Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>It was reported today that Vision Fund CEO Rajeev Misra would step away from his role to establish his own investment fund. </li>
<li>This continues the pattern of turnover of high profile figures within the Softbank Group raising questions about overall management stability. </li>
<li>With Masayoshi Son also now officially taking amore direct role in managing Vision Fund 2 it also underscores the continuing concentration of decision-making ability.</li>
</ul>


It was reported today that Vision Fund CEO Rajeev Misra would step away from his role to establish his own investment fund. 
This continues the pattern of turnover of high profile figures within the Softbank Group raising questions about overall management stability. 
With Masayoshi Son also now officially taking amore direct role in managing Vision Fund 2 it also underscores the continuing concentration of decision-making ability.


Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>Press reports indicate that Klarna is seeking a new funding round, after a 1Q22 of big losses and a recent 10% headcount reduction at Klarna</li>
<li>Softbank made its investment in Klarna at its peak valuation in July 2021; the implied new Klarna valuation range is between 30% and 85% down from the peak</li>
<li>We explore the coming “down round”, and we assess Klarna’s potential valuation metrics relative to payment company peers including US listed BNPL company Affirm and the hit to Softbank’s investment</li>
</ul>


Press reports indicate that Klarna is seeking a new funding round, after a 1Q22 of big losses and a recent 10% headcount reduction at Klarna
Softbank made its investment in Klarna at its peak valuation in July 2021; the implied new Klarna valuation range is between 30% and 85% down from the peak
We explore the coming “down round”, and we assess Klarna’s potential valuation metrics relative to payment company peers including US listed BNPL company Affirm and the hit to Softbank’s investment


Softbank (9984 JP) – Klarna’s Coming “down Round”

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><br/> The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.<br/></p>

  The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - June 2022 - Lucror Analytics

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. 

Event-Driven

<ul>
<li>Initial reports suggest that Fortress Investment, part of the Softbank group of funds, is now the frontrunner in negotiations to acquire Sogo Seibu department stores from Seven &amp; I.</li>
<li>Reports suggest Fortress is already in discussions with privately owned retailer Yodobashi Camera to take over management of the chain's better stores, beginning with Seibu Ikebukuro.</li>
<li>The loss of ¥500 billion or so in turnover won't be missed not will the ¥8.8 billion losses but activist investors won't stop there.</li>
</ul>


Initial reports suggest that Fortress Investment, part of the Softbank group of funds, is now the frontrunner in negotiations to acquire Sogo Seibu department stores from Seven &amp; I.
Reports suggest Fortress is already in discussions with privately owned retailer Yodobashi Camera to take over management of the chain's better stores, beginning with Seibu Ikebukuro.
The loss of ¥500 billion or so in turnover won't be missed not will the ¥8.8 billion losses but activist investors won't stop there.


Seven & I Sale of Sogo Seibu Moves Closer

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>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>There was a marked pickup in IPO activity with a number of smaller deals, along with two large deals being launched.</li>
<li>There were no major placements last week. In addition, Prosus single handedly took out two prospective large placements.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
There was a marked pickup in IPO activity with a number of smaller deals, along with two large deals being launched.
There were no major placements last week. In addition, Prosus single handedly took out two prospective large placements.


ECM Weekly (3rd Jul 2022) - Tianqi, Thai Life, Prosus/Naspers, Tencent, SEA, Soosan, SoCar, Carsales

Japan

SoftBank Group Corp. provides telecommunication services. The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

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Softbank Group (9984 JP)

Softbank – Misra Out

Rajeev Misra stepping back from leadership of VF2 continues a pattern of high-level personnel departures and concentration of power in Masayoshi...

Mio Kato

Softbank (9984 JP) – Klarna’s Coming “down Round”

We explore the coming “down round” in Klarna and the potential impact on Softbank; unlike Sequoia & Tiger Global, Softbank invested in Klarna at...

Victor Galliano

Asia HY Monthly - June 2022 - Lucror Analytics

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top...

Lucror Analytics

Seven & I Sale of Sogo Seibu Moves Closer

Seven & I looks set to dispose of Sogo Seibu, removing one loss-making unit (¥8.8 billion net loss last year). While activist investors will push...

Michael Causton

ECM Weekly (3rd Jul 2022) - Tianqi, Thai Life, Prosus/Naspers, Tencent, SEA, Soosan, SoCar, Carsales

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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