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

<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 positive and negative aspects of the deal</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 positive and negative aspects of the deal


Net Protections Holdings IPO - Mixed Bag of Positives and Negatives

Japan Specialist

Mark Chadwick

Equity Bottom-Up

<div>
<ul>
<li><span xml:lang="EN-US" data-contrast="auto">Money Forward’s stock price declined by 12% on the day following a weak Q3 earnings release. </span></li>
<li>
<span data-ccp-props='{"201341983":0,"335551550":1,"335551620":1,"335559739":160,"335559740":259}'> </span><span xml:lang="EN-US" data-contrast="auto">The weaker revenue print was partially due to the lumpiness of revenue recognition in MF X (technology solutions), and lower ARPA growth in the core MF Business domain. </span><span data-ccp-props='{"201341983":0,"335551550":1,"335551620":1,"335559739":160,"335559740":259}'> </span>
</li>
<li>
<span xml:lang="EN-US" data-contrast="auto">We take a deeper look at the underlying SaaS metrics for MF Business and note some slowing in key KPIs. </span><span data-ccp-props='{"201341983":0,"335551550":1,"335551620":1,"335559739":160,"335559740":259}'> </span>
</li>
<li>
<span xml:lang="EN-US" data-contrast="auto">Nevertheless, we believe that the company is well placed to target mid-sized companies, which will ultimately drive higher ARR growth.  </span><span data-ccp-props='{"201341983":0,"335551550":1,"335551620":1,"335559739":160,"335559740":259}'> </span>
</li>
<li><span data-ccp-props='{"201341983":0,"335551550":1,"335551620":1,"335559739":160,"335559740":259}'>Even assuming a weaker NTM growth of 25%, we see 30% upside for the share price</span></li>
</ul>
</div>



Money Forward’s stock price declined by 12% on the day following a weak Q3 earnings release. 

 The weaker revenue print was partially due to the lumpiness of revenue recognition in MF X (technology solutions), and lower ARPA growth in the core MF Business domain.  


We take a deeper look at the underlying SaaS metrics for MF Business and note some slowing in key KPIs.  


Nevertheless, we believe that the company is well placed to target mid-sized companies, which will ultimately drive higher ARR growth.   

Even assuming a weaker NTM growth of 25%, we see 30% upside for the share price



Money Forward (3994) - 30% Upside Despite Slower Growth

Japan Post Holdings / Equity Capital Markets

<div><p>The Japanese government plans to sell over 26% or US$8bn worth of <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP).</a> We've covered most most aspects of the deal in our previous note, <a href="https://www.smartkarma.com/insights/japan-post-holdings-placement-the-final-us-8bn-countdown-past-deal-didn-t-do-well" target="_blank" rel="noopener">Japan Post Holdings Placement - The Final US$8bn Countdown - Past Deal Didn’t Do Well</a>. </p></div><div><p>In this note, we will talk about the updates and the share price performance so far.</p></div>

The Japanese government plans to sell over 26% or US$8bn worth of Japan Post Holdings (6178 JP). We've covered most most aspects of the deal in our previous note, Japan Post Holdings Placement - The Final US$8bn Countdown - Past Deal Didn’t Do Well. In this note, we will talk about the updates and the share price performance so far.

Japan Post Holdings Placement - The Final US$8bn Countdown - Shaping up Better than the Last Deal

Japan

Money Forward, Inc. develops mobile application software. The Company produces automatic household account book softwares, household account book application softwares, and other products. Money Forward also provides personal financial management, cloud based accounting solutions, and other services.

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Money Forward (3994 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

Net Protections Holdings IPO - Mixed Bag of Positives and Negatives

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

Money Forward (3994) - 30% Upside Despite Slower Growth

We take a deeper look at the underlying SaaS metrics for MF Business and note some slowing in key KPIs. Even so, on a more conservative growth...

Mark Chadwick

Japan Post Holdings Placement - The Final US$8bn Countdown - Shaping up Better than the Last Deal

The Japanese government plans to sell over 26% or US$8bn worth of Japan Post Holdings (6178 JP). In this note, we will talk about the updates and...

Sumeet Singh

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