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

FineToday Holdings Co Ltd / Equity Capital Markets

<ul>
<li>CVC Capital is aiming to raise over US$500m, via selling some of its stake in <a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings Co Ltd (289A JP)</a>in Japan.</li>
<li>FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we will undertake a peer comparison.</li>
</ul>


CVC Capital is aiming to raise over US$500m, via selling some of its stake in FineToday Holdings Co Ltd (289A JP)in Japan.
FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.
In our previous note, we looked at the company’s past performance. In this note, we will undertake a peer comparison.


FineToday Pre-IPO - Peer Comparison and Thoughts on Valuation

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings Co Ltd (289A JP)</a> is a Japanese personal care business seeking to raise up to US$500 million. It will be listed on 17 December.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/finetoday-holdings-289a-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:167184" rel="noopener">FineToday Holdings (289A JP) IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/finetoday-holdings-289a-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:167508" rel="noopener">FineToday Holdings (289A JP) IPO: The Bear Case</a>.</li>
<li>Our valuation analysis suggests that the IPO reference price of JPY2,150 per share is unattractive. Therefore, we would pass on the IPO.</li>
</ul>



FineToday Holdings Co Ltd (289A JP) is a Japanese personal care business seeking to raise up to US$500 million. It will be listed on 17 December.
We previously discussed the IPO in FineToday Holdings (289A JP) IPO: The Bull Case and FineToday Holdings (289A JP) IPO: The Bear Case.
Our valuation analysis suggests that the IPO reference price of JPY2,150 per share is unattractive. Therefore, we would pass on the IPO.


FineToday Holdings (289A JP) IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings Co Ltd (289A JP)</a> is a Japanese personal care business seeking to raise up to US$500 million. It will be listed on 17 December.</li>
<li>In <a href="https://www.smartkarma.com/insights/finetoday-holdings-289a-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:167184" rel="noopener">FineToday Holdings (289A JP) IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on the weak 3Q24 revenue performance, mid-tier revenue growth, leveraged balance sheet, share overhang and pre-IPO dividend.</li>
</ul>



FineToday Holdings Co Ltd (289A JP) is a Japanese personal care business seeking to raise up to US$500 million. It will be listed on 17 December.
In FineToday Holdings (289A JP) IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on the weak 3Q24 revenue performance, mid-tier revenue growth, leveraged balance sheet, share overhang and pre-IPO dividend.


FineToday Holdings (289A JP) IPO: The Bear Case

US-EU Index Rebalances / Quantitative Researcher, Ortex

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

Ortex

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings Co Ltd (289A JP)</a> is scheduled to be listed on 17 December 2024, at the prime market of TSE at an expected valuation of ~$1.5bn.</li>
<li>Addition to the small-cap segment of both global indices is forecasted to take place at the May and June 2025 quarterly reviews.</li>
<li>Full exercise of the greenshoe can increase free float from 35% to 45% hence the security's passive fund demand upon inclusion.</li>
</ul>



FineToday Holdings Co Ltd (289A JP) is scheduled to be listed on 17 December 2024, at the prime market of TSE at an expected valuation of ~$1.5bn.
Addition to the small-cap segment of both global indices is forecasted to take place at the May and June 2025 quarterly reviews.
Full exercise of the greenshoe can increase free float from 35% to 45% hence the security's passive fund demand upon inclusion.


FineToday (289A JP): Fine In May & June 2025 for Global Index Inclusion

<ul>
<li>
<a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings Co Ltd (289A JP)</a> is a Japanese personal care business seeking to raise up to US$500 million. It will be listed on 17 December.   </li>
<li>FineToday has four product categories: Hair care, Skin care, Body care, and others. Hair care is the largest category, accounting for 49.0% of 9M24 revenue. </li>
<li>The bull case rests on return to revenue growth, three-pronged growth strategy, top-quartile profitability and top-tier FCF generation. </li>
</ul>



FineToday Holdings Co Ltd (289A JP) is a Japanese personal care business seeking to raise up to US$500 million. It will be listed on 17 December.   
FineToday has four product categories: Hair care, Skin care, Body care, and others. Hair care is the largest category, accounting for 49.0% of 9M24 revenue. 
The bull case rests on return to revenue growth, three-pronged growth strategy, top-quartile profitability and top-tier FCF generation. 


FineToday Holdings (289A JP) IPO: The Bull Case

Japan

FineToday Holdings Co., Ltd. develops, manufactures, and markets personal care products. The Company provides hair care, skin care, body care, and other personal care products. FineToday Holdings sells its products throughout Japan.

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FineToday Holdings Co Ltd (289A JP)

FineToday Pre-IPO - Peer Comparison and Thoughts on Valuation

CVC Capital is aiming to raise over US$500m, via selling some of its stake in FineToday Holdings Co Ltd (289A JP)in Japan. In this note, we...

Sumeet Singh

FineToday Holdings (289A JP) IPO: Valuation Insights

Our valuation analysis suggests that the IPO reference price of JPY2,150 per share is unattractive. Therefore, we would pass on the IPO.

Arun George

FineToday Holdings (289A JP) IPO: The Bear Case

The bear case rests on the weak 3Q24 revenue performance, mid-tier revenue growth, leveraged balance sheet, share overhang and pre-IPO dividend.

Arun George

FineToday (289A JP): Fine In May & June 2025 for Global Index Inclusion

FineToday Holdings Co Ltd (289A JP) scheduled be listed on TSE on 17 December 2024 with ~$1.5bn valuation and expected to join global indices in...

Dimitris Ioannidis

FineToday Holdings (289A JP) IPO: The Bull Case

The bull case rests on return to revenue growth, three-pronged growth strategy, top-quartile profitability and top-tier FCF generation.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

FineToday Pre-IPO - Peer Comparison and Thoughts on Valuation

CVC Capital is aiming to raise over US$500m, via selling some of its stake in FineToday Holdings Co Ltd (289A JP)in Japan. In this note, we...

Sumeet Singh

FineToday Holdings (289A JP) IPO: Valuation Insights

Our valuation analysis suggests that the IPO reference price of JPY2,150 per share is unattractive. Therefore, we would pass on the IPO.

Arun George

FineToday Holdings (289A JP) IPO: The Bear Case

The bear case rests on the weak 3Q24 revenue performance, mid-tier revenue growth, leveraged balance sheet, share overhang and pre-IPO dividend.

Arun George

FineToday (289A JP): Fine In May & June 2025 for Global Index Inclusion

​FineToday Holdings Co Ltd (289A JP) scheduled be listed on TSE on 17 December 2024 with ~$1.5bn valuation and expected to join global indices in...

Dimitris Ioannidis

FineToday Holdings (289A JP) IPO: The Bull Case

The bull case rests on return to revenue growth, three-pronged growth strategy, top-quartile profitability and top-tier FCF generation.

Arun George

FineToday Holdings Co Ltd (289A JP) scheduled be listed on TSE on 17 December 2024 with ~$1.5bn valuation and expected to join global indices in...