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/kyoden-co-ltd" target="_blank" data-smartkarma-citation="entities:7002:1" rel="noopener">Kyoden Co Ltd (6881 JP)</a> has recommended the founder’s tender offer of JPY600 per share, a 32.5% premium to the undisturbed price (9 August).</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 1.91% ownership ratio.</li>
<li>The minimum acceptance condition (lower limit) requires an undemanding 5.4% minority acceptance rate. The tender offer is reasonable. </li>
</ul>



Kyoden Co Ltd (6881 JP) has recommended the founder’s tender offer of JPY600 per share, a 32.5% premium to the undisturbed price (9 August).
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 1.91% ownership ratio.
The minimum acceptance condition (lower limit) requires an undemanding 5.4% minority acceptance rate. The tender offer is reasonable. 


Kyoden Company (6881 JP): Founder's JPY600 Tender Offer

Delta Electronics Thailand  / Event-Driven

<a href="https://www.smartkarma.com/entities/12688" target="_blank" data-smartkarma-citation="entities:12688:1">Delta Electronics (2308 TT)</a> (DEI) launched the conditional voluntary tender offer for <a href="https://www.smartkarma.com/entities/20912" target="_blank" data-smartkarma-citation="entities:20912:1">Delta Electronics Thai (DELTA TB)</a> (Delta), an electronics contract manufacturer, on 26 February 2019. The tender offer of THB71.00 cash per share values Delta at an EV of THB72 billion ($2.2 billion). <div class="content-highlight">Delta and DEI have close links as they were both founded by billionaire Bruce Cheng. Consequently, the tender offer could be viewed as a mechanism for the Chen family to sell their stake to a “friendly” DEI. For minority shareholders, we believe that DEI’s tender offer is reasonable and it makes little sense for minority shareholders to hold on to their shares.</div>

Delta Electronics (2308 TT) (DEI) launched the conditional voluntary tender offer for Delta Electronics Thai (DELTA TB) (Delta), an electronics contract manufacturer, on 26 February 2019. The tender offer of THB71.00 cash per share values Delta at an EV of THB72 billion ($2.2 billion). Delta and DEI have close links as they were both founded by billionaire Bruce Cheng. Consequently, the tender offer could be viewed as a mechanism for the Chen family to sell their stake to a “friendly” DEI. For minority shareholders, we believe that DEI’s tender offer is reasonable and it makes little sense for minority shareholders to hold on to their shares.

Delta Electronics (DELTA TB): Little Option but to Accept the Tender Offer

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Improvements in Japan are leading broad developed int’l indexes higher. The MSCI EAFE, local currency is bullishly inflecting above its downtrend and putting an end to the YTD pattern of lower highs. Both the TOPIX and Nikkei 225 have continued to improve, and now the TOPIX Small index is also bullishly inflecting. We provide a technical appraisal of major global markets, and highlight a number of actionable stocks within Japan, and across international markets.

Improvements in Japan are leading broad developed int’l indexes higher. The MSCI EAFE, local currency is bullishly inflecting above its downtrend and putting an end to the YTD pattern of lower highs. Both the TOPIX and Nikkei 225 have continued to improve, and now the TOPIX Small index is also bullishly inflecting. We provide a technical appraisal of major global markets, and highlight a number of actionable stocks within Japan, and across international markets.

MSCI EAFE Inflecting, Aided by Strength in Japan

Japan

CMK CORPORATION develops, manufactures, and markets printed circuit boards (PCB) and modules. The Company's products include build-up multilayer PCB, interstitial via hole multilayer PCB, multilayer PCB, double-sided through hole PCB, silver paste through hole PCB, single-sided PCB, and substrate for semiconductor packages.

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Cmk Corp (6958 JP)

Kyoden Company (6881 JP): Founder's JPY600 Tender Offer

The minimum acceptance condition (lower limit) requires an undemanding 5.4% minority acceptance rate. The tender offer is reasonable.

Arun George

Delta Electronics (DELTA TB): Little Option but to Accept the Tender Offer

Delta Electronics (2308 TT) (DEI) launched the conditional voluntary tender offer for Delta Electronics Thai (DELTA TB) (Delta), an electronics...

Arun George

MSCI EAFE Inflecting, Aided by Strength in Japan

Improvements in Japan are leading broad developed int’l indexes higher. The MSCI EAFE, local currency is bullishly inflecting above its downtrend...

Vermilion Research

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