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

Resonac Holdings  / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/showa-denko-k-k" target="_blank" data-smartkarma-citation="entities:1496:1" rel="noopener">Showa Denko K.K. (4004 JP)</a> aims to raise around US$745m via a global follow-on offering. Proceeds from the placement will be used to finance its planned capex across its different business segments.In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Showa Denko K.K. (4004 JP) aims to raise around US$745m via a global follow-on offering. Proceeds from the placement will be used to finance its planned capex across its different business segments.In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Showa Denko Placement - Relatively Large Deal, past Deal Didn’t Do Well

Obic Business Consultants / Equity Capital Markets

A group of OBIC Business Consultant’s (4733 JP, OBC) shareholders plan to raise around US$447m (JPY48bn) by selling 12.87% of the company. The stated purpose of the selldown is to ensure that OBC qualifies for prime market on the TSE.In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

A group of OBIC Business Consultant’s (4733 JP, OBC) shareholders plan to raise around US$447m (JPY48bn) by selling 12.87% of the company. The stated purpose of the selldown is to ensure that OBC qualifies for prime market on the TSE.In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

OBIC Business Consultants Placement - Large Deal Needs a Large Correction - Remains in Transition

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. 

Thematic (Sector/Industry)

Fashion retailers continue to rely on third-party platforms, especially <a href="https://www.smartkarma.com/entities/zozo-inc" target="_blank" data-smartkarma-citation="entities:18379:1" rel="noopener">ZOZO Inc (3092 JP),</a> to sell online but the scale of investment in direct mobile and web is growing. With Baycrews alone seeing customers that shop both online and in stores hitting 52% of all customers and spending 3.7 times more than store-only customers, it is not hard to see why.While there is no likelihood of direct sales taking significant share from the major online malls anytime soon, it is also true that the biggest competitive threat to the big three malls plus Zozo isn't another mall but the determination of fashion retailers and brands to wrest more control of online. On advantage they do have is experience of running retail stores and re opening more stores branded with the online shop name to increase awareness and cross-use.With one fashion retailer seeing the average annual purchase value of cross-use users 3.7 times that of store-only users, an astonishingly high difference, it is no surprise there is momentum to invest more in direct online sales.

Fashion retailers continue to rely on third-party platforms, especially ZOZO Inc (3092 JP), to sell online but the scale of investment in direct mobile and web is growing. With Baycrews alone seeing customers that shop both online and in stores hitting 52% of all customers and spending 3.7 times more than store-only customers, it is not hard to see why.While there is no likelihood of direct sales taking significant share from the major online malls anytime soon, it is also true that the biggest competitive threat to the big three malls plus Zozo isn't another mall but the determination of fashion retailers and brands to wrest more control of online. On advantage they do have is experience of running retail stores and re opening more stores branded with the online shop name to increase awareness and cross-use.With one fashion retailer seeing the average annual purchase value of cross-use users 3.7 times that of store-only users, an astonishingly high difference, it is no surprise there is momentum to invest more in direct online sales.

Japanese Fashion Retailers Advance Online Investment

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: SOHO China, Invesco Office, Iress, WH Group, PCCW

Equity Bottom-Up

United Arrows core (and original) customer is now in their 40s and 50s with a large wallet and a willingness to spend on premium fashions. The venerable select shop retailer doesn’t want to age alongside its first customers and has unveiled a new brand targeting younger consumers with its lowest prices yet. United Arrows has faced tough trading during the pandemic but should benefit from a rebound given its strong brand and improving supply chains delivering better cost performance.

United Arrows core (and original) customer is now in their 40s and 50s with a large wallet and a willingness to spend on premium fashions. The venerable select shop retailer doesn’t want to age alongside its first customers and has unveiled a new brand targeting younger consumers with its lowest prices yet. United Arrows has faced tough trading during the pandemic but should benefit from a rebound given its strong brand and improving supply chains delivering better cost performance.

Japan

FAST RETAILING CO., LTD. operates a chain of clothing stores, UNIQLO, throughout Japan and in other markets overseas including UK, China, Hong Kong, South Korea, US, France, Singapore and Russia.  The Company designs, manufactures, and retails its own line of casual clothing.

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Fast Retailing (9983 JP)

Showa Denko Placement - Relatively Large Deal, past Deal Didn’t Do Well

Showa Denko K.K. (4004 JP) aims to raise around US$745m via a global follow-on offering. Proceeds from the placement will be used to finance its...

Sumeet Singh

OBIC Business Consultants Placement - Large Deal Needs a Large Correction - Remains in Transition

A group of OBIC Business Consultant’s (4733 JP, OBC) shareholders plan to raise around US$447m (JPY48bn) by selling 12.87% of the company.

Sumeet Singh

Japanese Fashion Retailers Advance Online Investment

The major competitor for the major online malls in the Japanese fashion market, like Zozo and Rakuten, isn't another online mall but the growing...

Michael Causton

Last Week in Event SPACE: SOHO China, Invesco Office, Iress, WH Group, PCCW

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

United Arrows Unveils Online Brand

United Arrows has had a tough time during the pandemic like all premium fashion retailers but should benefit from a rebound as well as its new...

Michael Causton

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