Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

<ul>
<li>In Feb 2024, I wrote <a href="https://www.smartkarma.com/insights/toei-animation-4816-jp-this-offering-could-be-heavy-the-next-offering-is-more-interesting" target="_blank" data-smartkarma-citation="insights:131170" rel="noopener">Toei Animation (4816 JP) - This Offering Could Be Heavy; the NEXT Offering Is More Interesting</a>. </li>
<li>Today, the company announced another offering where <a href="https://www.smartkarma.com/entities/fuji-media-holdings-inc" target="_blank" data-smartkarma-citation="entities:3191:1" rel="noopener">Fuji Media Holdings (4676 JP)</a> is selling 10.575mm shares in an overseas offering priced likely tomorrow. </li>
<li>It is not as interesting as I had expected. But it means the NEXT offering could be more interesting. But there is index buying long-term anyway. </li>
</ul>


In Feb 2024, I wrote Toei Animation (4816 JP) - This Offering Could Be Heavy; the NEXT Offering Is More Interesting. 
Today, the company announced another offering where Fuji Media Holdings (4676 JP) is selling 10.575mm shares in an overseas offering priced likely tomorrow. 
It is not as interesting as I had expected. But it means the NEXT offering could be more interesting. But there is index buying long-term anyway. 


[Japan ECM] Toei Animation (4816) Not as Interesting An Offering As It Could Have Been

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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.

<ul>
<li>
<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 shareholder, Fuji Media, is looking to raise around US$210m from a secondary placement.</li>
<li>The deal is a large one to digest, representing 41.7 days of the stock’s three month ADV and 4.9% of the shares outstanding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Toei Animation (4816 JP) ’s shareholder, Fuji Media, is looking to raise around US$210m from a secondary placement.
The deal is a large one to digest, representing 41.7 days of the stock’s three month ADV and 4.9% of the shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.


Toei Animation Placement: Expensive, but Owns Valuable IP

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>Since the announcement of the US$0.8 billion secondary offering, <a href="https://www.smartkarma.com/entities/toyoda-gosei-co-ltd" target="_blank" data-smartkarma-citation="entities:20125:1" rel="noopener">Toyoda Gosei (7282 JP)</a>’s shares have declined 4.9% to the undisturbed price of JPY3,754 per share (20 November).</li>
<li>It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Toyoda's share decline is better than the median of recent large placements.</li>
<li>The offering will likely be priced on 1 December. The average large Japanese placement tends to generate positive returns.</li>
</ul>


Since the announcement of the US$0.8 billion secondary offering, Toyoda Gosei (7282 JP)’s shares have declined 4.9% to the undisturbed price of JPY3,754 per share (20 November).
It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Toyoda's share decline is better than the median of recent large placements.
The offering will likely be priced on 1 December. The average large Japanese placement tends to generate positive returns.


Toyoda Gosei (7282 JP): The Current Playbook

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toyoda-gosei-co-ltd" target="_blank" data-smartkarma-citation="entities:20125:1" rel="noopener">Toyoda Gosei (7282 JP)</a> has announced a secondary offering of up to 29.7 million shares (34.2 million including overallotment), worth around US$0.7 billion (US$0.8 billion including overallotment).</li>
<li>Toyoda Gosei's primary goal with the secondary offering is to reduce <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a>'s shareholding to around 20% of outstanding shares.</li>
<li>The offering as a percentage of outstanding shares and ADV is large compared to recent large placements. The likely pricing date is 1 December.</li>
</ul>



Toyoda Gosei (7282 JP) has announced a secondary offering of up to 29.7 million shares (34.2 million including overallotment), worth around US$0.7 billion (US$0.8 billion including overallotment).
Toyoda Gosei's primary goal with the secondary offering is to reduce Toyota Motor (7203 JP)'s shareholding to around 20% of outstanding shares.
The offering as a percentage of outstanding shares and ADV is large compared to recent large placements. The likely pricing date is 1 December.


Toyoda Gosei (7282 JP): A US$0.8 Billion Secondary Offering

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

The Pinkfong Company / Equity Capital Markets

<ul>
<li>The Pinkfong company (creator of the Baby Shark brand) is getting ready to complete its IPO in KOSDAQ in 4Q 2025. </li>
<li>The company plans to issue 2 million shares in this listing. The IPO price range is from 32,000 won to 38,000 won per share.</li>
<li>At this price range, the expected expected market cap of the Pinkfong company ranges from 463 billion won (US$331 million) to 550 billion won ($393 million).</li>
</ul>


The Pinkfong company (creator of the Baby Shark brand) is getting ready to complete its IPO in KOSDAQ in 4Q 2025. 
The company plans to issue 2 million shares in this listing. The IPO price range is from 32,000 won to 38,000 won per share.
At this price range, the expected expected market cap of the Pinkfong company ranges from 463 billion won (US$331 million) to 550 billion won ($393 million).


Japan

TOEI ANIMATION CO., LTD. plans and produces animated cartoon movies.  The Company also grants broadcasting rights and licenses for other companies to produce and sell the animated characters' merchandise.  Toei Animation stages its own promotional shows and events to advertise movies.

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

Toei Animation (4816 JP)

[Japan ECM] Toei Animation (4816) Not as Interesting An Offering As It Could Have Been

Last year;s offering did badly. This year's offering starts lower, but the stock is fundamentally not volatile. One can buy big dips. This deal...

Travis Lundy

Toei Animation Placement: Expensive, but Owns Valuable IP

Toei Animation’s shareholder, Fuji Media, is looking to raise around US$210m from a secondary placement. In this note, we will talk about the...

Nicholas Tan

Toyoda Gosei (7282 JP): The Current Playbook

The offering will likely be priced on 1 December. The average large Japanese placement tends to generate positive returns.

Arun George

Toyoda Gosei (7282 JP): A US$0.8 Billion Secondary Offering

The offering as a percentage of outstanding shares and ADV is large compared to recent large placements. The likely pricing date is 1 December.

Arun George

The Pinkfong Company IPO Preview

The Pinkfong company (creator of the Baby Shark brand) is getting ready to complete its IPO in KOSDAQ in 4Q 2025. The IPO price range is from...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)