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 weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal (0125738D IJ)</a> guides to the low end of the IDR875-880 price range and <a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> has a good debut.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest Mining (NCM AU)</a>, <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/ihara-science-corp" target="_blank" data-smartkarma-citation="entities:9870:1" rel="noopener">Ihara Science (5999 JP)</a>, <a href="https://www.smartkarma.com/entities/boustead-projects-ltd" target="_blank" data-smartkarma-citation="entities:26785:1" rel="noopener">Boustead Projects (BOCJ SP)</a>, <a href="https://www.smartkarma.com/entities/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911:1" rel="noopener">Sabana Industrial REIT (SSREIT SP)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Pertamina Geothermal (0125738D IJ) guides to the low end of the IDR875-880 price range and Hesai Group (HSAI US) has a good debut.
Event-Driven developments - Newcrest Mining (NCM AU), Nitro Software Ltd (NTO AU), Toshiba Corp (6502 JP), Ihara Science (5999 JP), Boustead Projects (BOCJ SP), Sabana Industrial REIT (SSREIT SP). 


Weekly Deals Digest (12 Feb) - Pertamina Geothermal, Toshiba, Newcrest, Nitro, Boustead, Sabana

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Carlyle has agreed to do an MBO on <a href="https://www.smartkarma.com/entities/iwasaki-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:13072:1" rel="noopener">Iwasaki Electric (6924 JP)</a> where the existing CEO who is 65yrs old will take a 0.5% stake.</li>
<li>As a purveyor of specialist industrial lighting, including transition to LED lighting for public space use, the company's place in the ecosystem is not undesirable. But it isn't hugely profitable.</li>
<li>This smallcap takeout at an 86% premium is probably still too light. And the Shareholder Structure is interesting.</li>
</ul>


Carlyle has agreed to do an MBO on Iwasaki Electric (6924 JP) where the existing CEO who is 65yrs old will take a 0.5% stake.
As a purveyor of specialist industrial lighting, including transition to LED lighting for public space use, the company's place in the ecosystem is not undesirable. But it isn't hugely profitable.
This smallcap takeout at an 86% premium is probably still too light. And the Shareholder Structure is interesting.


Carlyle 86% Premium ¥4460 TOB on Iwasaki Elec - Probably Light, and Interesting Shareholder Register

<ul>
<li>
<a href="https://www.smartkarma.com/entities/iwasaki-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:13072:1" rel="noopener">Iwasaki Electric (6924 JP)</a> has recommended an MBO tender offer, sponsored by <a href="https://www.smartkarma.com/entities/carlyle-group-inc" target="_blank" data-smartkarma-citation="entities:33402:1" rel="noopener">Carlyle Group Inc (CG US)</a>, of JPY4,460 per share, an 86.1% premium to the undisturbed price (6 February).</li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the offer has been set to meet the 66.67% ownership ratio.</li>
<li>The tender offer is attractive and represents a ten-year share price high. This suggests a done deal. The tender offer period is from 7 February to 22 March.</li>
</ul>



Iwasaki Electric (6924 JP) has recommended an MBO tender offer, sponsored by Carlyle Group Inc (CG US), of JPY4,460 per share, an 86.1% premium to the undisturbed price (6 February).
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the offer has been set to meet the 66.67% ownership ratio.
The tender offer is attractive and represents a ten-year share price high. This suggests a done deal. The tender offer period is from 7 February to 22 March.


Iwasaki Electric (6924 JP): JPY4,460 MBO Tender Offer from Carlyle

Japan

CHIYODA INTEGRE CO., LTD. manufactures and markets electrical and electronic components primarily used for audio visual products and office equipment.  The Company also makes parts used in the fields of automobiles, telecommunication, and household appliances.  The Company has overseas production facilities.

Aichi Electric Co., Ltd. manufactures transformers, control systems, automated systems for electric wires. and electronic equipment.  The Company's products include pole transformers, digital switchboards, remote monitoring systems, solenoids, and condenser motors.

Nippon Seisen Co., Ltd. manufactures and sells secondary products of stainless steel wires.  The Company's products include screws, springs, and metal nets for consumer electronics and automobiles.  Nippon Seisen also produces metal fibers, welding rods, and diamond tools.

Takaoka Toko Co., Ltd. holds companies that manufacture electric products for the power utility industry and electric related construction.

TERASAKI ELECTRIC CO., LTD. manufactures and sells power distribution control systems for buildings, factories, and commercial vessels.  The Company also produces various types of low voltage breakers.

TATSUTA ELECTRIC WIRE AND CABLE CO., LTD. manufactures wires and cables. The Company's products include power cables, optic fiber cables and its related devices, bonding wires, and water leakage detection systems.  Tatsuta Wire & Cable also produces environmentally friendly cables.

FUTABA CORPORATION produces and markets electronic parts. The Company's products include fluorescent display tubes, fluorescent display tube modules, press die parts, power saving equipment, mold and die parts, precision plates, radio control equipment, and digital position read-out devices.

Abalance Corporation develops and sells software designed for ECM (Enterprise Contents Management).  The Company also provides system integration and consulting services.  Abalance sells construction machinery and solar panels as well.

ENDO Lighting Corporation manufactures and sells decorative lighting equipment for hotels, department stores, and restaurants.  The Company specializes in stage lighting equipment.  Endo Lighting expands into system storage furniture and also provides installation work.

SEC CARBON, LIMITED manufactures industrial materials such as graphite electrodes, ceramics, and carbon products for aluminum refining.

China High Speed Transmission Equipment Group Co., Ltd. researches, designs, develops, manufactures and distributes a range of mechanical transmission equipment used in the wind power generation, marine, vessels, rail transport, aerospace, metallurgy, petrochemicals, construction and mining industries.

China High Speed Transmission Equip Grp (658 HK)

Audix Corporation designs, manufactures, and markets electronic components.  The Company operates as a product distributor of Hitachi, ALPS, Tokin, and Fujitsu-Takamisawa.  Audix also provides plastic molding and injection services.

Sunway Co., Ltd. develops and manufacturesspecialty wires and cables. The Company produces fluoropolymer fire insulation cables, explosion-proof cables, and other related products. Sunway focuses on China market.

Sun King Power Electronics Group Ltd. manufactures power electronics components and distributes semiconductors. The Company designs and produces power modules, anode saturable reactors, HV power capacitors, silicon rectifier valves, and deionised water cooling systems for rail transportation and power transmission and distribution.

Shanghai Cooltech Power Company Limited develops, designs, produces and sells smart eco-friendly power generation equipment. The Company's main products include smart eco-friendly integrated generation sets, engineering and electronic information processing technology and other power station products.

Well Shin Technology Co Ltd manufactures, wholesales and retails electronic cables, electronic parts and equipments.

FineTek Co., Ltd. manufactures instrumentation systems and solutions. The Company offers automation and control systems, sensor component design, radar components, communication module design, liquid level controllers and electronic power control instrumentation. FineTek serves the electronic, oil and gas, machinery, food and beverage, shipbuilding, and medical industries.

Lanzhou Great Wall Electrical Co., Ltd. manufactures and markets a variety of electrical products, including power generators, large and middle size alternative and direct electric machines, high and middle voltage switches, electric transmission controlling devices, and other electrical components. The Company also manufactures condensed juice.

Lanzhou Great Wall Electrical Co, Ltd. (600192 CH)

China Wire & Cable Co., Ltd. manufactures a variety of electric wires and cables as well as copper tubes.  The Company also manufactures aluminum construction products such as windows, doors, rails, blinds, and ladders.

FuelCell Energy, Inc. develops and commercializes fuel cell power plants for electric power generation. The Company also has contracts to develop its fuel cells for use of alternative fuels and for marine transportation applications. FuelCell has research and development contracts with government and industry.

IWASAKI ELECTRIC CO., LTD. manufactures illumination lamps including high intensity discharge, mercury, halogen, and fluorescent lamps.  The Company also produces non-illumination products such as UV sterilization Systems and water purification system.

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Iwasaki Electric (6924 JP)

Weekly Deals Digest (12 Feb) - Pertamina Geothermal, Toshiba, Newcrest, Nitro, Boustead, Sabana

Last week, notable developments occurred in Event-Driven (Newcrest, Nitro, Warrego, Ihara, Iwasaki Electric, Toshiba, Toyo, Boustead Projects,...

Arun George

Carlyle 86% Premium ¥4460 TOB on Iwasaki Elec - Probably Light, and Interesting Shareholder Register

Carlyle launched an "MBO" on Iwasaki Elec, purveyor of industrial LED lighting systems. The CEO will stay, and will own 0.5% (same as now). This is...

Travis Lundy

Iwasaki Electric (6924 JP): JPY4,460 MBO Tender Offer from Carlyle

The tender offer is attractive and represents a ten-year share price high. This suggests a done deal. The tender offer period is from 7 February to...

Arun George

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