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>
<a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee Inc (215A JP)</a> ’s share price has declined 26% over the last five days with the company reporting 3QFY10/2024 earnings on 12th September 2024.</li>
<li>As we expected, top line growth has further slowed down while OPM for the quarter has dropped both QoQ and YoY concerning investors over Timee’s ability to generate sustainable margins.</li>
<li>Timee’s proven business model has attracted Mercari and Sharefull to offer similar services, nevertheless, we would not be too concerned as Timee has the first mover advantage.</li>
</ul>



Timee Inc (215A JP) ’s share price has declined 26% over the last five days with the company reporting 3QFY10/2024 earnings on 12th September 2024.
As we expected, top line growth has further slowed down while OPM for the quarter has dropped both QoQ and YoY concerning investors over Timee’s ability to generate sustainable margins.
Timee’s proven business model has attracted Mercari and Sharefull to offer similar services, nevertheless, we would not be too concerned as Timee has the first mover advantage.


Timee: Market Overreacts to Potential Competition and Drop in Margins

Equity Capital Markets

<ul>
<li>Timee began trading on 26th July and share price has surged 47% since its debut where the company priced the IPO at top of the indicative price range.</li>
<li>Though <a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee Inc (215A JP)</a> is in early stages, the company has proven that its business model is successful and continue to dominate a market that is underpenetrated.</li>
<li>Though we think there is further upside, if you have already bought shares at the IPO, we would suggest taking profits and wait for a dip to make a re-entry.</li>
</ul>


Timee began trading on 26th July and share price has surged 47% since its debut where the company priced the IPO at top of the indicative price range.
Though Timee Inc (215A JP) is in early stages, the company has proven that its business model is successful and continue to dominate a market that is underpenetrated.
Though we think there is further upside, if you have already bought shares at the IPO, we would suggest taking profits and wait for a dip to make a re-entry.


APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee Inc (215A JP)</a> raised US$300m in its Japan IPO. The IPO had been a 100% secondary selldown by existing shareholders.</li>
<li>Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul>



Timee Inc (215A JP) raised US$300m in its Japan IPO. The IPO had been a 100% secondary selldown by existing shareholders.
Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan.
We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.


Timee IPO Trading - Garnered a Strong Demand, Should Pop

<ul>
<li>Timee has set an indicative IPO price range of ¥1,350-1,450 per share and will raise US$280m (at the midpoint) where existing shareholders will sell down part of their ownership.</li>
<li>We expect Timee’s earnings to grow as the company is still in its early stages and with further growth in scale, we expect Timee’s margins to continue to expand further.</li>
<li>Our analysis shows that <a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee Inc (215A JP)</a> IPO is valued attractively as the company has better-than-peer margin profile which suggests that there is further upside to implied valuation multiples.</li>
</ul>


Timee has set an indicative IPO price range of ¥1,350-1,450 per share and will raise US$280m (at the midpoint) where existing shareholders will sell down part of their ownership.
We expect Timee’s earnings to grow as the company is still in its early stages and with further growth in scale, we expect Timee’s margins to continue to expand further.
Our analysis shows that Timee Inc (215A JP) IPO is valued attractively as the company has better-than-peer margin profile which suggests that there is further upside to implied valuation multiples.


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.

<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/asics-corp" target="_blank" data-smartkarma-citation="entities:16287:1" rel="noopener">ASICS Corp (7936 JP)</a>, <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a>, <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> placements; <a href="https://www.smartkarma.com/entities/sanil-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:43687:1" rel="noopener">Sanil Electric (062040 KS)</a> and <a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee Inc (215A JP)</a> IPOs.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a>, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>, <a href="https://www.smartkarma.com/entities/hong-kong-television-network-limited" target="_blank" data-smartkarma-citation="entities:12953:1" rel="noopener">Hong Kong Television Network (1137 HK)</a>, <a href="https://www.smartkarma.com/entities/rex-minerals-ltd" target="_blank" data-smartkarma-citation="entities:13845:1" rel="noopener">Rex Minerals (RXM AU)</a>, <a href="https://www.smartkarma.com/entities/second-chance-properties-ltd" target="_blank" data-smartkarma-citation="entities:20342:1" rel="noopener">Second Chance Properties (SCE 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: ASICS Corp (7936 JP), Honda Motor (7267 JP), Kokusai Electric (6525 JP) placements; Sanil Electric (062040 KS) and Timee Inc (215A JP) IPOs.
Event-Driven developments: Canvest Environmental Protection Group (1381 HK), Shanghai Henlius Biotech (2696 HK), Hong Kong Television Network (1137 HK), Rex Minerals (RXM AU), Second Chance Properties (SCE SP).



Weekly Deals Digest (14 Jul) - Timee, ASICS, Honda, Kokusai, Sanil, Canvest, Henlius, HKTV, Rex

Japan

Taimee, Inc. develops software products. The Company produces internet media softwares, application programs, and other products. Taimee also provides marketing, brand promotion, and other services.

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Timee Inc (215A JP)

Timee: Market Overreacts to Potential Competition and Drop in Margins

Timee is down 26% post 3Q earnings which has concerned investors over slowing growth and margins. Mercari and Sharefull are offering similar...

Shifara Samsudeen, ACMA, CGMA

Timee IPO: Trading Update

Timee had a strong debut where shares have surged 47% compared to IPO price. Timee deserves to trade at a premium given the proven business model...

Shifara Samsudeen, ACMA, CGMA

Timee IPO Trading - Garnered a Strong Demand, Should Pop

Timee Inc (215A JP) raised US$300m in its Japan IPO. The IPO had been a 100% secondary selldown by existing shareholders.

Clarence Chu

Timee IPO: Forecasts and Valuation

Timee plans to raise $280m through the sale of existing shares and our forecasts and valuation analysis suggests that Timee's IPO is attractively...

Shifara Samsudeen, ACMA, CGMA

Weekly Deals Digest (14 Jul) - Timee, ASICS, Honda, Kokusai, Sanil, Canvest, Henlius, HKTV, Rex

Last week, notable developments occurred in Event-Driven (Canvest Environmental, Henlius, HKTV, Rex Minerals, Second Chance) and ECM (ASICS, Honda,...

Arun George

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Timee: Market Overreacts to Potential Competition and Drop in Margins

​Timee is down 26% post 3Q earnings which has concerned investors over slowing growth and margins. Mercari and Sharefull are offering similar...

Shifara Samsudeen, ACMA, CGMA

Timee IPO: Trading Update

Timee had a strong debut where shares have surged 47% compared to IPO price. Timee deserves to trade at a premium given the proven business model...

Shifara Samsudeen, ACMA, CGMA

Timee IPO Trading - Garnered a Strong Demand, Should Pop

Timee Inc (215A JP) raised US$300m in its Japan IPO. The IPO had been a 100% secondary selldown by existing shareholders.

Clarence Chu

Timee IPO: Forecasts and Valuation

​Timee plans to raise $280m through the sale of existing shares and our forecasts and valuation analysis suggests that Timee's IPO is attractively...

Shifara Samsudeen, ACMA, CGMA

Weekly Deals Digest (14 Jul) - Timee, ASICS, Honda, Kokusai, Sanil, Canvest, Henlius, HKTV, Rex

Last week, notable developments occurred in Event-Driven (Canvest Environmental, Henlius, HKTV, Rex Minerals, Second Chance) and ECM (ASICS, Honda,...

Arun George

Timee is down 26% post 3Q earnings which has concerned investors over slowing growth and margins. Mercari and Sharefull are offering similar...

Timee plans to raise $280m through the sale of existing shares and our forecasts and valuation analysis suggests that Timee's IPO is attractively...