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

<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>Japan and Indonesia appear to be the hubs of APAC ECM activity with <a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a> and <a href="https://www.smartkarma.com/entities/pt-trimegah-bangun-persada-tbk-harita-nickel" target="_blank" data-smartkarma-citation="entities:36826:1" rel="noopener">PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ)</a> going live</li>
<li>On the placements front, this week was comparatively quiet, given the market volatility. There are a few lockup expiries coming up next week.</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.
Japan and Indonesia appear to be the hubs of APAC ECM activity with Rakuten Bank (5838 JP) and PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) going live
On the placements front, this week was comparatively quiet, given the market volatility. There are a few lockup expiries coming up next week.


ECM Weekly (26th Mar 2023) - Meituan, Rakuten Bank, SBI, Harita, Trial, DPC, Onewo, Leap, Growatt

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>'s Board is clearly giving this to shareholders and saying "We did our job. Now it's up to you."</li>
<li>
<a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a> admits to falsifying some engine emission tests. But the market dinging the company ~20% is excessive. </li>
<li>US$16bn of <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> shares from <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> got delivered on 24 March 2023. That's a lot.</li>
</ul>



Toshiba Corp (6502 JP)'s Board is clearly giving this to shareholders and saying "We did our job. Now it's up to you."

Toyota Industries (6201 JP) admits to falsifying some engine emission tests. But the market dinging the company ~20% is excessive. 
US$16bn of Meituan (3690 HK) shares from Tencent (700 HK) got delivered on 24 March 2023. That's a lot.


Last Week in Event SPACE: Toshiba, Toyota Industries, Meituan, Kingsoft, Rakuten Bank

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.

<ul>
<li>As <a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a> prepares for an IPO in April 2023, we see the potential for Rakuten’s NAV discount to narrow significantly from its current level of over 52%.</li>
<li>We think the market could be unaware of the hidden value in smaller Rakuten businesses and other investments.</li>
<li>Rakuten-Bank, which seems like a small piece of Rakuten’s ecosystem producing as much as 26-31% of Rakuten’s market-cap could open markets' eyes to the undervaluation of Rakuten businesses &amp; investments.</li>
</ul>


As Rakuten Bank (5838 JP) prepares for an IPO in April 2023, we see the potential for Rakuten’s NAV discount to narrow significantly from its current level of over 52%.
We think the market could be unaware of the hidden value in smaller Rakuten businesses and other investments.
Rakuten-Bank, which seems like a small piece of Rakuten’s ecosystem producing as much as 26-31% of Rakuten’s market-cap could open markets' eyes to the undervaluation of Rakuten businesses &amp; investments.


Rakuten Bank IPO Points That the Market Could Be Undervaluing Rakuten’s Businesses & Investments

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a> is an online bank in Japan. It is looking to raise about US$870 million. The pricing is on 5 April and the listing is on 21 April. </li>
<li>Rakuten Bank, wholly owned by <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a>, is the largest Japanese internet bank as measured by the number of accounts and customer deposits.</li>
<li>The investment case rest on Rakuten Ecosystem's competitive advantage, growth in accounts/deposits, robust loan book growth, rising margins and low NPL ratio.</li>
</ul>



Rakuten Bank (5838 JP) is an online bank in Japan. It is looking to raise about US$870 million. The pricing is on 5 April and the listing is on 21 April. 
Rakuten Bank, wholly owned by Rakuten (4755 JP), is the largest Japanese internet bank as measured by the number of accounts and customer deposits.
The investment case rest on Rakuten Ecosystem's competitive advantage, growth in accounts/deposits, robust loan book growth, rising margins and low NPL ratio.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a>, the online banking arm of <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a>, aims to raise up to around US$900m in its Japan listing in April 2023.</li>
<li>RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the updates from its recent filings.</li>
</ul>



Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), aims to raise up to around US$900m in its Japan listing in April 2023.
RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the updates from its recent filings.


Rakuten Bank IPO - Recent Filings Updates and Quick Thoughts on Valuation

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)

ECM Weekly (26th Mar 2023) - Meituan, Rakuten Bank, SBI, Harita, Trial, DPC, Onewo, Leap, Growatt

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

Last Week in Event SPACE: Toshiba, Toyota Industries, Meituan, Kingsoft, Rakuten Bank

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Rakuten Bank IPO Points That the Market Could Be Undervaluing Rakuten’s Businesses & Investments

Rakuten Bank, which seems like a small piece of Rakuten’s ecosystem producing as much as 26-31% of Rakuten’s market-cap could open markets' eyes to...

Oshadhi Kumarasiri

Rakuten Bank IPO: The Investment Case

The investment case rest on Rakuten Ecosystem's competitive advantage, growth in accounts/deposits, robust loan book growth, rising margins and low...

Arun George

Rakuten Bank IPO - Recent Filings Updates and Quick Thoughts on Valuation

Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), aims to raise up to around US$900m in its Japan listing in April 2023.

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

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