Japan/Asia Long-Short, LightStream Research

Mio Kato

Over 15 years analysing Japanese and Asian stocks from a long/short perspective

I focus on cyclically driven sectors such as Gaming, Factory Automation and Autos

An eclectic background as a long-short analyst, upper management at a financial data startup through its listing, and as the founder of a team analysing big/alternative data, all of which supports independent and differentiated views... we hope

An appreciation for Mathematics drives the development of a "Micro-Quantamental" process which can provide a data-driven, historically-informed and semi-automated foundation upon which to layer more qualitative and judgemental analysis, thus improving investment decision-making speed and accuracy

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Raksul (ラクスル) can be read in Japanese as "to make easy", and within the printing and delivery markets, that is precisely what the company aims to do. Raksul's main business is an EC site that connects small lot printing customers with SME print shops. In addition, as the company's customers include a large number of SMEs, additional marketing services such as advertising through the distribution of flyers are offered. Finally, the company also offers an EC service for package delivery, once again targeting SMEs owning less than twenty trucks, as suppliers.<div class="content-caption">Basic Information</div><table class="table table-striped"><tbody><tr><td>Company Name</td><td>Raksul Inc.</td></tr><tr><td>Company Ticker</td><td>4382</td></tr><tr><td>Stock Exchange</td><td>TSE Mothers Section</td></tr><tr><td>Business Description</td><td>Discount net printing and delivery</td></tr><tr><td>Unit Size</td><td>100</td></tr><tr><td>New Shares Offered</td><td>2,500,000</td></tr><tr><td>Existing Shares Offered</td><td>8,449,900</td></tr><tr><td>Overallotment (Existing Shares)</td><td>1,642,100</td></tr><tr><td>Total Shares Offered</td><td>12,592,000</td></tr><tr><td>Tentative Price</td><td>1,300-1,500</td></tr><tr><td>Estimated Capital to be Raised (JPY)</td><td>3,500,000,000</td></tr><tr><td>Pricing Date</td><td>23rd May</td></tr><tr><td>Bookbuilding</td><td>16th May -  22nd May</td></tr><tr><td>Application Dates</td><td>24th May - 29th May</td></tr><tr><td>Listing Date</td><td>31st May</td></tr><tr><td>Shares Outstanding at Listing</td><td>29,349,800</td></tr><tr><td>Estimated Market Capitalisation (JPY)</td><td>41,089,000,000</td></tr></tbody></table><div style="text-align: left;" class="content-caption">Source: Company Disclosures, LightStream Research</div><div class="content-caption">Underwriters</div><table class="table table-striped"><tbody><tr><td>　</td><td>Broker</td></tr><tr><td rowspan="3">Lead Underwriters</td><td>Daiwa Securities</td></tr><tr><td>MUFG Morgan Stanley  Securities</td></tr><tr><td>Mizuho Securities</td></tr><tr><td rowspan="4">Underwriters</td><td>SBI Securities</td></tr><tr><td>SMBC Nikko Securities</td></tr><tr><td>Monex Securities</td></tr><tr><td>Kabu.com Securities</td></tr></tbody></table><div style="text-align: left;" class="content-caption">Source: Company Disclosures, LightStream Research</div>

Raksul (ラクスル) can be read in Japanese as "to make easy", and within the printing and delivery markets, that is precisely what the company aims to do. Raksul's main business is an EC site that connects small lot printing customers with SME print shops. In addition, as the company's customers include a large number of SMEs, additional marketing services such as advertising through the distribution of flyers are offered. Finally, the company also offers an EC service for package delivery, once again targeting SMEs owning less than twenty trucks, as suppliers.Basic InformationCompany NameRaksul Inc.Company Ticker4382Stock ExchangeTSE Mothers SectionBusiness DescriptionDiscount net printing and deliveryUnit Size100New Shares Offered2,500,000Existing Shares Offered8,449,900Overallotment (Existing Shares)1,642,100Total Shares Offered12,592,000Tentative Price1,300-1,500Estimated Capital to be Raised (JPY)3,500,000,000Pricing Date23rd MayBookbuilding16th May -  22nd MayApplication Dates24th May - 29th MayListing Date31st MayShares Outstanding at Listing29,349,800Estimated Market Capitalisation (JPY)41,089,000,000Source: Company Disclosures, LightStream ResearchUnderwriters　BrokerLead UnderwritersDaiwa SecuritiesMUFG Morgan Stanley  SecuritiesMizuho SecuritiesUnderwritersSBI SecuritiesSMBC Nikko SecuritiesMonex SecuritiesKabu.com SecuritiesSource: Company Disclosures, LightStream Research

Raksul IPO: Under the Radar, Shouldn't Be, but Too Expensive to Get Excited Immediately