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

Mimasu Semiconductor Industry / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mimasu-semiconductor-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:5531:1" rel="noopener">Mimasu Semiconductor Industry (8155 JP)</a> notes that the pre-condition for <a href="https://www.smartkarma.com/entities/shin-etsu-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:4481:1" rel="noopener">Shin Etsu Chemical (4063 JP)</a>’s JPY3,700 tender offer has been satisfied. The tender runs from 21 June to 5 August.</li>
<li>The share price has traded at or above the offer on 15 out of 38 trading days, partly due to expectations of a counteroffer. </li>
<li>While the offer is below the midpoint of the IFA DCF valuation range, it represents an all-time high. The lack of activists or competing offers suggests a done deal.</li>
</ul>



Mimasu Semiconductor Industry (8155 JP) notes that the pre-condition for Shin Etsu Chemical (4063 JP)’s JPY3,700 tender offer has been satisfied. The tender runs from 21 June to 5 August.
The share price has traded at or above the offer on 15 out of 38 trading days, partly due to expectations of a counteroffer. 
While the offer is below the midpoint of the IFA DCF valuation range, it represents an all-time high. The lack of activists or competing offers suggests a done deal.


Mimasu Semiconductor (8155 JP): Shin-Etsu (4063 JP)’s Tender Offer Launches

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shin-etsu-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:4481:1" rel="noopener">Shin Etsu Chemical (4063 JP)</a>, owner of a 44% stake in <a href="https://www.smartkarma.com/entities/mimasu-semiconductor-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:5531:1" rel="noopener">Mimasu Semiconductor Industry (8155 JP)</a>, will launch the TOB to buy out Mimasu minority holders, as pre-announced 2mos ago.</li>
<li>Not surprising. They bought in 19yrs ago, raised to 40+% 18yrs ago, then waited. Finally, we have a deal. It's too cheap but in 18yrs, I recall zero activism here.</li>
<li>Shin-Etsu starts with ~45%, and crossholders and the chairman get it to 53%. Then they need a bit to get them to 67% but it should be straightforward.</li>
</ul>



Shin Etsu Chemical (4063 JP), owner of a 44% stake in Mimasu Semiconductor Industry (8155 JP), will launch the TOB to buy out Mimasu minority holders, as pre-announced 2mos ago.
Not surprising. They bought in 19yrs ago, raised to 40+% 18yrs ago, then waited. Finally, we have a deal. It's too cheap but in 18yrs, I recall zero activism here.
Shin-Etsu starts with ~45%, and crossholders and the chairman get it to 53%. Then they need a bit to get them to 67% but it should be straightforward.


Shin-Etsu Chem TOB for Rest of Mimasu Semi (8155) - Far Too Cheap, But No Squeaky Wheel No Grease

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mimasu-semiconductor-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:5531:1" rel="noopener">Mimasu Semiconductor Industry (8155 JP)</a> recommended a pre-conditional tender offer from <a href="https://www.smartkarma.com/entities/shin-etsu-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:4481:1" rel="noopener">Shin Etsu Chemical (4063 JP)</a> at JPY3,700, a 14.4% and 35.4% premium to the last close and undisturbed price, respectively. </li>
<li>The pre-condition, which cannot be waived, is approval under the competition laws of Japan and Taiwan. The tender offer is expected to start in late July.</li>
<li>While the offer is below the mid-point of the IFA DCF valuation range and the requested price, it is 7.7% higher than the all-time high of JPY3,435. This is done. </li>
</ul>



Mimasu Semiconductor Industry (8155 JP) recommended a pre-conditional tender offer from Shin Etsu Chemical (4063 JP) at JPY3,700, a 14.4% and 35.4% premium to the last close and undisturbed price, respectively. 
The pre-condition, which cannot be waived, is approval under the competition laws of Japan and Taiwan. The tender offer is expected to start in late July.
While the offer is below the mid-point of the IFA DCF valuation range and the requested price, it is 7.7% higher than the all-time high of JPY3,435. This is done. 


Mimasu Semiconductor (8155 JP): Shin-Etsu (4063 JP)’s Pre-Conditional Tender Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shin-etsu-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:4481:1" rel="noopener">Shin Etsu Chemical (4063 JP)</a>, owner of a 44% stake in <a href="https://www.smartkarma.com/entities/mimasu-semiconductor-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:5531:1" rel="noopener">Mimasu Semiconductor Industry (8155 JP)</a>, has announced a Tender Offer to take out minorities in Mimasu. </li>
<li>This is not surprising. They bought in 19 years ago, raised to 40+% 18yrs ago, then waited. Finally, we have a deal. But it's too cheap. </li>
<li>Shin-Etsu starts with ~45%, and crossholders and the chairman get it to 52%. Then they need a bit to get them to 67% but it should be straightforward.</li>
</ul>



Shin Etsu Chemical (4063 JP), owner of a 44% stake in Mimasu Semiconductor Industry (8155 JP), has announced a Tender Offer to take out minorities in Mimasu. 
This is not surprising. They bought in 19 years ago, raised to 40+% 18yrs ago, then waited. Finally, we have a deal. But it's too cheap. 
Shin-Etsu starts with ~45%, and crossholders and the chairman get it to 52%. Then they need a bit to get them to 67% but it should be straightforward.


18yrs Later, Shin-Etsu Chem Takes Out Sub Mimasu Semi (8155) - Cheap But Whatchagonnado?

China Traditional Chinese Medicine / Event-Driven

<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/yichang-hec-changjiang-pharmaceutical" target="_blank" data-smartkarma-citation="entities:21040:1" rel="noopener">Yichang HEC Changjiang Pharma (1558 HK)</a>, <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a>, <a href="https://www.smartkarma.com/entities/asia-cement-china-holdings" target="_blank" data-smartkarma-citation="entities:3374:1" rel="noopener">Asia Cement China (743 HK)</a>, <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>.
</li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/tatsuta-electric-wire-cable-co-ltd" target="_blank" data-smartkarma-citation="entities:12509:1" rel="noopener">Tatsuta Electric Wire &amp; Cable (5809 JP)</a>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU)</a>, <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl Corp (4921 JP)</a>, <a href="https://www.smartkarma.com/entities/mimasu-semiconductor-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:5531:1" rel="noopener">Mimasu Semiconductor Industry (8155 JP)</a>, <a href="https://www.smartkarma.com/entities/infocom-corp" target="_blank" data-smartkarma-citation="entities:8412:1" rel="noopener">Infocom Corp (4348 JP)</a>, Hollysys.
</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: Yichang HEC Changjiang Pharma (1558 HK), China Traditional Chinese Medicine (570 HK), Asia Cement China (743 HK), Canvest Environmental Protection Group (1381 HK), Greatview Aseptic Packaging (468 HK).

Lowest spreads: Tatsuta Electric Wire &amp; Cable (5809 JP), Alumina Ltd (AWC AU), Fancl Corp (4921 JP), Mimasu Semiconductor Industry (8155 JP), Infocom Corp (4348 JP), Hollysys.



Merger Arb Mondays (22 Jul) - China TCM, GA Pack, Huafa, Samson, CPMC, Fancl, Tatsuta, Capitol

Japan

UT Group Co., Ltd. is a holding company.  The Group specializes in semiconductor and LCD (Liquid Crystal Display) related products and provides outsourcing services to electronics manufacturers.

Tri Chemical Laboratories Inc. develops, produces, and markets semiconductor and optic fiber materials.  The Company also designs and manufactures containers for chemicals.

Ferrotec Corporation develops, manufactures, and sells equipment that incorporates magnetic fluid (ferrofluid) technology. The Company manufactures and processes electronics components, manufactures machine tools, and cleans parts used in semiconductor manufacturing equipment as CMS (contract manufacturing service) business in China.

FURUYA METAL CO., LTD. manufactures and sells precious metal products such as platinum and iridium for industrial use.  The Company also manufactures and sells thin film components used for LSI and MD, CD, and DVD displays.  FURUYA METAL produces temperature sensors used such as in semiconductor industry.

SHIBAURA MECHATRONICS CORPORATION manufactures and markets manufacturing machines for semiconductors, liquid crystal displays (LCD), and sputtering systems.  The Company also makes industrial automated systems, laser processing equipment, cartesian robots, vending machines, and vacuum pumps.

OPTORUN Co., Ltd. manufactures industrial machinery equipment. The Company produces metal cutting machine tools, vacuum film forming equipment, and other equipment. OPTORUN also operates import and export businesses.

Rs Technologies Co.,Ltd. provides wafer services needed on semiconductor manufacturing process. The company's line of business also includes the wholesale distribution of electrical equipments and also provides technical assistance and education services.

MegaChips Corporation manufactures and markets Large-Scale-Integration (LSI) circuits and digital monitoring systems.  The Company's products are used in video games and other electronics.

YAMAICHI ELECTRONICS CO., LTD. designs, manufactures, and markets integrated circuits (IC) sockets and pressure welding connectors. The Company also makes ceramic sensors.

TAZMO CO., LTD. mainly manufactures liquid crystal display (LCD) related equipment and semiconductor equipment.  The Company's main products include the spin coater in the color filter manufacturing process and cluster-type spin coater and developer used in semiconductor manufacturing.  Tazmo also manufactures thermopile infrared sensors as well as ultra-precision molding dies.

Hana Micron Inc. designs, develops, manufactures, and sells semiconductor packages for memory and non-memory semiconductor products.  The Company also produces USB flash drive (UFD), a mobile storage devices which can substitute floppy disk drives.

Nationz Technologies, Inc. designs integrated circuits and chips.  The Company's products include secure storage chips, trusted computing chips, mobile payment chips, communication interface chips, and radio frequency communication chips.

SDI Corporation manufactures and markets stationery and lead frames for semiconductors. The Company produces a variety of blades, stationery, hardware, office accessories and steel byproducts.

ITE Technology Inc. is a fabless IC design house.  The Company develops, manufactures, and markets various kinds of ICs (Integrated Circuits) for the use in PCs (Personal Computers), IAs (Internet Appliances), and LCDs (Liquid Crystal Displays).

Sitronix Technology Corp. designs MCU (Memory Control Unit) ICs (Integrated Circuits) and LCD (Liquid Crystal Display) driver ICs.

Ningbo Kangqiang Electronics Co.,Ltd. manufactures and markets semiconductor packaging materials. The company's primary products are lead frames and bonding wires.

Ningbo Kangqiang Electronics Co, Ltd. (002119 CH)

Hubei Tech Semiconductors Co., Ltd manufactures and sells high power semiconductor devices.  The Company's products include thyristors, modules, and heat sink devices.

Shunsin Technology Holdings Ltd was established in 2008. The company engages in the semiconductor industry. ShunSin is a dedicated high-tech enterprise for electronic communication products and semiconductor packaging and testing services.

Wonik QNC Corporation designs and produces quartz products.  The Company's products are used to protect semiconductor from impurities.  Wonik QNC also manufactures fine ceramics for liquid crystal display (LCD) and semiconductor process.

Neo Solar Power Corp. researches, develops, and manufactures solar cells.

MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. processes semiconductor materials such as silicon and gallium.  The Company also designs, manufactures, and sells semiconductor material processing machinery and sells various kinds of measuring and testing devices.

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Mimasu Semiconductor Industry (8155 JP)

Mimasu Semiconductor (8155 JP): Shin-Etsu (4063 JP)’s Tender Offer Launches

While the offer is below the midpoint of the IFA DCF valuation range, it represents an all-time high. The lack of activists or competing offers...

Arun George

Shin-Etsu Chem TOB for Rest of Mimasu Semi (8155) - Far Too Cheap, But No Squeaky Wheel No Grease

To months ago, Shin Etsu Chem announced a takeout of minorities in 44% sub Mimasu Semi (8155). Activists could have pushed but they didn't. Reg...

Travis Lundy

Mimasu Semiconductor (8155 JP): Shin-Etsu (4063 JP)’s Pre-Conditional Tender Offer

While the offer is below the mid-point of the IFA DCF valuation range and the Board requested price, it is 7.7% higher than the all-time high. This...

Arun George

18yrs Later, Shin-Etsu Chem Takes Out Sub Mimasu Semi (8155) - Cheap But Whatchagonnado?

Shin-Etsu Chem is buying out sub Mimasu Semi 19yrs after buying in. It's too cheap, but it's an all-time high, and this company hasn't had activist...

Travis Lundy

Merger Arb Mondays (22 Jul) - China TCM, GA Pack, Huafa, Samson, CPMC, Fancl, Tatsuta, Capitol

This week, the highest gross spreads are HEC Pharma (122.5%), China TCM (31.8%), Asia Cement (12.6%), Canvest (11.1%), GA Pack (10.9%), Malaysia...

Arun George

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