IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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/aeon-delight-co-ltd" target="_blank" data-smartkarma-citation="entities:16763:1" rel="noopener">Aeon Delight (9787 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a> at JPY5,400 per share, a 15.3% premium to the last close.</li>
<li>Despite the skinny premium, the offer is reasonable compared to historical trading ranges and peer multiples. The offer represents an all-time high. </li>
<li>The offer aligns with the midpoint of the special committee IFA’s DCF valuation range and is marginally below the Board's requested price. The required minority acceptance rate is attainable. </li>
</ul>



Aeon Delight (9787 JP) has recommended a tender offer from Aeon Co Ltd (8267 JP) at JPY5,400 per share, a 15.3% premium to the last close.
Despite the skinny premium, the offer is reasonable compared to historical trading ranges and peer multiples. The offer represents an all-time high. 
The offer aligns with the midpoint of the special committee IFA’s DCF valuation range and is marginally below the Board's requested price. The required minority acceptance rate is attainable. 


Aeon Delight (9787 JP): Aeon’s (8267 JP) JPY5,400 Tender Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Bowing before bureaucratic, governmental, societal, and perhaps finally shareholder pressure, <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a> Friday announced it is rolling up two big subsidiaries. </li>
<li>Aeon Mall will be merged with Aeon in a share exchange and <a href="https://www.smartkarma.com/entities/aeon-delight-co-ltd" target="_blank" data-smartkarma-citation="entities:16763:1" rel="noopener">Aeon Delight (9787 JP)</a> will be taken over via slightly long-dated Tender Offer which starts Monday.</li>
<li>This is probably the wrong price, but it isn't <em>egregiously</em> wrong I expect. And it would be difficult to block. I expect it gets done easily.</li>
</ul>


Bowing before bureaucratic, governmental, societal, and perhaps finally shareholder pressure, Aeon Co Ltd (8267 JP) Friday announced it is rolling up two big subsidiaries. 
Aeon Mall will be merged with Aeon in a share exchange and Aeon Delight (9787 JP) will be taken over via slightly long-dated Tender Offer which starts Monday.
This is probably the wrong price, but it isn't egregiously wrong I expect. And it would be difficult to block. I expect it gets done easily.


Aeon Tender Offer for Aeon Delight (9787) At ¥5,400/Share

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

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Equity Bottom-Up

<ul><li>Sales increased by 4.7% YoY to JPY253.4bn, with operating profit rising 9.2% YoY to JPY11.9bn.</li><li>Profit growth exceeded sales growth due to improved GPM and lower SG&A expenses across five segments.</li><li>The company announced the cancellation of 700,000 treasury shares, representing 1.42% of total outstanding shares.</li></ul>

Sales increased by 4.7% YoY to JPY253.4bn, with operating profit rising 9.2% YoY to JPY11.9bn.Profit growth exceeded sales growth due to improved GPM and lower SG&A expenses across five segments.The company announced the cancellation of 700,000 treasury shares, representing 1.42% of total outstanding shares.

Aeon Delight (9787 JP): Q3 FY02/25 flash update

<ul><li>Sales increased YoY across multiple segments, driven by price revisions and new contracts, despite rising costs.</li><li>Aeon Delight's medium-term plan focuses on efficiency, consulting capabilities, and expanding the Construction Work business.</li><li>The company plans JPY20.0bn investment in productivity, new services, and human capital for sustained growth.</li></ul>

Sales increased YoY across multiple segments, driven by price revisions and new contracts, despite rising costs.Aeon Delight's medium-term plan focuses on efficiency, consulting capabilities, and expanding the Construction Work business.The company plans JPY20.0bn investment in productivity, new services, and human capital for sustained growth.

Aeon Delight (9787 JP): 1H FY02/25 flash update

<ul><li>Sales increased by 2.5% YoY to JPY81.1bn, operating profit decreased by 5.2% YoY to JPY3.3bn.</li><li>Sales growth in Facilities Management, Security Services, Cleaning Services, and Materials and Supplies Sourcing Services contributed to overall revenue increase.</li><li>Operating profit fell YoY due to higher SG&A expenses despite segment profit growth in several divisions.</li></ul>

Sales increased by 2.5% YoY to JPY81.1bn, operating profit decreased by 5.2% YoY to JPY3.3bn.Sales growth in Facilities Management, Security Services, Cleaning Services, and Materials and Supplies Sourcing Services contributed to overall revenue increase.Operating profit fell YoY due to higher SG&A expenses despite segment profit growth in several divisions.

Aeon Delight (9787 JP): Q1 FY02/25 flash update

Japan

AEON DELIGHT CO., LTD. is a building maintenance company.  The Company provides services such as cleaning, security, and equipment management for buildings.

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Aeon Delight (9787 JP)