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/tokyo-metro" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (TKYMETRO JP)</a>’s shareholders, the Japanese and Tokyo Metropolitan Governments, could look to raise up to US$2bn by selling half of their stake via an IPO.</li>
<li>Tokyo Metro is one of the two metro network operators in the Tokyo region. It operates nine subway lines.</li>
<li>In this note, we take an early look at the possible listing.</li>
</ul>



Tokyo Metro (TKYMETRO JP)’s shareholders, the Japanese and Tokyo Metropolitan Governments, could look to raise up to US$2bn by selling half of their stake via an IPO.
Tokyo Metro is one of the two metro network operators in the Tokyo region. It operates nine subway lines.
In this note, we take an early look at the possible listing.


Tokyo Metro IPO Early Look - Could Raise Around US$2bn While Still Recovering from COVID

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Keisei Electric Railway Co / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> share price has increased but not run ahead of its fundamentals.</li>
<li>Weak Yen, COVID rebound, friendlier visa policy by the Japanese government, and the potential for more Chinese tourists visiting Japan are tailwinds for Keisei.</li>
<li>Valuation may look expensive, but with the high growth rate, investors should consider to use PEG rather than PER or PBR.</li>
</ul>



Keisei Electric Railway Co (9009 JP) share price has increased but not run ahead of its fundamentals.
Weak Yen, COVID rebound, friendlier visa policy by the Japanese government, and the potential for more Chinese tourists visiting Japan are tailwinds for Keisei.
Valuation may look expensive, but with the high growth rate, investors should consider to use PEG rather than PER or PBR.


Keisei Electric Rail (9009): Can Be Higher

Founder & Managing Director, AIR Control Tower, AIR Control Tower

Neil Glynn

Founder & Managing Director, AIR Control Tower

AIR Control Tower

AIR Control Tower is an independent research and analysis platform. Its mission is to provide impactful insight and analysis across the global airline industry at a company and market level via detailed financial models to aid decision making for key stake holders at a time when risks have seldom, if ever, been higher and the global sector grapples with the imperative of funding de-carbonisation. Unique analysis forecasting global carrier-level earnings/cash flows, and restructuring/de-leveraging prospects, is designed to dynamically assess the health of the industry, predict surprises and identify potential requirements for third party support.

Insights on the global airline industry

<ul>
<li>ANA has revised its FY24 to March 2024 profit guidance upward on higher revenues; EBIT up from ¥120bn to ¥190bn in line with consensus (AIRCT ¥182bn).</li>
<li>Air Transportation naturally drives the upgrade, with its EBIT guide up ¥60bn as higher revenues outweigh higher costs.</li>
<li>This upgrade also has major relevance for JAL, where expect a FY24 EBIT guidance upgrade. We are at ¥177bn versus consensus of ¥142bn/guidance of ¥130bn.</li>
</ul>


ANA has revised its FY24 to March 2024 profit guidance upward on higher revenues; EBIT up from ¥120bn to ¥190bn in line with consensus (AIRCT ¥182bn).
Air Transportation naturally drives the upgrade, with its EBIT guide up ¥60bn as higher revenues outweigh higher costs.
This upgrade also has major relevance for JAL, where expect a FY24 EBIT guidance upgrade. We are at ¥177bn versus consensus of ¥142bn/guidance of ¥130bn.


ANA Holdings -Big Upgrade with Big Read Across for JAL

<ul>
<li>Our FY24 to March 2024 EBIT forecast for ANA of ¥ 196bn is considerably higher than company guidance of ¥ 140bn, supported by our analysis of historical earnings seasonality.</li>
<li>However, we are only narrowly above consensus of ¥186bn, and narrowly below consensus of ¥204bn, ¥208bn in FY25, FY26.</li>
<li>In contrast, we see considerably greater upside to expectations at JAL, where our FY24 EBIT is 27% above consensus.</li>
</ul>


Our FY24 to March 2024 EBIT forecast for ANA of ¥ 196bn is considerably higher than company guidance of ¥ 140bn, supported by our analysis of historical earnings seasonality.
However, we are only narrowly above consensus of ¥186bn, and narrowly below consensus of ¥204bn, ¥208bn in FY25, FY26.
In contrast, we see considerably greater upside to expectations at JAL, where our FY24 EBIT is 27% above consensus.


All Nippon Airways: Difficult to Outperform Expectations - In Contrast to JAL

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Taiwanese air cargo rates soared during the pandemic, and remain high today</li>
<li>Taiwan's carriers also benefited from an early recovery in outbound tourism</li>
<li>Investors seem to be pricing in a '24 earnings collapse that probably won't happen</li>
</ul>


Taiwanese air cargo rates soared during the pandemic, and remain high today
Taiwan's carriers also benefited from an early recovery in outbound tourism
Investors seem to be pricing in a '24 earnings collapse that probably won't happen


Thanks to High Cargo Yields & Early Tourism Rebound, EVA & CAL Remain Highly Profitable in H223

Japan

Japan Airlines Co. Ltd. provides air transportation services. The Company offers a variety of scheduled  flights and unscheduled flights throughout the world as well as offers air courier services. Japan Airlines also provides tickets, resort hotels, and travel agencies services.

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Japan Airlines (9201 JP)

Tokyo Metro IPO Early Look - Could Raise Around US$2bn While Still Recovering from COVID

Tokyo Metro’s shareholders, the Japanese and Tokyo Metropolitan Governments, could look to raise up to US$2bn by selling half of their stake via an...

Sumeet Singh

Keisei Electric Rail (9009): Can Be Higher

Keisei Electric Railway Co's share price is rising in line with positive fundamentals, driven by a weak Yen, COVID rebound, and potential increase...

Henry Soediarko

ANA Holdings -Big Upgrade with Big Read Across for JAL

ANA upgrades FY24 EBIT guidance by 58% after 3Q as higher revenues outweigh higher costs. Read across for JAL, where we expect a big upgrade; we...

Neil Glynn

All Nippon Airways: Difficult to Outperform Expectations - In Contrast to JAL

This note highlights ANA FY24 guidance is very cautious. However, we see consensus as already there for FY24, in contrast to very low consensus...

Neil Glynn

Thanks to High Cargo Yields & Early Tourism Rebound, EVA & CAL Remain Highly Profitable in H223

Air cargo rates at EVA remain high, and a strong recovery in Taiwanese tourism demand is lifting passenger yields, too. Investors are pricing in a...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tokyo Metro IPO Early Look - Could Raise Around US$2bn While Still Recovering from COVID

Tokyo Metro’s shareholders, the Japanese and Tokyo Metropolitan Governments, could look to raise up to US$2bn by selling half of their stake via an...

Sumeet Singh

Keisei Electric Rail (9009): Can Be Higher

​Keisei Electric Railway Co's share price is rising in line with positive fundamentals, driven by a weak Yen, COVID rebound, and potential increase...

Henry Soediarko

ANA Holdings -Big Upgrade with Big Read Across for JAL

ANA upgrades FY24 EBIT guidance by 58% after 3Q as higher revenues outweigh higher costs. Read across for JAL, where we expect a big upgrade; we...

Neil Glynn

All Nippon Airways: Difficult to Outperform Expectations - In Contrast to JAL

This note highlights ANA FY24 guidance is very cautious. However, we see consensus as already there for FY24, in contrast to very low consensus...

Neil Glynn

Thanks to High Cargo Yields & Early Tourism Rebound, EVA & CAL Remain Highly Profitable in H223

Air cargo rates at EVA remain high, and a strong recovery in Taiwanese tourism demand is lifting passenger yields, too. Investors are pricing in a...

Tracking Traffic

Keisei Electric Railway Co's share price is rising in line with positive fundamentals, driven by a weak Yen, COVID rebound, and potential increase...