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/ijtt-co-ltd" target="_blank" data-smartkarma-citation="entities:19461:1" rel="noopener">IJTT Co., Ltd. (7315 JP)</a> has recommended <a href="https://www.smartkarma.com/entities/sparx-group-co-ltd" target="_blank" data-smartkarma-citation="entities:13158:1" rel="noopener">Sparx Group (8739 JP)</a>’s revised tender offer of JPY850, 4.7% premium to its previous JPY812 offer. The revised offer has been declared final.</li>
<li>The <a href="https://www.smartkarma.com/entities/isuzu-motors-ltd" target="_blank" data-smartkarma-citation="entities:14726:1" rel="noopener">Isuzu Motors (7202 JP)</a> share repurchase price has risen 4.0% from JPY677 to JPY704. The tender closes on 15 January 2024. All other terms are unchanged.</li>
<li>The shares are trading above the revised terms. A final offer and no competing bidder points to an unfavourable risk/reward profile - a 21% downside on a deal break. </li>
</ul>



IJTT Co., Ltd. (7315 JP) has recommended Sparx Group (8739 JP)’s revised tender offer of JPY850, 4.7% premium to its previous JPY812 offer. The revised offer has been declared final.
The Isuzu Motors (7202 JP) share repurchase price has risen 4.0% from JPY677 to JPY704. The tender closes on 15 January 2024. All other terms are unchanged.
The shares are trading above the revised terms. A final offer and no competing bidder points to an unfavourable risk/reward profile - a 21% downside on a deal break. 


IJTT (7315 JP): Risk/Reward as SPARX Bumps to JPY850

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ijtt-co-ltd" target="_blank" data-smartkarma-citation="entities:19461:1" rel="noopener">IJTT Co., Ltd. (7315 JP)</a> was perhaps one of the lower-priced parent takeovers (Isuzu remains central to the bidder post-buyout) at 0.46x book. Today, the last day, it got bumped.</li>
<li>The new price is ¥850/share vs ¥812/share. +4.7% and a whopping 0.48x book now. ¥850 is where the stock traded just before the announcement. It immediately jumped to ¥875/share.</li>
<li>It appears Isuzu is not getting any more money out of this, but they should be OK. They are buying back in at 0.48x book. With leverage. </li>
</ul>



IJTT Co., Ltd. (7315 JP) was perhaps one of the lower-priced parent takeovers (Isuzu remains central to the bidder post-buyout) at 0.46x book. Today, the last day, it got bumped.
The new price is ¥850/share vs ¥812/share. +4.7% and a whopping 0.48x book now. ¥850 is where the stock traded just before the announcement. It immediately jumped to ¥875/share.
It appears Isuzu is not getting any more money out of this, but they should be OK. They are buying back in at 0.48x book. With leverage. 


IJTT (7315 JP) - Truly Offensive Takeover Price Gets Bumped, Offensively

Taisho Pharmaceutical Holdin / Event-Driven

<ul>
<li>Japan's merger arb is facing an unusual situation: six merger arb situations (&gt;US$100 million market cap) where the shares have consistently traded through terms.</li>
<li>We evaluate the bumpitrage potential of these six Japanese merger arb situations on qualitative and quantitative metrics.</li>
<li>Based on our analysis, the ranking as measured by the highest bumpitrage potential in descending order are T&amp;K Toka, IJTT, Taisho, Shidax, Benesse and Tokyo Rakutenchi.</li>
</ul>


Japan's merger arb is facing an unusual situation: six merger arb situations (&gt;US$100 million market cap) where the shares have consistently traded through terms.
We evaluate the bumpitrage potential of these six Japanese merger arb situations on qualitative and quantitative metrics.
Based on our analysis, the ranking as measured by the highest bumpitrage potential in descending order are T&amp;K Toka, IJTT, Taisho, Shidax, Benesse and Tokyo Rakutenchi.


Japan Bumpitrage Potential: T&K Toka, IJTT, Taisho, Shidax, Benesse, Tokyo Rakutenchi

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads - <a href="https://www.smartkarma.com/entities/irc-ltd" target="_blank" data-smartkarma-citation="entities:20649:1" rel="noopener">Irc Ltd (1029 HK)</a>, <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a>, <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>, <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, <a href="https://www.smartkarma.com/entities/adbri-ltd" target="_blank" data-smartkarma-citation="entities:20166:1" rel="noopener">Adbri (ABC AU)</a>, <a href="https://www.smartkarma.com/entities/probiotec-ltd" target="_blank" data-smartkarma-citation="entities:12047:1" rel="noopener">Probiotec Ltd (PBP AU)</a>, Volpara Health.</li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals Ltd (TIE AU)</a>, <a href="https://www.smartkarma.com/entities/a2b-australia-ltd" target="_blank" data-smartkarma-citation="entities:16558:1" rel="noopener">A2B Australia (A2B AU)</a>, <a href="https://www.smartkarma.com/entities/ijtt-co-ltd" target="_blank" data-smartkarma-citation="entities:19461:1" rel="noopener">IJTT Co., Ltd. (7315 JP)</a>, <a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka Co Ltd (4636 JP)</a>, <a href="https://www.smartkarma.com/entities/tokyo-rakutenchi-co-ltd" target="_blank" data-smartkarma-citation="entities:2078:1" rel="noopener">Tokyo Rakutenchi (8842 JP)</a>, Pact Group.</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads - Irc Ltd (1029 HK), Orecorp Ltd (ORR AU), Shinko Electric Industries (6967 JP), JSR Corp (4185 JP), Adbri (ABC AU), Probiotec Ltd (PBP AU), Volpara Health.
Lowest spreads - Tietto Minerals Ltd (TIE AU), A2B Australia (A2B AU), IJTT Co., Ltd. (7315 JP), T&amp;K Toka Co Ltd (4636 JP), Tokyo Rakutenchi (8842 JP), Pact Group.


Merger Arb Mondays (25 Dec) - JSR, Benefit One, IRC, Adbri, Link, A2B, Probiotec, Lithium Power

David Blennerhassett

<ul>
<li>I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Six new deals discussed this week, all Down Under: <a href="https://www.smartkarma.com/entities/adbri-ltd" target="_blank" data-smartkarma-citation="entities:20166:1" rel="noopener">Adbri (ABC AU)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/pacific-smiles-group-ltd" target="_blank" data-smartkarma-citation="entities:2891:1" rel="noopener">Pacific Smiles (PSQ AU)</a>, <a href="https://www.smartkarma.com/entities/probiotec-ltd" target="_blank" data-smartkarma-citation="entities:12047:1" rel="noopener">Probiotec (PBP AU)</a>, <a href="https://www.smartkarma.com/entities/a2b-australia-ltd" target="_blank" data-smartkarma-citation="entities:16558:1" rel="noopener">A2B Australia (A2B AU)</a>, and <a href="https://www.smartkarma.com/entities/whispir-ltd" target="_blank" data-smartkarma-citation="entities:29125:1" rel="noopener">Whispir (WSP AU)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a>, <a href="https://www.smartkarma.com/entities/lithium-power-international" target="_blank" data-smartkarma-citation="entities:30603:1" rel="noopener">Lithium Power International (LPI AU)</a>, <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, <a href="https://www.smartkarma.com/entities/allkem-ltd" target="_blank" data-smartkarma-citation="entities:3572:1" rel="noopener">Allkem Ltd (AKE AU)</a>, and <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>.</li>
</ul>


I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Six new deals discussed this week, all Down Under: Adbri (ABC AU), Link Administration (LNK AU), Pacific Smiles (PSQ AU), Probiotec (PBP AU), A2B Australia (A2B AU), and Whispir (WSP AU).
Key updates took place on: Azure Minerals (AZS AU), Lithium Power International (LPI AU), JSR Corp (4185 JP), Allkem Ltd (AKE AU), and Toyo Construction (1890 JP).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Adbri, Link Admin, Azure Minerals, Lithium Power, JSR Corp

Japan

IJTT Co., Ltd. is a holding company established by the merger between I Metal Technology, TDF and Jidosha Buhin Kogyo. Its subsidiaries engage in production, processing and sales of truck parts and construction machine parts.

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IJTT Co., Ltd. (7315 JP)

IJTT (7315 JP): Risk/Reward as SPARX Bumps to JPY850

The shares are trading above the revised terms. A final offer and no signs of a competing bidder point to an unfavourable risk/reward profile - a...

Arun George

IJTT (7315 JP) - Truly Offensive Takeover Price Gets Bumped, Offensively

IJTT saw its Arts-1 Bidco raise the price from ¥812/share to ¥850/share, which is about 1% higher than the average VWAP of the last week. Not...

Travis Lundy

Japan Bumpitrage Potential: T&K Toka, IJTT, Taisho, Shidax, Benesse, Tokyo Rakutenchi

SPARX has increased its IJTT tender offer by 4.7% from JPY812 to JPY850 (24.0% premium to the undisturbed price). The Isuzu share repurchase price...

Arun George

Merger Arb Mondays (25 Dec) - JSR, Benefit One, IRC, Adbri, Link, A2B, Probiotec, Lithium Power

This week, the highest gross spreads are IRC (25.5%), OreCorp (14.2%), Shinko Electric (9.0%), JSR (8.6%), Adbri (6.3%), Probiotec (5.7%), Volpara...

Arun George

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Adbri, Link Admin, Azure Minerals, Lithium Power, JSR Corp

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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