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>In response to media reports, <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> confirmed receiving a revised non-binding proposal from <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a>. </li>
<li>The rumoured revised offer is US$18.19, a 22.4% premium to the initial US$14.86 offer. The revised terms are attractive vs precedent transactions and analyst price targets.</li>
<li>The Board would cite regulatory concerns and the revised offer's implied discount compared to peer multiples. At tomorrow's results, the Board must present a credible alternative value generation path.</li>
</ul>


In response to media reports, Seven &amp; I Holdings (3382 JP) confirmed receiving a revised non-binding proposal from Alimentation Couche-Tard (ATD CN). 
The rumoured revised offer is US$18.19, a 22.4% premium to the initial US$14.86 offer. The revised terms are attractive vs precedent transactions and analyst price targets.
The Board would cite regulatory concerns and the revised offer's implied discount compared to peer multiples. At tomorrow's results, the Board must present a credible alternative value generation path.


Seven & I Holdings (3382 JP): Pressure Mounts with a Couche-Tard Revised Offer

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> volatility is trading at historically high levels, and the skew is steep.</li>
<li>National, regional and global catalysts provide the potential for further near-term market turbulence. Downside risk persists.</li>
<li>The current vol environment lends itself to tactical option trades, such as put spreads or risk reversals.</li>
</ul>



Nikkei 225 (NKY INDEX) volatility is trading at historically high levels, and the skew is steep.
National, regional and global catalysts provide the potential for further near-term market turbulence. Downside risk persists.
The current vol environment lends itself to tactical option trades, such as put spreads or risk reversals.


EQD | Nikkei 225 - Persistent Volatility Amid Election Uncertainty: Tactical Opportunities Explored

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>'s shareholders aim to raise up to US$2.4bn in its Japan IPO.</li>
<li>Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.4bn in its Japan IPO.
Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Tokyo Metro IPO - Will Price at the Top, but Isn’t Particularly Cheap

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>'s shareholders aim to raise up to US$2.3bn in its Japan IPO.</li>
<li>Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about valuations.</li>
</ul>



Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its Japan IPO.
Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about valuations.


<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the roaring China/HK market led to some refilings, in what is likely to be the start of a tsunami of refilings, if the market momentum sustains. </li>
<li>On the placements front, given the China/HK holidays there weren't any deals. We instead looked at <a href="https://www.smartkarma.com/entities/bharti-hexacom" target="_blank" data-smartkarma-citation="entities:40858:1" rel="noopener">Bharti Hexacom</a> upcoming lockup expiry.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the roaring China/HK market led to some refilings, in what is likely to be the start of a tsunami of refilings, if the market momentum sustains. 
On the placements front, given the China/HK holidays there weren't any deals. We instead looked at Bharti Hexacom upcoming lockup expiry.


ECM Weekly (7th Oct 2024) - Tokyo Metro, Rigaku, China Resources, K Bank, JD Ind, Swiggy, Lalatech

Japan

FAST RETAILING CO., LTD. operates a chain of clothing stores, UNIQLO, throughout Japan and in other markets overseas including UK, China, Hong Kong, South Korea, US, France, Singapore and Russia.  The Company designs, manufactures, and retails its own line of casual clothing.

Price Gauge
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Fast Retailing (9983 JP)

Seven & I Holdings (3382 JP): Pressure Mounts with a Couche-Tard Revised Offer

The revised offer will mount pressure to engage. The Board is running out of excuses and will lean heavily on an alternative value generation path...

Arun George

EQD | Nikkei 225 - Persistent Volatility Amid Election Uncertainty: Tactical Opportunities Explored

Nikkei 225 volatility is high with steep skew. Potential for more turbulence due to various catalysts. Tactical option trades recommended.

Gaudenz Schneider

Tokyo Metro IPO - Will Price at the Top, but Isn’t Particularly Cheap

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.4bn in its Japan IPO. In this note, we look at the valuation in the IPO price range.

Sumeet Singh

Tokyo Metro IPO - Thoughts on Valuation

The price range for the IPO has now been set at JPY1,100-1,200/share, which still looks fairly attractive in our view and would provide a good yield.

Sumeet Singh

ECM Weekly (7th Oct 2024) - Tokyo Metro, Rigaku, China Resources, K Bank, JD Ind, Swiggy, Lalatech

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Seven & I Holdings (3382 JP): Pressure Mounts with a Couche-Tard Revised Offer

The revised offer will mount pressure to engage. The Board is running out of excuses and will lean heavily on an alternative value generation path...

Arun George

EQD | Nikkei 225 - Persistent Volatility Amid Election Uncertainty: Tactical Opportunities Explored

​Nikkei 225 volatility is high with steep skew. Potential for more turbulence due to various catalysts. Tactical option trades recommended.

Gaudenz Schneider

Tokyo Metro IPO - Will Price at the Top, but Isn’t Particularly Cheap

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.4bn in its Japan IPO. In this note, we look at the valuation in the IPO price range.

Sumeet Singh

Tokyo Metro IPO - Thoughts on Valuation

The price range for the IPO has now been set at JPY1,100-1,200/share, which still looks fairly attractive in our view and would provide a good yield.

Sumeet Singh

ECM Weekly (7th Oct 2024) - Tokyo Metro, Rigaku, China Resources, K Bank, JD Ind, Swiggy, Lalatech

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Nikkei 225 volatility is high with steep skew. Potential for more turbulence due to various catalysts. Tactical option trades recommended.