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.

Event-Driven

<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/toei-animation-co-ltd" target="_blank" data-smartkarma-citation="entities:18641:1" rel="noopener">Toei Animation (4816 JP)</a>'s prices its US$550 million secondary offering and <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> IPO.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/aozora-bank-ltd" target="_blank" data-smartkarma-citation="entities:6483:1" rel="noopener">Aozora Bank Ltd (8304 JP)</a>, <a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a>, <a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a>, <a href="https://www.smartkarma.com/entities/samsonite-international-sa" target="_blank" data-smartkarma-citation="entities:12790:1" rel="noopener">Samsonite (1910 HK)</a>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU)</a>, <a href="https://www.smartkarma.com/entities/apm-human-services-internation" target="_blank" data-smartkarma-citation="entities:34808:1" rel="noopener">APM Human Services Internation (APM AU)</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: Toei Animation (4816 JP)'s prices its US$550 million secondary offering and Trial Holdings (5882 JP) IPO.
Event-Driven developments: Aozora Bank Ltd (8304 JP), Outsourcing Inc (2427 JP), Tsuruha Holdings (3391 JP), Samsonite (1910 HK), Alumina Ltd (AWC AU), APM Human Services Internation (APM AU). 


Weekly Deals Digest (03 Mar) - Aozora, Outsourcing, Tsuruha, Toei, Samsonite, Adbri, Alumina, APM

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Equity Bottom-Up

<ul>
<li>Restrictions on driver overtime due in April are forcing logistics rationalisation across supply chains.</li>
<li>Aeon is one of the few retailers that runs its own logistics platforms but, even so, changes to logistics practices will feed through to how stores are merchandised</li>
<li>This could result in competitive pressure on smaller supermarket chains.</li>
</ul>


Restrictions on driver overtime due in April are forcing logistics rationalisation across supply chains.
Aeon is one of the few retailers that runs its own logistics platforms but, even so, changes to logistics practices will feed through to how stores are merchandised
This could result in competitive pressure on smaller supermarket chains.


Thematic (Sector/Industry)

<ul>
<li>The growth in retail media (brand advertising delivered in stores based on detailed customer data) continues to be one of the big trends in 2024.</li>
<li>Large retailers are keen to add this new revenue stream – and lots of brands want to advertise with them – and companies like Rakuten are offering this service directly.</li>
<li>For many retailers, they still need help from experts in advertising and data analysis to make it work, providing an opportunity for Hakuhodo among others.</li>
</ul>


The growth in retail media (brand advertising delivered in stores based on detailed customer data) continues to be one of the big trends in 2024.
Large retailers are keen to add this new revenue stream – and lots of brands want to advertise with them – and companies like Rakuten are offering this service directly.
For many retailers, they still need help from experts in advertising and data analysis to make it work, providing an opportunity for Hakuhodo among others.


Retail Media in Japan: More Revenue for Retailers, More Sales for Brands

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

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>On the IPO front, we looked at <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> refiling and <a href="https://www.smartkarma.com/entities/xiaocaiyuan-international-holding-ltd" target="_blank" data-smartkarma-citation="entities:40688:1" rel="noopener">Xiaocaiyuan International Holding</a> .</li>
<li>For placements, it was an action packed week in India, again, with Australia joining in as well.</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.
On the IPO front, we looked at Trial Holdings (5882 JP) refiling and Xiaocaiyuan International Holding .
For placements, it was an action packed week in India, again, with Australia joining in as well.


ECM Weekly (26th Feb 2024) - Trial Holdings, Juniper, Xiaocaiyuan, Union Bank, Orica, Azure

<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/toei-animation-co-ltd" target="_blank" data-smartkarma-citation="entities:18641:1" rel="noopener">Toei Animation (4816 JP)</a>'s US$550 Million secondary offering and <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> IPO.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a>, <a href="https://www.smartkarma.com/entities/boral-ltd" target="_blank" data-smartkarma-citation="entities:1487:1" rel="noopener">Boral Ltd (BLD AU)</a>, <a href="https://www.smartkarma.com/entities/csr-ltd" target="_blank" data-smartkarma-citation="entities:17380:1" rel="noopener">CSR Ltd (CSR AU)</a>,  <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a>, <a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a>, <a href="https://www.smartkarma.com/entities/snow-peak-inc" target="_blank" data-smartkarma-citation="entities:7218:1" rel="noopener">Snow Peak Inc (7816 JP)</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: Toei Animation (4816 JP)'s US$550 Million secondary offering and Trial Holdings (5882 JP) IPO.
Event-Driven developments: Azure Minerals (AZS AU), Boral Ltd (BLD AU), CSR Ltd (CSR AU),  China Traditional Chinese Medicine (570 HK), Outsourcing Inc (2427 JP), Snow Peak Inc (7816 JP). 



Weekly Deals Digest (25 Feb) - Azure, A2B, Boral, CSR, China TCM, Outsourcing, Payroll, Snow Peak

Japan

Trial Holdings Inc. operates distribution retail businesses. The Company provides foods, daily necessities, hard goods, and other products. Trial Holdings also develops retail artificial intelligence, real estate development, restaurants management, and other businesses.

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Trial Holdings (5882 JP)

Weekly Deals Digest (03 Mar) - Aozora, Outsourcing, Tsuruha, Toei, Samsonite, Adbri, Alumina, APM

Last week, notable developments occurred in Event-Driven (Aozora, Outsourcing, Tsuruha, Toei, ESR, Samsonite, Weiqiao Textile, Adbri, Alumina, CSR)...

Arun George

Aeon: Logistics Issues Drive Efficiency

Driver overtime restrictions in April are causing logistics changes, impacting supply chains and potentially pressuring smaller supermarket chains...

Michael Causton

Retail Media in Japan: More Revenue for Retailers, More Sales for Brands

Retail media, a big trend in 2024, offers major revenue potential for retailers as well as intermediaries like Hakuhodo in advertising and data...

Michael Causton

ECM Weekly (26th Feb 2024) - Trial Holdings, Juniper, Xiaocaiyuan, Union Bank, Orica, Azure

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

Weekly Deals Digest (25 Feb) - Azure, A2B, Boral, CSR, China TCM, Outsourcing, Payroll, Snow Peak

Last week, notable developments occurred in Event-Driven (Azure, A2B, Boral, CSR, China TCM, CPMC, Outsourcing, Payroll, Snow Peak, Genetron) and...

Arun George

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Weekly Deals Digest (03 Mar) - Aozora, Outsourcing, Tsuruha, Toei, Samsonite, Adbri, Alumina, APM

Last week, notable developments occurred in Event-Driven (Aozora, Outsourcing, Tsuruha, Toei, ESR, Samsonite, Weiqiao Textile, Adbri, Alumina, CSR)...

Arun George

Aeon: Logistics Issues Drive Efficiency

​Driver overtime restrictions in April are causing logistics changes, impacting supply chains and potentially pressuring smaller supermarket chains...

Michael Causton

Retail Media in Japan: More Revenue for Retailers, More Sales for Brands

​Retail media, a big trend in 2024, offers major revenue potential for retailers as well as intermediaries like Hakuhodo in advertising and data...

Michael Causton

ECM Weekly (26th Feb 2024) - Trial Holdings, Juniper, Xiaocaiyuan, Union Bank, Orica, Azure

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

Weekly Deals Digest (25 Feb) - Azure, A2B, Boral, CSR, China TCM, Outsourcing, Payroll, Snow Peak

Last week, notable developments occurred in Event-Driven (Azure, A2B, Boral, CSR, China TCM, CPMC, Outsourcing, Payroll, Snow Peak, Genetron) and...

Arun George

Driver overtime restrictions in April are causing logistics changes, impacting supply chains and potentially pressuring smaller supermarket chains...

Retail media, a big trend in 2024, offers major revenue potential for retailers as well as intermediaries like Hakuhodo in advertising and data...