Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Equity Bottom-Up

Kawasaki Heavy Industries / Equity Bottom-Up

<ul>
<li>Expect continued buying in defense related, as well as banks and life insurance, renewable energy, rails, and medical IT plays with Shigeru Ishiba at the helm. </li>
<li>The Market will be quick to rotate out of names which spiked into Friday's close on expectation for a Sanae Takaichi win in the LDP election.  </li>
<li>Ishiba has been a vocal critic of Abenomics, and his potential policies aimed at higher taxes for investment incomes and capital gains are set to weigh on the Japanese market. </li>
</ul>


Expect continued buying in defense related, as well as banks and life insurance, renewable energy, rails, and medical IT plays with Shigeru Ishiba at the helm. 
The Market will be quick to rotate out of names which spiked into Friday's close on expectation for a Sanae Takaichi win in the LDP election.  
Ishiba has been a vocal critic of Abenomics, and his potential policies aimed at higher taxes for investment incomes and capital gains are set to weigh on the Japanese market. 


Best Outright and Pair Trades for an Ishiba-Led LDP

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-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>'s shareholders raised around US$2.4bn in its Japan IPO. </li>
<li>Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Tokyo Metro (9023 JP)'s shareholders raised around US$2.4bn in its Japan IPO. 
Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Tokyo Metro IPO Trading - Robust Demand for Quality Asset

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/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a> priced its IPO at JPY1,200 per share to raise gross proceeds of US$2.3 billion. The shares will start trading on 23 October.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tokyo-metro-9023-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:160168" rel="noopener">Tokyo Metro (9023 JP) IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/tokyo-metro-9023-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:160399" rel="noopener">Tokyo Metro (9023 JP) IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/tokyo-metro-9023-jp-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:161071" rel="noopener">Tokyo Metro (9023 JP) IPO: Valuation Insights</a>.</li>
<li>The peers have modestly derated since the prospectus was released on 20 September. The IPO price remains attractive, particularly relating to the implied dividend yield.</li>
</ul>



Tokyo Metro (9023 JP) priced its IPO at JPY1,200 per share to raise gross proceeds of US$2.3 billion. The shares will start trading on 23 October.
We previously discussed the IPO in Tokyo Metro (9023 JP) IPO: The Bull Case, Tokyo Metro (9023 JP) IPO: The Bear Case and Tokyo Metro (9023 JP) IPO: Valuation Insights.
The peers have modestly derated since the prospectus was released on 20 September. The IPO price remains attractive, particularly relating to the implied dividend yield.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>'s shareholders aim to raise up to US$2.4bn in its Japan IPO.</li>
<li>Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.4bn in its Japan IPO.
Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Tokyo Metro IPO - Will Price at the Top, but Isn’t Particularly Cheap

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>, a mass transit operator, is seeking to raise up to US$2.3 billion. Pricing is on 15 October, and the listing is on 23 October.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tokyo-metro-9023-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:160168" rel="noopener">Tokyo Metro (9023 JP) IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/tokyo-metro-9023-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:160399" rel="noopener">Tokyo Metro (9023 JP) IPO: The Bear Case</a>.</li>
<li>In this note, we discuss valuation. Our analysis suggests that Tokyo Metro is attractively valued at the IPO price compared to peer multiples.</li>
</ul>



Tokyo Metro (9023 JP), a mass transit operator, is seeking to raise up to US$2.3 billion. Pricing is on 15 October, and the listing is on 23 October.
We previously discussed the IPO in Tokyo Metro (9023 JP) IPO: The Bull Case and Tokyo Metro (9023 JP) IPO: The Bear Case.
In this note, we discuss valuation. Our analysis suggests that Tokyo Metro is attractively valued at the IPO price compared to peer multiples.


Tokyo Metro (9023 JP) IPO: Valuation Insights

Japan

Kyushu Railway Company, doing business as JR Kyushu, offers transportation services. The Company provides passenger and railway freight services, as well as route, ticket, and time table information. JR Kyushu serves customers in Japan.

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Kyushu Railway (9142 JP)

Best Outright and Pair Trades for an Ishiba-Led LDP

How to position in Japanese equities after the surprise win by Shigeru Ishiba over Sanae Takaichi in Friday's LDP election.

Andrew Jackson

Tokyo Metro IPO Trading - Robust Demand for Quality Asset

Tokyo Metro (9023 JP)'s shareholders raised around US$2.4bn in its Japan IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Tokyo Metro (9023 JP) IPO: Trading Debut

The shares will start trading on 23 October. The IPO price remains attractive, particularly relating to the implied dividend yield.

Arun George

Tokyo Metro IPO - Will Price at the Top, but Isn’t Particularly Cheap

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.4bn in its Japan IPO. In this note, we look at the valuation in the IPO price range.

Sumeet Singh

Tokyo Metro (9023 JP) IPO: Valuation Insights

Tokyo Metro had set its IPO price range at JPY1,100-1,200, compared to the IPO reference price of JPY1,100. The upper end of the price range...

Arun George

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