In today’s briefing:
- HS Holdings (8699 JP): Khan Bank IPO Delayed but Path Clear
- Net Protections Holding IPO Lock-Up – Small Expiry Now, Before 20% Is Released Later in the Year
- Kura Sushi (2695): Aggressive Operations Continued Through 2Q
HS Holdings (8699 JP): Khan Bank IPO Delayed but Path Clear
- The saga that has been the Sawada now HS Holdings (8699 JP) effective control change and change in Mongolian Banking Law has been interesting but the end game is clear.
- Last week, the Mongolian parliament extended the listing deadline for the top 5 Mongolian banks from June 2022 to June 2023. The IPO has been pushed back. Which is good.
- The stock is not what people think it is, and the implied PBR and PER of Khan Bank exposure on a cash-adjusted basis is VERY low.
Net Protections Holding IPO Lock-Up – Small Expiry Now, Before 20% Is Released Later in the Year
- Net Protections Holdings, a buy now pay later service provider, raised around US$570m via selling a mix of primary and secondary shares in its Japan IPO in Dec 2021.
- As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.
- In this note, we will talk about the upcoming lock-up expiry on 12th Jun 2022.
Kura Sushi (2695): Aggressive Operations Continued Through 2Q
- Kura Sushi (2695, the company) announced 1H FY10/22 (Nov-Apr) results, with sales of 89.312bn yen (+19.7% YoY), OP 323m yen (-24.6% YoY), and RP 3.507bn yen (+196.0% YoY)
- In Japan, 1H sales were 74.995bn yen (+11.8% YoY) and RP was 3.167bn yen (+69.7%YoY). The number of stores was up +8% YoY
- The number of stores at the end of 1H was 593 (+26 from end-FY10/21)
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