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/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

<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 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

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

NTT (Nippon Telegraph & Telephone) / Event-Driven

<ul>
<li>NTT reports a Q1 which looks like KDDI where the business looks like KDDI and a bit better than that where it doesn't. Good. Not great. </li>
<li>But NTT announced a ¥200bn buyback. Again good. Not great. </li>
<li>And on Sunday, LDP politician Amari spoke on a Sunday news show about the possible govt selldown of NTT shares. 20yrs is a long time. So no overhang.</li>
</ul>


NTT reports a Q1 which looks like KDDI where the business looks like KDDI and a bit better than that where it doesn't. Good. Not great. 
But NTT announced a ¥200bn buyback. Again good. Not great. 
And on Sunday, LDP politician Amari spoke on a Sunday news show about the possible govt selldown of NTT shares. 20yrs is a long time. So no overhang.


Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> rallied +27% in the first 6 months of 2023. 6 months closed up, July closed (barely) down. The index can rise further in Aug/Sep.</li>
<li>If August is down, a LONG opportunity: look at support prices between 32391 and 30600,  good probability to see the market going higher from there.</li>
<li>If rallying in August, Nikkei could rise between +1.73% (33745) and +3.29% (34265). Continuation of the rally into September could reach higher prices but will encounter resistance at +8.29% (35922).</li>
</ul>


The Nikkei 225 (NKY INDEX) rallied +27% in the first 6 months of 2023. 6 months closed up, July closed (barely) down. The index can rise further in Aug/Sep.
If August is down, a LONG opportunity: look at support prices between 32391 and 30600,  good probability to see the market going higher from there.
If rallying in August, Nikkei could rise between +1.73% (33745) and +3.29% (34265). Continuation of the rally into September could reach higher prices but will encounter resistance at +8.29% (35922).


EQD | Nikkei 225 (NKY) MONTHLY Trajectories

<ul>
<li>Today, with Q1 earnings, which I found less than great, <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI Corp (9433 JP)</a> announced a Tender Offer Buyback to repurchase up to 64,102,500 shares for up to ¥250.03175bn.</li>
<li>The Tender Offer - at ¥3900/share vs Last at ¥4,271/share (designed for cross-holding unwinds) - goes from 31-July through 28-August. It fills the 83.3% of the buyback programme announced 11-May.</li>
<li>
<a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> has announced it would sell ¥250bn of shares into this Tender Offer. This is less interesting than it looks. The whole thing is.</li>
</ul>


Today, with Q1 earnings, which I found less than great, KDDI Corp (9433 JP) announced a Tender Offer Buyback to repurchase up to 64,102,500 shares for up to ¥250.03175bn.
The Tender Offer - at ¥3900/share vs Last at ¥4,271/share (designed for cross-holding unwinds) - goes from 31-July through 28-August. It fills the 83.3% of the buyback programme announced 11-May.

Toyota Motor (7203 JP) has announced it would sell ¥250bn of shares into this Tender Offer. This is less interesting than it looks. The whole thing is.


KDDI (9433) - Own Share Tender Offer, Toyota To Sell (Gasp!)

Japan

Softbank Corporation provides mobile phone telecommunication and networking services. The Company offers mobile communication opening, short messaging function opening, video function opening, and other services. Softbank also provides mobile phones.

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Softbank Corp (9434 JP)

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

Amari Ni Mo... NTT (9432)

NTT's Q1 is OK, but not fantastic. "In line". But they announced a buyback, and LDP pol Amari's comments Sunday tell you there are more buybacks...

Travis Lundy

EQD | Nikkei 225 (NKY) MONTHLY Trajectories

MONTHLY Trend Pattern Analysis of the Nikkei 225 Index: after 6 months up in a row and +27% gains, where is the index going next? Find support...

Nico Rosti

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Amari Ni Mo... NTT (9432)

NTT's Q1 is OK, but not fantastic. "In line". But they announced a buyback, and LDP pol Amari's comments Sunday tell you there are more buybacks...

Travis Lundy

EQD | Nikkei 225 (NKY) MONTHLY Trajectories

MONTHLY Trend Pattern Analysis of the Nikkei 225 Index: after 6 months up in a row and +27% gains, where is the index going next? Find support...

Nico Rosti

KDDI (9433) - Own Share Tender Offer, Toyota To Sell (Gasp!)

KDDI has announced a tender offer to fulfil 83% of their original buyback program. Toyota will sell. This looks more important, governance-wise,...

Travis Lundy