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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a> priced its IPO at JPY1,200 per share to raise gross proceeds of US$2.3 billion. The shares will start trading on 23 October.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tokyo-metro-9023-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:160168" rel="noopener">Tokyo Metro (9023 JP) IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/tokyo-metro-9023-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:160399" rel="noopener">Tokyo Metro (9023 JP) IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/tokyo-metro-9023-jp-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:161071" rel="noopener">Tokyo Metro (9023 JP) IPO: Valuation Insights</a>.</li>
<li>The peers have modestly derated since the prospectus was released on 20 September. The IPO price remains attractive, particularly relating to the implied dividend yield.</li>
</ul>



Tokyo Metro (9023 JP) priced its IPO at JPY1,200 per share to raise gross proceeds of US$2.3 billion. The shares will start trading on 23 October.
We previously discussed the IPO in Tokyo Metro (9023 JP) IPO: The Bull Case, Tokyo Metro (9023 JP) IPO: The Bear Case and Tokyo Metro (9023 JP) IPO: Valuation Insights.
The peers have modestly derated since the prospectus was released on 20 September. The IPO price remains attractive, particularly relating to the implied dividend yield.


Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

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.

<ul>
<li>Japanese eyewear manufacturer and retailer, <a href="https://www.smartkarma.com/entities/intermestic-inc" target="_blank" data-smartkarma-citation="entities:43929:1" rel="noopener">Intermestic (262A JP)</a> has filed for an IPO on the Tokyo Stock Exchange and is planning to raise proceeds of $112m.</li>
<li>The company operates stores both domestically and internationally, and the company’s financials show strong improvement during the last few years.</li>
<li>Intermestic has not yet announced the terms for its IPO, and in this insight, we have discussed the company’s business models, outlook and financials.</li>
</ul>


Japanese eyewear manufacturer and retailer, Intermestic (262A JP) has filed for an IPO on the Tokyo Stock Exchange and is planning to raise proceeds of $112m.
The company operates stores both domestically and internationally, and the company’s financials show strong improvement during the last few years.
Intermestic has not yet announced the terms for its IPO, and in this insight, we have discussed the company’s business models, outlook and financials.


Intermestic IPO: A Proven Business Model with Improving Financials

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee Inc (215A JP)</a> ’s share price has declined 26% over the last five days with the company reporting 3QFY10/2024 earnings on 12th September 2024.</li>
<li>As we expected, top line growth has further slowed down while OPM for the quarter has dropped both QoQ and YoY concerning investors over Timee’s ability to generate sustainable margins.</li>
<li>Timee’s proven business model has attracted Mercari and Sharefull to offer similar services, nevertheless, we would not be too concerned as Timee has the first mover advantage.</li>
</ul>



Timee Inc (215A JP) ’s share price has declined 26% over the last five days with the company reporting 3QFY10/2024 earnings on 12th September 2024.
As we expected, top line growth has further slowed down while OPM for the quarter has dropped both QoQ and YoY concerning investors over Timee’s ability to generate sustainable margins.
Timee’s proven business model has attracted Mercari and Sharefull to offer similar services, nevertheless, we would not be too concerned as Timee has the first mover advantage.


Timee: Market Overreacts to Potential Competition and Drop in Margins

<ul>
<li>Timee began trading on 26th July and share price has surged 47% since its debut where the company priced the IPO at top of the indicative price range.</li>
<li>Though <a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee Inc (215A JP)</a> is in early stages, the company has proven that its business model is successful and continue to dominate a market that is underpenetrated.</li>
<li>Though we think there is further upside, if you have already bought shares at the IPO, we would suggest taking profits and wait for a dip to make a re-entry.</li>
</ul>


Timee began trading on 26th July and share price has surged 47% since its debut where the company priced the IPO at top of the indicative price range.
Though Timee Inc (215A JP) is in early stages, the company has proven that its business model is successful and continue to dominate a market that is underpenetrated.
Though we think there is further upside, if you have already bought shares at the IPO, we would suggest taking profits and wait for a dip to make a re-entry.


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.

Midea Group Co Ltd A / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees</a> contiued along <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric</a>'s path, ensuring that India's ECM wave will continue, for now.</li>
<li>Once again there was only one placement this week, that too in India, just like the week before.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, BrainBees contiued along Ola Electric's path, ensuring that India's ECM wave will continue, for now.
Once again there was only one placement this week, that too in India, just like the week before.


ECM Weekly (19th Aug 2024) - Midea, China Res, WeRide, FirstCry, ACME, Gadgil, 99 Speed, Hind Zinc

Japan

Timee, Inc. develops part-time job service application. The Company operates "Timee", the leading on-demand job platform that matches workers with part-time jobs posted by employers under its mission of "building infrastructure for expanding life's possibilities through work. Timee conducts businesses in Japan.

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Timee (215A JP)

Tokyo Metro (9023 JP) IPO: Trading Debut

The shares will start trading on 23 October. The IPO price remains attractive, particularly relating to the implied dividend yield.

Arun George

Intermestic IPO: A Proven Business Model with Improving Financials

Japanese eyewear company Intermestic has filed for an IPO on Tokyo Stock Exchange, aiming to raise $112m. The company has a distinct business...

Shifara Samsudeen, FCMA, CGMA

Timee: Market Overreacts to Potential Competition and Drop in Margins

Timee is down 26% post 3Q earnings which has concerned investors over slowing growth and margins. Mercari and Sharefull are offering similar...

Shifara Samsudeen, FCMA, CGMA

Timee IPO: Trading Update

Timee had a strong debut where shares have surged 47% compared to IPO price. Timee deserves to trade at a premium given the proven business model...

Shifara Samsudeen, FCMA, CGMA

ECM Weekly (19th Aug 2024) - Midea, China Res, WeRide, FirstCry, ACME, Gadgil, 99 Speed, Hind Zinc

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tokyo Metro (9023 JP) IPO: Trading Debut

The shares will start trading on 23 October. The IPO price remains attractive, particularly relating to the implied dividend yield.

Arun George

Intermestic IPO: A Proven Business Model with Improving Financials

​Japanese eyewear company Intermestic has filed for an IPO on Tokyo Stock Exchange, aiming to raise $112m. The company has a distinct business...

Shifara Samsudeen, FCMA, CGMA

Timee: Market Overreacts to Potential Competition and Drop in Margins

​Timee is down 26% post 3Q earnings which has concerned investors over slowing growth and margins. Mercari and Sharefull are offering similar...

Shifara Samsudeen, FCMA, CGMA

Timee IPO: Trading Update

Timee had a strong debut where shares have surged 47% compared to IPO price. Timee deserves to trade at a premium given the proven business model...

Shifara Samsudeen, FCMA, CGMA

ECM Weekly (19th Aug 2024) - Midea, China Res, WeRide, FirstCry, ACME, Gadgil, 99 Speed, Hind Zinc

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Japanese eyewear company Intermestic has filed for an IPO on Tokyo Stock Exchange, aiming to raise $112m. The company has a distinct business...

Timee is down 26% post 3Q earnings which has concerned investors over slowing growth and margins. Mercari and Sharefull are offering similar...