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

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/rakuten-securities-inc" target="_blank" data-smartkarma-citation="entities:39933:1" rel="noopener">Rakuten Securities (RAKUSEC JP)</a>, <a href="https://www.smartkarma.com/entities/ebixcash" target="_blank" data-smartkarma-citation="entities:36390:1" rel="noopener">EbixCash (EBIXC IN)</a>, <a href="https://www.smartkarma.com/entities/lalatech-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:36848:1" rel="noopener">Lalatech Holdings Co Ltd (LALA HK)</a> and <a href="https://www.smartkarma.com/entities/lianlian-digitech" target="_blank" data-smartkarma-citation="entities:39940:1" rel="noopener">Lianlian DigiTech (2104619D CH)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, <a href="https://www.smartkarma.com/entities/kyoden-co-ltd" target="_blank" data-smartkarma-citation="entities:7002:1" rel="noopener">Kyoden Co Ltd (6881 JP)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/metro-pacific-investments-co" target="_blank" data-smartkarma-citation="entities:1054:1" rel="noopener">Metro Pacific Investments Co (MPI PM)</a>, <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health (EHE AU)</a>, <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Rakuten Securities (RAKUSEC JP), EbixCash (EBIXC IN), Lalatech Holdings Co Ltd (LALA HK) and Lianlian DigiTech (2104619D CH) IPOs.
Event-Driven developments - Eoflow (294090 KS), Kyoden Co Ltd (6881 JP), Toshiba Corp (6502 JP), Metro Pacific Investments Co (MPI PM), Estia Health (EHE AU), Origin Energy (ORG AU). 


Weekly Deals Digest (13 Aug) - Toshiba, Kyoden, Eoflow, Chindata, Estia, InvoCare, OreCorp, Origin

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The JIP TOB for <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba (6502 JP)</a> is here. Finally. It's still too low. Since the announcement, when it was too low, peers are up a lot, and memory looks healthier.</li>
<li>
<a href="https://www.smartkarma.com/entities/hongkong-land-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15465:1" rel="noopener">Hongkong Land (HKL SP)</a> selling Three Exchange Square sounds purely speculative. At best. But it would have a bigly impact on Hong Kong Office sentiment if true. </li>
<li>
<a href="https://www.smartkarma.com/entities/inpex-corp" target="_blank" data-smartkarma-citation="entities:20665:1" rel="noopener">Inpex (1605 JP)</a> reported 1H results, a change in forecasts, and a bigly buyback. The mechanics are the same. The impact is a bit different, but it's worth looking at.</li>
</ul>


The JIP TOB for Toshiba (6502 JP) is here. Finally. It's still too low. Since the announcement, when it was too low, peers are up a lot, and memory looks healthier.

Hongkong Land (HKL SP) selling Three Exchange Square sounds purely speculative. At best. But it would have a bigly impact on Hong Kong Office sentiment if true. 

Inpex (1605 JP) reported 1H results, a change in forecasts, and a bigly buyback. The mechanics are the same. The impact is a bit different, but it's worth looking at.


Last Week in Event SPACE: Toshiba, Hongkong Land, Inpex, L'Occitane

Travis Lundy

<ul>
<li>Yesterday, JIP finally announced its Tender Offer for <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> as discussed in <a href="https://www.smartkarma.com/insights/jip-tender-offer-for-toshiba-6502-finally-here" target="_blank" data-smartkarma-citation="insights:109849" rel="noopener">JIP Tender Offer for Toshiba (6502) Finally Here</a> </li>
<li>I got a few questions this morning on the earnings call comments from Chairman Watanabe regarding what might happen if a Kioxia Transaction were announced mid-JIP Tender.</li>
<li>My assumption before, during, and after, is that the Board wants this deal done. And doesn't really want to take any responsibility for pushing any more.</li>
</ul>


Yesterday, JIP finally announced its Tender Offer for Toshiba Corp (6502 JP) as discussed in JIP Tender Offer for Toshiba (6502) Finally Here 
I got a few questions this morning on the earnings call comments from Chairman Watanabe regarding what might happen if a Kioxia Transaction were announced mid-JIP Tender.
My assumption before, during, and after, is that the Board wants this deal done. And doesn't really want to take any responsibility for pushing any more.


Toshiba (6502) Tender Offer - Kioxia Optionality

<ul>
<li>Japan Industrial Partners (JIP) will launch the <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> tender offer of JPY4,620 per share from 8 August to 20 September.</li>
<li>The Board has reaffirmed its recommendation to accept the offer. JIP’s inability to raise its bid is used as an excuse to ignore the material peer rerating and unattractive terms.</li>
<li>The 1Q results undermine the Board’s view of an overstated DCF and show its unwillingness to entertain a potential Kioxia merger as a superior alternative, increasing deal risks. </li>
</ul>


Japan Industrial Partners (JIP) will launch the Toshiba Corp (6502 JP) tender offer of JPY4,620 per share from 8 August to 20 September.
The Board has reaffirmed its recommendation to accept the offer. JIP’s inability to raise its bid is used as an excuse to ignore the material peer rerating and unattractive terms.
The 1Q results undermine the Board’s view of an overstated DCF and show its unwillingness to entertain a potential Kioxia merger as a superior alternative, increasing deal risks. 


Toshiba (6502 JP): Tender Offer Launches, 1Q Results Increase Deal Risks

Japan/Asia Long-Short, LightStream Research

Mio Kato

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.

<ul>
<li>At long last the end to the Toshiba saga appears at hand with JIP’s belated tender offer being formally announced today at the previously quoted price of ¥4,620. </li>
<li>With a minimum target of 66.7% this does not seem guaranteed to pass but we nevertheless believe that odds are good. </li>
<li>The question is whether there is any room for a small hike in the price as alluded to by the Chairman.</li>
</ul>


At long last the end to the Toshiba saga appears at hand with JIP’s belated tender offer being formally announced today at the previously quoted price of ¥4,620. 
With a minimum target of 66.7% this does not seem guaranteed to pass but we nevertheless believe that odds are good. 
The question is whether there is any room for a small hike in the price as alluded to by the Chairman.


Japan

Seibu Holdings Inc. offers diversified operation. The Company through its subsidiary companies operates transportation, construction, hotel, leisure facilities, and real estate business. Seibu Holdings provides group enterprises strategy planning, operation management, asset management and supply, and business promotions.

Keihan Holdings Co., Ltd. mainly provides passenger rail and bus transportation in Osaka and Kyoto prefectures.  The Company operates department stores, hotels, travel agents, and restaurants in the vicinity of its railway system.  The Company leases and sells real estate and offers a wide range of construction works.

Nisshinbo Holdings Inc. manufactures cotton fabrics, synthetic textiles, and chemical products used in apparel and industrial materials.  The Company also makes a variety of paper products, electronics products for wireless communication devices and semiconductors, and specialized machines for industrial manufacturing. In addition, Nisshinbo makes brakes for automobiles.

TOKAI Holdings Corporation is a holding company established through reorganization of TOKAI CORPORATION and VIC TOKAI CORPORATION.  The Group mainly provides energy business and information-communication business.  TOKAI Holdings Corporation also provides construction and real estate, bridal and insurance and security businesses.

Katakura Industries Co., Ltd. operates in a range of business segments. The Company manfucatures and sells clothing and textile products, pharmaceutical products, automobile parts, fire pump cars and agricultural machinery. Katakura also operates shopping and home centers, the leasing of real estate and the provision of building management services.

Mie Kotsu Group Holdings, Inc. through its subsidiaries, provides bus and taxi transportation services in Mie prefecture. The company also sells, leases and manages houses, apartment and commercial facilities. In addition, Mie Kotsu operates department stores, hotels, and leisure-related services and construction works.

OBAYASHI CORPORATION is a general contractor operating nationwide and overseas. The Company builds commercial, residential, institutional buildings with earthquake-resistant technology.  Obayashi also performs civil engineering works for such as railroads.  The Company, through its subsidiaries, operates real estate, golf course, and financial businesses.

KAJIMA CORPORATION is a general contractor operating nationwide and overseas. The Company builds commercial, residential, and institutional buildings with high-rise and earthquake-resistant construction technology.  Kajima also performs large scale civil engineering works such as nuclear power plants. The Company operates real estate and office automation equipment businesses.

Nippi, Incorporated. manufactures gelatin and collagen peptides for food products, health foods, and pharmaceutical, photographic film and printing paper.  The Company manufactures leather for shoes, bags, car interiors and clothing.

Minebea Mitsumi manufactures and markets miniature and instrument ball bearings.  The Company also makes DC motors, servo motors, stepping motors, spindle motors, pivot assemblies, rod-end and spherical bearings, fasteners, and computer keyboards. Minebea Mitsumi has production facilities in Thailand and Singapore.

Keppel Corporation Limited's core businesses are offshore and marine, infrastructure, property investment and development, telecommunications and transportation, energy, and engineering.

Samsung C&T Corporation conducts diversified business support services and resort operation activities. The Company offers a range of services in areas including clothing retail, construction, energy, real estate, food service, and resort accommodations. Samsung C&T also operates a resort with amusement rides, a zoo, water park, golf clubs, and restaurants.

LG Corp. is a holding company, which operates subsidiaries including LG Electronics, LG Household & Health Care, LG Chem Ltd., and Dacom Corp. The Company's main business areas are electronics, chemicals, and household products manufacturing and telecommunications services.

Jardine Matheson Holdings Limited is a multinational enterprise with a portfolio of businesses focused on the Asia-Pacific region. The Group's activities include financial services, supermarkets, consumer marketing, engineering and construction, automobile trading, insurance broking, property investment, and hotels.

SM Investments Corporation is an investment holding company. The Company operates retail business and develops shopping mall and other real estate property.  The Company also provides tourism services.

Smiths Group plc is a global technology company.  The company delivers products and services for the threat & contraband detection, medical devices, energy and communications market worldwide.

Lifco AB operates as a holding company. The Company, through its subsidiaries, provides dental products, machinery and tools, sawmill equipment, contract manufacturing, vehicle interiors, and environmental technology. Lifco offers its products through a network of subsidiaries and partnerships worldwide.

Grupo Carso SAB de CV is a holding company with subsidiaries in the construction ,retail and industrial materials industries. The Company's products and services include: oil platform construction; shoping centers, industrial facilities and corporate buildings construction; highway construction; dam and aqueduct construction; steel tubes; and housing.

KOC Holding A.S. is a holding company. The Company has interests in manufacturers of automobiles, household appliances, consumer electronics, textiles, construction materials and other goods, food processers, liquefied petroleum gas distributors, insurance, factoring, lease financing, and securities brokerage companies, and banks.

Enka Insaat ve Sanayi AS provides construction and construction related services worldwide. The Company builds infrastructure, commercial projects and factories. The manufacturing subsidiaries produce construction materials, steel pipes, windows and hand tools. The Group also imports and distributes industrial machinery in Turkey.

Toshiba Corporation manufactures and markets electrical and electronic products. The Company's products include digital products such as PCs and televisions, NAND flash memories, and system LSIs (large-scale integrated), as well as social infrastructures such as power generators, medical equipment, and home appliances.

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Toshiba Corp (6502 JP)

Weekly Deals Digest (13 Aug) - Toshiba, Kyoden, Eoflow, Chindata, Estia, InvoCare, OreCorp, Origin

Last week, notable developments occurred in Event-Driven (Toshiba, Kyoden, Eoflow, Chindata, Estia, InvoCare, Musgrave, OreCorp, Origin) and ECM...

Arun George

Last Week in Event SPACE: Toshiba, Hongkong Land, Inpex, L'Occitane

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Toshiba (6502) Tender Offer - Kioxia Optionality

Questions have been raised about "what happens if a Kioxia deal comes during the TOB" (for Toshiba). The answer will obviously be "it depends" but...

Travis Lundy

Toshiba (6502 JP): Tender Offer Launches, 1Q Results Increase Deal Risks

The 1Q results undermine the Board’s view of an overstated DCF and show its unwillingness to entertain a potential Kioxia merger as a superior...

Arun George

Toshiba – The Tender Arrives

The JIP tender is finally here and Toshiba's 1Q announcement does not heavily suggest room for a raise as tech weakness offsets industrial strength.

Mio Kato

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