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

Singapore Airlines / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> will announce its price range in the coming week, while <a href="https://www.smartkarma.com/entities/kelun-biotech" target="_blank" data-smartkarma-citation="entities:36801:1" rel="noopener">Kelun Biotech</a> tries to break the US$100m+ deal silence in HK. </li>
<li>On the placement front, even Singapore joined in the placement action this week, with only HK deal remaining absent over the past month.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Tryt Inc (9164 JP) will announce its price range in the coming week, while Kelun Biotech tries to break the US$100m+ deal silence in HK. 
On the placement front, even Singapore joined in the placement action this week, with only HK deal remaining absent over the past month.


ECM Weekly (2nd July 2023) - Tryt, J&T Express, Redox, Kelun, 4Paradigm, SIA, M&A Research, Walsin

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> is looking to raise about US$460m in its Japan IPO.</li>
<li>Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.</li>
<li>We have looked at the company’s past performance and track record against peers in our earlier notes. In this note, we will discuss our thoughts on valuation.</li>
</ul>



Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
We have looked at the company’s past performance and track record against peers in our earlier notes. In this note, we will discuss our thoughts on valuation.


Tryt IPO - Thoughts on Valuation - Even with Optimistics Forecasts, The Firm Isn’t Cheap

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/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a>, a leading professional recruiting and temporary staffing service in Japan, seeks to raise US$450 million. Pricing is on 5 July, and book-building is 6-11 July. </li>
<li>In <strong><em><a href="https://www.smartkarma.com/insights/tryt-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:105670" rel="noopener">TRYT IPO: The Bull Case</a></em></strong>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The key elements of the bear case rest on mid-tier revenue growth rates, margin pressure led by rising labour expenses, bottom-tier FCF margin and high leverage.</li>
</ul>



Tryt Inc (9164 JP), a leading professional recruiting and temporary staffing service in Japan, seeks to raise US$450 million. Pricing is on 5 July, and book-building is 6-11 July. 
In TRYT IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The key elements of the bear case rest on mid-tier revenue growth rates, margin pressure led by rising labour expenses, bottom-tier FCF margin and high leverage.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> is looking to raise about US$460m in its Japan IPO.</li>
<li>Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.</li>
<li>We have looked at the company’s past performance in our earlier notes, in this note we will undertake a peer comparison.</li>
</ul>



Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
We have looked at the company’s past performance in our earlier notes, in this note we will undertake a peer comparison.


Tryt IPO - Peer Comp - One of the Widest Margins Historically, but Has Lagged over the Track Record

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a>, a leading professional recruiting and temporary staffing service in Japan, seeks to raise US$450 million. Pricing is on 5 July, and book-building is 6-11 July.   </li>
<li>In 2022, Tyrt was the leading provider of personnel dispatch and personnel introduction services in Japan's welfare and nursing sector.</li>
<li>The key elements of the bull case rest on large addressable markets, favourable market trends, strong pro-forma revenue growth, top quartile EBITDA margins and rising staff retention rates.</li>
</ul>



Tryt Inc (9164 JP), a leading professional recruiting and temporary staffing service in Japan, seeks to raise US$450 million. Pricing is on 5 July, and book-building is 6-11 July.   
In 2022, Tyrt was the leading provider of personnel dispatch and personnel introduction services in Japan's welfare and nursing sector.
The key elements of the bull case rest on large addressable markets, favourable market trends, strong pro-forma revenue growth, top quartile EBITDA margins and rising staff retention rates.


Japan

TRYT Inc. offers provide human resources services for medical welfare institutions. The Company provides job placement, temporary staffing, direct recruiting, and other services. TRYT also supports the medical and welfare with information and communications technology solutions.

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TRYT (9164 JP)

ECM Weekly (2nd July 2023) - Tryt, J&T Express, Redox, Kelun, 4Paradigm, SIA, M&A Research, Walsin

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Tryt IPO - Thoughts on Valuation - Even with Optimistics Forecasts, The Firm Isn’t Cheap

Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO. In this note, we will discuss our thoughts on valuation.

Clarence Chu

TRYT IPO: The Bear Case

The key elements of the bear case rest on mid-tier revenue growth rates, margin pressure led by rising labour expenses, bottom-tier FCF margin and...

Arun George

Tryt IPO - Peer Comp - One of the Widest Margins Historically, but Has Lagged over the Track Record

Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO. We have looked at the company’s past performance in our earlier notes, in...

Clarence Chu

TRYT IPO: The Bull Case

The key elements of the bull case rest on large addressable markets, favourable market trends, strong pro-forma revenue growth, top quartile EBITDA...

Arun George

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