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>
<a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> is looking to raise around US$375m in its Japan IPO.</li>
<li>TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.</li>
<li>In this note, we talk about earnings forecast and provide our thoughts on valuation.</li>
</ul>



Trial Holdings (5882 JP) is looking to raise around US$375m in its Japan IPO.
TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.
In this note, we talk about earnings forecast and provide our thoughts on valuation.


Trial Holdings Pre-IPO -Thoughts on Valuation

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)

<ul>
<li>If you need a quick overview of Japan's retail sectors and the winners and losers within, the following provides an update on 2023 and where things are headed in 2024.</li>
<li>Drugstore consolidation continues but so does the sector's encroachment on supermarkets while leaders in department stores are delivering record profits and lifestyle retailing is back.</li>
<li>Some of the best performers compared to initial forecasts include Matsuya, ABC Mart, Adastria, Isetan-Mitsukoshi, Takashimaya, Kintetsu, J Front Retailing and Lawson.</li>
</ul>


If you need a quick overview of Japan's retail sectors and the winners and losers within, the following provides an update on 2023 and where things are headed in 2024.
Drugstore consolidation continues but so does the sector's encroachment on supermarkets while leaders in department stores are delivering record profits and lifestyle retailing is back.
Some of the best performers compared to initial forecasts include Matsuya, ABC Mart, Adastria, Isetan-Mitsukoshi, Takashimaya, Kintetsu, J Front Retailing and Lawson.


Japan Retail Update: Winners and Losers as FY2023 Ends

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> is looking to raise up to US$393m in its Japan IPO.</li>
<li>TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.</li>
<li>In this note, we talk about implied valuations in the IPO price range</li>
</ul>



Trial Holdings (5882 JP) is looking to raise up to US$393m in its Japan IPO.
TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.
In this note, we talk about implied valuations in the IPO price range


Trial Holdings IPO - Sector Lagging Margins Warrant a Discount

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a>  is looking to raise around US$375m in its Japan IPO.</li>
<li>TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.</li>
<li>In this note, we will undertake a peer comparison against some of its listed peers.</li>
</ul>



Trial Holdings (5882 JP)  is looking to raise around US$375m in its Japan IPO.
TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.
In this note, we will undertake a peer comparison against some of its listed peers.


Trial Holdings Pre-IPO - Peer Comparison - Leading in Growth, Lagging in Margins

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a>'s is looking to raise around US$375m in its Japan IPO.</li>
<li>TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Trial Holdings (5882 JP)'s is looking to raise around US$375m in its Japan IPO.
TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.
In this note, we will talk about the positive aspects of the deal.


Trial Holdings Pre-IPO - The Positives - Steady past Performance with an Expanding Footprint

Japan

VALOR HOLDINGS CO., LTD. is a chain store operator which handles perishables, general foods, and daily-use sundry goods.  The Company is active to diversify into new business including home centers, restaurants, fitness clubs, and pet shops. Valor is based in Gifu area and moving into Aichi, Kanagawa, and Tokyo.

KATO SANGYO CO., LTD. is a wholesaler which handles processed foods including seasoning, dried foodstuffs, soft drinks, and frozen and canned foods.  The Company has a distribution network through supermarkets and co-op stores.

DAIKOKUTENBUSSAN CO., LTD. operates discount stores for food products and sundry goods.  The Company also wholesales processed food products. Daikokutenbussan develops and sells private brand merchandises.

Belc CO., LTD. operates food supermarkets in Saitama and Gunma area. The Company also manages restaurant business.

Aeon Hokkaido Corporation operates general merchandise stores called "My Basket"  based in Hokkaido.  The Company is a subsidiary of Aeon Group.

United Super Markets Holdings Inc is a holding company which was established through the integration of Kasumi Co., Maruetsu Inc, and MaxValu Kanto Co. The Company operates supermarkets, a retailing business, and manufactures, processes and imports the products.

Axial Retailing Inc operates food supermarket stores in central Niigata prefecture. The Company also runs food discount stores.

Arcs Co Ltd operates supermarket and discount store chain in the Hokkaido area.  The Company mainly retails foodstuffs, clothing, and sundry goods.

HALOWS CO., LTD. operates food supermarket chain stores in Hiroshima and Okayama Prefectures.  Most of the stores are open 24 hours a day.

KANSAI SUPER MARKET LTD. is a food supermarket chain operator which mainly deals in foodstuffs, daily products, and miscellaneous goods.  The Company has markets in Hyogo and Osaka areas.

PT Midi Utama Indonesia Tbk operates a chain of retail stores.  The Company operates convenience stores in Indonesia.

United Natural Foods, Inc. distributes natural foods and related products.  The Company offers natural products consisting of groceries and general merchandise, nutritional supplements, bulk and foodservice products, personal care items, perishables, and frozen foods.

SpartanNash Company provides food wholesale and retail distribution services to retail customers. The Company also assists in the process of gathering and delivering food to American Military servicemen and women in the United States and abroad.

Marr SpA distributes food.  The Company supplies food and non-food items to hotels, restaurants, and canteens.

Distribuidora Internacional de Alimentacion SA (DIA) provides the retail sale of food products through owned or franchised self-service stores. The Company offers the deposit and storage of goods and products of all types, both for the company and for other companies. DIA extends its services in both domestic and foreign markets.

Almacenes Exito S.A. operates retail stores in Medellin, Bogota, and Cali, Colombia.  The Company sells groceries, soft line goods, and general merchandise at low prices.

Robinsons Retail Holdings, Inc. operates various retail outlets. The Company owns and operates supermarkets, department, home improvement, convenience, drug, and other specialty stores. Robinsons Retail Holdings serves customers in Philippines.

Cosco Capital, Inc. operates as a retail holding company. The Company owns a diverse portfolio of real estate holdings that includes retail outlets, pharmacy chains, restaurants, wine and liquor distribution businesses, and unibanks. Cosco Capital focuses on the retail, real estate, liquor distribution and oil and mineral exploration industries in the Philippines.

Sanjiang Shopping Club Company Limited operates community budget supermarket franchises. The Company provides customers with retail services.

Natural Grocers by Vitamin Cottage Inc through its subsidiary operates in the food industry. The Company provides healthy foods, vitamins, and supplements including allergy, aloe products, amino acids,  antioxidants, animal products, beverages, medical, cleansing and clearance, weight loss,  electrolytes, energy, cosmetics, natural, minerals, vitamins, pain relief, and supplements.

Natural Grocers By Vitamin Cottage (NGVC US)

HEIWADO CO., LTD. operates supermarkets mainly in Shiga Prefecture.  The Company also operates restaurants, real estate, bowling alleys, and convenience stores.

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Heiwado Co Ltd (8276 JP)

Trial Holdings Pre-IPO -Thoughts on Valuation

After having cancelled its listing plans last year, the company is now looking to launch a smaller IPO of around US$250m, as per media reports.

Sumeet Singh

Japan Retail Update: Winners and Losers as FY2023 Ends

Summary: Japan's retail sectors in 2023 saw drugstore consolidation and encroachment on supermarkets, while dept. stores and lifestyle retailing...

Michael Causton

Trial Holdings IPO - Sector Lagging Margins Warrant a Discount

Trial Holdings (5882 JP) is looking to raise up to US$393m in its Japan IPO. In this note, we talk about implied valuations.

Sumeet Singh

Trial Holdings Pre-IPO - Peer Comparison - Leading in Growth, Lagging in Margins

Trial Holdings (5882 JP) is looking to raise around US$375m in its Japan IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Trial Holdings Pre-IPO - The Positives - Steady past Performance with an Expanding Footprint

Trial Holdings (5882 JP)'s is looking to raise around US$375m in its Japan IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Trial Holdings Pre-IPO -Thoughts on Valuation

After having cancelled its listing plans last year, the company is now looking to launch a smaller IPO of around US$250m, as per media reports.

Sumeet Singh

Japan Retail Update: Winners and Losers as FY2023 Ends

​Summary: Japan's retail sectors in 2023 saw drugstore consolidation and encroachment on supermarkets, while dept. stores and lifestyle retailing...

Michael Causton

Trial Holdings IPO - Sector Lagging Margins Warrant a Discount

Trial Holdings (5882 JP) is looking to raise up to US$393m in its Japan IPO. In this note, we talk about implied valuations.

Sumeet Singh

Trial Holdings Pre-IPO - Peer Comparison - Leading in Growth, Lagging in Margins

Trial Holdings (5882 JP) is looking to raise around US$375m in its Japan IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Trial Holdings Pre-IPO - The Positives - Steady past Performance with an Expanding Footprint

Trial Holdings (5882 JP)'s is looking to raise around US$375m in its Japan IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Summary: Japan's retail sectors in 2023 saw drugstore consolidation and encroachment on supermarkets, while dept. stores and lifestyle retailing...