Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today, <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a> and <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> <a href="https://www.rakuten-bank.co.jp/press/2023/pdf/230322-2.pdf" target="_blank" rel="noopener">announced</a> that Rakuten Bank had <a href="https://global.rakuten.com/corp/news/press/2023/0322_01.html" target="_blank" rel="noopener">received TSE approval to list</a> (English) on TSE Prime, with expected listing date 21 April 2023.</li>
<li>This had been <a href="https://global.rakuten.com/corp/news/press/2022/0704_02.html?year=2022&amp;month=7&amp;category=corp%20ir%20fintech" target="_blank" rel="noopener">in the works since July 2022</a>, and they <a href="https://www.bloomberg.com/news/articles/2022-09-21/rakuten-is-said-to-pick-goldman-daiwa-for-banking-unit-ipo#xj4y7vzkg" target="_blank" rel="noopener">selected advisors</a> in September 2022. The low end of the offer price range seems attractive. More diligence needed.</li>
<li>There will be index inclusions. Unlike <a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a> which is going to TSE Standard, Rakuten Bank is going to Prime.</li>
</ul>


Today, Rakuten (4755 JP) and Rakuten Bank (5838 JP) announced that Rakuten Bank had received TSE approval to list (English) on TSE Prime, with expected listing date 21 April 2023.
This had been in the works since July 2022, and they selected advisors in September 2022. The low end of the offer price range seems attractive. More diligence needed.
There will be index inclusions. Unlike SBI Sumishin Net Bank (7163 JP) which is going to TSE Standard, Rakuten Bank is going to Prime.


Rakuten Bank (5838 JP) - Another Net-Bank IPO, This One With TOPIX and Other Index Inclusions

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>
<a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a>  is looking to raise around US$375m in its Japan IPO.</li>
<li>TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.</li>
<li>In this note, we will undertake a peer comparison against some of its listed peers.</li>
</ul>



Trial Holdings (5882 JP)  is looking to raise around US$375m in its Japan IPO.
TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.
In this note, we will undertake a peer comparison against some of its listed peers.


Trial Holdings Pre-IPO - Peer Comparison - Leading in Growth, Lagging in Margins

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.

Japan Post Holdings / Equity Capital Markets

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a>, <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 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> IPOs; <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> offering.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/genesis-minerals-ltd" target="_blank" data-smartkarma-citation="entities:4650:1" rel="noopener">Genesis Minerals (GMD AU)</a>, <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a>, <a href="https://www.smartkarma.com/entities/aag-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:501:1" rel="noopener">Aag Energy Holdings (2686 HK)</a>, <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP).</a>  </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - SBI Sumishin Net Bank (7163 JP), Trial Holdings (5882 JP) and PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) IPOs; Japan Post Bank (7182 JP) offering.
Event-Driven developments - Toshiba Corp (6502 JP), Toyo Construction (1890 JP), Genesis Minerals (GMD AU), Pushpay Holdings (PPH NZ), Aag Energy Holdings (2686 HK), Halcyon Agri (HACL SP).  


Weekly Deals Digest (19 Mar) - Japan Post, Toshiba, AAG, SBI Sumishin, Trial Holdings, Harita Nickel

Alibaba Group Holding  / 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>IPO activity continues to pick up momentum, although the recent market volatility will likely make a few companies reconsider their near term plans.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> hasn't been playing ball, as has been the case with most of the other past deals which offered a trivial discount.</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.
IPO activity continues to pick up momentum, although the recent market volatility will likely make a few companies reconsider their near term plans.
On the placements front, Japan Post Bank (7182 JP) hasn't been playing ball, as has been the case with most of the other past deals which offered a trivial discount.


ECM Weekly (19th Mar 2023) - Japan Post Bank, SBI Sumishin, Harita, Trial Holding, ZKH, DPC, Kelsian

SBI Sumishin Net Bank  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a> has introduced a price range of JPY1,200-1,260 per share in the wake of a sell-off in bank shares. Offer shares and timelines are unchanged.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/sbi-sumishin-net-bank-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:96979" rel="noopener">SBI Sumishin Net Bank IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/sbi-sumishin-net-bank-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:97161" rel="noopener">SBI Sumishin Net Bank IPO: Valuation Insights</a>. The shares will be listed on 29 March.</li>
<li>Our analysis suggests that SBI Sumishin Net Bank is fairly valued at the new IPO price range. We would participate in the IPO.</li>
</ul>



SBI Sumishin Net Bank (7163 JP) has introduced a price range of JPY1,200-1,260 per share in the wake of a sell-off in bank shares. Offer shares and timelines are unchanged.
We previously discussed the IPO in SBI Sumishin Net Bank IPO: The Investment Case and SBI Sumishin Net Bank IPO: Valuation Insights. The shares will be listed on 29 March.
Our analysis suggests that SBI Sumishin Net Bank is fairly valued at the new IPO price range. We would participate in the IPO.


SBI Sumishin Net Bank IPO: An IPO Price Range in the Wake of the Bank Share Sell-Off

Japan

SBI Sumishin Net Bank, Ltd. offers general banking services. The Company provides transfer accounts, deposits, currency savings, mortgages, net loans, investment trusts, insurance products, and other banking services. SBI Sumishin Net Bank offers services to individuals and businesses.

Price Gauge
52-week Range	0.00 - 0.00
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SBI Sumishin Net Bank (7163 JP)

Rakuten Bank (5838 JP) - Another Net-Bank IPO, This One With TOPIX and Other Index Inclusions

Rakuten Bank IPO has been in the works since July 2022. It's here. Timing could have been better. Rakuten Bank specialises in B2C transactions,...

Travis Lundy

Trial Holdings Pre-IPO - Peer Comparison - Leading in Growth, Lagging in Margins

Trial Holdings (5882 JP) is looking to raise around US$375m in its Japan IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Weekly Deals Digest (19 Mar) - Japan Post, Toshiba, AAG, SBI Sumishin, Trial Holdings, Harita Nickel

Last week, notable developments occurred in Event-Driven (Genesis, Nitro, Norwest, Pushpay, AAG, Halcyon, Toshiba, Toyo) and ECM (Japan Post Bank,...

Arun George

ECM Weekly (19th Mar 2023) - Japan Post Bank, SBI Sumishin, Harita, Trial Holding, ZKH, DPC, Kelsian

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Rakuten Bank (5838 JP) - Another Net-Bank IPO, This One With TOPIX and Other Index Inclusions

Rakuten Bank IPO has been in the works since July 2022. It's here. Timing could have been better. Rakuten Bank specialises in B2C transactions,...

Travis Lundy

Trial Holdings Pre-IPO - Peer Comparison - Leading in Growth, Lagging in Margins

Trial Holdings (5882 JP) is looking to raise around US$375m in its Japan IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Weekly Deals Digest (19 Mar) - Japan Post, Toshiba, AAG, SBI Sumishin, Trial Holdings, Harita Nickel

Last week, notable developments occurred in Event-Driven (Genesis, Nitro, Norwest, Pushpay, AAG, Halcyon, Toshiba, Toyo) and ECM (Japan Post Bank,...

Arun George

ECM Weekly (19th Mar 2023) - Japan Post Bank, SBI Sumishin, Harita, Trial Holding, ZKH, DPC, Kelsian

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

SBI Sumishin Net Bank IPO: An IPO Price Range in the Wake of the Bank Share Sell-Off

Despite the bank sell-off, SBI Sumishin Net Bank is fairly valued at the new IPO price range of JPY1,200-1,260 per share. We would participate in...

Arun George