In today’s briefing:
- Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (13 Oct)
- FineToday Holdings (420A JP) IPO: Valuation Insights
- ECM Weekly (13 October 2025)- LG India, Tata Capital, Rubicon, Canara, FineToday, Maynilad, Kokusai
- Disclosure in English Is a Way to Help Overseas Investors Better Understand Management Strategy
- Pharma Foods International (2929 JP): Unique Bio-Tech Drives Long-Term Growth
Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (13 Oct)
- Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
- Highlights: Currently 14 pair trade opportunities across four markets and six sectors persist.
- Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.
FineToday Holdings (420A JP) IPO: Valuation Insights
- FineToday Holdings (420A JP), a Japanese personal care business, is seeking to raise US$280 million. It previously pulled an IPO to raise US$500 million in December 2024.
- I previously discussed the investment thesis in FineToday Holdings (420A JP) IPO: The Investment Case.
- In this note, I present my forecasts and valuation. My analysis suggests that FineToday is fully valued at the IPO price.
ECM Weekly (13 October 2025)- LG India, Tata Capital, Rubicon, Canara, FineToday, Maynilad, Kokusai
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, the year end looks set to see a flurry of listings, with the pace already starting to pick up again.
- On the placements front, markets were back where they left of prior to the October holidays.
Disclosure in English Is a Way to Help Overseas Investors Better Understand Management Strategy
- Financial statements and accompanying explanations alone provide insufficient information about the background of earnings results and guidance, so overseas investors seek qualitative and information about long-term strategies regarding earnings information.
- Currently, only half of Prime Market-listed companies disclose full earnings releases in English. It’s only natural that investors would want IR briefing materials to be disclosed in English as well.
- Companies whose top management cannot communicate directly in English with overseas investors should provide simultaneous interpretation or written English translations for their investor relations presentations.
Pharma Foods International (2929 JP): Unique Bio-Tech Drives Long-Term Growth
- Recent gains wiped out as large advertising budget cuts operating and net profit, diverting attention from unique technology and long-term potential. Gross margin steady at about 80%.
- M&A could add 50% to sales, but details won’t be available until a deal is made. Sales of functional food ingredients, supplements, personal care products and textiles continue to rise.
- Pharmaceuticals and agricultural bio-stimulants should make significant contributions to the company’s business in the next several years. Buy into current weakness for long-term growth.
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