US-EU Index & Corporate Actions Analyst

Harry Kalfas

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ares-management-corp" target="_blank" data-smartkarma-citation="entities:28771:1" rel="noopener">Ares Management (ARES US) </a>entered into a definitive agreement a $3.7 billion acquisition of GLP Capital Partners’ international operations.</li>
<li>The acquisition is structured with a mix of cash and stock, including performance incentives.</li>
<li>The deal, subject to regulatory approvals, will impact Ares’ presence in a global and a major US index, potentially creating significant passive demand.</li>
</ul>



Ares Management (ARES US) entered into a definitive agreement a $3.7 billion acquisition of GLP Capital Partners’ international operations.
The acquisition is structured with a mix of cash and stock, including performance incentives.
The deal, subject to regulatory approvals, will impact Ares’ presence in a global and a major US index, potentially creating significant passive demand.


Ares Management’s $3.7 Billion Acquisition: Shift for the U.S. And Global Index

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>
<a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> priced its IPO at JPY2,400 per share to raise gross proceeds of US$122 million. The shares will start trading on 20 September.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/integral-corporation-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:110936" rel="noopener">Integral Corporation IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/integral-corporation-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:111035" rel="noopener">Integral Corporation IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/integral-corporation-ipo-new-price-range-is-tempting" target="_blank" data-smartkarma-citation="insights:112210" rel="noopener">Integral Corporation IPO: New Price Range Is Tempting</a>.</li>
<li>The market sentiment on the sector has steadily improved since the prospectus' release. Our analysis suggests that the IPO price remains attractive.</li>
</ul>



Integral Corporation (5842 JP) priced its IPO at JPY2,400 per share to raise gross proceeds of US$122 million. The shares will start trading on 20 September.
We previously discussed the IPO in Integral Corporation IPO: The Bull Case, Integral Corporation IPO: The Bear Case and Integral Corporation IPO: New Price Range Is Tempting.
The market sentiment on the sector has steadily improved since the prospectus' release. Our analysis suggests that the IPO price remains attractive.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> has set its IPO price at JPY2,300-2,400 per share, 18%-29% lower than the IPO reference price range of JPY2,800-3,400 per share.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/integral-corporation-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:110936" rel="noopener">Integral Corporation IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/integral-corporation-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:111035" rel="noopener">Integral Corporation IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/integral-corporation-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:111474" rel="noopener">Integral Corporation IPO: Valuation Insights</a>. </li>
<li>Our analysis suggests that the revised IPO price range is attractive compared to peer multiples. The re-rating of peers since the release of the prospectus also makes the offer tempting. </li>
</ul>



Integral Corporation (5842 JP) has set its IPO price at JPY2,300-2,400 per share, 18%-29% lower than the IPO reference price range of JPY2,800-3,400 per share.
We previously discussed the IPO in Integral Corporation IPO: The Bull Case, Integral Corporation IPO: The Bear Case and Integral Corporation IPO: Valuation Insights. 
Our analysis suggests that the revised IPO price range is attractive compared to peer multiples. The re-rating of peers since the release of the prospectus also makes the offer tempting. 


Integral Corporation IPO: New Price Range Is Tempting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> is an independent Japanese private equity firm seeking to raise about US$174 million. The pricing is on 4 September, and the listing is on 20 September. </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/integral-corporation-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:110936" rel="noopener">Integral Corporation IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/integral-corporation-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:111035" rel="noopener">Integral Corporation IPO: The Bear Case</a>. </li>
<li>In this note, we discuss forecasts and valuation. Our analysis suggests that the indicative IPO price range of JPY2,800-3,400 per share is unattractive. We would give the IPO a pass.</li>
</ul>



Integral Corporation (5842 JP) is an independent Japanese private equity firm seeking to raise about US$174 million. The pricing is on 4 September, and the listing is on 20 September. 
We previously discussed the IPO in Integral Corporation IPO: The Bull Case and Integral Corporation IPO: The Bear Case. 
In this note, we discuss forecasts and valuation. Our analysis suggests that the indicative IPO price range of JPY2,800-3,400 per share is unattractive. We would give the IPO a pass.


Integral Corporation IPO: Valuation Insights

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" data-smartkarma-citation="entities:961:1" rel="noopener">Nippon Steel Corporation (5401 JP)</a> has announced it will acquire stakes in <a href="https://www.smartkarma.com/entities/g-j-steel-pcl" target="_blank" data-smartkarma-citation="entities:14759:1" rel="noopener">G J Steel Pcl (GJS TB)</a> and <a href="https://www.smartkarma.com/entities/g-steel-pcl" target="_blank" data-smartkarma-citation="entities:18121:1" rel="noopener">G Steel Pcl (GSTEL TB)</a>.</li>
<li>Nippon Steel has signed share and purchase agreements with the alternative investment unit of <a href="https://www.smartkarma.com/entities/ares-management-corp" target="_blank" data-smartkarma-citation="entities:28771:1" rel="noopener">Ares Management Corp (ARES US)</a>, the major shareholder of both Thai electric-furnace steelmakers. </li>
<li>Completion of the agreements will trigger Mandatory Tender Offers for both companies. These Offers will be unconditional. </li>
</ul>



Nippon Steel Corporation (5401 JP) has announced it will acquire stakes in G J Steel Pcl (GJS TB) and G Steel Pcl (GSTEL TB).
Nippon Steel has signed share and purchase agreements with the alternative investment unit of Ares Management Corp (ARES US), the major shareholder of both Thai electric-furnace steelmakers. 
Completion of the agreements will trigger Mandatory Tender Offers for both companies. These Offers will be unconditional. 


Nippon Steel's Mandatory Offers For Thailand's GJ Steel and G Steel

United States

Ares Management Corporation operates as an asset management firm. The Firm focuses on tradable credit, direct lending, private equity, and real estate markets. The Company also invest in all levels of a company capital structure-from senior debt to common equity. Ares Management serves university endowments, pension and sovereign wealth funds, banks, and insurance companies.

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Ares Management (ARES US)

Ares Management’s $3.7 Billion Acquisition: Shift for the U.S. And Global Index

Ares Management's $3.7B acquisition of GLP Capital’s international ops enhances its footprint and index presence, driving potential passive demand.

Harry Kalfas

Integral Corporation IPO: Trading Debut

The shares will be listed on 20 Sep. The market sentiment on the sector has steadily improved since the prospectus' release. Our analysis suggests...

Arun George

Integral Corporation IPO: New Price Range Is Tempting

Our analysis suggests that the revised IPO price range is attractive compared to peer multiples. The re-rating of peers since the release of the...

Arun George

Integral Corporation IPO: Valuation Insights

In this note, we discuss forecasts and valuation. Our analysis suggests that the indicative IPO price range of JPY2,800-3,400 per share is...

Arun George

Nippon Steel's Mandatory Offers For Thailand's GJ Steel and G Steel

This looks done - play the spread here. I see the gross/annualised spread at 3.2%/14.4% assuming late Paril completion. That looks okay for what...

David Blennerhassett

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