Japan/Asia Long-Short, LightStream Research

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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

Assetmark Financial Holdings / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/assetmark-financial-holdings" target="_blank" data-smartkarma-citation="entities:28186:1" rel="noopener">Assetmark Financial Holdings (AMK US)</a> is selling 12.5m shares (6.25m primary shares and 6.25m shares from parent <a href="https://www.smartkarma.com/entities/huatai-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:28124:1" rel="noopener">Huatai Securities Co Ltd (HTSC LI)</a>) with a 1.875m greenshoe at an indicated range of USD19-21 per share, expecting to list on 17 Jul.The company offers a variety of technological solutions and consulting services for wealth managers, and currently boasts USD49.7bn in assets on its platform, managed by about 7,600 advisers of whom almost 2,000 manage over USD5m in assets each. Following the acquisition of Global Financial Private Capital in April for USD35.9m, the company should add USD3.6bn in assets to take the total on its platform above USD50bn.We examine the company's business model, industry and financial trends and competitor valuations below.

Assetmark Financial Holdings (AMK US) is selling 12.5m shares (6.25m primary shares and 6.25m shares from parent Huatai Securities Co Ltd (HTSC LI)) with a 1.875m greenshoe at an indicated range of USD19-21 per share, expecting to list on 17 Jul.The company offers a variety of technological solutions and consulting services for wealth managers, and currently boasts USD49.7bn in assets on its platform, managed by about 7,600 advisers of whom almost 2,000 manage over USD5m in assets each. Following the acquisition of Global Financial Private Capital in April for USD35.9m, the company should add USD3.6bn in assets to take the total on its platform above USD50bn.We examine the company's business model, industry and financial trends and competitor valuations below.

AssetMark IPO: Manage Your Wealth in the Other Direction

United States

StoneX Group Inc. is an institutional-grade financial services network that connects companies, organizations, and investors to the global markets ecosystem through digital platforms, end-to-end clearing, and execution services. StoneX Group operates worldwide.

Virtu Financial, Inc. is a technology-enabled market maker and liquidity provider to the global financial markets. The Company posts two-sided quotes in equities, ETFs, commodities, currencies, options, futures, fixed income, and other securities on various exchanges, markets, and liquidity pools around the world.

PJT Partners, Inc. operates as a global advisory-focused investment bank. The Company provides a wide array of strategic advisory, restructuring and reorganization, and fund placement and secondary advisory services. PJT offers its services to corporations, financial sponsors, real estate funds, institutional investors, private equity funds, and governments globally.

Artisan Partners Asset Management Inc. provides investment management services. The Company offers investment strategies spanning various market capitalization segments, region, and investing styles. Artisan Partners Asset Management serves customers worldwide.

Artisan Partners Asset Management (APAM US)

Lazard Ltd provides asset management and financial advisory services. The Company offers advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments and individuals. Lazard serves customers internationally.

Donnelley Financial Solutions, Inc. offers financial communications and data services. The Company provides content and data management, multi-channel content distribution, data analytics, collaborative workflow and business reporting tools, translations, and other language services around the world.

Victory Capital Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides private equity, assets management, and other related services. Victory Capital Holdings serves customers in the United States.

WisdomTree, Inc. operates as an asset management firm. The Company offers sponsors exchange-traded funds and other financial products to retail and institutional investors, as well as develops digital products and structures, including digital funds, tokenized assets, and blockchain-native digital wallet. WisdomTree serves customers worldwide.

BGC Partners Inc. is a global brokerage company servicing the financial and real estate markets. The Company provides a wide range of inter-dealer broker and commercial real estate services.

Virtus Investment Partners, Inc. is an asset management company which provides investment management and related services to individuals and institutions. It offers financial solutions and products such as mutual funds, managed accounts, institutional, closed-end funds, Virtus variable insurance trust funds, and other portfolio. The company was founded on November 1, 1995, and is headquartered in Hartford, CT.

Samsung Securities Co.,Ltd. provides personalized asset management services. The Company provides brokerage, investment trust, underwriting services, and other services. Samsung Securities also provides cyber trading, mutual funds, asset backed securities issuing, municipal bonds trading services.

Central China Securities Co., Ltd. is a securities company engaged in the brokerage, investment banking, investment management, and trading businesses primarily in China. The Company trades in stocks, funds, bonds, and commodity and financial futures on behalf of its clients; and provides margin financing, securities lending, and wealth management services.

Guoco Group Limited, through its subsidiaries, develops, invests in, and manages properties as well as provides stock, commodity and bullion broking, insurance, and fund management services.

Pacific Securities Co., Ltd. provides securities brokerage, custodian, underwriting, trading and investment consulting services.

Shanxi Securities Company Limited provides securities brokerage, securities investment consulting, securities proprietary trading, securities and asset management, and intermediary services for futures trading companies. The Company, through its subsidiaries, also provides stock and bond underwriting and sponsorship, commodities and financial futures brokerage services.

HUB24 Limited is a financial services company.  The Company focuses on the delivery of a platform which supports investors.  The platform is a next-generation service with state-of-the-art portfolio management, transaction, and reporting solutions for licensees, financial advisers, accountants, stockbrokers, and institutions.

Multi Commodity Exchange of India Limited is an independent and de-mutualized exchange.  The Exchange has permanent recognition from the Government of India for facilitating online trading, clearing, and settlement operations for commodity futures markets across the country.

Sealand Securities Co., Ltd. operates as a securities brokerage company. The Company offers securities brokerage, securities investment consulting, securities trading, securities underwriting and sponsorship, securities asset management, and other services. Sealand Securities provides services in China.

Capri Global Capital Ltd is an Indian Non-Banking Finance Company (NBFC-NDSI). The Company is focused on the priority sector in the SME lending space; it provides loans for purchase of machinery and equipment, and working capital. In wholesale lending, it offers specialized solutions to Indian corporates to grow their businesses with initial funding, mezzanine financing et cetera.

NH Investment & Securities Co Ltd provides brokerage, underwriting, and securities dealing services.  The Company's offerings include financial advisory service, online trading, corporate financing, research, foreign exchange service, beneficiary certificates, investment consulting, financial derivatives, bonds, and mutual funds.

AssetMark Financial Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, offers portfolio and asset management, investment strategies, planning, and consulting services. AssetMark Financial Holdings serves financial advisors, brokers, and investors in the State of California.

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AssetMark IPO: Manage Your Wealth in the Other Direction

Assetmark Financial Holdings (AMK US) is selling 12.5m shares (6.25m primary shares and 6.25m shares from parent Huatai Securities Co Ltd (HTSC...

Mio Kato