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>Net Protections Holdings, a buy now pay later service provider, raised around US$570m via selling a mix of primary and secondary shares in its Japan IPO in Dec 2021.</li>
<li>As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.</li>
<li>In this note, we will talk about the upcoming lock-up expiry on 12th Jun 2022.</li>
</ul>


Net Protections Holdings, a buy now pay later service provider, raised around US$570m via selling a mix of primary and secondary shares in its Japan IPO in Dec 2021.
As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.
In this note, we will talk about the upcoming lock-up expiry on 12th Jun 2022.


Net Protections Holding IPO Lock-Up - Small Expiry Now, Before 20% Is Released Later in the Year

Event-Driven

<ul>
<li>Grab raised around US$4.5bn in its de-SPAC listing in Dec 2021. The shares are now trading around 68% below the listing price.</li>
<li>At the time of listing, all of its top investors were locked up for six months. The lock-up expires on 30th May 2022.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


Grab raised around US$4.5bn in its de-SPAC listing in Dec 2021. The shares are now trading around 68% below the listing price.
At the time of listing, all of its top investors were locked up for six months. The lock-up expires on 30th May 2022.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Grab IPO Lock-Up - Over 60% of the Stock Worth Nearly US$8bn Comes Free

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

Mitsubishi UFJ Financial (MUFG) / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a> announced results today. Operating Income +0.8%, Operating Earnings +45.9%, Net Profit +45.5% to ¥1.13trln. </li>
<li>The forecast for Mar23 is for a "target" of Net Income of &gt;¥1trln. The DPS for Mar23 is set at ¥32 vs ¥28 last year and ¥25 the year before.</li>
<li>And MUFG announced both the delay of the closing of Union Bancorp sale to calendar H2, and a big buyback of ¥300bn. </li>
</ul>



Mitsubishi UFJ Financial (MUFG) (8306 JP) announced results today. Operating Income +0.8%, Operating Earnings +45.9%, Net Profit +45.5% to ¥1.13trln. 
The forecast for Mar23 is for a "target" of Net Income of &gt;¥1trln. The DPS for Mar23 is set at ¥32 vs ¥28 last year and ¥25 the year before.
And MUFG announced both the delay of the closing of Union Bancorp sale to calendar H2, and a big buyback of ¥300bn. 


MUFG (8306 JP) - BigBank BigBuyback But A Bit Pricey Vs SMFG

<ul>
<li>PHC Holding had raised US$645m in its Japan IPO in Oct 2021, after the deal was downsized and priced at the low-end.</li>
<li>PHC is engaged in the development, manufacturing and sale of healthcare devices and services. The company has three main segments: Diabetes Management; Healthcare Services; and Diagnosis/Life Science.</li>
<li>The pre-IPO shareholders will be released from the lockup today on 11th Apr 2022. Its largest shareholder is KKR, who still owns a 39% stake in the company. </li>
</ul>


PHC Holding had raised US$645m in its Japan IPO in Oct 2021, after the deal was downsized and priced at the low-end.
PHC is engaged in the development, manufacturing and sale of healthcare devices and services. The company has three main segments: Diabetes Management; Healthcare Services; and Diagnosis/Life Science.
The pre-IPO shareholders will be released from the lockup today on 11th Apr 2022. Its largest shareholder is KKR, who still owns a 39% stake in the company. 


PHC Holdings IPO Lock-Up - Stock Might Be Cheap but It’s Stuck with a US$1bn Overhang

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>Tsingshan metals has reached an agreement with bankers on nickel trade</li>
<li>There is risk of significant impairments at STAN and other counter-party banks</li>
<li>This comes at a time when STAN's impairment costs are starting off at a low level</li>
</ul>


Tsingshan metals has reached an agreement with bankers on nickel trade
There is risk of significant impairments at STAN and other counter-party banks
This comes at a time when STAN's impairment costs are starting off at a low level


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)

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Sumitomo Mitsui Financial Group (8316 JP)

Net Protections Holding IPO Lock-Up - Small Expiry Now, Before 20% Is Released Later in the Year

Net Protections Holdings, a buy now pay later service provider, raised around US$570m in its Japan IPO in Dec 2021. The lockup on one set of...

Sumeet Singh

Grab IPO Lock-Up - Over 60% of the Stock Worth Nearly US$8bn Comes Free

Grab raised around US$4.5bn in its de-SPAC listing in Dec 2021. The shares are now trading around 68% below the listing price. The lockup release...

Sumeet Singh

MUFG (8306 JP) - BigBank BigBuyback But A Bit Pricey Vs SMFG

MUFG reported earnings, and a buyback. MUFG has reported a buyback after about half of the fiscal halves in the past few years. This one, like last...

Travis Lundy

PHC Holdings IPO Lock-Up - Stock Might Be Cheap but It’s Stuck with a US$1bn Overhang

PHC Holding had raised US$645m in its Japan IPO in Oct 2021, after the deal was downsized and priced at the low-end. The lock-up on pre-IPO...

Sumeet Singh

Standard Chartered - Nickel and Dimes

The surge in nickel prices and the wrong-way trade(s) will mean bank counter-party risk, with STAN being highlighted in reports. ROA risk can be...

Daniel Tabbush

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