In today’s briefing:
- SBI Sumishin Net Bank Pre-IPO – Revised Forecast and Valuations – RoA or RoE?
- Ihara Science (5999 JP) – Not Over But Not a Great Look
- Japan Post Bank Placement – Misbehaving – Still Has Time to Correct – A Look at past Deals
SBI Sumishin Net Bank Pre-IPO – Revised Forecast and Valuations – RoA or RoE?
- SBI Sumishin Net Bank (7163 JP) (SSNB) is now looking to raise around US$380m in its second listing attempt.
- SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.
- In this note, we talk about our updated earnigns forecast and thoughts on valuations
Ihara Science (5999 JP) – Not Over But Not a Great Look
- Today after the close, Ihara Science (5999 JP) reported on TDNet a forthcoming change in the Tender Offer Registration Statement by MBO bidder N.I.M.
- N.I.M. and normally-known-as-deep-value-activist NAVF (a.k.a. Nippon Active Value Fund), Ihara Science’s #2 shareholder, signed a Tender Offer Agreement whereby NAVF agreed to tender.
- It got a little more complicated 90mins later, but this was an announcement which did not need to be made. It begs the question of why. And what next.
Japan Post Bank Placement – Misbehaving – Still Has Time to Correct – A Look at past Deals
- Japan Post Holdings (6178 JP) plans to sell around US$9bn worth of Japan Post Bank (7182 JP), trimming its stake by a third.
- We have looked at the deal in our past note, Japan Post Bank Placement – Deal Structure, past Deals, Index, Buyback.
- In this note, we talk about the updates since our last note and have a look at some of the past deals.
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