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 href="https://www.smartkarma.com/entities/keiyo-co-ltd" target="_blank" data-smartkarma-citation="entities:14415:1" rel="noopener">Keiyo Co Ltd (8168 JP)</a> has recommended <a href="https://www.smartkarma.com/entities/dcm-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:13042:1" rel="noopener">DCM Holdings (3050 JP)</a>’s tender offer of JPY1,300 per share, a 58.3% premium to the undisturbed price (29 September).</li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 35.68% ownership ratio.</li>
<li>Irrevocables represent a 0.88% ownership ratio. The minimum acceptance condition (lower limit) requires a 50.4% minority acceptance rate, which is achievable as the offer price represents a ten-year high.</li>
</ul>



Keiyo Co Ltd (8168 JP) has recommended DCM Holdings (3050 JP)’s tender offer of JPY1,300 per share, a 58.3% premium to the undisturbed price (29 September).
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 35.68% ownership ratio.
Irrevocables represent a 0.88% ownership ratio. The minimum acceptance condition (lower limit) requires a 50.4% minority acceptance rate, which is achievable as the offer price represents a ten-year high.


Keiyo (8168 JP): DCM’s JPY1,300 Tender Offer

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Thematic (Sector/Industry)

<ul>
<li>Retail results for FY2022-23 are now in and a summary analysis of all major retail sectors and retailers is available below. </li>
<li>The data shows a big improvement in performance for retailing overall, with the highest growth rates since 1990, even if some of this growth was thanks to higher prices.</li>
<li>2023 already looks like being another strong year across both consumer discretionary and staples.</li>
</ul>


Retail results for FY2022-23 are now in and a summary analysis of all major retail sectors and retailers is available below. 
The data shows a big improvement in performance for retailing overall, with the highest growth rates since 1990, even if some of this growth was thanks to higher prices.
2023 already looks like being another strong year across both consumer discretionary and staples.


Equity Bottom-Up

<ul>
<li>Oisix Ra Daichi is by far Japan’s largest online food retailer, driven by the popularity of its fresh food and meal kit subscription services.</li>
<li>Despite some backend problems last year, the company expects its system of continual improvement and expansion of new lines of meal kits to bring strong growth in the medium term.</li>
<li>The development of the online food market should help boost the company's prospects. Operating margins have worsened considerably but the company hopes to match the previous peak this year.</li>
</ul>


Oisix Ra Daichi is by far Japan’s largest online food retailer, driven by the popularity of its fresh food and meal kit subscription services.
Despite some backend problems last year, the company expects its system of continual improvement and expansion of new lines of meal kits to bring strong growth in the medium term.
The development of the online food market should help boost the company's prospects. Operating margins have worsened considerably but the company hopes to match the previous peak this year.


Pan Pacific International Holdings / Equity Bottom-Up

<ul>
<li>Itochu, Familymart, PPI (Don Quijote) and their data analytics partners have come together in the first case of cross-retailer ad platform development.</li>
<li>Itochu provides the central relationship that ties these companies together, and other deals are likely given the significant potential for retail media.</li>
<li>The opportunity for brands to market to these retailers’ customers through highly targeted ads will become ever more compelling, delivering new revenue streams for Donki and Familymart.</li>
</ul>


Itochu, Familymart, PPI (Don Quijote) and their data analytics partners have come together in the first case of cross-retailer ad platform development.
Itochu provides the central relationship that ties these companies together, and other deals are likely given the significant potential for retail media.
The opportunity for brands to market to these retailers’ customers through highly targeted ads will become ever more compelling, delivering new revenue streams for Donki and Familymart.


Itochu and Donki Tie on Retail Media to Create Major New Revenue Stream

<ul>
<li>Aeon just announced record revenues of more than ¥9 trillion for FY2022. </li>
<li>Its supermarkets, mall developments and drugstores continue to strengthen and even the GMS business had a good year even if it still a way to go to generate consistent profit.</li>
<li>Meanwhile, Aeon plans to pour ¥150 billion a year into group-wide digital technologies, after launching the most advanced food online operation Japan has seen yet this month.</li>
</ul>


Aeon just announced record revenues of more than ¥9 trillion for FY2022. 
Its supermarkets, mall developments and drugstores continue to strengthen and even the GMS business had a good year even if it still a way to go to generate consistent profit.
Meanwhile, Aeon plans to pour ¥150 billion a year into group-wide digital technologies, after launching the most advanced food online operation Japan has seen yet this month.


Japan

AEON CO., LTD. operates general merchandise stores, supermarkets, and convenience stores throughout Japan. The Company is also engaged in women's and casual clothing store business, development business of commercial property, and financing service through the subsidiaries.

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Aeon Co Ltd (8267 JP)

Keiyo (8168 JP): DCM’s JPY1,300 Tender Offer

The minimum acceptance condition (lower limit) requires a 50.4% minority acceptance rate, which is achievable as the offer price represents a ten...

Arun George

Big Gains for Big Retail in Japan

This insight provides snapshot reviews of performance in all Japanese retail sectors and formats, outlining winners and losers as Japan shrugs off...

Michael Causton

Oisix: Meal Kit Kaizen

Oisix continues to lead in trust, quality and reliability in online food but saw a collapse in operating margins last year. This was mostly an one...

Michael Causton

Itochu and Donki Tie on Retail Media to Create Major New Revenue Stream

Retail media is just emerging but will become a major source of new revenues for retailers in Japan thanks to their high footfall and customer...

Michael Causton

Aeon: All Signs Point to Higher Returns

Aeon has long been famous for low margins and an empire of diverse business units with less than stellar efficiency. The last five years have seen...

Michael Causton

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