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>We previously discussed the IPO in <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> and <a href="https://www.smartkarma.com/insights/timee-215a-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:150848" rel="noopener">Timee (215A JP) IPO: The Bear Case</a>. </li>
<li>In this note, we discuss valuation. Our analysis suggests that Timee is attractively valued at the IPO price range in the context of the forecasted growth. </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.
We previously discussed the IPO in Timee (215A JP) IPO: The Bull Case and Timee (215A JP) IPO: The Bear Case. 
In this note, we discuss valuation. Our analysis suggests that Timee is attractively valued at the IPO price range in the context of the forecasted growth. 


<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 <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>, 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.


<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>Timee's app allows users to work shifts as short as one hour at restaurants, convenience stores, and hotels, with quick payment for their work.   </li>
<li>The bull case rests on favourable market trends, best-in-class revenue growth, good retention rates, credible growth drivers, and top-quartile EBITDA margins.</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.   
Timee's app allows users to work shifts as short as one hour at restaurants, convenience stores, and hotels, with quick payment for their work.   
The bull case rests on favourable market trends, best-in-class revenue growth, good retention rates, credible growth drivers, and top-quartile EBITDA margins.


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

Japan

Recruit Holdings Co. Ltd. operates information providing services in human resource, housing, bridal, travel, restaurants, beauty, automobiles, and education and more. The company also operate staffing services and advertising business.

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Recruit Holdings (6098 JP)

Timee (215A JP) IPO: Valuation Insights

Timee is seeking to raise up to US$286 million. Our analysis suggests that Timee is attractively valued at the IPO price range in the context of...

Arun George

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 (215A JP) IPO: The Bull Case

The bull case rests on favourable market trends, best-in-class revenue growth, good retention rates, credible growth drivers, and top-quartile...

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

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