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

Chilled & Frozen Logistics Holdings / Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a> Board has responded with several questions regarding <a href="https://www.smartkarma.com/entities/az-com-maruwa-holdings" target="_blank" data-smartkarma-citation="entities:17280:1" rel="noopener">AZ-Com Maruwa Holdings (9090 JP)</a>’s pre-conditional hostile offer of JPY3,000 per share.</li>
<li>The Board questions the transaction’s schedule, terms and potential synergies. The Board has also used the ruse that due diligence access would justify a higher offer price.</li>
<li>Expect several rounds of Q&amp;A and a delay to the tender start. If shares continue trading through terms ahead of the tender start, AZ-COM Maruwa will likely have to bump. </li>
</ul>


The Chilled &amp; Frozen Logistics Holdings (9099 JP) Board has responded with several questions regarding AZ-Com Maruwa Holdings (9090 JP)’s pre-conditional hostile offer of JPY3,000 per share.
The Board questions the transaction’s schedule, terms and potential synergies. The Board has also used the ruse that due diligence access would justify a higher offer price.
Expect several rounds of Q&amp;A and a delay to the tender start. If shares continue trading through terms ahead of the tender start, AZ-COM Maruwa will likely have to bump. 


Chilled & Frozen Logistics (9099 JP): Pass The🍿as the Board Responds to AZ-COM Maruwa (9090 JP)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/az-com-maruwa-holdings" target="_blank" data-smartkarma-citation="entities:17280:1" rel="noopener">AZ-Com Maruwa Holdings (9090 JP)</a> has launched a pre-conditional hostile offer for <a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a> at JPY3,000 per share, a 47.0% premium to the last close.</li>
<li>The pre-conditions primarily relate to regulatory approvals. The tender is expected to start in early May. The Board responded that it will evaluate the offer.</li>
<li>The hostile offer was a reaction to the Board’s lack of engagement. The Board will struggle to reject an attractive offer, which is 37.5% higher than the all-time high. </li>
</ul>



AZ-Com Maruwa Holdings (9090 JP) has launched a pre-conditional hostile offer for Chilled &amp; Frozen Logistics Holdings (9099 JP) at JPY3,000 per share, a 47.0% premium to the last close.
The pre-conditions primarily relate to regulatory approvals. The tender is expected to start in early May. The Board responded that it will evaluate the offer.
The hostile offer was a reaction to the Board’s lack of engagement. The Board will struggle to reject an attractive offer, which is 37.5% higher than the all-time high. 


Chilled & Frozen Logistics (9099 JP): AZ-COM Maruwa (9090 JP)’s Hostile Offer

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/144/055/original/2020-07-03_06-20-43.png?1593724862" class="editor-image img-responsive" data-smartkarma-image-id="144055"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>SCRAMBLED EGGS</strong> - The was not so much 'love around the kitchen table' for Japan's beloved Kewpie (QP) mayonnaise recently. Second-quarter revenues fell by 8%, and operating income was 39% lower. Full-year net income was revised down by 48% relative to TTM, suggesting a grim second half.  If realised, this level of bottom-line profits would be the worst since 2008. More commentary on yesterday's announcements follows in the <strong>DETAIL</strong> section below.</p><div><p style="text-align: center;"><strong>DAILY STATS</strong></p></div><hr><div>
<p style="text-align: center;"><strong>10 Quarterly Results</strong></p>
<ul>
<li>
<strong>Results Score:</strong> 4 Positive / 0 Neutral / 6 Negative</li>
<li>
<strong>Average Results Score Change:</strong>-2.6</li>
<li>
<strong>Average % Change in Revenue:</strong> -13.0% Quarter YoY / -1.5% Rolling TTM YoY</li>
<li>
<strong>Average Operating Profit Margin Change:</strong> -1.2ppt</li>
</ul>
</div><hr><div><p style="text-align: center;"><br><strong>5 Annual • 3 Interim Forecasts/Revisions</strong></p></div><div><ul>
<li>Annual Forecast/Revision Score: 2 Positive / 0 Neutral / 3 Negative</li>
<li>Interim Forecast/Revision Score Change: 2 Positive / 0 Neutral / 1 Negative</li>
<li>Average Forecast/Revision Score Change: -2.6</li>
</ul></div>

Source • Japan AnalyticsSCRAMBLED EGGS - The was not so much 'love around the kitchen table' for Japan's beloved Kewpie (QP) mayonnaise recently. Second-quarter revenues fell by 8%, and operating income was 39% lower. Full-year net income was revised down by 48% relative to TTM, suggesting a grim second half.  If realised, this level of bottom-line profits would be the worst since 2008. More commentary on yesterday's announcements follows in the DETAIL section below.DAILY STATS
10 Quarterly Results


Results Score: 4 Positive / 0 Neutral / 6 Negative

Average Results Score Change:-2.6

Average % Change in Revenue: -13.0% Quarter YoY / -1.5% Rolling TTM YoY

Average Operating Profit Margin Change: -1.2ppt

 5 Annual • 3 Interim Forecasts/Revisions
Annual Forecast/Revision Score: 2 Positive / 0 Neutral / 3 Negative
Interim Forecast/Revision Score Change: 2 Positive / 0 Neutral / 1 Negative
Average Forecast/Revision Score Change: -2.6


🇯🇵 JAPAN • Results & Revisions 2nd July • Scrambled Eggs

Japan

K.R.S. Corporation provides transportation services for its parent company, Q.P. Corporation.  The Company also manages regular and chilled inventories for their customers.  K.R.S. offers delivery services with Kyuso (rapid delivery) association to form nationwide trucking network.

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Krs Corp (9369 JP)

Chilled & Frozen Logistics (9099 JP): Pass The🍿as the Board Responds to AZ-COM Maruwa (9090 JP)

Expect several rounds of Q&A and a delay to the tender start. AZ-COM Maruwa could eventually bump closer to the May tender start. However, as...

Arun George

Chilled & Frozen Logistics (9099 JP): AZ-COM Maruwa (9090 JP)’s Hostile Offer

The hostile offer was a reaction to the Board’s lack of engagement. The Board will struggle to reject an attractive offer, which is 37.5% higher...

Arun George

🇯🇵 JAPAN • Results & Revisions 2nd July • Scrambled Eggs

SCRAMBLED EGGS - The was not so much 'love around the kitchen table' for Japan's beloved Kewpie (QP) mayonnaise recently. Second-quarter revenues...

Campbell Gunn

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