TRYT IPO: Valuation Insights
Our analysis suggests that Tryt is unattractively valued at the IPO reference price of JPY1,620 per share. We would pass on the IPO.
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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...
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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...
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Japan's Governance: Human Rights Policy: UT Group (2146)
it is a big step for the UT Group to establish a human rights policy in compliance with international standards. Such companies doing business in...
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Recruit Holding Placement: Thoughts on Valuation, Past Placements, and Index Event
Recruit Holdings announced a USD 3.8 bn globlal follow-on offering on August 28th, selling up to 121.5 million shares. In our previous insight...
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