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

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<a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> priced its IPO at JPY1,700 per share to raise gross proceeds of US$256 million. The shares will start trading on 21 March.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/trial-holdings-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:130521" rel="noopener">Trial Holdings IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/trial-holdings-ipo-valuation-thoughts" target="_blank" data-smartkarma-citation="insights:132126" rel="noopener">Trial Holdings IPO: Valuation Thoughts</a>. </li>
<li>The peers have modestly re-rated since the prospectus was released on February 19. The IPO price remains attractive. </li>
</ul>



Trial Holdings (5882 JP) priced its IPO at JPY1,700 per share to raise gross proceeds of US$256 million. The shares will start trading on 21 March.
We previously discussed the IPO in Trial Holdings IPO: The Investment Case and Trial Holdings IPO: Valuation Thoughts. 
The peers have modestly re-rated since the prospectus was released on February 19. The IPO price remains attractive. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a>, a discount store operator in Japan, is seeking to raise US$236 million at the IPO reference price of JPY1,550 per share.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/trial-holdings-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:130521" rel="noopener">Trial Holdings IPO: The Investment Case</a>. </li>
<li>In this note, we discuss valuation. Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY1,550. We would participate in the IPO.</li>
</ul>



Trial Holdings (5882 JP), a discount store operator in Japan, is seeking to raise US$236 million at the IPO reference price of JPY1,550 per share.
We previously discussed the IPO in Trial Holdings IPO: The Investment Case. 
In this note, we discuss valuation. Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY1,550. We would participate in the IPO.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a>, a discount store operator in Japan, is seeking to raise US$380 million at the IPO reference price of JPY2,000. Pricing on 26 March.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/trial-holdings-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:97757" rel="noopener">Trial Holdings IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/trial-holdings-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:97798" rel="noopener">Trial Holdings IPO: The Bear Case</a>.  </li>
<li>In this note, we discuss valuation. Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY2,000. We would participate in the IPO.</li>
</ul>



Trial Holdings (5882 JP), a discount store operator in Japan, is seeking to raise US$380 million at the IPO reference price of JPY2,000. Pricing on 26 March.
We previously discussed the IPO in Trial Holdings IPO: The Bull Case and Trial Holdings IPO: The Bear Case.  
In this note, we discuss valuation. Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY2,000. We would participate in the IPO.


Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<a href="https://www.smartkarma.com/entities/miniso-group-holdings" target="_blank" data-smartkarma-citation="entities:29673:1" rel="noopener">MINISO Group Holdings (MNSO US)</a> is the leading variety retailer of lifestyle products globally with an aggregate GMV of RMB 19.0 billion (US$2.7 billion) and revenue of RMB 9.0 billion (US$1.3 billion).
Last week, the company filed an updated prospectus with the SEC announcing the price range for the NYSE IPO. The price range was set at $16.50-$18.50 per ADS, which translates to $4.125-$4.625 per share.
MINISO plans to raise $502m-$562m via issuing 16.5m new ADS (122m-140m new shares). An overallotment option, if exercised, could increase the IPO by $75m-$84m (4.6m new ADS).
Previously, we discussed MINISO's business model and financials in <a href="https://www.smartkarma.com/insights/miniso-ipo-long-term-growth-prospects-secured-by-a-sustainable-competitive-advantage" target="_blank" rel="noopener">MINISO IPO: Long Term Growth Prospects Secured By a Sustainable Competitive Advantage</a> and <a href="https://www.smartkarma.com/insights/miniso-ipo-as-appealing-as-miniso-products" target="_blank" rel="noopener">MINISO IPO: As Appealing As MINISO Products</a>.
This insight will focus on valuation and assess if it is worthwhile subscribing to the IPO.

MINISO Group Holdings (MNSO US) is the leading variety retailer of lifestyle products globally with an aggregate GMV of RMB 19.0 billion (US$2.7 billion) and revenue of RMB 9.0 billion (US$1.3 billion).
Last week, the company filed an updated prospectus with the SEC announcing the price range for the NYSE IPO. The price range was set at $16.50-$18.50 per ADS, which translates to $4.125-$4.625 per share.
MINISO plans to raise $502m-$562m via issuing 16.5m new ADS (122m-140m new shares). An overallotment option, if exercised, could increase the IPO by $75m-$84m (4.6m new ADS).
Previously, we discussed MINISO's business model and financials in MINISO IPO: Long Term Growth Prospects Secured By a Sustainable Competitive Advantage and MINISO IPO: As Appealing As MINISO Products.
This insight will focus on valuation and assess if it is worthwhile subscribing to the IPO.

MINISO Valuation: Valued Like MINISO Merchandise - Bang for the Buck

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

The S&amp;P 500 is holding above 3000 and the 200-day MA breakout level. As long as the S&amp;P 500 is above this support level it tells us the bulls are in control. If there is a break below 3000, the next support levels to watch would be 2980 followed by the much bigger 2934.49 (the 61.8% Fib retracement) support level. Similarly, breakouts in the Dow Jones Industrials, small-caps (Russell 2000), mid-caps (Russell Mid Cap, S&amp;P 400), and the MSCI ACWI have held strong and all of these indexes show RS improvement. This is bullish as it indicates improving breadth.In today’s report we highlight attractive Groups and stocks within Consumer Discretionary: Sporting Goods/Leisure Products, Casinos &amp; Gaming, Small-Cap, Retailers, Discount/Variety, and Retailers, Sporting Goods.

The S&amp;P 500 is holding above 3000 and the 200-day MA breakout level. As long as the S&amp;P 500 is above this support level it tells us the bulls are in control. If there is a break below 3000, the next support levels to watch would be 2980 followed by the much bigger 2934.49 (the 61.8% Fib retracement) support level. Similarly, breakouts in the Dow Jones Industrials, small-caps (Russell 2000), mid-caps (Russell Mid Cap, S&amp;P 400), and the MSCI ACWI have held strong and all of these indexes show RS improvement. This is bullish as it indicates improving breadth.In today’s report we highlight attractive Groups and stocks within Consumer Discretionary: Sporting Goods/Leisure Products, Casinos &amp; Gaming, Small-Cap, Retailers, Discount/Variety, and Retailers, Sporting Goods.

U.S. Equity Strategy: Bulls Remain In Control

United States

Ollie's Bargain Outlet Holdings, Inc. operates a chain of retail stores that offers brand name products at discounted and closeout prices. The Company provides products, including housewares, food, books and stationery, bed and bath, floor coverings, toys, and hardware.

Ollie'S Bargain Outlet Holdings (OLLI US)

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Ollie'S Bargain Outlet Holdings (OLLI US)

Trial Holdings IPO: Trading Debut

The shares will start trading on 21 March. The peers have modestly re-rated since the prospectus was released on February 19. The IPO price remains...

Arun George

Trial Holdings IPO: Valuation Thoughts

Trial has upsized its IPO from US$236m to US$260m by launching its IPO at JPY1,600-1,700 per share vs. the reference price of JPY1,550. The offer...

Arun George

Trial Holdings IPO: Valuation Insights

Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY2,000. We would participate in the IPO.

Arun George

MINISO Valuation: Valued Like MINISO Merchandise - Bang for the Buck

MINISO Group Holdings is the leading variety retailer of lifestyle products globally with an aggregate GMV of RMB 19.0 billion (US$2.7 billion) and...

Oshadhi Kumarasiri

U.S. Equity Strategy: Bulls Remain In Control

The S&P 500 is holding above 3000 and the 200-day MA breakout level. As long as the S&P 500 is above this support level it tells us the...

Vermilion Research

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