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

Japan Best Rescue System Co / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-best-rescue-system-co" target="_blank" data-smartkarma-citation="entities:13367:1" rel="noopener">Japan Best Rescue System Co (2453 JP)</a>/JBR has recommended an MBK Partners-backed MBO tender offer of JPY1,000 per share, a 53.8% premium to the undisturbed price (13 November). </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 66.67% ownership ratio.</li>
<li>Irrevocables to accept the offer represent a 53.62% ownership ratio. The minimum acceptance condition requires a 28.1% minority acceptance rate, which is helped by the significant premium. </li>
</ul>



Japan Best Rescue System Co (2453 JP)/JBR has recommended an MBK Partners-backed MBO tender offer of JPY1,000 per share, a 53.8% premium to the undisturbed price (13 November). 
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 66.67% ownership ratio.
Irrevocables to accept the offer represent a 53.62% ownership ratio. The minimum acceptance condition requires a 28.1% minority acceptance rate, which is helped by the significant premium. 


Japan Best Rescue System (2453 JP): MBK Partners Backed MBO Tender Offer at JPY1,000

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>This MBO by MBK is a strong premium because of a low recent price, but it pays a low P/FCF multiple for growth, and no synergies counted.</li>
<li>Yet another MBO where insiders and friends take advantage of structural inferiority of minority shareholders. Something Should Be Done.</li>
<li>What do Minority Shareholders in Japan Say When They Meet Death? "OK, Today it is then." (with apologies to Game Of Thrones).</li>
</ul>


This MBO by MBK is a strong premium because of a low recent price, but it pays a low P/FCF multiple for growth, and no synergies counted.
Yet another MBO where insiders and friends take advantage of structural inferiority of minority shareholders. Something Should Be Done.
What do Minority Shareholders in Japan Say When They Meet Death? "OK, Today it is then." (with apologies to Game Of Thrones).


Japan Best Rescue (2453) MBO at ¥1,000; High Premium, Low Multiple, No Money For Synergies or Growth

David Blennerhassett

Taisho Pharmaceutical Holdin / Event-Driven

<ul>
<li>I tally 45 - 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>One new deal discussed this week on Smartkarma: <a href="https://www.smartkarma.com/entities/tdcx-inc" target="_blank" data-smartkarma-citation="entities:34187:1" rel="noopener">TDCX (TDCX US)</a>'s MBO.</li>
<li>Key updates took place on: <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/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/taisho-pharmaceutical-holdin" target="_blank" data-smartkarma-citation="entities:3774:1" rel="noopener">Taisho Pharmaceutical Holdin (4581 JP)</a>, <a href="https://www.smartkarma.com/entities/benesse-holdings-inc" target="_blank" data-smartkarma-citation="entities:12877:1" rel="noopener">Benesse Holdings (9783 JP)</a>, and <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>.</li>
</ul>


I tally 45 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deal discussed this week on Smartkarma: TDCX (TDCX US)'s MBO.
Key updates took place on: Orecorp Ltd (ORR AU), T&amp;K Toka Co Ltd (4636 JP), Taisho Pharmaceutical Holdin (4581 JP), Benesse Holdings (9783 JP), and IJTT Co., Ltd. (7315 JP).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: TDCX, Orecorp, T&K Toka, Taisho Pharma, Benesse, IJTT

<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>Two new deals discussed this week: <a href="https://www.smartkarma.com/entities/aoki-holdings-inc" target="_blank" data-smartkarma-citation="entities:2993:1" rel="noopener">AOKI Holdings (8214 JP)</a>'s MBO and in-specied-triggered MTO got <a href="https://www.smartkarma.com/entities/kerry-express-thailand" target="_blank" data-smartkarma-citation="entities:29253:1" rel="noopener">Kerry Express Thailand (KEX TB)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/joyy-inc" target="_blank" data-smartkarma-citation="entities:285:1" rel="noopener">JOYY (YY US)</a>, <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>and <a href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:692:1" rel="noopener">Pact Group Holdings (PGH AU)</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.
Two new deals discussed this week: AOKI Holdings (8214 JP)'s MBO and in-specied-triggered MTO got Kerry Express Thailand (KEX TB).
Key updates took place on: JOYY (YY US), Tietto Minerals Ltd (TIE AU)and Pact Group Holdings (PGH AU).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Aoki, Kerry Express Thailand, JOYY, Tietto Mins, Pact Group

<ul>
<li>For the month of December 2023, 16 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$10bn.</li>
<li>The average premium for the new deals announced (or first discussed) in December was 44.7%. The average YTD is 39% (117 deals).</li>
<li>This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of December 2023, 16 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$10bn.
The average premium for the new deals announced (or first discussed) in December was 44.7%. The average YTD is 39% (117 deals).
This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, Dec 2023: Vinda, Adbri, Perpetual, CPMC, Sigma Health, Shinko Electric

Japan

STUDIO ALICE Co., Ltd. operates photo studio chain stores for children throughout Japan.  The Company provides a variety of costumes at its studios. STUDIO ALICE mainly operates direct-run stores.

STEP CO., LTD. operates preparatory schools for elementary, junior, and high school students mainly in Shonan, Kanagawa Prefecture.  The Company also prepares, prints, and publishes text books and educational materials.

WASEDA ACADEMY CO., LTD. manages a preparatory school for elementary and junior high school students.

RISO KYOIKU CO., LTD. operates cram schools (Juku) and provides academic tutoring and exam preparation on a one-on-one basis.  The Company's classes are primarily for elementary, junior, and high school students.

GAKKYUSHA CO., LTD. operates the cram school mainly in the Tokyo metropolitan area, majority of students belonging to elementary and junior-high level.  The Company also operates schools in US, UK, and Germany, targeting children of Japanese nationals living abroad.

IBJ Inc provides marriage matchmaking services. The Company offers marriage consulting services through the Internet. IBJ also offers and consults business events and seminars.

IKK Inc. provodes "Guest House" style wedding services.  The company operates wedding guest houses consist of chapels, gardens, lounges, and banquet rooms. The company's wedding services are planning, arranging, and coordinating the ceremonies. The company operates funeral services as well.

TSUKADA GLOBAL HOLDINGS Inc. provides a variety of wedding services. The Company arranges ceremonies with overseas chapels and churches as well as with domestic ones.

Tokyo Individualized Educational Institute, INC. manages a cram school.  The Company provides individual guidance system for elementary to high school students mainly in the Tokyo metropolitan area.  Tokyo Individualized Education Institute also offers computer training classes.

SAN HOLDINGS, INC. is a holding company that was formed through reorganization of the company.  The company manages its subsidiary which operates funeral service.  SAN HOLDINGS owns funeral parlors and provides funeral and hearse services.

Siam Wellness Group Public Company Limited owns and operates spa and wellness centers. The Company also provides management and consulting services.

3P Learning Limited provides educational services. The Company owns and operates a website for students, teachers, and mathematics coordinators with a focus on e-learning of mathematics. 3P Learning serves the kindergarten through twelfth grade curriculum worldwide.

China YuHua Education operates private education from kindergarten to university in China.

Hope Education Group Co, Ltd. offers educational services. The Company provides educational training, knowledge point sharing, activities arrangement, and other services. Hope Education Group offers its services throughout China.

SEG International Berhad is an investment holding company.  The Company through its subsidiaries, provides professional, commercial, and academic educational institution, operates commercial colleges, and provides education facilities, training centers, and job placement consultancy services.

Union Auction PCL is an automobile open auction business in Thailand.  The Company acts as an intermediary between buyers and sellers, on behalf of the private sector-in the form of companies, retail stores and the general public.

Dignity PLC provides a range of funeral services, including funerals, funeral planning, and cremations.  The Company also manufactures coffins.

Tribal Group plc, together with its subsidiaries, provides software and services that support the management of education in the United Kingdom, the Asia Pacific, North America, and internationally. The company?s Product Development and Customer Services segment offers software, and maintenance and support services. Its Implementation Services segment deploys and configures its software for its customers. The company?s Professional and Business Solutions segment offers a portfolio of performance enhancement tools and services, such as analytics, benchmarking, and transformation services. Its Quality Assurance Solutions provides inspection and review services that support the assessment of educational delivery. The company offers education related systems and solutions and educational consultancy services. It serves universities, colleges, and schools. Tribal Group plc was founded in 1999 and is headquartered in Bristol, the United Kingdom.

GAEC Educacao SA provides education and training services. The Company offers a variety of courses in a range fields, including accounting and tourism.

Digital Daesung Co., Ltd. provides on-line and off-line educational programs to primary and high school students.  The Company offers college entrance test preparatory courses, testing, e-learning, and college admission advisory services.

Japan Best Rescue System Co., Ltd. provides solution services for troubles in daily life.  Its services include repair for locks, glass, and plumbing systems. The Company offers a membership to customers and provides services through a network of franchisees and co-operate shops.

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Japan Best Rescue System Co (2453 JP)

Japan Best Rescue System (2453 JP): MBK Partners Backed MBO Tender Offer at JPY1,000

Irrevocables to accept the offer represent a 53.62% ownership ratio. The minimum acceptance condition requires a 28.1% minority acceptance rate,...

Arun George

Japan Best Rescue (2453) MBO at ¥1,000; High Premium, Low Multiple, No Money For Synergies or Growth

Another hour, another MBO. This time MBK doing an MBO on Japan Best Rescue, a great little rollup of subscription and insurance services. At a low...

Travis Lundy

(Mostly) Asia-Pac Weekly Risk Arb Wrap: TDCX, Orecorp, T&K Toka, Taisho Pharma, Benesse, IJTT

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

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Aoki, Kerry Express Thailand, JOYY, Tietto Mins, Pact Group

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

(Mostly) Asia M&A, Dec 2023: Vinda, Adbri, Perpetual, CPMC, Sigma Health, Shinko Electric

For the month of December, 16 new deals were discussed on Smartkarma with an overall deal size of ~US$10bn. The average premium for the new deals...

David Blennerhassett

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