ECM Daily Briefs | Page 23 of 118

In today’s briefing:

Kasumigaseki Capital (3498 JP) – An Offering Worth Examining
REPT BATTERO Energy IPO – Fastest Growth, Lowest Margins, No Valuation Discount

Kasumigaseki Capital (3498 JP) – An Offering Worth Examining

Kasumigaseki Capital is a small cap consulting real estate speculator/developer. They have an interesting, aggressive model. People will recognise the model from pre-GFC but this one is structured better.
The company had planned explosive growth and in October, brought growth plans forward and guidance way up. Now there is an offering to fund that growth.
It appears to also be an offering to get a very large short position out of a risk of potential squeeze. For that, I expect this goes smoothly.

REPT BATTERO Energy IPO – Fastest Growth, Lowest Margins, No Valuation Discount

REPT BATTERO Energy is looking to raise around US$300m in its Hong Kong IPO.
REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs.
We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Dec 08

Daily Brief ECM: 2024 Major IPOs Pipeline in Korea and more

In today’s briefing:

2024 Major IPOs Pipeline in Korea
IRCON Placement – Opportunistic Monetisation of a 2.5x YTD Gain
Entero Healthcare Pre-IPO – Has Been Scaling up Rapidly Aided by a Flurry of Acquisitions
Zomato Placement – SVF’s Overhang Will Be Lifted Post-Deal, Momentum on the Stock Remains Strong
UBTech Robotics Pre-IPO – PHIP Updates – Trying to Outrun Its Cash Burn

2024 Major IPOs Pipeline in Korea

By Douglas Kim

This is our 9th “Annual Edition of the Major Korean IPOs Pipeline Preview” at Smartkarma.
This insight will feature 50 of the biggest potential IPOs in Korea in 2024.
These 50 IPOs in Korea are likely to represent more than 80% of all capital raised through IPOs in Korea next year.

IRCON Placement – Opportunistic Monetisation of a 2.5x YTD Gain

The Government of India (GoI) is looking to raise US$155m from trimming a portion of its stake in Ircon International (IRCON IN), assuming the deal upsizes.
Assuming the deal upsizes, while it would represent 8% of the firm’s current shares outstanding, it would only represent 3.8 days of its three month ADV, given its strong liquidity.
Given that it isn’t the first time the GoI has sold its stake in IRCON, the selldown here should be expected, in our view.

Entero Healthcare Pre-IPO – Has Been Scaling up Rapidly Aided by a Flurry of Acquisitions

Entero Healthcare Solutions Limited (2294842D IN) is looking to raise US$200m in its upcoming India IPO. The IPO will consist of both a primary and secondary component.
Entero Healthcare Solutions (Entero) is a healthcare products distributor in India.
In this note, we look at the company’s past performance.

Zomato Placement – SVF’s Overhang Will Be Lifted Post-Deal, Momentum on the Stock Remains Strong

Softbank Group (9984 JP) is looking to raise US$135m from selling its remaining stake in Zomato (ZOMATO IN).
Since receiving shares from Zomato’s acquisition of 91% of Blinkit’s outstanding shares, Softbank has been busy trimming its stake in Zomato. The stake sale now will be a cleanup one.
Representing just 1.2 days of Zomato’s three month ADV, the deal here would be easily digested by the firm.

UBTech Robotics Pre-IPO – PHIP Updates – Trying to Outrun Its Cash Burn

UBTech Robotics (1683374D HK) is looking to raise about US$200m in its upcoming HK IPO, after downsizing from an earlier reported float of up to US$700m.
UBTech Robotics is engaged in artificial intelligence (AI)-empowered robotics in China, dedicated to the innovation of humanoid robots and development and sales of smart service robotic solutions.
We have looked at the company’s past performance in our previous note. In this note, we talk about its PHIP updates.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Dec 07

Daily Brief ECM: Rakuten Bank (5838 JP) Overnight Offering at a Fat Discount and more

In today’s briefing:

Rakuten Bank (5838 JP) Overnight Offering at a Fat Discount
Toyota To Sell Harmonic Drive (6324 JP) Shares in Overseas Offering
Rakuten Bank Placement – Was Expected at Some Point, Current Timing Seems Opportunistic
Harmonic Drive Placement – Cleanup Share Sale Will Remove the Overhang
Boss Energy Placement – Heavy Dilution and Doesn’t Appear Well Flagged
Rept Battero IPO: The Bull Case
Robosense Technology Pre-IPO – PHIP Updates – ADAS Sales Strong but Profitability Remains Distant
Rept Battero IPO (PHIP Updates): Margin Sustainability Is Concerning
Sunshine Insurance Group IPO Lock-Up – US$5.3bn Lockup Release Tomorrow, with No Liquidity
Pre-IPO Jiangxi Rimag Group – Unclear Profit Model, Uncertain Future Expansion, and Worrying Outlook

Rakuten Bank (5838 JP) Overnight Offering at a Fat Discount

After the close today, Rakuten Group (4755 JP) announced the sale of 25.5mm shares of Rakuten Bank (5838 JP), right as the IPO lockup was reaching its expiry. Expected.
Pricing is 6-7 Dec (pre-Tokyo open 7 Dec), delivery 11 Dec 2023. Indicative price range is 8.5-12.5% discount for a deal of US$425mm or so.
In an interesting technical detail, this will take Rakuten below 50%. There is some near-term index demand, some in April, some next October. Rheos could be more overhang.

Toyota To Sell Harmonic Drive (6324 JP) Shares in Overseas Offering

Today, Toyota Motor (7203 JP) announced it would sell 4.379mm shares (4.55%) of Harmonic Drive Systems (6324 JP) in an overseas placement.
This is not so big as it is emblematic, adding to the recent news on Toyota unwinds.
Harmonic Drive is heavily held by foreign institutions. This is a foreigners-only deal. But it will need to be absorbed by that group too.

Rakuten Bank Placement – Was Expected at Some Point, Current Timing Seems Opportunistic

Rakuten Group (4755 JP) aims to raise US$430m via selling around 14.6% of Rakuten Bank (5838 JP).
RB is the largest internet bank in Japan, by number of accounts. As of Sep 23, it had 14.3m deposit accounts with a total deposit base of JPY9.5tn.
In this note, we will talk about the deal dynamics and updates since our last note.

Harmonic Drive Placement – Cleanup Share Sale Will Remove the Overhang

Toyota Motor (7203 JP) is looking to raise US$116m from selling its entire stake in Harmonic Drive Systems (6324 JP).
Toyota Motors has indicated over the past one-two weeks that it will be looking to sell/trim its stakes in various entities as part of its exit from its multiple cross-holdings.
While the deal would be a relatively large one to digest at 10 days of ADV, Toyota Motors will be selling its entire stake, clearing the overhang.

Boss Energy Placement – Heavy Dilution and Doesn’t Appear Well Flagged

Boss Energy (BOE AU) is looking to raise up to A$205m (US$135m) through its primary placement. The proceeds will be used to fund an acquisition and replenish working capital.
The deal will be a large one to digest, at 19.7 days of three month ADV and 14% dilution.
In this note, we will talk about the placement and run the deal through our ECM framework.

Rept Battero IPO: The Bull Case

REPT BATTERO Energy (1998104D CH), a leading EV battery manufacturer, is premarketing a US$300 million HKEx IPO, according to press reports.
According to Frost & Sullivan, in 1H23, Rept was the tenth-largest lithium-ion battery manufacturer globally for annual installations for new energy applications.
The bull case rests on rapid ESS revenue growth, reducing customer concentration risks, ambitious capacity expansion plans, promising margin trajectory and improving cash collection cycle.

Robosense Technology Pre-IPO – PHIP Updates – ADAS Sales Strong but Profitability Remains Distant

By Shifara Samsudeen, ACMA, CGMA

Robosense Technology (ROBO HK) (RT) is now looking to raise up to US$150m in its upcoming Hong Kong IPO, down from US$300-400m earlier.
As of Mar 23, it had earned design wins for mass production of LiDAR for 52 vehicles with 21OEMs and Tier 1 suppliers, ranking No. 1 globally, according to CIC.
We looked at its past performance in our earlier notes. In this note, we talk about its PHIP updates.

Rept Battero IPO (PHIP Updates): Margin Sustainability Is Concerning

REPT BATTERO Energy (1998104D CH) is a lithium-ion battery manufacturer focusing EV and ESS battery products. The company’s application for a HKEx IPO has been approved.
Though the company had reported strong growth in revenue over the last 3-4 years, the company has been struggling to make profits.
Rept Battero has started to generate GPM, however, our analysis suggests that there is very little room for GPM to improve.

Sunshine Insurance Group IPO Lock-Up – US$5.3bn Lockup Release Tomorrow, with No Liquidity

Sunshine Insurance Group (6963 HK) (SIG), a life, health and P&C insurance company, raised around US$850m in its HK IPO in Dec 2022. Its IPO linked lockup will expire tomorrow.
SIG is an integrated insurance provider which offers both life and health (L&H) and property and casualty (P&C) insurance in China
In this note, we will talk about the lock-up dynamics and updates since our last note.

Pre-IPO Jiangxi Rimag Group – Unclear Profit Model, Uncertain Future Expansion, and Worrying Outlook

By Xinyao (Criss) Wang

People think that third-party medical imaging service providers targeting the grassroots market would have considerable development potential.However, even overseas leading players haven’t formed large profit scale after decades of establishment.
Different types of competitors would enter this market, and the consortium formed by public hospitals in grassroots market will be the biggest game changer. Potential legal risks also worth attention.
The profit model is still unclear. It’s uncertain whether the anticipated sizeable scale will eventually materialise. There’s still a long way to explore the third-party imaging industry in China.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Dec 06

Daily Brief ECM: Evolution Mining Placement – Back to Equity Markets Again to Fund Another M&A Deal and more

In today’s briefing:

Evolution Mining Placement – Back to Equity Markets Again to Fund Another M&A Deal
Atour Lifestyle Holdings Placement – Coming Back for Round Two This Year
Dekon Food and Agriculture Group IPO Trading – Tight Float at Listing, Subscription Rates Were Tepid
ZKH Group Pre-IPO – Refiling Updates – Hardly Looks Any More Attractive

Evolution Mining Placement – Back to Equity Markets Again to Fund Another M&A Deal

Evolution Mining (EVN AU) is looking to raise around US$350m to partially fund its acquisition of an 80% stake in the Northparkes copper and gold mines.
While the acquisition wasn’t explicitly flagged, the firm has guided that it had been eyeing acquisitions into gold/copper pathways. Thus, we would argue that the deal is somewhat well flagged.
That being said, at 14 days of three month ADV, the deal isn’t a particularly small one for the firm to digest.

Atour Lifestyle Holdings Placement – Coming Back for Round Two This Year

Legend Capital (LC), one of the principal shareholders of Atour Lifestyle Holdings (ATAT US), is looking to raise around US$124m through a secondary selldown.
The deal is a large one to digest, at approximately 22.6 days of three month ADV and 5.5% of current mcap.
In this note, we will talk about the placement and run the deal through our ECM framework.

Dekon Food and Agriculture Group IPO Trading – Tight Float at Listing, Subscription Rates Were Tepid

Dekon Food and Agriculture Group (DFAG CH) raised around US$128m in its Hong Kong IPO.
Dekon Food and Agriculture Group (DFAG) is a vertically integrated livestock farming enterprise in China.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

ZKH Group Pre-IPO – Refiling Updates – Hardly Looks Any More Attractive

ZKH Group (ZKH US) is looking to raise about US$150m in its upcoming US IPO, after downsizing from an earlier reported float of US$300m.
ZKH Group is a leading maintenance repair and operations (MRO) procurement service platform in China, according to CIC, providing one-stop MRO procurement and management services and digital and fulfillment solutions.
We have looked at the company’s past performance in our previous note. In this note, we talk about its PHIP updates.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Dec 05

Daily Brief ECM: Asian E-Comm Logistics | Review of 2023 ECM and M&A Activity | Preview of 2024 Deals and more

In today’s briefing:

Asian E-Comm Logistics | Review of 2023 ECM and M&A Activity | Preview of 2024 Deals
REPT BATTERO Energy Pre-IPO – PHIP Updates – Leaning on ESS
QuantumPharm (XtalPi) Pre-IPO Tearsheet

Asian E-Comm Logistics | Review of 2023 ECM and M&A Activity | Preview of 2024 Deals

By Daniel Hellberg

In this insight we review important e-comm logistics transactions from 2023
We also provide a preview of potential e-comm logistics deals in 2024
Interested readers can also find links to HKEX filings and our earlier insights

REPT BATTERO Energy Pre-IPO – PHIP Updates – Leaning on ESS

REPT BATTERO Energy (REPT HK) is now looking to raise around US$300m in its upcoming Hong Kong IPO, down from the US$1bn it was aiming for earlier.
REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs.
We have looked at the company’s past performance in our previous note. In this note, we talk about its PHIP updates.

QuantumPharm (XtalPi) Pre-IPO Tearsheet

QuantumPharm (QUP HK) is looking to raise US$200m in its upcoming Hong Kong IPO. The bookrunner on the deal is Citic Securities.
QuantumPharm is a R&D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&D solutions.
Its solutions and services cater to the pharmaceutical and material science (including agritech, energy and new chemicals, and cosmetics) industries and beyond.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Dec 03

Daily Brief ECM: ECM Weekly (3rd Dec 2023) – Denso and more

In today’s briefing:

ECM Weekly (3rd Dec 2023) – Denso, Toyota, Zensho, Asahi, Kotak, Zomato, Zeekr, Tatatech, IREDA
Weekly Deals Digest (03 Dec) – Denso, T&K Toka, CIMC Vehicles, Origin, OreCorp, Hollysys, BPLANT

ECM Weekly (3rd Dec 2023) – Denso, Toyota, Zensho, Asahi, Kotak, Zomato, Zeekr, Tatatech, IREDA

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, Tata Technologies and IREDA continued the India IPO juggernaut.
On the placements front, there seems to be no stopping Japan flows.

Weekly Deals Digest (03 Dec) – Denso, T&K Toka, CIMC Vehicles, Origin, OreCorp, Hollysys, BPLANT

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 – Denso Corp (6902 JP)‘s US$4.0 Billion Secondary Offering and US$1.4 Billion Buyback.
Event-Driven developments – CIMC Vehicle Group Co Ltd (1839 HK), Origin Energy (ORG AU), Orecorp Ltd (ORR AU), Hollysys Automation Technologies (HOLI US), Boustead Plantations (BPLANT MK).

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Dec 01

Daily Brief ECM: LS Materials IPO Bookbuilding Results Analysis and more

In today’s briefing:

LS Materials IPO Bookbuilding Results Analysis
Sunho Biologics (盛禾) Pre-IPO: Testing the Unproven Targets

LS Materials IPO Bookbuilding Results Analysis

By Douglas Kim

LS Materials IPO price has been determined at 6,000 won per share, which is higher than the high end of the IPO price range (5,500 won).
A total 2,025 institutional investors participated in this IPO book building. The demand ratio was 396.8 to 1. The IPO offering amount is 87.8 billion won.
We believe that its share price is likely to trade higher than the high end of our valuation range (7,953 won per share) post IPO.

Sunho Biologics (盛禾) Pre-IPO: Testing the Unproven Targets

By Ke Yan, CFA, FRM

Sunho Biologics, a China-based clinical-stage biotechnology company, plans to raise up to US$100m via a Hong Kong listing.
In this note, we examine the company’s three core products, namely IAP0971, IAE0972, and IAH0968, which target malignancies.
A large part of the company’s pipeline is testing the unproven targets. We also think the management and pre-IPO investors are of mediocre quality.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Nov 30

Daily Brief ECM: Huge Denso (6902) Secondary Sale by Toyota Group – Admiral Ackbar Says “It’s A Trap!” and more

In today’s briefing:

Huge Denso (6902) Secondary Sale by Toyota Group – Admiral Ackbar Says “It’s A Trap!”
Denso Offering, Buyback, and New Cross-Holding Reduction Policy – It WAS a Trap
Denso (6902 JP): US$4.0 Billion Secondary Offering and US$1.4 Billion Buyback
Denso Corp Placement – Toyota to Raise US$4.4bn, as Expected
Dekon Food and Agriculture Group IPO – Ebbs and Flows of Cycle Have Hurt Profitability
Tata Technologies IPO: Trading Debut
Tata Technologies IPO Trading – Will Be a Good Listing Owing to over Enthusiasm
Fedbank Financial IPO Trading – Subscription Rates Hint at a Snoozy Debut
Leader Energy Holdings Pre-IPO – Still Too Early for an ESG Angle
Sino-Synergy Hydrogen IPO – High Potential but Comes with Ample Issues

Huge Denso (6902) Secondary Sale by Toyota Group – Admiral Ackbar Says “It’s A Trap!”

Yesterday, Reuters reported that multiple Toyota Group companies would sell ~10% of Denso Corp (6902 JP) worth ¥700bn in a secondary share sale by year-end.
The sellers would be Toyota, selling down to just over 20%, Toyota Industries (6201) (selling down a bit more than half, and Aisin Seiki (7259 JP) selling its 2% stake.
Denso would buy back shares. This whole thing is both interesting and complicated so I discuss the interesting complications below. It looks bigger than it probably is.

Denso Offering, Buyback, and New Cross-Holding Reduction Policy – It WAS a Trap

15 minutes after I published what I thought was a considered analysis, Denso dumps the details. I thought it might be a trap. It looks like a trap.
A holistic view of the three different documents here suggests, indeed, “It was a trap”.
This giant offering is not bearish overhang but likely tilts bullish with greenshoe support, a large buyback, a new cross-holding reduction policy, and the follow-on effects from that.

Denso (6902 JP): US$4.0 Billion Secondary Offering and US$1.4 Billion Buyback

Denso Corp (6902 JP) announced a secondary offering of up to 294.8 billion shares (including overallotment) and a buyback (maximum shares of 125 million or maximum value of JPY200 billion).
Denso also announced a cross-holding reduction policy. In an unspecified timeframe, it will sell part of its holdings in Toyota Industries (6201 JP) and Aisin (7259 JP).
Looking at recent large Japanese placements is instructive to understand the potential offer price. The pricing date will fall between 13 and 18 December (likely 13 December).

Denso Corp Placement – Toyota to Raise US$4.4bn, as Expected

Following yesterday’s news release by Reuters that Toyota Motor (7203 JP) could sell up to 10% of Denso Corp (6902 JP), the deal was officially launched today.
Toyota is the company’s largest shareholder and its largest customer.
We have covered the deal background in our earlier note, Denso Corp Placement – Possible Placement by Toyota to Raise US$4.7bn. In this note, we talk about the final terms.

Dekon Food and Agriculture Group IPO – Ebbs and Flows of Cycle Have Hurt Profitability

Dekon Food and Agriculture Group (DFAG CH) is looking to raise up to US$128m in its Hong Kong IPO.
Dekon Food and Agriculture Group (DFAG) is a vertically integrated livestock farming enterprise in China.
In this note, we will look at past performance, and share our thoughts on valuation.

Tata Technologies IPO: Trading Debut

Tata Technologies (TATATECH IN) priced its IPO at Rs500 per share to raise gross proceeds of US$365 million. The shares will start trading tomorrow.
We previously discussed the IPO in Tata Technologies IPO: The Investment Case and Tata Technologies IPO: Valuation Insights.
The market sentiment on the sector has improved. In 2023, Indian IPOs with a >US$100 million raise had an average first-day gain of 28.3%. The IPO price is attractive.

Tata Technologies IPO Trading – Will Be a Good Listing Owing to over Enthusiasm

Tata Technologies (TATATECH IN) (TT) raised around US$370m in its India IPO.
Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.
In our previous note, we looked at the company’s past performance and valuation. In this note, we talk about the demand and trading dynamics.

Fedbank Financial IPO Trading – Subscription Rates Hint at a Snoozy Debut

Fedbank Financial Services (0702066D IN) raised around US$130m in its India IPO.
Fedbank Financial Services (Fedbank) is a retail-focused non-banking finance company (NBFC) promoted by The Federal Bank Limited.
In our previous note, we looked at the company’s past performance and valuation. In this note, we talk about the demand and trading dynamics.

Leader Energy Holdings Pre-IPO – Still Too Early for an ESG Angle

Leader Energy Holdings (1814173D MK) is looking to raise up to US$215m in its upcoming Malaysia IPO.
Leader Energy Holdings (LE) is an independent power producer (IPP) primarily engaged in the development, ownership, O&M of power assets and projects.
LE’s revenue has grown on the back of higher power generation as well as coal price increases over the track record period, which drove profitability up.

Sino-Synergy Hydrogen IPO – High Potential but Comes with Ample Issues

Sino-Synergy Hydrogen Energy Technology (9663 HK) (SHET) is looking to raise around US$200m in its Hong Kong IPO.
SHET is a hydrogen fuel cell company in the PRC focusing on research, development, production and sales of hydrogen fuel cell stacks and hydrogen fuel cell systems.
In this note, we will look at the company’s background and talk about valuations.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Nov 29

Daily Brief ECM: IREDA IPO Trading – Strong Insti Demand Boosts Overall Subscription Rates and more

In today’s briefing:

IREDA IPO Trading – Strong Insti Demand Boosts Overall Subscription Rates

IREDA IPO Trading – Strong Insti Demand Boosts Overall Subscription Rates

IREDA (1845911D IN) raised around US$258m in its India IPO, after the deal was priced at INR32/share. It will begin trading tomorrow on 29th Nov 2023.
Indian Renewable Energy Development Authority (IREDA) is a wholly owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE).
We have looked at various aspects of the deal in our previous note. In this note, we talk about demand and trading dynamics.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Nov 28

Daily Brief ECM: Asahi Group (2502 JP): The Current Playbook and more

In today’s briefing:

Asahi Group (2502 JP): The Current Playbook
Zeekr Pre-IPO – Quick Note – Recent Filing Updates – 007, Earnings on Track

Asahi Group (2502 JP): The Current Playbook

Since the US$1.3 billion secondary placement announcement, Asahi Group Holdings (2502 JP)’s shares are down -6.2% from the undisturbed price of JPY5,804 per share (16 November).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Asahi’s shares have followed the pattern of previous large placements.
The offering will likely be priced on 28 November. Investors participating in previous large Japanese placements tend to secure positive returns.

Zeekr Pre-IPO – Quick Note – Recent Filing Updates – 007, Earnings on Track