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

APM Human Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/apm-human-services-internation" target="_blank" data-smartkarma-citation="entities:34808:1" rel="noopener">APM Human Services (APM AU)</a> raised about US$730m by selling a mix of primary and secondary shares in Nov 21. The second IPO linked lockup is set to expire next week.</li>
<li>APM is an international human services provider, it runs 800 sites spanning 10 countries with its largest market being Australia.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



APM Human Services (APM AU) raised about US$730m by selling a mix of primary and secondary shares in Nov 21. The second IPO linked lockup is set to expire next week.
APM is an international human services provider, it runs 800 sites spanning 10 countries with its largest market being Australia.
In this note, we will talk about the lock-up dynamics and updates since our last note.


APM Human Services IPO Lock-Up - US$400m of Shares Come Free but First PE Needs to Clear Out

<ul>
<li>
<a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> is looking to raise around US$175m in its Japan IPO.</li>
<li>Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Integral Corporation (5842 JP) is looking to raise around US$175m in its Japan IPO.
Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.
In this note, we talk about the not-so-positive aspects of the deal.


Integral Corporation Pre-IPO - The Negatives - Ambitious Indicative Pricing

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<li>
<a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> is looking to raise around US$175m in its Japan IPO.</li>
<li>Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Integral Corporation (5842 JP) is looking to raise around US$175m in its Japan IPO.
Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.
In this note, we talk about the positive aspects of the deal.


Integral Corporation Pre-IPO - The Positives - Strong Track Record

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

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.

Recruit Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/recruit-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15070:1" rel="noopener">Recruit Holdings (6098 JP)</a> reported 1QFY03/2024 results yesterday. Revenue and OP increased 0.9% and 1.9% YoY to ¥850.8bn (vs consensus ¥818.7bn) and ¥121.6bn (vs consensus ¥109.9bn) respectively.</li>
<li>1QFY03/24 revenues of ¥850.8bn and adjusted EBITDA of ¥165.9bn were higher than the company guided revenues and adj. EBITDA of ¥800-830bn and ¥140-160bn respectively.</li>
<li>HR Tech segment’s revenues declined 9.1% and Recruit has shifted to a new pricing model for HR Tech which we think would further impact the segment’s earnings.</li>
</ul>



Recruit Holdings (6098 JP) reported 1QFY03/2024 results yesterday. Revenue and OP increased 0.9% and 1.9% YoY to ¥850.8bn (vs consensus ¥818.7bn) and ¥121.6bn (vs consensus ¥109.9bn) respectively.
1QFY03/24 revenues of ¥850.8bn and adjusted EBITDA of ¥165.9bn were higher than the company guided revenues and adj. EBITDA of ¥800-830bn and ¥140-160bn respectively.
HR Tech segment’s revenues declined 9.1% and Recruit has shifted to a new pricing model for HR Tech which we think would further impact the segment’s earnings.


Recruit 1Q: Earnings Further Slow Down; New Pricing Model Seems to Impact HR Tech Further

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/recruit-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15070:1" rel="noopener">Recruit Holdings (6098 JP)</a> reported FQ4 and full-year FY03/2023 results. FQ4 revenue increased 9.0% YoY to ¥827.7bn (vs consensus ¥846.7bn) while OP decreased 57.1% YoY to ¥19.4bn (vs consensus ¥40.0bn).</li>
<li>Excluding restructuring charges and one-time charge on impairment losses on right-of-use assets, OP increased 12.4% YoY to ¥50.9bn resulting in an OPM of 6.1% vs 6.0% in 4QFY03/2023.</li>
<li>Recruit’s FY03/2024E guidance is in line with our expectation where the company expects earnings to weaken as labour markets have begun to slowdown.</li>
</ul>



Recruit Holdings (6098 JP) reported FQ4 and full-year FY03/2023 results. FQ4 revenue increased 9.0% YoY to ¥827.7bn (vs consensus ¥846.7bn) while OP decreased 57.1% YoY to ¥19.4bn (vs consensus ¥40.0bn).
Excluding restructuring charges and one-time charge on impairment losses on right-of-use assets, OP increased 12.4% YoY to ¥50.9bn resulting in an OPM of 6.1% vs 6.0% in 4QFY03/2023.
Recruit’s FY03/2024E guidance is in line with our expectation where the company expects earnings to weaken as labour markets have begun to slowdown.


Recruit 4Q: Earnings Growth to Decline as Labour Markets Begin to Slowdown

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)

APM Human Services IPO Lock-Up - US$400m of Shares Come Free but First PE Needs to Clear Out

APM Human Services (APM) raised about US$730m by selling a mix of primary and secondary shares in Nov 21. The second IPO linked lockup, worth...

Sumeet Singh

Integral Corporation Pre-IPO - The Negatives - Ambitious Indicative Pricing

Integral Corporation (5842 JP) is looking to raise around US$175m in its Japan IPO. In this note, we talk about the not-so-positive aspects of the...

Sumeet Singh

Integral Corporation Pre-IPO - The Positives - Strong Track Record

Integral Corporation, a private equity management company, is looking to raise around US$175m in its Japan IPO. In this note we talk about the...

Sumeet Singh

Recruit 1Q: Earnings Further Slow Down; New Pricing Model Seems to Impact HR Tech Further

As expected, Recruit's earnings have slowed down. HR Tech revenues declined and the shift to a new pricing model will impact the no. of paid job...

Shifara Samsudeen, ACMA, CGMA

Recruit 4Q: Earnings Growth to Decline as Labour Markets Begin to Slowdown

Recruit Holdings is reporting 1QFY03/2024 results tomorrow. This insight will offer readers a quick glance at the company's latest earnings and...

Shifara Samsudeen, ACMA, CGMA

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