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.

Equity Capital Markets

<ul>
<li>Since the US$1.4 billion secondary placement announcement, <a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a>’s shares are down 3.5% from the undisturbed price of JPY2,771 per share (29 August).</li>
<li>Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Terumo’s shares have followed the pattern of previous large placements.</li>
<li>The offering will likely be priced on 10 September. Despite Kokusai and Honda's disappointing performance, the average large Japanese placement tends to generate positive returns.</li>
</ul>


Since the US$1.4 billion secondary placement announcement, Terumo Corp (4543 JP)’s shares are down 3.5% from the undisturbed price of JPY2,771 per share (29 August).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Terumo’s shares have followed the pattern of previous large placements.
The offering will likely be priced on 10 September. Despite Kokusai and Honda's disappointing performance, the average large Japanese placement tends to generate positive returns.


Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Echoes of August with Japan looking to start the day very weak on the lead from US semi related.</li>
<li>Expect heavy selling for recent retail margin favourites e.g. Mercari, IHI, KHI and Socionext, and SPE winners such as Kokusai and Advantest, although the sector will start under heavy pressure.</li>
<li>Nothing from Nikkei Inc. yet on their NKY225 rebalance decision, but expect outsized volatility today with many multi-strategy pods shuttered during the August sell off.</li>
</ul>


Echoes of August with Japan looking to start the day very weak on the lead from US semi related.
Expect heavy selling for recent retail margin favourites e.g. Mercari, IHI, KHI and Socionext, and SPE winners such as Kokusai and Advantest, although the sector will start under heavy pressure.
Nothing from Nikkei Inc. yet on their NKY225 rebalance decision, but expect outsized volatility today with many multi-strategy pods shuttered during the August sell off.


Japan Morning Connection: Expect Volatility with Retail and SPE Stocks Under Pressure

<ul>
<li>
<a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a> has announced a secondary offering of up to 73.2 million shares, worth JPY203 billion (US$1.4 billion) at the last close. </li>
<li>The secondary offering facilitates the exit of large shareholders. Terumo also announced a buyback worth a maximum of JPY30 billion or 15 million shares.</li>
<li>Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 10 and 12 September (likely 10 September).</li>
</ul>



Terumo Corp (4543 JP) has announced a secondary offering of up to 73.2 million shares, worth JPY203 billion (US$1.4 billion) at the last close. 
The secondary offering facilitates the exit of large shareholders. Terumo also announced a buyback worth a maximum of JPY30 billion or 15 million shares.
Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 10 and 12 September (likely 10 September).


Terumo (4543 JP): A US$1.4 Billion Secondary Offering

<ul>
<li>Since the US$1.4 billion secondary placement announcement, <a href="https://www.smartkarma.com/entities/asics-corp" target="_blank" data-smartkarma-citation="entities:16287:1" rel="noopener">ASICS Corp (7936 JP)</a>’s shares are up 0.9% from the undisturbed price of JPY2,564 per share (12 July).</li>
<li>Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Asics’ shares have deviated from the pattern of previous large placements.</li>
<li>The offering will likely be priced on 23 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.</li>
</ul>


Since the US$1.4 billion secondary placement announcement, ASICS Corp (7936 JP)’s shares are up 0.9% from the undisturbed price of JPY2,564 per share (12 July).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Asics’ shares have deviated from the pattern of previous large placements.
The offering will likely be priced on 23 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.


Kokusai Electric  / Equity Capital Markets

<ul>
<li>Since the US$2.0 billion secondary placement announcement, <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a>’s shares are down 5.6% from the undisturbed price of JPY5,520 per share (8 July).</li>
<li>Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Kokusai’s shares have followed the pattern of previous large placements.</li>
<li>The offering will likely be priced on 22 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.</li>
</ul>


Since the US$2.0 billion secondary placement announcement, Kokusai Electric (6525 JP)’s shares are down 5.6% from the undisturbed price of JPY5,520 per share (8 July).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Kokusai’s shares have followed the pattern of previous large placements.
The offering will likely be priced on 22 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.


Kokusai Electric (6525 JP): The Current Playbook

Japan

MODEC, INC. manufactures petroleum and natural gas production machinery.  The Company specializes in extraction machinery for marine use, including semi-submersible and fixed platform types, and also machinery as on-board equipment on ships.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Modec Inc (6269 JP)

Terumo (4543 JP): The Current Playbook

The offering will likely be priced on 10 September. Looking at recent large Japanese placements is instructive to understand the potential trading...

Arun George

Japan Morning Connection: Expect Volatility with Retail and SPE Stocks Under Pressure

Japan's market set to open weak following US semi-related lead, heavy selling expected for retail margin favorites and SPE winners, potential...

Andrew Jackson

Terumo (4543 JP): A US$1.4 Billion Secondary Offering

Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 10 and...

Arun George

ASICS (7936 JP): The Current Playbook

The offering will likely be priced on 23 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.

Arun George

Kokusai Electric (6525 JP): The Current Playbook

The offering will likely be priced on 22 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Terumo (4543 JP): The Current Playbook

The offering will likely be priced on 10 September. Looking at recent large Japanese placements is instructive to understand the potential trading...

Arun George

Japan Morning Connection: Expect Volatility with Retail and SPE Stocks Under Pressure

​Japan's market set to open weak following US semi-related lead, heavy selling expected for retail margin favorites and SPE winners, potential...

Andrew Jackson

Terumo (4543 JP): A US$1.4 Billion Secondary Offering

Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 10 and...

Arun George

ASICS (7936 JP): The Current Playbook

The offering will likely be priced on 23 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.

Arun George

Kokusai Electric (6525 JP): The Current Playbook

The offering will likely be priced on 22 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.

Arun George

Japan's market set to open weak following US semi-related lead, heavy selling expected for retail margin favorites and SPE winners, potential...