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.

Equity Capital Markets

FineToday Holdings Co Ltd / Equity Capital Markets

<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

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.

<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 this note, we talk about the not-so-positive aspects of the deal.</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 this note, we talk about the not-so-positive aspects of the deal.


FineToday Pre-IPO - The Negatives - Growth and Margins Have Wavered

<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 this note, we talk about the positive aspects of the deal.</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 this note, we talk about the positive aspects of the deal.


FineToday Pre-IPO - The Positives - Established Brands Across Multiple Regions

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>China names will be in focus with yesterdays gains holding overnight in the US.</li>
<li>Worth looking at Japanese names previously bucketed as China plays which could now be squeeze targets with large short interests.</li>
<li>The list is long, but some names which could squeeze on the improved sentiment include Shiseido, Daikin, TOTO, Yamaha Corp and Nabtesco.</li>
</ul>


China names will be in focus with yesterdays gains holding overnight in the US.
Worth looking at Japanese names previously bucketed as China plays which could now be squeeze targets with large short interests.
The list is long, but some names which could squeeze on the improved sentiment include Shiseido, Daikin, TOTO, Yamaha Corp and Nabtesco.


Japan Morning Connection: Improved Sentiment in China Puts the Focus on Squeeze Targets

<ul>
<li>Global renewable continue to outperform, although this is yet to be seen in Japan related names.</li>
<li>Very little read from the US with the market firmly in wait-and-see mode ahead of the Fed.</li>
<li>Kose sell-side meeting yesterday points to plans for global growth despite few specifics released for its new MTP set to be released in October.</li>
</ul>


Global renewable continue to outperform, although this is yet to be seen in Japan related names.
Very little read from the US with the market firmly in wait-and-see mode ahead of the Fed.
Kose sell-side meeting yesterday points to plans for global growth despite few specifics released for its new MTP set to be released in October.


Japan Morning Connection: Kose Aims for Global Growth

Japan

KOSE Corporation manufactures, retails, and exports cosmetics including make up, skin care, and hair care products.  The Company sells its products in Hong Kong, China, Singapore, and Malaysia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kose Corp (4922 JP)

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 Pre-IPO - The Negatives - Growth and Margins Have Wavered

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 talk...

Sumeet Singh

FineToday Pre-IPO - The Positives - Established Brands Across Multiple Regions

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 talk...

Sumeet Singh

Japan Morning Connection: Improved Sentiment in China Puts the Focus on Squeeze Targets

Investors should keep an eye on potential squeeze targets with large short interests, including Shiseido, Daikin, TOTO, Yamaha Corp, and Nabtesco.

Andrew Jackson

Japan Morning Connection: Kose Aims for Global Growth

Global renewable sector continues to outperform, but Japan is lagging behind. US market is cautious ahead of the Fed meeting. Kose plans for...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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 Pre-IPO - The Negatives - Growth and Margins Have Wavered

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 talk...

Sumeet Singh

FineToday Pre-IPO - The Positives - Established Brands Across Multiple Regions

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 talk...

Sumeet Singh

Japan Morning Connection: Improved Sentiment in China Puts the Focus on Squeeze Targets

​Investors should keep an eye on potential squeeze targets with large short interests, including Shiseido, Daikin, TOTO, Yamaha Corp, and Nabtesco.

Andrew Jackson

Japan Morning Connection: Kose Aims for Global Growth

​Global renewable sector continues to outperform, but Japan is lagging behind. US market is cautious ahead of the Fed meeting. Kose plans for...

Andrew Jackson

Investors should keep an eye on potential squeeze targets with large short interests, including Shiseido, Daikin, TOTO, Yamaha Corp, and Nabtesco.

Global renewable sector continues to outperform, but Japan is lagging behind. US market is cautious ahead of the Fed meeting. Kose plans for...