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.

Equity Capital Markets

<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> is looking to raise up to US$360m in its Japan IPO.</li>
<li>Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.</li>
<li>In this note, we will revisit our earnings assumptions and share our thoughts on valuation at the final price range.</li>
</ul>



Tryt Inc (9164 JP) is looking to raise up to US$360m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
In this note, we will revisit our earnings assumptions and share our thoughts on valuation at the final price range.


Tryt IPO - Valuation Seems Digestible at the Bottom End, but the Firm Still Needs to Get a Lot Right

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 in the medical and welfare fields. The company has filed for an IPO and plans to raise around $450m.</li>
<li>The company’s top line has continued to expand; however, margins have continued to narrow down over the last 3-4 years.</li>
<li>We remain concerned over the company’s growth prospects and would only recommend subscribing if the IPO is priced attractively.</li>
</ul>


TRYT Group is engaged in job placement and temporary staffing in the medical and welfare fields. The company has filed for an IPO and plans to raise around $450m.
The company’s top line has continued to expand; however, margins have continued to narrow down over the last 3-4 years.
We remain concerned over the company’s growth prospects and would only recommend subscribing if the IPO is priced attractively.


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 href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a>, a leading professional recruiting and temporary staffing service in Japan, seeks to raise US$450 million. Pricing is on 5 July, and book-building is 6-11 July.</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> and <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>. </li>
<li>In this note, we discuss valuation. Our analysis suggests that Tryt is unattractively valued at the IPO reference price of JPY1,620 per share. We would pass on the IPO.</li>
</ul>



Tryt Inc (9164 JP), a leading professional recruiting and temporary staffing service in Japan, seeks to raise US$450 million. Pricing is on 5 July, and book-building is 6-11 July.
We previously discussed the IPO in TRYT IPO: The Bull Case and TRYT IPO: The Bear Case. 
In this note, we discuss valuation. Our analysis suggests that Tryt is unattractively valued at the IPO reference price of JPY1,620 per share. We would pass on the IPO.


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/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a>, <a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (1416286D IJ)</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.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, <a href="https://www.smartkarma.com/entities/dali-foods-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1082:1" rel="noopener">Dali Foods Group (3799 HK)</a>, <a href="https://www.smartkarma.com/entities/nws-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3350:1" rel="noopener">Nws Holdings (659 HK)</a>, <a href="https://www.smartkarma.com/entities/poly-culture-group-corp-h" target="_blank" data-smartkarma-citation="entities:4729:1" rel="noopener">Poly Culture Group Corp H (3636 HK)</a>, Yitai Coal, <a href="https://www.smartkarma.com/entities/ddh1-ltd" target="_blank" data-smartkarma-citation="entities:36022:1" rel="noopener">DDH1 (DDH 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 - Tryt Inc (9164 JP), Amman Mineral Internasional (1416286D IJ), Alibaba (ADR) (BABA US)'s Cainiao &amp; Cloud Intelligence Group, J&amp;T Global Express (1936374D CH) IPOs.
Event-Driven developments - JSR Corp (4185 JP), Dali Foods Group (3799 HK), Nws Holdings (659 HK), Poly Culture Group Corp H (3636 HK), Yitai Coal, DDH1 (DDH AU). 


Weekly Deals Digest (02 Jul) - JSR, Dali Foods, NWS, Poly Culture, Yitai, DDH1/Perenti, Tryt

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Singapore Airlines / 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>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> will announce its price range in the coming week, while <a href="https://www.smartkarma.com/entities/kelun-biotech" target="_blank" data-smartkarma-citation="entities:36801:1" rel="noopener">Kelun Biotech</a> tries to break the US$100m+ deal silence in HK. </li>
<li>On the placement front, even Singapore joined in the placement action this week, with only HK deal remaining absent over the past month.</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) will announce its price range in the coming week, while Kelun Biotech tries to break the US$100m+ deal silence in HK. 
On the placement front, even Singapore joined in the placement action this week, with only HK deal remaining absent over the past month.


ECM Weekly (2nd July 2023) - Tryt, J&T Express, Redox, Kelun, 4Paradigm, SIA, M&A Research, Walsin

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

TRYT (9164 JP)

Tryt IPO - Valuation Seems Digestible at the Bottom End, but the Firm Still Needs to Get a Lot Right

Tryt Inc (9164 JP) is looking to raise up to US$360m in its Japan IPO. In this note, we will revisit our earnings assumptions and share our...

Clarence Chu

TRYT IPO: Margins on a Downward Trend

Though it seems that TRYT stands to benefit from structural changes in demographics, the company's top line growth seems to be slowing down and...

Shifara Samsudeen, ACMA, CGMA

TRYT IPO: Valuation Insights

Our analysis suggests that Tryt is unattractively valued at the IPO reference price of JPY1,620 per share. We would pass on the IPO.

Arun George

Weekly Deals Digest (02 Jul) - JSR, Dali Foods, NWS, Poly Culture, Yitai, DDH1/Perenti, Tryt

Last week, notable developments occurred in Event-Driven (Dali Foods, NWS, Poly Culture, Yitai, JSR, DDH1/Perenti, Silk Laser) and ECM (Tryt, J&T...

Arun George

ECM Weekly (2nd July 2023) - Tryt, J&T Express, Redox, Kelun, 4Paradigm, SIA, M&A Research, Walsin

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)