In today’s briefing:
- Japan Post Bank (7182 JP): The Current Playbook
- Klarna: IPO Next Month? US Foreign Listing Limits Index Inclusion
- Central Pattana: Thailand’s Largest Retail Property Developer to Ride on Domestic & Tourist Recovery
- Asia Real Estate Tracker (07-Mar-2025): KKR sells Seiyu to Trial Holdings for $2.5B.
Japan Post Bank (7182 JP): The Current Playbook
- Since the offer announcement, Japan Post Bank (7182 JP)/JPB’s shares have declined by 2.5%. On 3 March, JPB completed the ToSTNeT-3 buyback by acquiring 13.3 million shares for JPY20 billion.
- To understand JPB’s trading pattern, it is instructive to examine its 2023 offering, Japan Post Insurance (7181 JP)/JPI’s 2019 offering, and Japan Post Holdings (6178 JP)/ JPH’s 2021 offering.
- JPB’s shares follow the trading pattern playbook of its 2023 and JPH’s 2021 offerings, in which investors buying the offer were rewarded with positive returns at the payment date.
Klarna: IPO Next Month? US Foreign Listing Limits Index Inclusion
- Klarna is anticipated to file for a US IPO next week and go public next month looking to raise ~$1bn at a valuation of ~$15bn.
- Klarna is expected to be added to one US index at the June 2025 review if its primary asset/revenue location is US and its listed shares are non-ADRs.
- Klarna is expected to be added to one Global index at the December 2025 review if its listed shares are non-ADRs and passes the fcap threshold.
Central Pattana: Thailand’s Largest Retail Property Developer to Ride on Domestic & Tourist Recovery
- Central Pattana is Thailand’s largest retail property developer that operates its own ecosystem across retail, office, residential and hotel
- We think Central Pattana has maintained sound and solid capital management strategies to drive shareholders returns, including increasing dividend payout, de-leveraging as well as M&As
- The macro outlook for Thailand is mixed, but we think post-covid tourism is undergoing recovery and this will support CPN’s key operating businesses
Asia Real Estate Tracker (07-Mar-2025): KKR sells Seiyu to Trial Holdings for $2.5B.
- KKR has sold Seiyu to Trial Holdings for $2.5 billion, marking a significant deal in the retail industry.
- Real estate firm Savills has appointed Mitsui Fudosan veteran Eiichiro Onozawa to head its Japan business.
- 70% of Senior Directors express confidence in data centres, despite concerns over a worsening talent shortage in the sector.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
