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

Recruit Holdings / Equity Capital Markets

<ul>
<li>Toppan aims to raise up to US$966m via selling 0.9% stake in Recruit Holdings.</li>
<li>This is not the first selldown by Toppan and Recruit has seen a number of deals in the past, all of which have done well.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Toppan aims to raise up to US$966m via selling 0.9% stake in Recruit Holdings.
This is not the first selldown by Toppan and Recruit has seen a number of deals in the past, all of which have done well.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Recruit Holdings Placement - Not the First Selldown, past Deals Have Done Well

<ul>
<li>Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares in its Japan IPO.</li>
<li>As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.</li>
<li>In this note we will talk about the IPO valuation.</li>
</ul>


Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares in its Japan IPO.
As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.
In this note we will talk about the IPO valuation.


Net Protections Holdings IPO - Needs a Bit of Hope and Belief

Senior Bank Analyst - Japanese Banks, Windamee Research

J. Brian Waterhouse

Senior Bank Analyst - Japanese Banks

Windamee Research

Japanese Banks

Equity Bottom-Up

Mitsubishi UFJ Financial (MUFG) / Equity Bottom-Up

<ul>
<li>Interim results for <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a> were little short of stellar: 92% of full-year guidance achieved in 1H FY3/2022.</li>
<li>NP rose ¥380.6 billion to ¥781.4 billion (+95.0% YoY) due to a ¥17.9 billion writeback, equity-related gains of ¥126.0 billion and ¥65.1 billion from investments, primarily <a href="https://www.smartkarma.com/entities/morgan-stanley" target="_blank" data-smartkarma-citation="entities:1122:1" rel="noopener">Morgan Stanley (MS US)</a>.</li>
<li>MUFG has raised its dividend to ¥28/share, raised full-year guidance by ¥200 billion to ¥1.050 trillion, announced a ¥150 billion buyback and the cancellation this month of 300 million shares.</li>
</ul>


Interim results for Mitsubishi UFJ Financial (MUFG) (8306 JP) were little short of stellar: 92% of full-year guidance achieved in 1H FY3/2022.
NP rose ¥380.6 billion to ¥781.4 billion (+95.0% YoY) due to a ¥17.9 billion writeback, equity-related gains of ¥126.0 billion and ¥65.1 billion from investments, primarily Morgan Stanley (MS US).
MUFG has raised its dividend to ¥28/share, raised full-year guidance by ¥200 billion to ¥1.050 trillion, announced a ¥150 billion buyback and the cancellation this month of 300 million shares.


Mizuho Financial Group / Equity Bottom-Up

<ul>
<li>1H FY3/2022 consolidated net profits of ¥385.65 billion were not only +78.9% YoY but were also the highest 1st half consolidated net profits produced by the group in 7 years.</li>
<li>Key drivers of the much-improved results included better net interest and fee income, lower GAE expenses and much-reduced credit costs.</li>
<li>MHFG trails all six of its peers in terms of YoY price performance; MHFG remains mired in computer systems-related issues that do nothing to enhance its reputation for operational reliability.</li>
</ul>


1H FY3/2022 consolidated net profits of ¥385.65 billion were not only +78.9% YoY but were also the highest 1st half consolidated net profits produced by the group in 7 years.
Key drivers of the much-improved results included better net interest and fee income, lower GAE expenses and much-reduced credit costs.
MHFG trails all six of its peers in terms of YoY price performance; MHFG remains mired in computer systems-related issues that do nothing to enhance its reputation for operational reliability.


Mizuho Financial Group (8411 JP):  Defying the Skeptics

Sumitomo Mitsui Financial Group / Equity Bottom-Up

<ul>
<li>Interim FY3/2022 results for SMFG (8316 JP) were good, with improvement in core earnings in both 1Q and 2Q, together with a sharp reduction in credit costs, driving the results.</li>
<li>Consolidated net profits of ¥456.06 billion were not only up +68.8% over 1H FY3/2021 but represented 76% of SMFG’s original full-year guidance.</li>
<li>FY guidance is raised from ¥600 billion to ¥670 billion.  The dividend has been raised from ¥190ps to ¥210ps.  SMFG has announced a ¥100bn share buyback.</li>
</ul>


Interim FY3/2022 results for SMFG (8316 JP) were good, with improvement in core earnings in both 1Q and 2Q, together with a sharp reduction in credit costs, driving the results.
Consolidated net profits of ¥456.06 billion were not only up +68.8% over 1H FY3/2021 but represented 76% of SMFG’s original full-year guidance.
FY guidance is raised from ¥600 billion to ¥670 billion.  The dividend has been raised from ¥190ps to ¥210ps.  SMFG has announced a ¥100bn share buyback.


Japan

Mizuho Financial Group, Inc. provides comprehensive financial services through its subsidiaries. The Group provides variety of financial services such as general banking, securities brokerage, trust banking, and assets management.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Mizuho Financial Group (8411 JP)

Recruit Holdings Placement - Not the First Selldown, past Deals Have Done Well

Toppan aims to raise up to US$966m via selling 0.9% stake in Recruit Holdings. In this note, we will talk about deal dynamics and run the deal...

Sumeet Singh

Net Protections Holdings IPO - Needs a Bit of Hope and Belief

Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares...

Sumeet Singh

MUFG (8306 JP): MUFG Way To Go

MUFG has raised its dividend to ¥28/share, raised full-year guidance by ¥200 billion to ¥1.050 trillion, announced a ¥150 billion buyback and the...

J. Brian Waterhouse

Mizuho Financial Group (8411 JP): Defying the Skeptics

1H FY3/2022 consolidated NP of ¥385.65 billion were not only an improvement of +78.9% YoY but were also the highest 1st half consolidated NP...

J. Brian Waterhouse

SMFG (8316 JP): Disciplined Numbers

Interim FY3/2022 results for SMFG (8316 JP) were good, with improvement in core earnings in both 1Q and 2Q, together with a sharp reduction in...

J. Brian Waterhouse

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)