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

<a href="https://www.smartkarma.com/entities/27437" target="_blank" data-smartkarma-citation="entities:27437:1">World Co Ltd (3612 JP)</a> plans to raise up to US$500m in its Japan listing.
The company was privatised via a management buy out in 2005 and seems to have had its fair share of ups and downs since then. Although expected revenue and PATMI are still lower than what they were at the time of the buyout.
In addition, the company's strategy seems overly complicated, in my opinion, and the lack of one or a few strong brands to concentrate on will limit long-term potential. While valuations don't appear that demanding the upside from current levels remains questionable.

World Co Ltd (3612 JP) plans to raise up to US$500m in its Japan listing.
The company was privatised via a management buy out in 2005 and seems to have had its fair share of ups and downs since then. Although expected revenue and PATMI are still lower than what they were at the time of the buyout.
In addition, the company's strategy seems overly complicated, in my opinion, and the lack of one or a few strong brands to concentrate on will limit long-term potential. While valuations don't appear that demanding the upside from current levels remains questionable.

World Co IPO - Quick Thoughts - Was Privatised at Lower Multiples when It Had a Better Outlook

Equity Analyst, LightStream Research

Chacko Jacob

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.

<a href="https://www.smartkarma.com/entities/27437" target="_blank" data-smartkarma-citation="entities:27437:1">World Co Ltd (3612 JP)</a> is a vertically integrated clothing company that owns a number of well-known brands in Japan. Its stores are a common sight in stations and shopping centres in the country. World Co Ltd was previously listed on the 1st Section of the Osaka Securities Exchange as well as the Tokyo Stock Exchange. However, the company was delisted in 2005 to facilitate an MBO. In this report, we look at the company's history, business segments and the details of the offering. World Co Ltd will become the second clothing company to re-list its shares in September after Narumiya ( 9275 JP) which we covered in our earlier report - <a href="https://www.smartkarma.com/insights/narumiya-ipo-preview-re-listing-high-exposure-to-department-stores-shows-old-habits-die-hard" target="_blank" data-smartkarma-citation="insights:23281">Narumiya IPO Preview (Re-Listing): High Exposure to Department Stores Shows Old Habits Die Hard</a>.  The initial trading in Narumiya'could set a precedent for the success of the World IPO.

World Co Ltd (3612 JP) is a vertically integrated clothing company that owns a number of well-known brands in Japan. Its stores are a common sight in stations and shopping centres in the country. World Co Ltd was previously listed on the 1st Section of the Osaka Securities Exchange as well as the Tokyo Stock Exchange. However, the company was delisted in 2005 to facilitate an MBO. In this report, we look at the company's history, business segments and the details of the offering. World Co Ltd will become the second clothing company to re-list its shares in September after Narumiya ( 9275 JP) which we covered in our earlier report - Narumiya IPO Preview (Re-Listing): High Exposure to Department Stores Shows Old Habits Die Hard.  The initial trading in Narumiya'could set a precedent for the success of the World IPO.

World Co Ltd IPO Preview(3612 JP): Banking On Its Legacy To Sell Over-Priced Clothes

Japan

World Co., Ltd. designs, manufactures, and distributes apparels. The Company produces women's garments, men's garments, children's garments, and other products. World also operates investment businesses.

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World Co Ltd (3612 JP)

World Co IPO - Quick Thoughts - Was Privatised at Lower Multiples when It Had a Better Outlook

World Co Ltd (3612 JP) plans to raise up to US$500m in its Japan listing. The company was privatised via a management buy out in 2005 and seems to...

Sumeet Singh

World Co Ltd IPO Preview(3612 JP): Banking On Its Legacy To Sell Over-Priced Clothes

World Co Ltd (3612 JP) is a vertically integrated clothing company that owns a number of well-known brands in Japan. Its stores are a common sight...

Chacko Jacob

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)