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/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> (JPH) aims to sell around US$4bn worth of <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> (JPB), trimming its stake to below 50%.</li>
<li>JPH had last sold around US$9bn worth of JPB shares in Mar 2023. That deal had a similar structure and it didn’t end up performing well.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Japan Post Holdings (6178 JP) (JPH) aims to sell around US$4bn worth of Japan Post Bank (7182 JP) (JPB), trimming its stake to below 50%.
JPH had last sold around US$9bn worth of JPB shares in Mar 2023. That deal had a similar structure and it didn’t end up performing well.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Japan Post Bank US$4bn Placement - Smaller Deal, Similar Structure, Might Yield Similar Results

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>
<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> has announced a secondary offering of up to 416.1 million shares (including overallotment), worth around US$4.2 billion.</li>
<li>The offering includes a ToSTNeT-3 and an on-market buyback. Including the overallotment, <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> will reduce its stake from 61.50% to 50.00% of voting rights. </li>
<li>Understanding the potential offer price requires looking at JPH's past sales and recent large Japanese placements. The pricing date is likely 10 March.</li>
</ul>



Japan Post Bank (7182 JP) has announced a secondary offering of up to 416.1 million shares (including overallotment), worth around US$4.2 billion.
The offering includes a ToSTNeT-3 and an on-market buyback. Including the overallotment, Japan Post Holdings (6178 JP) will reduce its stake from 61.50% to 50.00% of voting rights. 
Understanding the potential offer price requires looking at JPH's past sales and recent large Japanese placements. The pricing date is likely 10 March.


Japan Post Bank (7182 JP): A US$4.2 Billion Secondary Offering

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/greaves-cotton-ltd" target="_blank" data-smartkarma-citation="entities:11664:1" rel="noopener">Greaves Cotton (GRV IN)</a> is raising funds by separately listing its mobility arm, enabling better focus and execution for the segment.</li>
<li>Company is guiding for 30,000Cr topline by 2030  with 13-15% margins excluding mobility segment.</li>
<li>The company's core business remains profitable and on a growth path. New funds will improve the mobility arm's operations and support current business growth would be from ongoing capex investments.</li>
</ul>



Greaves Cotton (GRV IN) is raising funds by separately listing its mobility arm, enabling better focus and execution for the segment.
Company is guiding for 30,000Cr topline by 2030  with 13-15% margins excluding mobility segment.
The company's core business remains profitable and on a growth path. New funds will improve the mobility arm's operations and support current business growth would be from ongoing capex investments.


The Beat Ideas: Greaves Cotton- Demerging The Cash Cow From Mobility Business

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Quantitative Analysis

<ul>
<li>
Strong Financials: <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> Q3 earnings estimates, forecasting ¥47T revenue for FY 2025, but revenue growth (3.15%) lags behind the industry average (11.93%).</li>
<li>
Strategic Expansion: Investments in EV production, U.S. facility upgrades, and battery supply chain development reinforce <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota</a>’s long-term growth strategy.</li>
<li>
Analyst Outlook: Despite modest revenue growth, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota</a>’s strong financials and EV push support a potential stock rebound from recent lows. Our model supports a LONG trade anticipating an imminent rebound/rally.
</li>
</ul>



Strong Financials: Toyota Motor (7203 JP) Q3 earnings estimates, forecasting ¥47T revenue for FY 2025, but revenue growth (3.15%) lags behind the industry average (11.93%).

Strategic Expansion: Investments in EV production, U.S. facility upgrades, and battery supply chain development reinforce Toyota’s long-term growth strategy.

Analyst Outlook: Despite modest revenue growth, Toyota’s strong financials and EV push support a potential stock rebound from recent lows. Our model supports a LONG trade  anticipating an imminent rebound/rally.



Toyota's (7203 JP) Outlook and Profit Targets for Imminent Rally

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Yesterday, <a href="https://www.smartkarma.com/entities/daihatsu-diesel-mfg-co-ltd" target="_blank" data-smartkarma-citation="entities:12455:1" rel="noopener">Daihatsu Diesel Mfg (6023 JP)</a> announced that it would buy back shares in a Tender Offer and that its controlling "parent" would also sell shares to a private company.</li>
<li>The accretion is significant, and the shareholder structure changes significantly. It is not quite an Exedy-like situation though. The register changes but it doesn't clear. </li>
<li>But the backdrop is considerably different than the MTMP, and that means this smallcap is worth a closer look.</li>
</ul>


Yesterday, Daihatsu Diesel Mfg (6023 JP) announced that it would buy back shares in a Tender Offer and that its controlling "parent" would also sell shares to a private company.
The accretion is significant, and the shareholder structure changes significantly. It is not quite an Exedy-like situation though. The register changes but it doesn't clear. 
But the backdrop is considerably different than the MTMP, and that means this smallcap is worth a closer look.


Daihatsu Diesel's (6023) Big Buyback and Quasi Change of Control

Japan

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

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Toyota Motor Corp Spon Adr (TM US)

Japan Post Bank US$4bn Placement - Smaller Deal, Similar Structure, Might Yield Similar Results

Japan Post Holdings (6178 JP) aims to sell around US$4bn worth of Japan Post Bank (7182 JP), trimming its stake to below 50%. In this note, we talk...

Sumeet Singh

Japan Post Bank (7182 JP): A US$4.2 Billion Secondary Offering

Understanding the potential offer price requires looking at JPH's past sales and recent large Japanese placements. The pricing date is likely 10...

Arun George

The Beat Ideas: Greaves Cotton- Demerging The Cash Cow From Mobility Business

Greaves Cotton is raising funds by separately listing its mobility arm to enhance focus and execution, aiming for a 30,000Cr topline by 2030 with...

Sudarshan Bhandari

Toyota's (7203 JP) Outlook and Profit Targets for Imminent Rally

Toyota (7203 JP) is very oversold and could rally beginning this week. Earnings did show strong financials, but lagging revenue growth. Outlook...

Nico Rosti

Daihatsu Diesel's (6023) Big Buyback and Quasi Change of Control

Since the announcement of a Tender to buy back nearly 20% of shares out at a discount, reducing net cash, and upping EPS by 25%, Daihatsu Diesel...

Travis Lundy

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52-week Range

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Japan Post Bank US$4bn Placement - Smaller Deal, Similar Structure, Might Yield Similar Results

Japan Post Holdings (6178 JP) aims to sell around US$4bn worth of Japan Post Bank (7182 JP), trimming its stake to below 50%. In this note, we talk...

Sumeet Singh

Japan Post Bank (7182 JP): A US$4.2 Billion Secondary Offering

Understanding the potential offer price requires looking at JPH's past sales and recent large Japanese placements. The pricing date is likely 10...

Arun George

The Beat Ideas: Greaves Cotton- Demerging The Cash Cow From Mobility Business

​Greaves Cotton is raising funds by separately listing its mobility arm to enhance focus and execution, aiming for a 30,000Cr topline by 2030 with...

Sudarshan Bhandari

Toyota's (7203 JP) Outlook and Profit Targets for Imminent Rally

​Toyota (7203 JP) is very oversold and could rally beginning this week. Earnings did show strong financials, but lagging revenue growth. Outlook...

Nico Rosti

Daihatsu Diesel's (6023) Big Buyback and Quasi Change of Control

Since the announcement of a Tender to buy back nearly 20% of shares out at a discount, reducing net cash, and upping EPS by 25%, Daihatsu Diesel...

Travis Lundy

Greaves Cotton is raising funds by separately listing its mobility arm to enhance focus and execution, aiming for a 30,000Cr topline by 2030 with...

Toyota (7203 JP) is very oversold and could rally beginning this week. Earnings did show strong financials, but lagging revenue growth. Outlook...