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 Capital Markets

After listing on the Mothers section in Dec 2013, <a href="https://www.smartkarma.com/entities/17695" target="_blank" data-smartkarma-citation="entities:17695:1">Sigmaxyz Inc (6088 JP)</a>, under the guidance of parent <a href="https://www.smartkarma.com/entities/20668" target="_blank" data-smartkarma-citation="entities:20668:1">Mitsubishi Corp (8058 JP)</a> has plotted a successful growth trajectory, increasing revenue 59% and OP 121% over the span of six years, with a shift to the first section of the TSE in Nov 2017. Mitsubishi is now selling its entire 32.95% stake and Sigmaxyz is simultaneously offering another 4.95% of new shares, ostensibly to beef up hiring and training. The offering is domestic only and run by…

After listing on the Mothers section in Dec 2013, Sigmaxyz Inc (6088 JP), under the guidance of parent Mitsubishi Corp (8058 JP) has plotted a successful growth trajectory, increasing revenue 59% and OP 121% over the span of six years, with a shift to the first section of the TSE in Nov 2017. Mitsubishi is now selling its entire 32.95% stake and Sigmaxyz is simultaneously offering another 4.95% of new shares, ostensibly to beef up hiring and training. The offering is domestic only and run by…

Sigmaxyz: Down 12.5% as Mitsubishi Corp Exits - Would a 10% Discount Be Attractive?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

HRnetgroup Limited / Equity Capital Markets

HRnet Group plans to raise up to US$125m in its IPO.  The company has already garnered considerable interest from marquee long only investors with Temasek making a pre-IPO investment and Fidelity and Aberdeen coming in as cornerstones.The headline numbers reported by the company appear good especially in the context of the moribund employment situation in Singapore, which is its primary market. However, revenue growth was non-existent last year and the bottom line has been propped with via an increasing share of government subsidies which have already been cut down in 2017.Moreover, the company has paid our S$159m worth of dividends to shareholders over FY14-16 and still remains net cash, which seems to imply that even though the company is raising fresh money in the listing, the IPO is more about providing liquidity to employees rather than raising cash to acquire new businesses, as is being indicated.Nonetheless, the company generates a lot of cash, as the above dividend payments imply, is asset light, and has a good track record. In addition, after adjusting for its cash holdings post the IPO, it doesn't appear very expensive either.

HRnet Group plans to raise up to US$125m in its IPO.  The company has already garnered considerable interest from marquee long only investors with Temasek making a pre-IPO investment and Fidelity and Aberdeen coming in as cornerstones.The headline numbers reported by the company appear good especially in the context of the moribund employment situation in Singapore, which is its primary market. However, revenue growth was non-existent last year and the bottom line has been propped with via an increasing share of government subsidies which have already been cut down in 2017.Moreover, the company has paid our S$159m worth of dividends to shareholders over FY14-16 and still remains net cash, which seems to imply that even though the company is raising fresh money in the listing, the IPO is more about providing liquidity to employees rather than raising cash to acquire new businesses, as is being indicated.Nonetheless, the company generates a lot of cash, as the above dividend payments imply, is asset light, and has a good track record. In addition, after adjusting for its cash holdings post the IPO, it doesn't appear very expensive either.

HRnet Group IPO - Not Very Exciting but It's Not Very Expensive

Japan

en-japan inc. provides Internet-based recruiting solutions. The Company provides recruitment information for job seekers. en-japan's web site allows member employers to access its database of job seekers. The Company also provides recruitment consulting services.

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en Japan Inc (4849 JP)

Sigmaxyz: Down 12.5% as Mitsubishi Corp Exits - Would a 10% Discount Be Attractive?

After listing on the Mothers section in Dec 2013, Sigmaxyz Inc (6088 JP), under the guidance of parent Mitsubishi Corp (8058 JP) has plotted a...

Mio Kato

HRnet Group IPO - Not Very Exciting but It's Not Very Expensive

HRnet Group plans to raise up to US$125m in its IPO. The company has already garnered considerable interest from marquee long only investors with...

Sumeet Singh

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