Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>A company that is geared to Japan's macro revival with additional micro catalysts. </li>
<li>Ownership of financial companies which are set to benefit from a normalisation of Japanese monetary policy.</li>
<li>The low Price to Book means the company will need to keep up momentum on its capital management plans to  stay in the Prime Section of Topix.</li>
</ul>


A company that is geared to Japan's macro revival with additional micro catalysts. 
Ownership of financial companies which are set to benefit from a normalisation of Japanese monetary policy.
The low Price to Book means the company will need to keep up momentum on its capital management plans to  stay in the Prime Section of Topix.


Japan Post Holdings (6178.T) - Going Places!

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

Cainiao Smart Logistics Network / Equity Capital Markets

<ul>
<li>J&amp;T debuted with a rich valuation, but little investor enthusiasm to date</li>
<li>Focusing on J&amp;T's valuation alone could be a boon to CaiNiao's valuation...</li>
<li>...but, with few other comps, J&amp;T's lackluster early performance could be a drag</li>
</ul>


J&amp;T debuted with a rich valuation, but little investor enthusiasm to date
Focusing on J&amp;T's valuation alone could be a boon to CaiNiao's valuation...
...but, with few other comps, J&amp;T's lackluster early performance could be a drag


CaiNiao Smart Logistics Pre-IPO Part 5 | For Better or Worse, J&T IPO Will Impact CaiNiao Valuation

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.

J&T Global Express  / Equity Capital Markets

<ul>
<li>J&amp;T priced its IPO at a fixed price of HK$12.00 per share to raise the gross proceeds of the offering of US$500 million. The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/j-t-global-express-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:104964" rel="noopener">J&amp;T Global Express IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/j-t-global-express-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:105041" rel="noopener">J&amp;T Global Express IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/j-t-global-express-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:115216" rel="noopener">J&amp;T Global Express IPO: Valuation Insights</a>.</li>
<li>The market sentiment on the sector continues to weaken. The de-rating of peers lowers our SoTP valuation to HK$10.01 per share, 16.5% below the IPO price.  </li>
</ul>


J&amp;T priced its IPO at a fixed price of HK$12.00 per share to raise the gross proceeds of the offering of US$500 million. The shares will start trading tomorrow.
We previously discussed the IPO in J&amp;T Global Express IPO: The Bull Case, J&amp;T Global Express IPO: The Bear Case and J&amp;T Global Express IPO: Valuation Insights.
The market sentiment on the sector continues to weaken. The de-rating of peers lowers our SoTP valuation to HK$10.01 per share, 16.5% below the IPO price.  


<ul>
<li>In this insight we first consider which comparables are the most appropriate for CaiNiao</li>
<li>We then discuss which valuation multiples make sense, plus some potential pitfalls </li>
<li>We believe CaiNiao and their bankers could justify a valuation up to 310 bn CNY</li>
</ul>


In this insight we first consider which comparables are the most appropriate for CaiNiao
We then discuss which valuation multiples make sense, plus some potential pitfalls 
We believe CaiNiao and their bankers could justify a valuation up to 310 bn CNY


CaiNiao Smart Logistics Pre-IPO Part 3 | Key Comps, Valuation Multiples | 310 Bn CNY Justifiable

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cainiao-smart-logistics-network-ltd" target="_blank" data-smartkarma-citation="entities:36859:1" rel="noopener">Cainiao Smart Logistics (1437124D HK)</a>, a global leader in e-commerce logistics, has filed for a HKEx IPO to raise at least US$1 billion at a US$15-20 billion valuation. </li>
<li>According to CIC, Cainiao is the world’s leading cross-border e-commerce logistics company regarding parcel volume in 2022, with one of the world’s largest logistics networks in terms of geographic reach.</li>
<li>The bull case rests on market share gains in China, improving performance of the largest business (international logistics), and rising gross and operating margins. </li>
</ul>



Cainiao Smart Logistics (1437124D HK), a global leader in e-commerce logistics, has filed for a HKEx IPO to raise at least US$1 billion at a US$15-20 billion valuation. 
According to CIC, Cainiao is the world’s leading cross-border e-commerce logistics company regarding parcel volume in 2022, with one of the world’s largest logistics networks in terms of geographic reach.
The bull case rests on market share gains in China, improving performance of the largest business (international logistics), and rising gross and operating margins. 


Cainiao Smart Logistics IPO: The Bull Case

Japan

Yamato Holdings Co., Ltd. mainly provides door-to-door parcel delivery services. The Company has developed a nationwide delivery system specializing in time-specified delivery. Yamato Holdings offers moving services and other comprehensive transportation services including logistics services for both domestic and overseas customers as well as financial and autoworks services.

Price Gauge
52-week Range	0.00 - 0.00
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Yamato Holdings (9064 JP)

Japan Post Holdings (6178.T) - Going Places!

A company positioned for Japan's economic recovery, benefiting from financial sector ownership and capital management plans to increase its Value.

Rikki Malik

CaiNiao Smart Logistics Pre-IPO Part 5 | For Better or Worse, J&T IPO Will Impact CaiNiao Valuation

For better or worse, we believe investors will view J&T Global Express' recent IPO as the primary reference point for CaiNiao's planned IPO in Hong...

Tracking Traffic

J&T Global Express IPO: Trading Debut

The market sentiment on the sector continues to weaken. The de-rating of peers lowers our SoTP valuation to HK$10.01 per share, 16.5% below the IPO...

Arun George

CaiNiao Smart Logistics Pre-IPO Part 3 | Key Comps, Valuation Multiples | 310 Bn CNY Justifiable

In this insight we present an approach to valuing CaiNiao, including which comps and multiples make the most sense. We believe a valuation of up to...

Tracking Traffic

Cainiao Smart Logistics IPO: The Bull Case

The bull case rests on market share gains in China, improving performance of the largest business (international logistics), and rising gross and...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Post Holdings (6178.T) - Going Places!

​A company positioned for Japan's economic recovery, benefiting from financial sector ownership and capital management plans to increase its Value.

Rikki Malik

CaiNiao Smart Logistics Pre-IPO Part 5 | For Better or Worse, J&T IPO Will Impact CaiNiao Valuation

For better or worse, we believe investors will view J&T Global Express' recent IPO as the primary reference point for CaiNiao's planned IPO in Hong...

Tracking Traffic

J&T Global Express IPO: Trading Debut

The market sentiment on the sector continues to weaken. The de-rating of peers lowers our SoTP valuation to HK$10.01 per share, 16.5% below the IPO...

Arun George

CaiNiao Smart Logistics Pre-IPO Part 3 | Key Comps, Valuation Multiples | 310 Bn CNY Justifiable

In this insight we present an approach to valuing CaiNiao, including which comps and multiples make the most sense. We believe a valuation of up to...

Tracking Traffic

Cainiao Smart Logistics IPO: The Bull Case

The bull case rests on market share gains in China, improving performance of the largest business (international logistics), and rising gross and...

Arun George

A company positioned for Japan's economic recovery, benefiting from financial sector ownership and capital management plans to increase its Value.