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.

Event-Driven

<ul>
<li>Three shareholders of <a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> aim to raise around US$1.4bn via selling all of their shares in Socionext.</li>
<li>We have covered the background of the deal in our earlier note, <a href="https://www.smartkarma.com/insights/socionext-placement-a-us-1-8bn-cleanup-will-have-to-give-up-some-of-its-6x-listing-gains" target="_blank" data-smartkarma-citation="insights:106206" rel="noopener">Socionext Placement - A US$1.8bn Cleanup, Will Have to Give up Some of Its 6x Listing Gains</a>.</li>
<li>In this note, we talk about the updates and look at the performance of some of the past Japan deals.</li>
</ul>


Three shareholders of Socionext (6526 JP) aim to raise around US$1.4bn via selling all of their shares in Socionext.
We have covered the background of the deal in our earlier note, Socionext Placement - A US$1.8bn Cleanup, Will Have to Give up Some of Its 6x Listing Gains.
In this note, we talk about the updates and look at the performance of some of the past Japan deals.


Socionext Placement - Valuation More Reasonable but past Secondary Offerings Have a Mixed Record

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.

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/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a>'s Cainiao &amp; Cloud Intelligence Group, <a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1936374D CH)</a> IPOs &amp; <a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a>'s secondary placement.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/costa-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22632:1" rel="noopener">Costa Group Holdings (CGC AU)</a>, <a href="https://www.smartkarma.com/entities/musgrave-minerals-ltd" target="_blank" data-smartkarma-citation="entities:2564:1" rel="noopener">Musgrave Minerals (MGV AU)</a>, <a href="https://www.smartkarma.com/entities/yachiyo-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:6299:1" rel="noopener">Yachiyo Industry (7298 JP)</a>, <a href="https://www.smartkarma.com/entities/metro-pacific-investments-co" target="_blank" data-smartkarma-citation="entities:1054:1" rel="noopener">Metro Pacific Investments Co (MPI PM)</a>, <a href="https://www.smartkarma.com/entities/healthway-medical-corp-ltd" target="_blank" data-smartkarma-citation="entities:561:1" rel="noopener">Healthway Medical Corp (HMED 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 - Tryt Inc (9164 JP), Alibaba (ADR) (BABA US)'s Cainiao &amp; Cloud Intelligence Group, J&amp;T Global Express (1936374D CH) IPOs &amp; Socionext (6526 JP)'s secondary placement.
Event-Driven developments - Costa Group Holdings (CGC AU), Musgrave Minerals (MGV AU), Yachiyo Industry (7298 JP), Metro Pacific Investments Co (MPI PM), Healthway Medical Corp (HMED SP). 


Weekly Deals Digest (09 Jul) - Socionext, Tryt, Costa, Musgrave, United Malt, Yachiyo, Metro Pacific

<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>In the IPO space, <a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> announced a somewhat reasonable pricing range, while <a href="https://www.smartkarma.com/entities/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> looks to open up the Korean market for larger IPOs again.</li>
<li>On the placement front,  <a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> found itself in the eye of a storm after its stupendous 6x increase since listing.</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.
In the IPO space, Tryt Inc (9164 JP) announced a somewhat reasonable pricing range, while Fadu (440110 KS) looks to open up the Korean market for larger IPOs again.
On the placement front,  Socionext (6526 JP) found itself in the eye of a storm after its stupendous 6x increase since listing.


ECM Weekly (9th July 2023) - Socionext, Yongtai, Tryt, Redox, S.F. Holding, Lalatech, Fadu, Amman

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.

<ul>
<li>TRYT Group is engaged in job placement and temporary staffing, specialising in the medical and welfare and construction fields. The company has set the pricing for its Tokyo IPO.</li>
<li>Existing shareholders of the company will offer 40m shares at an indicative price range of ¥1,100-1,300 per share, raising around US$305-360m from the IPO.</li>
<li>We think <a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> ’s IPO is overvalued at the above price range compared to Japanese recruitment peers and would recommend staying on the sidelines.</li>
</ul>


TRYT Group is engaged in job placement and temporary staffing, specialising in the medical and welfare and construction fields. The company has set the pricing for its Tokyo IPO.
Existing shareholders of the company will offer 40m shares at an indicative price range of ¥1,100-1,300 per share, raising around US$305-360m from the IPO.
We think Tryt Inc (9164 JP) ’s IPO is overvalued at the above price range compared to Japanese recruitment peers and would recommend staying on the sidelines.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> has disclosed a revised IPO price range of JPY1,100-1,300 per share, which is -32% to -20% below the IPO reference price of JPY1,620 per share.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tryt-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:105670" rel="noopener">TRYT IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/tryt-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:105712" rel="noopener">TRYT IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/tryt-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:106020" rel="noopener">TRYT IPO: Valuation Insights</a>. </li>
<li>Our analysis suggests that Tryt remains unattractively valued at the revised IPO price range. Also, market sentiment on the sector has weakened. We would pass on the IPO.</li>
</ul>



Tryt Inc (9164 JP) has disclosed a revised IPO price range of JPY1,100-1,300 per share, which is -32% to -20% below the IPO reference price of JPY1,620 per share.
We previously discussed the IPO in TRYT IPO: The Bull Case, TRYT IPO: The Bear Case and TRYT IPO: Valuation Insights. 
Our analysis suggests that Tryt remains unattractively valued at the revised IPO price range. Also, market sentiment on the sector has weakened. We would pass on the IPO.


TRYT IPO: Revised IPO Price Range Remains Unattractive

Japan

QUICK CO., LTD. provides personnel placement services.  The Company acts as an recruiting advertisement agency and searches for human resources to meet their clients' needs.

TANSEISHA CO., LTD. plans, designs, remodels, renovates, and contracts display works mainly for commercial facilities, exhibitions, and museums.  The Company also provides construction works.  Tanseisha's main customers include government agencies.

YAMADA Consulting Group Co.,Ltd. provides educational and consulting services to those who study for Certified Financial Planner and provides a broad range of financial consulting services to individuals and corporations.

WORLD HOLDINGS CO., LTD provides outsourcing services in the manufacturing field . The Companyalso offers personnel staffing services for engineering and short-t erm positions.

Impact HD Inc. provides sales promotional support and store research services to retail stores and restaurants.

FULLCAST Holdings CO., LTD. provides personnel staffing services for short-term and full-time positions.  The Company also plans events.

WDB Holdings Co Ltd provides human resource services.  The Company specializes in temporary staffing and permanent employee introductions in fields such as biotechnology, chemistry, and engineering.

Link and Motivation, Inc. provides consulting services. The company offers a variety of motivation management to transform business organizations.

Altech Corporation offers personnel services by providing technicians for machinery. The Company also offers electric and electronic design, and software development on contract basis.

PASCO CORPORATION is a surveying company specializing in aerial photographs. The Company computerizes surveyed data and conducts information system engineering.

Pubang Landscape Architecture Company Limited constructs gardens, designs landscape, plants seedlings and conserves landscape. The Company mainly provides landscape design and construction services to residential, tourist resorts, and public gardens.

Pubang Landscape Architecture (002663 CH)

Mistras Group, Inc. develops asset protection solutions. The Company provides acoustic, ultrasonic , thermography, radiography, non-destructive testing platforms used to evaluate the structural and mechanical integrity of critical energy, industrial and public infrastructure. Mistras Group conducts business worldwide.

Bertrandt AG provides engineering consulting and production support services to the automobile industry.  The Company provides outsourcing services for the design, development, construction and testing of auto bodies, interiors, engines and drive trains.  Bertrandt has subsidiaries in Germany, France and the United Kingdom.

Science Group PLC offers technology product development and technology management services.  The Company, through its subsidiaries, offers consulting services to clients in key vertical markets to deliver returns on technology and R&D investments.

Tus-Design Group Co. Ltd. offers architectural design and other engineering services. The Company provides public building design, residential building design, landscape design, engineering testing, and other related services.

TrueBlue, Inc. provides temporary manual labor to the light industrial and small business markets. The Company operates dispatch offices in the United States, Puerto Rico, Canada, and the United Kingdom. TrueBlue's customers are primarily in the transportation, warehousing, hospitality, landscaping, construction, light manufacturing, retail, wholesale, and sanitation industries.

104 Corporation operates as a job search website.  The Company offers a forum of job seekers and job providers to advertise and search for job openings in Taiwan.

Gateley Holdings PLC operates as a law firm. The Company offers legal advice to business sectors and individuals such as banking and finance, construction, corporate, energy, insurance, real estate, shipping and transport, social housing, charity law, and financial sectors. Gateley Holdings serves customers in United Kingdom and Dubai.

Begbies Traynor Group plc provides professional services to businesses, professional advisors, and banks in the areas of insolvency, restructuring, and risk management activities in the United Kingdom. The company offers business rescue options, advisory options, forensic accounting and investigations, corporate and commercial finance, and personal insolvency solutions and services to banking, legal, and accounting sectors. It operates in two segments, Insolvency and Restructuring, and Property. The company also provides financial and risk consultancy, network organization, property consultancy, insurance brokerage, employee trust, and facilities management services. In addition, it offers trusted advisory services to banks, independent accountancy practices, law firms, as well as directors and shareholders of independent and quoted businesses. The company serves small businesses, professional advisers, corporations, and financial institutions. Begbies Traynor Group plc was founded in 1989 and is based in Manchester, the United Kingdom.

Shanghai Trendzone Construction Decoration Group Co., Ltd. offers an integrated solution to renovation by offering a complete set of capabilities, ranging from construction, architectural design, furniture manufacturing, to architectural technology.

TRYT Inc. offers provide human resources services for medical welfare institutions. The Company provides job placement, temporary staffing, direct recruiting, and other services. TRYT also supports the medical and welfare with information and communications technology solutions.

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TRYT (9164 JP)

Socionext Placement - Valuation More Reasonable but past Secondary Offerings Have a Mixed Record

Three shareholders of Socionext (6526 JP) aim to raise around US$1.4bn via selling all of their shares in Socionext. In this note, we look at the...

Sumeet Singh

Weekly Deals Digest (09 Jul) - Socionext, Tryt, Costa, Musgrave, United Malt, Yachiyo, Metro Pacific

Last week, notable developments occurred in Event-Driven (Costa, InvoCare, Musgrave, United Malt, Arteria, Yachiyo, Metro Pacific, Healthway) and...

Arun George

ECM Weekly (9th July 2023) - Socionext, Yongtai, Tryt, Redox, S.F. Holding, Lalatech, Fadu, Amman

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

TRYT IPO: Peer Comparison and Valuation

TRYT has announced the pricing for its IPO which is significantly lower than the reference price earlier. Our analysis suggests that the IPO is...

Shifara Samsudeen, ACMA, CGMA

TRYT IPO: Revised IPO Price Range Remains Unattractive

Our analysis suggests that Tryt remains unattractively valued at the revised IPO price range. Also, market sentiment on the sector has weakened. We...

Arun George

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