Trial Holdings IPO: The Bull Case
The key elements of the bull case rest on top quartile revenue growth, encouraging same-store sales growth, solid margin profile and cash generation.
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Trial Holdings Pre-IPO - The Positives - Steady past Performance with an Expanding Footprint
Trial Holdings (5882 JP)'s is looking to raise around US$375m in its Japan IPO. In this note, we talk about the positive aspects of the deal.
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Japanese Convenience Stores: Back with a Plan but Muted Growth Ahead
Japan's convenience store have rebounded strongly since the pandemic. Although the long-term outlook for growth is muted due to saturation,...
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Rakuten Bank IPO Early Look - The Positives - Has Grown Fast over the past Few Years
Rakuten Bank, the online banking arm of Rakuten Inc (4755 JP), aims to raise around US$500m in its Japan listing in April 2023. In this note, we...
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Outlook for Japanese Retail in 2023
Most Japanese retailers can look forward to a good year in 2023 but there will be challenges for formats like supermarkets where consolidation is...
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