IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

The Gunma Bank, Ltd. is a regional bank based in Gunma Prefecture.  The Bank provides banking services such as deposits, loans, and foreign exchange transaction.  The Gunma Bank also provides financial services such as leasing, credit cards, letter of credit, and investment advisory, and develops information systems.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gunma-bank-ltd" target="_blank" data-smartkarma-citation="entities:15777:1" rel="noopener">Gunma Bank (8334 JP)</a> and <a href="https://www.smartkarma.com/entities/daishi-hokuetsu-financial-group" target="_blank" data-smartkarma-citation="entities:27533:1" rel="noopener">Daishi Hokuetsu Financial Group (7327 JP)</a>/DHFG have announced an MoU to establish one of the largest regional banks in Japan by 1 April 2027.</li>
<li>The transaction involves delisting Gunma through a share exchange with DHFG. A definitive agreement is expected around March 2026. </li>
<li>The plan is long-dated. The lack of a controlling shareholder necessitates a “fair” exchange ratio. My estimated Gunma/DHFG exchange ratio range is 0.38-0.39x.</li>
</ul>



Gunma Bank (8334 JP) and Daishi Hokuetsu Financial Group (7327 JP)/DHFG have announced an MoU to establish one of the largest regional banks in Japan by 1 April 2027.
The transaction involves delisting Gunma through a share exchange with DHFG. A definitive agreement is expected around March 2026. 
The plan is long-dated. The lack of a controlling shareholder necessitates a “fair” exchange ratio. My estimated Gunma/DHFG exchange ratio range is 0.38-0.39x.


Gunma Bank (8334 JP): Daishi Hokuetsu (7327 JP) Share Exchange to Establish a Top Regional Bank

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Fujitsu Ltd manufactures semiconductor, computer, and communication equipment. The Company provides comprehensive information technology, network and telecommunication solutions, and Internet services.

<ul>
<li>
<strong>Fujitsu <a href="https://pr.fujitsu.com/jp/ir/finance/2024/pdf/en/01.pdf" target="_blank" rel="noopener">Earnings</a></strong>. Revenues +2.1%, OP +77.5%, Pretax +65.1%, Net -13.0% (basis effect from FY23 one-offs). Forecast? Revs -2.8%, OP/adj +35.8%/+17.2%, Net/adj +77.4%/+3.7%. All guided measures shy vs the Street consensus.</li>
<li>The company presented a progress update on its <a href="https://pr.fujitsu.com/jp/ir/finance/2024/pdf/en/md.pdf" target="_blank" rel="noopener">Medium-Term Management Plan</a>. Core profits are better. Things are improving. </li>
<li>The company also <a href="https://pr.fujitsu.com/jp/news/2025/04/en/24-2.pdf" target="_blank" rel="noopener">announced</a> a big 11-month ¥170bn buyback. Last year's was ¥180bn (completed 24 March). Worth checking out the details (and our brand-new buyback tool)</li>
</ul>



Fujitsu Earnings. Revenues +2.1%, OP +77.5%, Pretax +65.1%, Net -13.0% (basis effect from FY23 one-offs). Forecast? Revs -2.8%, OP/adj +35.8%/+17.2%, Net/adj +77.4%/+3.7%. All guided measures shy vs the Street consensus.
The company presented a progress update on its Medium-Term Management Plan. Core profits are better. Things are improving. 
The company also announced a big 11-month ¥170bn buyback. Last year's was ¥180bn (completed 24 March). Worth checking out the details (and our brand-new buyback tool)


Fujitsu (6702) - Earnings/Guidance OK, Margins Better, But New Quiddity Buyback Data Tool 🥳

Miwon Specialty Chemical Co., Ltd. produces and supplies basic raw materials for energy curing systems. The Company produces acrylate, methacrylate monomers, oligomers, photoinitiators, and other related chemicals. Miwon Specialty Chemical serves customers in South Korea.

<ul>
<li>KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).</li>
<li>In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual review in June 2025.</li>
<li>We expect six ADDs and six DELs for the KOSPI 200 index during this index rebal event based on the latest available data.</li>
</ul>


KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual review in June 2025.
We expect six ADDs and six DELs for the KOSPI 200 index during this index rebal event based on the latest available data.


[Quiddity Index Apr25] KOSPI 200 Leaderboard Jun25: 6 ADDs and 6 DELETEs

Dickson Concepts (International) Limited, through its subsidiaries, sells watches and fashion products.  The Company also trades luxury goods, and provides management and technical services.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dickson-concepts-intl-ltd" target="_blank" data-smartkarma-citation="entities:5052:1" rel="noopener">Dickson Concepts Intl (113 HK)</a> has entered a trading halt “<em>pending the release of an announcement pursuant to The Code on Takeovers and Mergers, which constitutes inside information of the Company.</em>”  </li>
<li>The controlling shareholder (Sir Poon) is likely seeking to launch a privatisation through a Bermuda scheme, particularly as the shares trade below net cash.</li>
<li>While no disinterested shareholder holds a blocking stake, the headcount test and a decent AGM participation rate necessitate an attractive offer. The potential offer price range is HK$5.60-9.24.</li>
</ul>



Dickson Concepts Intl (113 HK) has entered a trading halt “pending the release of an announcement pursuant to The Code on Takeovers and Mergers, which constitutes inside information of the Company.”  
The controlling shareholder (Sir Poon) is likely seeking to launch a privatisation through a Bermuda scheme, particularly as the shares trade below net cash.
While no disinterested shareholder holds a blocking stake, the headcount test and a decent AGM participation rate necessitate an attractive offer. The potential offer price range is HK$5.60-9.24.


Dickson Concepts (113 HK): Controlling Shareholder to Privatise a Negative EV Play?

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Biotage AB focuses on life sciences research. The Company provides technologies and solutions in the areas of genetic analysis and medicinal chemistry. Biotage's customers include pharmaceutical companies, biotech companies, and academic institutes. The Company has offices in several European countries, the United States, and Japan.

<ul>
<li>Gross spread is 2.62%, implying a solid annualized return of ~22.0% assuming a June closing—an attractive profile given the minimal regulatory and financing risks.</li>
<li>The market is pricing in a ~93.2% probability of deal success, reflecting strong confidence driven by Board support, substantial shareholder backing (36% aligned), and the absence of antitrust red flags.</li>
<li>Challenging but feasible threshold: requires 84.3% of free flaot to tender to reach the 90% acceptance condition and enable squeeze out.</li>
</ul>


Gross spread is 2.62%, implying a solid annualized return of ~22.0% assuming a June closing—an attractive profile given the minimal regulatory and financing risks.
The market is pricing in a ~93.2% probability of deal success, reflecting strong confidence driven by Board support, substantial shareholder backing (36% aligned), and the absence of antitrust red flags.
Challenging but feasible threshold: requires 84.3% of free flaot to tender to reach the 90% acceptance condition and enable squeeze out.


Lab Tested, Market Approved: KKR’s Biotage Bid Under the Microscope

Event-Driven
Event-Driven Insights

LS Cable Plans to Purchase Up To 70 Billion Won of Gaon Cable - Will It Take It Private?

LS Cable & System announced that it plans to acquire up to 70 billion won of Gaon Cable. There are numerous options for Gaon Cable going forward...

Douglas Kim

Korea Dems' Surprise Proposal: Separate Tax for Dividends Over 35% Payout

Korea Democratic Party’s surprise move this morning: separate taxation on dividend income will only apply to companies with a payout ratio of 35%...

Sanghyun Park

Poon Moves On Dickson Concepts (113 HK)'s Cash Hoard?

DC's Chairman, Dickson Poon (& spouse), hold 60.5%. Given DC’s net cash hoard - HK$7.44/share - taking the company private makes sense.

David Blennerhassett

Bright Smart (1428 HK): Chairman's Scheme, Or Cashing Out?

Broker Bright Smart is suspended to the Takeovers Code. Its chairman, Yip Peter, holds 50.54%. Unusual timing to take the company private. Yip, at...

David Blennerhassett

JAFCO (8595) Good Results, Higher Div, Buyback, More Plans; Not Quite There, But Maybe Will Be Later

JAFCO yesterday announced results, a higher div, a buyback, and higher ROE target, along with a business sale to help them along. Sounds great. The...

Travis Lundy