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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee Inc (215A JP)</a>, a leading part-time job platform in Japan, is seeking to raise up to US$286 million. Book-building runs from 9 to 23 July.</li>
<li>In <em><strong><a href="https://www.smartkarma.com/insights/timee-215a-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:150750" rel="noopener">Timee (215A JP) IPO: The Bull Case</a></strong></em>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on rapidly slowing growth, an industry-low FCF profile, and a business model predicated on access to large funding and significant share option dilution.</li>
</ul>



Timee Inc (215A JP), a leading part-time job platform in Japan, is seeking to raise up to US$286 million. Book-building runs from 9 to 23 July.
In Timee (215A JP) IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on rapidly slowing growth, an industry-low FCF profile, and a business model predicated on access to large funding and significant share option dilution.


APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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>
<a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee Inc (215A JP)</a> is looking to raise US$290m from its Japan IPO. The IPO will be a 100% secondary selldown by existing shareholders.</li>
<li>Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan. </li>
<li>In an earlier note, we looked at the firm’s past performance. In this note, we undertake a peer comparison.</li>
</ul>



Timee Inc (215A JP) is looking to raise US$290m from its Japan IPO. The IPO will be a 100% secondary selldown by existing shareholders.
Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan. 
In an earlier note, we looked at the firm’s past performance. In this note, we undertake a peer comparison.


Timee Pre-IPO - Peer Comparison - Stronger Growth Has Allowed It to Close the Margin Gap

<ul>
<li>
<a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee Inc (215A JP)</a> is looking to raise US$290m from its Japan IPO. The IPO will be a 100% secondary selldown by existing shareholders.</li>
<li>Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Timee Inc (215A JP) is looking to raise US$290m from its Japan IPO. The IPO will be a 100% secondary selldown by existing shareholders.
Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan.
In this note, we will talk about the not so positive aspects of the deal.


Timee Pre-IPO - The Negatives - Competition Could Stiffen

<ul>
<li>
<a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee Inc (215A JP)</a> is looking to raise US$290m from its Japan IPO. The IPO will be a 100% secondary selldown by existing shareholders.</li>
<li>Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Timee Inc (215A JP) is looking to raise US$290m from its Japan IPO. The IPO will be a 100% secondary selldown by existing shareholders.
Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan.
In this note, we will talk about the positive aspects of the deal.


Timee Pre-IPO - The Positives - Exponential Growth Since Inception

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>3690 HK: The prevalence of short-distance trips bodes well for Metiuan, albeit long-distance trips remain lukewarm.(+)</li>
<li>700 HK: NPPA Released the June Import Game Code Approvals, and Tencent's &lt;VALORANT Mobile&gt; received approval.(+)</li>
<li>SHEIN/4385 JP: SHEIN expands its C2C shopping platform into Europe (+/-)</li>
</ul>


3690 HK: The prevalence of short-distance trips bodes well for Metiuan, albeit long-distance trips remain lukewarm.(+)
700 HK: NPPA Released the June Import Game Code Approvals, and Tencent's &lt;VALORANT Mobile&gt; received approval.(+)
SHEIN/4385 JP: SHEIN expands its C2C shopping platform into Europe (+/-)


[Blue Lotus Daily - TMT Update]:3690 HK/700 HK/SHEIN/4385 JP/Douyin

Japan

Mercari, Inc. operates as an electronic commercial company. The Company offers electronic commercial software, operation management, marketing planning, and other marketplace services. Mercari serves customers worldwide.

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Mercari (4385 JP)

Timee (215A JP) IPO: The Bear Case

The bear case rests on rapidly slowing growth, an industry-low FCF profile, and a business model predicated on access to large funding and...

Arun George

Timee Pre-IPO - Peer Comparison - Stronger Growth Has Allowed It to Close the Margin Gap

Timee Inc (215A JP) is looking to raise US$290m from its Japan IPO. In an earlier note, we looked at the firm’s past performance. In this note, we...

Clarence Chu

Timee Pre-IPO - The Negatives - Competition Could Stiffen

Timee Inc (215A JP) is looking to raise US$290m from its Japan IPO. In this note, we will talk about the not so positive aspects of the deal.

Clarence Chu

Timee Pre-IPO - The Positives - Exponential Growth Since Inception

Timee Inc (215A JP) is looking to raise US$290m from its Japan IPO. In this note, we will talk about the positive aspects of the deal.

Clarence Chu

[Blue Lotus Daily - TMT Update]:3690 HK/700 HK/SHEIN/4385 JP/Douyin

Short-distance trips boost Metiuan's prospects, while long-distance trips lag. Tencent's <valorant mobile> gets approval in June import game code....

Blue Lotus Research Institute

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52-week Range

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Timee (215A JP) IPO: The Bear Case

The bear case rests on rapidly slowing growth, an industry-low FCF profile, and a business model predicated on access to large funding and...

Arun George

Timee Pre-IPO - Peer Comparison - Stronger Growth Has Allowed It to Close the Margin Gap

Timee Inc (215A JP) is looking to raise US$290m from its Japan IPO. In an earlier note, we looked at the firm’s past performance. In this note, we...

Clarence Chu

Timee Pre-IPO - The Negatives - Competition Could Stiffen

Timee Inc (215A JP) is looking to raise US$290m from its Japan IPO. In this note, we will talk about the not so positive aspects of the deal.

Clarence Chu

Timee Pre-IPO - The Positives - Exponential Growth Since Inception

Timee Inc (215A JP) is looking to raise US$290m from its Japan IPO. In this note, we will talk about the positive aspects of the deal.

Clarence Chu

[Blue Lotus Daily - TMT Update]:3690 HK/700 HK/SHEIN/4385 JP/Douyin

​Short-distance trips boost Metiuan's prospects, while long-distance trips lag. Tencent's <valorant mobile> gets approval in June import game code....

Blue Lotus Research Institute

Short-distance trips boost Metiuan's prospects, while long-distance trips lag. Tencent's <valorant mobile> gets approval in June import game code....