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.

Event-Driven

<ul>
<li>Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.</li>
<li>Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. </li>
<li>Of these, they have a combined stake of over US$1bn in 23 companies.</li>
</ul>


Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.
Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. 
Of these, they have a combined stake of over US$1bn in 23 companies.


Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

Equity Bottom-Up

Japan Airport Terminal Co / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-airport-terminal-co" target="_blank" data-smartkarma-citation="entities:18034:1" rel="noopener">Japan Airport Terminal Co (9706 JP)</a> (JAT) has turnaround and set to resume its earnings growth trajectory thanks to Japan's brisk air traffic recovery   </li>
<li>However, future growth is increasingly challenging as domestic traffic stalls, and international traffic growth relies on inbound tourists. What happens if tourists decide to go elsewhere?</li>
<li>Target price JPY5,364 (18% DOWNSIDE) based on 12.7x FY2024 EV/EBITDA (peer group average). SELL, grossly overvalued, Mexican and Chinese airports are far more attractive</li>
</ul>



Japan Airport Terminal Co (9706 JP) (JAT) has turnaround and set to resume its earnings growth trajectory thanks to Japan's brisk air traffic recovery   
However, future growth is increasingly challenging as domestic traffic stalls, and international traffic growth relies on inbound tourists. What happens if tourists decide to go elsewhere?
Target price JPY5,364 (18% DOWNSIDE) based on 12.7x FY2024 EV/EBITDA (peer group average). SELL, grossly overvalued, Mexican and Chinese airports are far more attractive


Japan Airport Terminal (9706 JP, SELL, TP: JPY5,364): Weak JPY Can't Overcome Fundamental Challenges

Podcast by Magellan Asset Management, Magellan Asset Management

MAGELLAN - IN THE KNOW

Podcast by Magellan Asset Management

Magellan Asset Management

‘In The Know’ is a new monthly investment podcast brought to you by Magellan Asset Management, one of Australia’s leading global equities investors. We seek to bring you timely, unique and thought-provoking insights to help you make sense of today’s investment landscape. From deep dives into the latest macroeconomic and geopolitical issues, to our analysis on sectors and stocks on global markets. Join Magellan, as they connect with a myriad of experts in their field, including CEOs of stocks we hold, global leaders and consultants in finance, investing, risk and politics, and key members of our investment team and business. ‘In The Know’ - a monthly podcast from Magellan is worth investing your time in! Magellan - Experts in global investing.

Thematic (Sector/Industry)

<ul>
<li>Gerald Stack, Ben McVicar, and Ofa Karlina discuss investing in infrastructure and the opportunities it offers</li>
<li>Infrastructure assets provide essential services like energy, water, and transport, leading to reliable and predictable long-term demand</li>
<li>Short-term problems or opportunities in infrastructure companies can impact share prices, creating investment opportunities for savvy investors</li>
</ul>
<p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>


Gerald Stack, Ben McVicar, and Ofa Karlina discuss investing in infrastructure and the opportunities it offers
Infrastructure assets provide essential services like energy, water, and transport, leading to reliable and predictable long-term demand
Short-term problems or opportunities in infrastructure companies can impact share prices, creating investment opportunities for savvy investors

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Lessons Learnt from Investing in Essential Services

<ul>
<li>Japan Airline's Flight JL516 operated by a two-year-old Airbus A350-900 burst into flames upon landing at Haneda Airport, apparently hitting a small Japanese Coast Guard aircraft  </li>
<li>379 passengers and crew were safely evacuated, but five of six crew on a Japanese coast guard aircraft were unaccounted for</li>
<li>Haneda Airport runaways are all closed, aircraft heading to Haneda are diverted to other airports or flights aborted altogether   </li>
</ul>


Japan Airline's Flight JL516 operated by a two-year-old Airbus A350-900 burst into flames upon landing at Haneda Airport, apparently hitting a small Japanese Coast Guard aircraft  
379 passengers and crew were safely evacuated, but five of six crew on a Japanese coast guard aircraft were unaccounted for
Haneda Airport runaways are all closed, aircraft heading to Haneda are diverted to other airports or flights aborted altogether   


Plane Crash at Haneda Airport; Negative for Japan Airport Terminal and Japan Airlines

<ul>
<li>We compiled the share price movements of 183 global travel/mobility stocks to uncover general trends and identify rotation and laggard plays   </li>
<li>Tourist countries like Greece, Spain and Turkey did very well. The U.S. also performed well, almost all names closed the year higher except for those with unique problems  </li>
<li>China and anything that is China-focused performed the worst, even companies that delivered great results are not spared and currently trading at cheap valuations </li>
</ul>


We compiled the share price movements of 183 global travel/mobility stocks to uncover general trends and identify rotation and laggard plays   
Tourist countries like Greece, Spain and Turkey did very well. The U.S. also performed well, almost all names closed the year higher except for those with unique problems  
China and anything that is China-focused performed the worst, even companies that delivered great results are not spared and currently trading at cheap valuations 


2023 Winners & Losers: Laggards and Rotation Plays for Global Travel/Mobility Stocks

Japan

Japan Airport Terminal Co., Ltd. constructs, manages and maintains passenger terminals and airport facilities at Haneda and Narita airports.  The Company operates parking-lots, souvenir shops, and duty-free stores.  Japan Airport Terminal, through its subsidiaries, manages restaurants and in-flight meal services.

Price Gauge
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Japan Airport Terminal Co (9706 JP)

Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

In this note we summarize our work by looking at where most of the selling will likely come. Of the companies that we have looked, collectively...

Sumeet Singh

Japan Airport Terminal (9706 JP, SELL, TP: JPY5,364): Weak JPY Can't Overcome Fundamental Challenges

Japan Airport Terminal is benefitting from strong air traffic recovery. But future growth is challenging, reliant on international inbound. Weak...

Mohshin Aziz

Lessons Learnt from Investing in Essential Services

The podcast explores the benefits of investing in infrastructure assets for reliable long-term cash flows and opportunities for growth.

MAGELLAN - IN THE KNOW

Plane Crash at Haneda Airport; Negative for Japan Airport Terminal and Japan Airlines

A Japan Airlines flight catches fire upon landing at Haneda Airport, causing runway closures and diversions. Negative for both Japan Airport...

Mohshin Aziz

2023 Winners & Losers: Laggards and Rotation Plays for Global Travel/Mobility Stocks

This report provides a quick peek on the best and worst performers in the world of global aviation and the industries that revolve around it. We...

Mohshin Aziz

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

In this note we summarize our work by looking at where most of the selling will likely come. Of the companies that we have looked, collectively...

Sumeet Singh

Japan Airport Terminal (9706 JP, SELL, TP: JPY5,364): Weak JPY Can't Overcome Fundamental Challenges

​Japan Airport Terminal is benefitting from strong air traffic recovery. But future growth is challenging, reliant on international inbound. Weak...

Mohshin Aziz

Lessons Learnt from Investing in Essential Services

The podcast explores the benefits of investing in infrastructure assets for reliable long-term cash flows and opportunities for growth.

MAGELLAN - IN THE KNOW

Plane Crash at Haneda Airport; Negative for Japan Airport Terminal and Japan Airlines

​A Japan Airlines flight catches fire upon landing at Haneda Airport, causing runway closures and diversions. Negative for both Japan Airport...

Mohshin Aziz

2023 Winners & Losers: Laggards and Rotation Plays for Global Travel/Mobility Stocks

This report provides a quick peek on the best and worst performers in the world of global aviation and the industries that revolve around it. We...

Mohshin Aziz

Japan Airport Terminal is benefitting from strong air traffic recovery. But future growth is challenging, reliant on international inbound. Weak...

A Japan Airlines flight catches fire upon landing at Haneda Airport, causing runway closures and diversions. Negative for both Japan Airport...