Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sky-perfect-jsat-holdings" target="_blank" data-smartkarma-citation="entities:14097:1" rel="noopener">Sky Perfect Jsat (9412 JP)</a> posted Q4 results and guidance that are ahead of expectations for profitability</li>
<li>The company has unveiled plan to re-leverage and invest more, starting with its recently announced JV with NTT , underscoring its confidence in the potential of the space business</li>
<li>The plan also includes a c. 60% increase in shareholder returns over the next five years, likely through the flexible application of share buybacks</li>
</ul>



Sky Perfect Jsat (9412 JP) posted Q4 results and guidance that are ahead of expectations for profitability
The company has unveiled plan to re-leverage and invest more, starting with its recently announced JV with NTT , underscoring its confidence in the potential of the space business
The plan also includes a c. 60% increase in shareholder returns over the next five years, likely through the flexible application of share buybacks


Sky Perfect JSAT (Buy) - Q4 21 Results Reaction: A Huge Declaration of Confidence

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

LG Energy Solution / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPOs front, Campus Activewear and Rainbow Hospitals will get India's IPO season going again, with LIC in the pipeline.</li>
<li>Placement flows remained slow over the holiday shortened week. With only Taiwan and India seeing deals.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPOs front, Campus Activewear and Rainbow Hospitals will get India's IPO season going again, with LIC in the pipeline.
Placement flows remained slow over the holiday shortened week. With only Taiwan and India seeing deals.


ECM Weekly (24th Apr 22) - Sk Shieldus, One Store, LIC, Campus, Rainbow, Zhihu, LG Energy, Shin Kong

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Thematic (Sector/Industry)

<ul>
<li>Amazon Japan continues to lead in online merchandise sales, with GTVs rising faster than Rakuten in 2021 and far ahead of Z Holdings. </li>
<li>Nevertheless both the domestic incumbents are fighting hard to overcome their weaknesses and use their strengths in mobile networks, loyalty points and cashless payments to win share.</li>
<li>Rakuten is also now making it possible to consolidate orders from multiple merchants and plans to open this service to any online merchant – a game changer for online platforms. </li>
</ul>


Amazon Japan continues to lead in online merchandise sales, with GTVs rising faster than Rakuten in 2021 and far ahead of Z Holdings. 
Nevertheless both the domestic incumbents are fighting hard to overcome their weaknesses and use their strengths in mobile networks, loyalty points and cashless payments to win share.
Rakuten is also now making it possible to consolidate orders from multiple merchants and plans to open this service to any online merchant – a game changer for online platforms. 


Japan E-Commerce Wars Intensify Among the Big 3 Online Platforms

Japan Specialist

Mark Chadwick

<ul>
<li>We have a non-consensus Bullish call on Rakuten and see over 60% upside to the share price</li>
<li>The key driver will be a recovery in the Mobile Business</li>
<li>We expect losses to gradually improve as roaming fees and customer acquisition costs start to decline</li>
</ul>


We have a non-consensus Bullish call on Rakuten and see over 60% upside to the share price
The key driver will be a recovery in the Mobile Business
We expect losses to gradually improve as roaming fees and customer acquisition costs start to decline


Rakuten (4755 JP) | Time to Cover the Shorts

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>Tencent’s increase in investment acquisition activity has coincided with a general weakness in equity prices and valuation levels.</li>
<li>Tencent management’s assessment of the fair value of its listed investee holdings, of RMB982.8bn on 31 December 2021, equates to roughly 27.4% of its market cap.</li>
<li>The market value of Tencent’s investee holdings in more-mature, Chinese-listed, internet-orientated holdings equates to roughly 9% of its current market cap.</li>
</ul>


Tencent’s increase in investment acquisition activity has coincided with a general weakness in equity prices and valuation levels.
Tencent management’s assessment of the fair value of its listed investee holdings, of RMB982.8bn on 31 December 2021, equates to roughly 27.4% of its market cap.
The market value of Tencent’s investee holdings in more-mature, Chinese-listed, internet-orientated holdings equates to roughly 9% of its current market cap.


Tencent: Investments up as Valuations Drop, Room for Another Significant Special in Specie Dividend

Japan

Rakuten Group, Inc. provides Internet services. The Company offers Internet finance services which including "Rakuten Card" and "Rakuten Bank". Rakuten Group also provides digital content services including electronic book services.

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Rakuten (4755 JP)

Sky Perfect JSAT (Buy) - Q4 21 Results Reaction: A Huge Declaration of Confidence

This was a good report with a financial beat and an aggressive investment plan that underscores its confidence in the space segment. A JV with NTT...

Kirk Boodry

ECM Weekly (24th Apr 22) - Sk Shieldus, One Store, LIC, Campus, Rainbow, Zhihu, LG Energy, Shin Kong

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Japan E-Commerce Wars Intensify Among the Big 3 Online Platforms

The intensity of competition between the big 3 in e-commerce (Amazon, Rakuten, Z Holdings) means that all are investing heavily. Amazon leads but...

Michael Causton

Rakuten (4755 JP) | Time to Cover the Shorts

We expect a re-rating of the share price on a recovery in the mobile business over the next couple of quarters. Our SOTP valuation suggests 60%+...

Mark Chadwick

Tencent: Investments up as Valuations Drop, Room for Another Significant Special in Specie Dividend

In this insight, we analyse Tencent’s recent investment activity and notable investee holdings to evaluate the potential for another meaningful...

Wium Malan, CFA

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