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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> (TH) is now looking to raise around US$234m in its Japan IPO, after having canceled its prior listing attempt last year.</li>
<li>TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we provide our updated thoughts on valuation.</li>
</ul>



Trial Holdings (5882 JP) (TH) is now looking to raise around US$234m in its Japan IPO, after having canceled its prior listing attempt last year.
TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.
We have looked at the company’s past performance in our previous notes. In this note, we provide our updated thoughts on valuation.


Trial Holdings Pre-IPO - Updated Peer Comparison and Valuation

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Equity Bottom-Up

<ul>
<li>Mercard, the credit card launched by Mercari in late 2022, is a success, helping the the CtoC platform grow its user base and help add to Mercari's financial services business.</li>
<li>The rate of growth in online flea markets has slowed and competition has increased so relying on the CtoC platform alone won't deliver sufficient growth.</li>
<li>Mercari will introduce a new gig-work service this Spring to further differentiate its business from the likes of Rakuma and Yahoo Flea Market.</li>
</ul>


Mercard, the credit card launched by Mercari in late 2022, is a success, helping the the CtoC platform grow its user base and help add to Mercari's financial services business.
The rate of growth in online flea markets has slowed and competition has increased so relying on the CtoC platform alone won't deliver sufficient growth.
Mercari will introduce a new gig-work service this Spring to further differentiate its business from the likes of Rakuma and Yahoo Flea Market.


Mercari's Credit Card Boosts Sales, New Gig Worker Service to Add New Revenue Stream

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> (TH) is now looking to raise around US$234m in its Japan IPO, after having canceled its prior listing attempt last year.</li>
<li>TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.</li>
<li>We have looked at the past performance in our previous notes. In this note, we talk about the updates from its recent filings.</li>
</ul>



Trial Holdings (5882 JP) (TH) is now looking to raise around US$234m in its Japan IPO, after having canceled its prior listing attempt last year.
TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.
We have looked at the past performance in our previous notes. In this note, we talk about the updates from its recent filings.


Trial Holdings Pre-IPO - Refiling Updates - Margin Uptick, More Golf Courses

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>The Nikkei hasn’t been this high since the Berlin Wall came toppling down. The Nikkei was up over 4% on the week and stands 15% higher YTD.</li>
<li>There were plenty of reasons not to be higher. US stocks closed marginally lower; AI stocks like  SMCI crashed on Friday; </li>
<li>Japanese stocks were higher but that hides significant divergence between the winners and losers after a heavy week of earnings releases. Perhaps a pause for breath next week.</li>
</ul>


The Nikkei hasn’t been this high since the Berlin Wall came toppling down. The Nikkei was up over 4% on the week and stands 15% higher YTD.
There were plenty of reasons not to be higher. US stocks closed marginally lower; AI stocks like  SMCI crashed on Friday; 
Japanese stocks were higher but that hides significant divergence between the winners and losers after a heavy week of earnings releases. Perhaps a pause for breath next week.


Japan Weekly | Rakuten, Asics, Ebara, Tokyo Electron Chalk up Big Gains

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<p>Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.</p><ul><li><a href='#lucror-entity-31'>Rakuten Group </a></li><li><a href='#lucror-entity-20776'>UPL Ltd</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Rakuten Group UPL Ltd

Morning Views Asia: Rakuten Group , UPL Ltd

Japan

Rakuten Group, Inc. provides Internet services. The Company offers Internet finance services which including "Rakuten Card" and "Rakuten Bank". Rakuten Group also provides digital content services including electronic book services.

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Rakuten (4755 JP)

Trial Holdings Pre-IPO - Updated Peer Comparison and Valuation

Trial Holdings (5882 JP) (TH) is now looking to raise around US$234m in its Japan IPO, after having canceled its prior listing attempt last year....

Sumeet Singh

Mercari's Credit Card Boosts Sales, New Gig Worker Service to Add New Revenue Stream

Mercari's Mercard, is boosting the user base and fintech revenues, while the start of a gig-work service could mean a 3rd major revenue stream....

Michael Causton

Trial Holdings Pre-IPO - Refiling Updates - Margin Uptick, More Golf Courses

Trial Holdings (5882 JP) (TH) is now looking to raise around US$234m in its Japan IPO, after having canceled its prior listing attempt last year.

Sumeet Singh

Japan Weekly | Rakuten, Asics, Ebara, Tokyo Electron Chalk up Big Gains

Despite potential reasons for caution, the Nikkei reached a new high not seen since the fall of the Berlin Wall, with a 4% increase for the week...

Mark Chadwick

Morning Views Asia: Rakuten Group , UPL Ltd

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Trial Holdings Pre-IPO - Updated Peer Comparison and Valuation

Trial Holdings (5882 JP) (TH) is now looking to raise around US$234m in its Japan IPO, after having canceled its prior listing attempt last year....

Sumeet Singh

Mercari's Credit Card Boosts Sales, New Gig Worker Service to Add New Revenue Stream

​Mercari's Mercard, is boosting the user base and fintech revenues, while the start of a gig-work service could mean a 3rd major revenue stream....

Michael Causton

Trial Holdings Pre-IPO - Refiling Updates - Margin Uptick, More Golf Courses

Trial Holdings (5882 JP) (TH) is now looking to raise around US$234m in its Japan IPO, after having canceled its prior listing attempt last year.

Sumeet Singh

Japan Weekly | Rakuten, Asics, Ebara, Tokyo Electron Chalk up Big Gains

​Despite potential reasons for caution, the Nikkei reached a new high not seen since the fall of the Berlin Wall, with a 4% increase for the week...

Mark Chadwick

Morning Views Asia: Rakuten Group , UPL Ltd

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Mercari's Mercard, is boosting the user base and fintech revenues, while the start of a gig-work service could mean a 3rd major revenue stream....

Despite potential reasons for caution, the Nikkei reached a new high not seen since the fall of the Berlin Wall, with a 4% increase for the week...