APAC IPOs & Placements

Zhen Zhou, Toh

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

<p><a href="https://www.smartkarma.com/entities/visional-inc" target="_blank" data-smartkarma-citation="entities:32977:1" rel="noopener">Visional Inc (4194 JP)</a> raised US$609m at JPY5,000 per share, the top-end of its IPO price range.</p>
<p>Visional Inc. is a human resources (HR) technology company based in Japan. The company operates BizReach, an online recruiting platform that helps to connect professional job seekers to direct employers and third-party recruiters. It also offers HRMOS, which is a cloud-based human capital management (HCM) platform.</p>
<p>We have previously covered the IPO in:</p>
<ul>
<li>
<a href="https://www.smartkarma.com/insights/visional-inc-ipo-pricey-hire" target="_blank" data-smartkarma-citation="insights:50114" rel="noopener">Visional Inc IPO - Pricey Hire</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/visional-inc-ipo-good-vision-muddled-by-dilution-and-selling-shareholders" target="_blank" data-smartkarma-citation="insights:50086" rel="noopener">Visional Inc IPO - Good Vision Muddled by Dilution and Selling Shareholders</a> </li>
</ul>
<p>In this note, I'll look at the deal dynamics and provide a table with implied valuation at different share price levels.</p>

Visional Inc (4194 JP) raised US$609m at JPY5,000 per share, the top-end of its IPO price range.
Visional Inc. is a human resources (HR) technology company based in Japan. The company operates BizReach, an online recruiting platform that helps to connect professional job seekers to direct employers and third-party recruiters. It also offers HRMOS, which is a cloud-based human capital management (HCM) platform.
We have previously covered the IPO in:


Visional Inc IPO - Pricey Hire 

Visional Inc IPO - Good Vision Muddled by Dilution and Selling Shareholders 

In this note, I'll look at the deal dynamics and provide a table with implied valuation at different share price levels.

Visional Inc IPO Trading Update - Good Demand, Small Upside Based on SOTP

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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.

<p>Visional’s financials are a little difficult to unentangle as it combines Bizreach, which looks to be very profitable, with a number of growing and loss-making businesses, we believe that close scrutiny should reveal the excellent value on offer here.</p>

Visional’s financials are a little difficult to unentangle as it combines Bizreach, which looks to be very profitable, with a number of growing and loss-making businesses, we believe that close scrutiny should reveal the excellent value on offer here.

Visional IPO – Can the Valuation Bizreach ¥8,000 a Share?

<p><a href="https://www.smartkarma.com/entities/visional-inc" target="_blank" data-smartkarma-citation="entities:32977:1" rel="noopener">Visional Inc (4194 JP)</a> is looking to raise up to US$609m in its Japan IPO.</p><p>Visional Inc. is a human resources (HR) technology company based in Japan. The company operates BizReach, an online recruiting platform that helps to connect professional job seekers to direct employers and third-party recruiters. It also offers HRMOS, which is a cloud-based human capital management (HCM) platform.</p><p>In this note, we share our thoughts on assumptions, valuation, and deal dynamics.</p>

Visional Inc (4194 JP) is looking to raise up to US$609m in its Japan IPO.Visional Inc. is a human resources (HR) technology company based in Japan. The company operates BizReach, an online recruiting platform that helps to connect professional job seekers to direct employers and third-party recruiters. It also offers HRMOS, which is a cloud-based human capital management (HCM) platform.In this note, we share our thoughts on assumptions, valuation, and deal dynamics.

<p>Visional, parent company of Japan’s high class job seeker database Bizreach is scheduled to IPO on the 22<sup>nd</sup> of April on the Mothers market. We examine the company’s business model and financials below.</p>

Visional, parent company of Japan’s high class job seeker database Bizreach is scheduled to IPO on the 22nd of April on the Mothers market. We examine the company’s business model and financials below.

Visional IPO – VCs Bizreaching for the Exit but We Like This Anyway

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Thematic (Sector/Industry)

<p style="text-align: center;"><strong>• RESULTS &amp; REVISIONS SUMMARY - 15th FEBRUARY •</strong></p><div><p>Of Monday's 135 results announcements, 62% scored positively for earnings momentum despite trailing revenues falling by 6.3% on average and a 5.0 percentage point decline in operating margins. 26% of companies were in the red for the quarter.  60% of the 78 annual forecasts/revision announcements scored positively, and the average Forecast/Revision score was +5.5 points.</p></div><div><p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p></div><div>
<p>Thursday's 'best' large-cap announcement was from <a href="https://www.smartkarma.com/entities/kubota-corp" target="_blank" data-smartkarma-citation="entities:12926:1" rel="noopener">Kubota (6326 JP)</a>; while <a href="https://www.smartkarma.com/entities/dentsu-inc" target="_blank" data-smartkarma-citation="entities:12434:1" rel="noopener">Dentsu (4324 JP)</a> was the clear 'worst'. We would also not the uninspiring revision by <a href="https://www.smartkarma.com/entities/recruit-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15070:1" rel="noopener">Recruit (6098 JP)</a>. </p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/841/original/2021-02-16_06-23-17.png?1613424209" class="editor-image img-responsive" data-smartkarma-image-id="188841"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/842/original/2021-02-16_06-27-02.png?1613424434" class="editor-image img-responsive" data-smartkarma-image-id="188842"></figure></section>
</div><div class="content-caption">  <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/845/original/2021-02-16_06-31-09.png?1613424679" class="editor-image img-responsive" data-smartkarma-image-id="188845"></figure></section><p>   Source for all charts &amp; tables: Japan Analytics</p>
</div>

• RESULTS &amp; REVISIONS SUMMARY - 15th FEBRUARY •Of Monday's 135 results announcements, 62% scored positively for earnings momentum despite trailing revenues falling by 6.3% on average and a 5.0 percentage point decline in operating margins. 26% of companies were in the red for the quarter.  60% of the 78 annual forecasts/revision announcements scored positively, and the average Forecast/Revision score was +5.5 points.• BEST &amp; WORST •
Thursday's 'best' large-cap announcement was from Kubota (6326 JP); while Dentsu (4324 JP) was the clear 'worst'. We would also not the uninspiring revision by Recruit (6098 JP). 

     Source for all charts &amp; tables: Japan Analytics


🇯🇵 JAPAN • Results & Revisions 02/​15 - Kubota, Dentsu & Recruit

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)

Visional Inc IPO Trading Update - Good Demand, Small Upside Based on SOTP

Visional Inc (4194 JP) raised US$609m at JPY5,000 per share, the top-end of its IPO price range. Visional Inc. is a human resources (HR) technology...

Zhen Zhou, Toh

Visional Inc IPO - Pricey Hire

Visional Inc (4194 JP) is looking to raise up to US$609m in its Japan IPO. Visional Inc. is a human resources (HR) technology company based in Japan.

Zhen Zhou, Toh

Visional IPO – VCs Bizreaching for the Exit but We Like This Anyway

Visional offers investors to the opportunity to gain exposure to a domestically-focused mini-Recruit but with potentially higher margins for its...

Mio Kato

🇯🇵 JAPAN • Results & Revisions 02/15 - Kubota, Dentsu & Recruit

Of Monday's 135 results announcements, 62% scored positively for earnings momentum despite trailing revenues falling by 6.3% on average and a 5.0...

Campbell Gunn

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Visional Inc IPO Trading Update - Good Demand, Small Upside Based on SOTP

Visional Inc (4194 JP) raised US$609m at JPY5,000 per share, the top-end of its IPO price range. Visional Inc. is a human resources (HR) technology...

Zhen Zhou, Toh

Visional IPO – Can the Valuation Bizreach ¥8,000 a Share?

Superficially, Visional looks expensive relative to peers but a close examination of its Bizreach business reveals a highly profitable unit that is...

Mio Kato

Visional Inc IPO - Pricey Hire

Visional Inc (4194 JP) is looking to raise up to US$609m in its Japan IPO. Visional Inc. is a human resources (HR) technology company based in Japan.

Zhen Zhou, Toh

Visional IPO – VCs Bizreaching for the Exit but We Like This Anyway

Visional offers investors to the opportunity to gain exposure to a domestically-focused mini-Recruit but with potentially higher margins for its...

Mio Kato

🇯🇵 JAPAN • Results & Revisions 02/​15 - Kubota, Dentsu & Recruit

Of Monday's 135 results announcements, 62% scored positively for earnings momentum despite trailing revenues falling by 6.3% on average and a 5.0...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 02/15 - Kubota, Dentsu & Recruit