Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

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Laox plans to raise ~US$250m via a domestic offering, in order to further fund its turnaround plan.The deal scores well on our framework, although the entire score is driven by its strong rally over the past six months (up more than 6x), since data for scoring other factors isn't available (no record of long term returns since the company was making a loss and no analyst coverage either). Due to the aforementioned reasons, our framework arguably doesn't do justice to the deal.&nbsp;On a more subjective basis, the company has a short profitability track record despite the long listing history and thus, will probably not meet the standard investment mandate for most long only fund managers.However, for those who can invest we would take the deal on the back of the encouraging turnaround in operations, management's aggressive mid-term plans to increase profitability, and given that the stock has had time to adjust to the deal announcement, hence, the discount looks adequate. &nbsp;

Laox plans to raise ~US$250m via a domestic offering, in order to further fund its turnaround plan.The deal scores well on our framework, although the entire score is driven by its strong rally over the past six months (up more than 6x), since data for scoring other factors isn't available (no record of long term returns since the company was making a loss and no analyst coverage either). Due to the aforementioned reasons, our framework arguably doesn't do justice to the deal.&nbsp;On a more subjective basis, the company has a short profitability track record despite the long listing history and thus, will probably not meet the standard investment mandate for most long only fund managers.However, for those who can invest we would take the deal on the back of the encouraging turnaround in operations, management's aggressive mid-term plans to increase profitability, and given that the stock has had time to adjust to the deal announcement, hence, the discount looks adequate. &nbsp;

Laox (8202 JP) - A turnaround driven by Chinese tourists - But its not for the faint hearterd

Japan

Laox CO., LTD. operates a chain store known as Laox specialized in household appliances and computers based in Kanto region.  The Company also sells import goods, watch, and musical instruments.

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Laox Co Ltd (8202 JP)

Laox (8202 JP) - A turnaround driven by Chinese tourists - But its not for the faint hearterd

Laox plans to raise ~US$250m via a domestic offering, in order to further fund its turnaround plan.The deal scores well on our framework, although...

Sumeet Singh

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