Event-Driven Investment Opportunities, Special Situation Investments

Dalius Tauraitis

Event-Driven Investment Opportunities

Special Situation Investments

Focus on event-driven trades and low risk arbitrage opportunities with short term catalysts

Event-Driven

Equity Commonwealth is a real estate investment trust, or REIT. The Company primarily owns office buildings located in Central Business District and suburban areas of major metropolitan markets in the United States, and has a large concentration of properties leased to the U.S. Government and medical related tenants. Equity CommonWealth also owns industrial lands in Hawaii.

<ul><li>Equity Commonwealth is in late-stage liquidation; a $19/share dividend is set for December 6, with a remaining distribution expected in Q1 2025 between $1-$2/share.</li><li>The Denver property, 17th Street Plaza, is expected to sell for $142 million, with potential risks of sale delays beyond Q1 2025.</li><li>Wind-down expenses are estimated at $0.40-$0.50/share, mainly for executive compensation, with contingency reserves expected to be under $10 million.</li></ul>

Equity Commonwealth is in late-stage liquidation; a $19/share dividend is set for December 6, with a remaining distribution expected in Q1 2025 between $1-$2/share.The Denver property, 17th Street Plaza, is expected to sell for $142 million, with potential risks of sale delays beyond Q1 2025.Wind-down expenses are estimated at $0.40-$0.50/share, mainly for executive compensation, with contingency reserves expected to be under $10 million.

Equity Commonwealth Liquidation: Potential 40%-60% Upside Amid Real Estate Asset Sales and Wind-Down Challenges

Nippon Investment Bespoke Research UK Ltd

Nippon Investment Bespoke Research UK

Equity Bottom-Up

Japan Lifeline Co., Ltd. is a wholesaler of cardiovascular-related medical supplies and equipment.  The Company mainly trades and sells pace makers, artificial organs including artificial heart valves, and disposable catheters.

<ul><li>Japan Lifeline [JLL] produced historical semi-annual earnings with FY24 1H OP of ¥6,260mil (+14.4% YoY) on sales of ¥27,985mil (+11.4% YoY), which landed above expectation.</li><li>Despite this robust performance, JLL has not revised its full-year FY24 guidance as the 2H presents with several potential earnings risks such as 1) fewer operating days, which will impact device sales, 2) an increase in outsourced products reducing GPM, 3) the possibility of a change in the competitive landscape for one of JLL’s core products.</li><li>The company’s shareholder return policy is the higher of (1) a pay-out ratio of 40% or (2) a Dividend on Equity [DOE] of 5%.</li></ul>

Japan Lifeline [JLL] produced historical semi-annual earnings with FY24 1H OP of ¥6,260mil (+14.4% YoY) on sales of ¥27,985mil (+11.4% YoY), which landed above expectation.Despite this robust performance, JLL has not revised its full-year FY24 guidance as the 2H presents with several potential earnings risks such as 1) fewer operating days, which will impact device sales, 2) an increase in outsourced products reducing GPM, 3) the possibility of a change in the competitive landscape for one of JLL’s core products.The company’s shareholder return policy is the higher of (1) a pay-out ratio of 40% or (2) a Dividend on Equity [DOE] of 5%.

Japan Lifeline Co., Ltd (7575 JP): Research Update

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

ASM International N.V. develops, manufactures, markets, and services machines used to produce semiconductors.  The Company manufactures machines that process silicon wafers, and assemble and package semiconductors.  ASM operates in Europe, the United States, Japan, and elsewhere in Asia.

<ul><li>In this edition: • ASM International / ASML Holding | US to implement additional export controls to China • InPost | step-up in deployment APMs in the UK and extension of cross-border proposition • Dutch retail sales | up 2.0% YoY in value and up 0.6% YoY in volume in October • Black Friday update | Sunday’s iDEAL transaction data showed a modest YoY increase</li></ul>

In this edition: • ASM International / ASML Holding | US to implement additional export controls to China • InPost | step-up in deployment APMs in the UK and extension of cross-border proposition • Dutch retail sales | up 2.0% YoY in value and up 0.6% YoY in volume in October • Black Friday update | Sunday’s iDEAL transaction data showed a modest YoY increase

What's News in Amsterdam - 3 December (ASM International | ASML Holding | InPost | Dutch retail sales | Black Friday update)

Technology / Semiconductor / Internet Research

Nicolas Baratte

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients worldwide.

<ul>
<li>An additional 24 Equipment are added to the restriction list (negative to AMAT, KLA, LAM). No explicit restrictions on ASML or Tokyo Electron, but that’s done indirectly.</li>
<li>HBM Memory sales to China restricted (directly negative to Samsung), but restriction of DRAM Manufacturing Equipment sales is long-term positive to Micron, Samsung, SK Hynix. </li>
<li>140 Chinese firms added to the Entity List, including all China’s Semi Production Equipment makers (Naura, AMEC, Piotech, SiCarrier). </li>
</ul>


An additional 24 Equipment are added to the restriction list (negative to AMAT, KLA, LAM). No explicit restrictions on ASML or Tokyo Electron, but that’s done indirectly.
HBM Memory sales to China restricted (directly negative to Samsung), but restriction of DRAM Manufacturing Equipment sales is long-term positive to Micron, Samsung, SK Hynix. 
140 Chinese firms added to the Entity List, including all China’s Semi Production Equipment makers (Naura, AMEC, Piotech, SiCarrier). 


US Restriction on Semi Export to China Negative for All Equipment Makers, Naura, AMEC, ASML, TEL

India Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

India Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Quess Corp Limited operates as an integrated business services provider. The Company offers IT staffing, industrial asset and facility management, skill development, and general recruitment services. Quess serves customers worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/quess-corp-ltd" target="_blank" data-smartkarma-citation="entities:26937:1" rel="noopener">Quess Corp Ltd (QUESS IN) </a>will spinoff into 3 different companies, each representing a business vertical of its consolidated operations. All three companies are expected to be listed during Q1FY26.</li>
<li>It has received approval from the stock exchanges and is now awaiting the go ahead from National Company Law Tribunal (NCLT).</li>
<li>Improving business performance and sum-of-the-parts valuation of the three separate listed businesses indicate potential upside from the current valuation.</li>
</ul>



Quess Corp Ltd (QUESS IN) will spinoff into 3 different companies, each representing a business vertical of its consolidated operations. All three companies are expected to be listed during Q1FY26.
It has received approval from the stock exchanges and is now awaiting the go ahead from National Company Law Tribunal (NCLT).
Improving business performance and sum-of-the-parts valuation of the three separate listed businesses indicate potential upside from the current valuation.


Quess Corp - Can the Spinoff of India’s Largest Staffing Company Unlock Value?

Insights from the newest additions to our network

New on Smartkarma
Insights from the newest additions to our network

Equity Commonwealth Liquidation: Potential 40%-60% Upside Amid Real Estate Asset Sales and Wind-Down Challenges

Equity Commonwealth is in late-stage liquidation; a $19/share dividend is set for December 6, with a remaining distribution expected in Q1 2025...

Special Situation Investments

Japan Lifeline Co., Ltd (7575 JP): Research Update

Japan Lifeline [JLL] produced historical semi-annual earnings with FY24 1H OP of ¥6,260mil (+14.4% YoY) on sales of ¥27,985mil (+11.4% YoY), which...

Nippon Investment Bespoke Research UK

What's News in Amsterdam - 3 December (ASM International | ASML Holding | InPost | Dutch retail sales | Black Friday update)

In this edition: • ASM International / ASML Holding | US to implement additional export controls to China • InPost | step-up in deployment APMs in...

The IDEA!

US Restriction on Semi Export to China Negative for All Equipment Makers, Naura, AMEC, ASML, TEL

New restrictions on equipment sales and Entity List additions impact semiconductor industry players, with mostly negative implications as SPE...

Nicolas Baratte

Quess Corp - Can the Spinoff of India’s Largest Staffing Company Unlock Value?

Quess Corp Ltd to spinoff into 3 companies, expected to be listed in Q1FY26, pending NCLT approval. Potential upside in valuation with improved...

Sreemant Dudhoria

Equity Commonwealth Liquidation: Potential 40%-60% Upside Amid Real Estate Asset Sales and Wind-Down Challenges

Equity Commonwealth is in late-stage liquidation; a $19/share dividend is set for December 6, with a remaining distribution expected in Q1 2025...

Special Situation Investments

Japan Lifeline Co., Ltd (7575 JP): Research Update

Japan Lifeline [JLL] produced historical semi-annual earnings with FY24 1H OP of ¥6,260mil (+14.4% YoY) on sales of ¥27,985mil (+11.4% YoY), which...

Nippon Investment Bespoke Research UK

What's News in Amsterdam - 3 December (ASM International | ASML Holding | InPost | Dutch retail sales | Black Friday update)

In this edition: • ASM International / ASML Holding | US to implement additional export controls to China • InPost | step-up in deployment APMs in...

The IDEA!

US Restriction on Semi Export to China Negative for All Equipment Makers, Naura, AMEC, ASML, TEL

​New restrictions on equipment sales and Entity List additions impact semiconductor industry players, with mostly negative implications as SPE...

Nicolas Baratte

Quess Corp - Can the Spinoff of India’s Largest Staffing Company Unlock Value?

​Quess Corp Ltd to spinoff into 3 companies, expected to be listed in Q1FY26, pending NCLT approval. Potential upside in valuation with improved...

Sreemant Dudhoria

New restrictions on equipment sales and Entity List additions impact semiconductor industry players, with mostly negative implications as SPE...

Quess Corp Ltd to spinoff into 3 companies, expected to be listed in Q1FY26, pending NCLT approval. Potential upside in valuation with improved...