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>Net Protections Holdings (NPH), a buy now pay later service provider, raised around US$570m via selling a mix of primary and secondary shares in its Japan IPO.</li>
<li>As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.</li>
<li>In this note we will talk about the trading dynamics.</li>
</ul>


Net Protections Holdings (NPH), a buy now pay later service provider, raised around US$570m via selling a mix of primary and secondary shares in its Japan IPO.
As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.
In this note we will talk about the trading dynamics.


Net Protections IPO Trading - Peers Have Moved Lower. Provides the Only Exposure to BNPL in Japan

Recruit Holdings / Equity Capital Markets

<ul>
<li>Toppan aims to raise up to US$966m via selling 0.9% stake in Recruit Holdings.</li>
<li>This is not the first selldown by Toppan and Recruit has seen a number of deals in the past, all of which have done well.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Toppan aims to raise up to US$966m via selling 0.9% stake in Recruit Holdings.
This is not the first selldown by Toppan and Recruit has seen a number of deals in the past, all of which have done well.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Recruit Holdings Placement - Not the First Selldown, past Deals Have Done Well

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.

Equity Bottom-Up

<ul>
<li>Recruit’s share price has increased 56.8% over the last 12-months with recovery in recruitment markets both domestic and globally.</li>
<li>HR Tech saw a spike in EBITDA margin due to auction-based pricing, however, we expect the current imbalance in recruitment market to ease which should normalise margins going forward.</li>
<li>We expect Recruit’s post-Covid recovery to be short-lived with the emergence of Omicron which is likely to impact staffing activities and marketing services (dine and travel) due to emergency measures.</li>
</ul>


Recruit’s share price has increased 56.8% over the last 12-months with recovery in recruitment markets both domestic and globally.
HR Tech saw a spike in EBITDA margin due to auction-based pricing, however, we expect the current imbalance in recruitment market to ease which should normalise margins going forward.
We expect Recruit’s post-Covid recovery to be short-lived with the emergence of Omicron which is likely to impact staffing activities and marketing services (dine and travel) due to emergency measures.


2022 High Conviction – Recruit: Post Covid Recovery May Be Short-Lived

<ul>
<li>Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares in its Japan IPO.</li>
<li>As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.</li>
<li>In this note, we will talk about the positive and negative aspects of the deal</li>
</ul>


Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares in its Japan IPO.
As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.
In this note, we will talk about the positive and negative aspects of the deal


Net Protections Holdings IPO - Mixed Bag of Positives and Negatives

<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 its 2QFY03/22 results on 15th November and recorded a revenue growth of 23.2% YoY with a more than 2.4x growth in operating profit to ¥118.2bn.</li>
<li>Adjusted EBITDA grew by 101% to ¥140.7bn compared to ¥69.9bn for the 2nd quarter last year. Revenue and OP beat consensus by 1.7% and 27% respectively.</li>
<li>Recruit’s share price is currently at an all-time high with the positive sentiment regarding the company’s earnings and improving job market conditions.</li>
</ul>



Recruit Holdings (6098 JP) reported its 2QFY03/22 results on 15th November and recorded a revenue growth of 23.2% YoY with a more than 2.4x growth in operating profit to ¥118.2bn.
Adjusted EBITDA grew by 101% to ¥140.7bn compared to ¥69.9bn for the 2nd quarter last year. Revenue and OP beat consensus by 1.7% and 27% respectively.
Recruit’s share price is currently at an all-time high with the positive sentiment regarding the company’s earnings and improving job market conditions.


Recruit: Auction Pricing Helps Surge in Profits; Significant Downside Once Demand for Jobs Recover

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)

Net Protections IPO Trading - Peers Have Moved Lower. Provides the Only Exposure to BNPL in Japan

Net Protections Holdings (NPH), a buy now pay later service provider, raised around US$570m in its Japan IPO. In this note, we will talk about the...

Sumeet Singh

Recruit Holdings Placement - Not the First Selldown, past Deals Have Done Well

Toppan aims to raise up to US$966m via selling 0.9% stake in Recruit Holdings. In this note, we will talk about deal dynamics and run the deal...

Sumeet Singh

2022 High Conviction – Recruit: Post Covid Recovery May Be Short-Lived

We expect Recruit's post pandemic recovery to be short-lived with normalisation of recruitment markets and the ongoing Covid situation. Share price...

Shifara Samsudeen, ACMA, CGMA

Net Protections Holdings IPO - Mixed Bag of Positives and Negatives

Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares...

Sumeet Singh

Recruit: Auction Pricing Helps Surge in Profits; Significant Downside Once Demand for Jobs Recover

Recruit recorded a revenue growth of 23.2% YoY with a more than 2.4x growth in operating profit to ¥118.2bn. Share price is currently at an all...

Shifara Samsudeen, ACMA, CGMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)