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.

Event-Driven

<ul>
<li>Following up on our earlier cross-shareholding notes, in this note we look at <a href="https://www.smartkarma.com/entities/mizuho-financial-group-inc" target="_blank" data-smartkarma-citation="entities:219:1" rel="noopener">Mizuho Financial Group (8411 JP)</a>'s cross-shareholding.</li>
<li>Mizuho had a stake over US$100m in at least 34 listed Japanese stocks, amounting to a total of around US$7bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


Following up on our earlier cross-shareholding notes, in this note we look at Mizuho Financial Group (8411 JP)'s cross-shareholding.
Mizuho had a stake over US$100m in at least 34 listed Japanese stocks, amounting to a total of around US$7bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Mizuho Cross-Shareholding - US$11bn of Cross-Shareholding, with at Least US$2bn to Sell over FY24-26

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

Mizuho Financial Group / Equity Bottom-Up

<ul>
<li>The Financial System Report published on April 18th focuses on the key Japanese bank issues, including the prospect of domestic rate hikes</li>
<li>We focus primarily on the key take-aways from the BoJ report, in particular with relation to potential rate hikes; our key picks appear to be better geared than the average</li>
<li>We highlight Resona, Mizuho and Concordia in the bigger caps, with positive views on Suruga, Gunma and Tokyo Kiraboshi in the regional banks</li>
</ul>


The Financial System Report published on April 18th focuses on the key Japanese bank issues, including the prospect of domestic rate hikes
We focus primarily on the key take-aways from the BoJ report, in particular with relation to potential rate hikes; our key picks appear to be better geared than the average
We highlight Resona, Mizuho and Concordia in the bigger caps, with positive views on Suruga, Gunma and Tokyo Kiraboshi in the regional banks


Potential Domestic Rate Hike Impacts Highlighted in the BoJ’s Latest Financial System Report

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>The new excitement of the MS&amp;AD story is the company's commitment to sell down all of its cross-shareholdings and to use proceeds to fund growth and dividends. </li>
<li>ROE is already far higher now than in recent years, and this can continue with rising dividends. </li>
<li>Monthly insurance sales figures give a good window on the core business, with growth rates in May YoY and YTD accelerating.</li>
</ul>


The new excitement of the MS&amp;AD story is the company's commitment to sell down all of its cross-shareholdings and to use proceeds to fund growth and dividends. 
ROE is already far higher now than in recent years, and this can continue with rising dividends. 
Monthly insurance sales figures give a good window on the core business, with growth rates in May YoY and YTD accelerating.


MS&AD Insurance - Sell Stocks to Zero; Drive Growth, Dividends. HFD on Policy Sales, Accelerating

Thematic (Sector/Industry)

<ul>
<li>Of the nearly 200 financials in Japan, on average shares outstanding are up 3% over the past several years </li>
<li>Japan Post Insurance, Japan Post Holdings, and Yamaguchi Financial are at the extreme opposite end with shares outstanding at -22%</li>
<li>MS&amp;AD features well ranking #11 of financials in our sample, with shares outstanding at -7%, adding well to its commitment on dividends, cross-shareholdings sales</li>
</ul>


Of the nearly 200 financials in Japan, on average shares outstanding are up 3% over the past several years 
Japan Post Insurance, Japan Post Holdings, and Yamaguchi Financial are at the extreme opposite end with shares outstanding at -22%
MS&amp;AD features well ranking #11 of financials in our sample, with shares outstanding at -7%, adding well to its commitment on dividends, cross-shareholdings sales


Japan Financials - Buybacks Strongest at Japan Post Insurance, Japan Post Holdings, Yamaguchi

<ul>
<li>Japan's banks can benefit from continued strong loan demand, with signals from the Tankan Survey and from the loan officer survey</li>
<li>The story for Japan's banks is not only about unwinding cross shareholdings and rising interest rates, but it's also about core lending</li>
<li>With bettering loan volume, with more demand and inclination to lend, banks can see benign credit metrics, further supporting profit delta</li>
</ul>


Japan's banks can benefit from continued strong loan demand, with signals from the Tankan Survey and from the loan officer survey
The story for Japan's banks is not only about unwinding cross shareholdings and rising interest rates, but it's also about core lending
With bettering loan volume, with more demand and inclination to lend, banks can see benign credit metrics, further supporting profit delta


Japan's Banks - Lending Is Strong, Loan Officer Survey Suggests More, Credit Costs Can Be Low

Japan

Mizuho Financial Group, Inc. provides comprehensive financial services through its subsidiaries. The Group provides variety of financial services such as general banking, securities brokerage, trust banking, and assets management.

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Mizuho Financial Group (8411 JP)

Mizuho Cross-Shareholding - US$11bn of Cross-Shareholding, with at Least US$2bn to Sell over FY24-26

Following up on our earlier cross-shareholding notes, in this note we look at Mizuho Financial Group (8411 JP)'s cross-shareholding.

Sumeet Singh

Potential Domestic Rate Hike Impacts Highlighted in the BoJ’s Latest Financial System Report

The BoJ's FSR focuses on issues like potential domestic rate hikes. Key picks are Resona, Mizuho, and Concordia in big caps, the positive regional...

Victor Galliano

MS&AD Insurance - Sell Stocks to Zero; Drive Growth, Dividends. HFD on Policy Sales, Accelerating

MS&AD commits to sell down its cross-shareholding to zero, proceeds to fund growth, dividends. Core insurance sales improving, with April and May...

Daniel Tabbush

Japan Financials - Buybacks Strongest at Japan Post Insurance, Japan Post Holdings, Yamaguchi

Japan Post Bank in spotlight now, and new data shows improving credit growth and demand, from Tankan Survey and from loan officer survey.

Daniel Tabbush

Japan's Banks - Lending Is Strong, Loan Officer Survey Suggests More, Credit Costs Can Be Low

Japan's banks are seeing good loan volume and diffusion index on Tankan Survey and loan officer survey suggests there is more to come. Selling...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mizuho Cross-Shareholding - US$11bn of Cross-Shareholding, with at Least US$2bn to Sell over FY24-26

Following up on our earlier cross-shareholding notes, in this note we look at Mizuho Financial Group (8411 JP)'s cross-shareholding.

Sumeet Singh

Potential Domestic Rate Hike Impacts Highlighted in the BoJ’s Latest Financial System Report

​The BoJ's FSR focuses on issues like potential domestic rate hikes. Key picks are Resona, Mizuho, and Concordia in big caps, the positive regional...

Victor Galliano

MS&AD Insurance - Sell Stocks to Zero; Drive Growth, Dividends. HFD on Policy Sales, Accelerating

MS&AD commits to sell down its cross-shareholding to zero, proceeds to fund growth, dividends. Core insurance sales improving, with April and May...

Daniel Tabbush

Japan Financials - Buybacks Strongest at Japan Post Insurance, Japan Post Holdings, Yamaguchi

Japan Post Bank in spotlight now, and new data shows improving credit growth and demand, from Tankan Survey and from loan officer survey.

Daniel Tabbush

Japan's Banks - Lending Is Strong, Loan Officer Survey Suggests More, Credit Costs Can Be Low

Japan's banks are seeing good loan volume and diffusion index on Tankan Survey and loan officer survey suggests there is more to come. Selling...

Daniel Tabbush

The BoJ's FSR focuses on issues like potential domestic rate hikes. Key picks are Resona, Mizuho, and Concordia in big caps, the positive regional...