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

Japan Post Holdings / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, there were two deals launched this week.</li>
<li>For placements, <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>'s planned selldown by <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> came earlier than expected.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, there were two deals launched this week.
For placements, Japan Post Bank (7182 JP)'s planned selldown by Japan Post Holdings (6178 JP) came earlier than expected.


ECM Weekly (5th Mar 2023) - Japan Post Bank, Kansai, Vanke, Otsuka, SBI Sumishin, Lu DaoPei, NST, JF

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>Otsuka Estate is looking to raise US$389m via trimming its stake in <a href="https://www.smartkarma.com/entities/otsuka-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:12292:1" rel="noopener">Otsuka Holdings (4578 JP)</a>.</li>
<li>The deal is a relatively large one on an ADV basis, at 14.6 days of three month ADV. </li>
<li>In this note, we will talk about the firm’s track record and run the deal through our ECM framework.</li>
</ul>


Otsuka Estate is looking to raise US$389m via trimming its stake in Otsuka Holdings (4578 JP).
The deal is a relatively large one on an ADV basis, at 14.6 days of three month ADV. 
In this note, we will talk about the firm’s track record and run the deal through our ECM framework.


Otsuka Holdings Placement - While Enticing Discount, Management Selling Will Raise Eyebrows

Ethan Aw

<ul>
<li>Kansai Paint's shareholders aim to raise around US$291m via a secondary follow-on offering. This is a large deal to digest, at 34 days of three month ADV.  </li>
<li>The firm has also mentioned that it will conduct a share buyback of up to 8.2m shares worth approximately 3.5% of TSO or US$87.6m (JPY12bn). This will begin after settlement. </li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


Kansai Paint's shareholders aim to raise around US$291m via a secondary follow-on offering. This is a large deal to digest, at 34 days of three month ADV.  
The firm has also mentioned that it will conduct a share buyback of up to 8.2m shares worth approximately 3.5% of TSO or US$87.6m (JPY12bn). This will begin after settlement. 
In this note, we will talk about the placement and run the deal through our ECM framework.


Kansai Paint Placement - Hardly an Outstanding First Offering Since Listing

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/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a>/JPH has announced the offering of up to 1.1 billion shares in <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>/JPB to reduce its stake from 89.00% to 59.95%.</li>
<li>JPB will carry out a ToSTNeT-3 buyback (maximum of JPY70 billion) and an on-market buyback (maximum of JPY80 billion). JPH can sell additional shares into the ToSTNeT-3 buyback.</li>
<li>For long-term investors, JPB’s forward P/B of 0.47x and yield of 4.41% are attractive to peers. JPB’s current price ratio is undemanding vs TOPIX Banks ETF and JPH.</li>
</ul>



Japan Post Holdings (6178 JP)/JPH has announced the offering of up to 1.1 billion shares in Japan Post Bank (7182 JP)/JPB to reduce its stake from 89.00% to 59.95%.
JPB will carry out a ToSTNeT-3 buyback (maximum of JPY70 billion) and an on-market buyback (maximum of JPY80 billion). JPH can sell additional shares into the ToSTNeT-3 buyback.
For long-term investors, JPB’s forward P/B of 0.47x and yield of 4.41% are attractive to peers. JPB’s current price ratio is undemanding vs TOPIX Banks ETF and JPH.


Japan Post Bank (7182 JP): Japan Post Holdings to Sell Down a Third of Its Stake

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> has announced the mooted offering by <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> whereby they will sell 29% of the bank to go from 89% to 60%.</li>
<li>There are two buybacks - one pre offering and one after - which is an attempt to mitigate impact. This creates interesting but complicated strategy possibilities. Lots of details here.</li>
<li>Big picture, this is a Very Big Offering at ¥1.236trln at today's close including greenshoe. 80/20 dom/international. A TOUGH sell. 1.089bn shares is 4x current float. </li>
</ul>



Japan Post Bank (7182 JP) has announced the mooted offering by Japan Post Holdings (6178 JP) whereby they will sell 29% of the bank to go from 89% to 60%.
There are two buybacks - one pre offering and one after - which is an attempt to mitigate impact. This creates interesting but complicated strategy possibilities. Lots of details here.
Big picture, this is a Very Big Offering at ¥1.236trln at today's close including greenshoe. 80/20 dom/international. A TOUGH sell. 1.089bn shares is 4x current float. 


Japan Post Bank (7182 JP) Announces Its Re-IPO - Big Offering, Complicated but Big Index Flows

Japan

Japan Post Insurance Co. Ltd. operates life insurance business. The Company offers whole life insurance, education endowment, ordinary endowment, medical insurance, and special endowment insurance. Japan Post Insurance provides services for individuals and businesses throughout Japan.

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Japan Post Insurance (7181 JP)

ECM Weekly (5th Mar 2023) - Japan Post Bank, Kansai, Vanke, Otsuka, SBI Sumishin, Lu DaoPei, NST, JF

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Otsuka Holdings Placement - While Enticing Discount, Management Selling Will Raise Eyebrows

Otsuka Estate is looking to raise US$389m via trimming its stake in Otsuka Holdings (4578 JP). In this note, we will talk about the firm’s track...

Clarence Chu

Kansai Paint Placement - Hardly an Outstanding First Offering Since Listing

Kansai Paint's shareholders aim to raise around US$291m via a secondary follow-on offering. This is a large deal to digest, at 34 days of three...

Ethan Aw

Japan Post Bank (7182 JP): Japan Post Holdings to Sell Down a Third of Its Stake

JPH aims to lower its stake by up to 59.95% of outstanding shares. JPH will buy back shares to provide partial relief from the selling pressure....

Arun George

Japan Post Bank (7182 JP) Announces Its Re-IPO - Big Offering, Complicated but Big Index Flows

JPB has announced the JPH offering. JPY 1.2trln to get to 60%. There is a TN3 buyback, which could shrink the offer, and syndicate stabilisation...

Travis Lundy

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