IPO - The Negatives - Wafer-Thin Margins

Trial Holdings (5882 JP) is looking to raise around US$375m in its Japan IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Trial Holdings Pre-IPO - The Positives - Steady past Performance with an Expanding Footprint

Trial Holdings (5882 JP)'s is looking to raise around US$375m in its Japan IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Japan Post Bank (7182 JP): JPY1,131 Offer Price; Updated Playbook

The offer price is attractive in comparison to peer multiples and price ratios. In line with JPH’s 2021 offering, the on-market buyback should help...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Good Morning Japan |UBScs - Wedding Vows Sealed; NUGGET: MOL-Diversification Can't Come Fast Enough

CS is no more as UBS steps in with a rescue. Japanese markets are expected to open strong today following the UBS rescue of Credit Suisse + global...

Mark Chadwick

Trial Holdings Pre-IPO - The Negatives - Wafer-Thin Margins

Trial Holdings (5882 JP) is looking to raise around US$375m in its Japan IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

SBI Sumishin Net Bank IPO: An IPO Price Range in the Wake of the Bank Share Sell-Off

Despite the bank sell-off, SBI Sumishin Net Bank is fairly valued at the new IPO price range of JPY1,200-1,260 per share. We would participate in...

Arun George

Trial Holdings Pre-IPO - The Positives - Steady past Performance with an Expanding Footprint

Trial Holdings (5882 JP)'s is looking to raise around US$375m in its Japan IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Japan Post Bank (7182 JP): JPY1,131 Offer Price; Updated Playbook

The offer price is attractive in comparison to peer multiples and price ratios. In line with JPH’s 2021 offering, the on-market buyback should help...

Arun George