In today’s briefing:
- Tech: Japan’s Biggest IPO in 6 Years, Kioxia, Is Off. Here Is the Likely Reason
- Tokyo Metro IPO – The Positives – Quasi-Monopoly Status
- Yutori Expands Through M&A Too
Tech: Japan’s Biggest IPO in 6 Years, Kioxia, Is Off. Here Is the Likely Reason
- Significant peer price performance declines leaves IPO valuation stretched, the desired discount multiple to attract interest has suddenly become a premium
- Investor interest in memory semiconductors, AI derivative stocks has cooled
- Peer price sell-offs are extreme but could quickly change, reflecting the highly cyclical nature of the sector
Tokyo Metro IPO – The Positives – Quasi-Monopoly Status
- Tokyo Metro (9023 JP)‘s shareholders aim to raise up to US$2.3bn in its upcoming Japan IPO.
- Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
- In this note, we talk about the positive aspects of the deal.
Yutori Expands Through M&A Too
- Zozo-Owned Yutori has just acquired a womenswear brand and plans a series of acquisitions, with ambitions to become the Zozo of the younger generation.
- So far, it has grown very fast on the back of strong support from Japan’s youth looking for street fashion but this latest move will reach into new segments.
- Unlike Zozo, Yutori is investing in a chain of stores which have helped push awareness and sales and is the right strategy for Japan’s store-addicted consumers.
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