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

Nec Networks & System Integr / Event-Driven

<ul>
<li>Oasis has become a substantial shareholder of <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" rel="noopener">Nec Networks &amp; System Integr (1973 JP)</a>, representing 13.2 million shares or an 8.83% ownership ratio. </li>
<li>Oasis has not commented on its intentions, but its stake signifies two possibilities – the start of an activist campaign to secure a bump or a play on appraisal rights.</li>
<li>A bump while possible is not a certainty. NEC is likely to wait to see to if Oasis increases its stake to a level which threatens its offer. </li>
</ul>


Oasis has become a substantial shareholder of Nec Networks &amp; System Integr (1973 JP), representing 13.2 million shares or an 8.83% ownership ratio. 
Oasis has not commented on its intentions, but its stake signifies two possibilities – the start of an activist campaign to secure a bump or a play on appraisal rights.
A bump while possible is not a certainty. NEC is likely to wait to see to if Oasis increases its stake to a level which threatens its offer. 


NEC Networks & System (1973 JP): Oasis Stake Could Be a Headache for NEC

<ul>
<li>
<a href="https://www.smartkarma.com/entities/net-one-systems-co-ltd" target="_blank" data-smartkarma-citation="entities:1279:1" rel="noopener">Net One Systems (7518 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/scsk-corp" target="_blank" data-smartkarma-citation="entities:19996:1" rel="noopener">Scsk Corp (9719 JP)</a> at JPY4,500, 25.9% premium to the undisturbed price of JPY3,574 (5 November).</li>
<li>The tender offer runs from 7 November to 18 December (30 business days), with payment commencing from 25 December. The offer is marginally below the all-time high. </li>
<li>The offer is attractive compared to precedent transactions, peer multiples, and historical trading ranges. The shareholder register is open, which facilitates the deal.  </li>
</ul>



Net One Systems (7518 JP) has recommended a tender offer from Scsk Corp (9719 JP) at JPY4,500, 25.9% premium to the undisturbed price of JPY3,574 (5 November).
The tender offer runs from 7 November to 18 December (30 business days), with payment commencing from 25 December. The offer is marginally below the all-time high. 
The offer is attractive compared to precedent transactions, peer multiples, and historical trading ranges. The shareholder register is open, which facilitates the deal.  


Net One Systems (7518 JP): SCSK (9719 JP)’s JPY4,500 Tender Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks &amp; System Integr (1973 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/nec-corp" target="_blank" data-smartkarma-citation="entities:17084:1" rel="noopener">NEC Corp (6701 JP)</a> at JPY3,250, 21.5% premium to the undisturbed price of JPY2,675 (28 October).</li>
<li>The tender offer runs from 30 October to 11 December (30 business days), with payment commencing from 18 December. The offer represents an all-time high. </li>
<li>While below the midpoint IFA DCF range, the offer is attractive vs peer multiples and historical trading ranges. This is a done deal. </li>
</ul>



Nec Networks &amp; System Integr (1973 JP) has recommended a tender offer from NEC Corp (6701 JP) at JPY3,250, 21.5% premium to the undisturbed price of JPY2,675 (28 October).
The tender offer runs from 30 October to 11 December (30 business days), with payment commencing from 18 December. The offer represents an all-time high. 
While below the midpoint IFA DCF range, the offer is attractive vs peer multiples and historical trading ranges. This is a done deal. 


NESIC (1973 JP): NEC (6701 JP)’s JPY3,250 Tender Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Seibu Holdings created a new Medium Term Management Plan in May 2021 including what it called Big, Hairy, Audacious Goals, or BHAGs.</li>
<li>That goal was to move a longtime asset-heavy business to an asset-light model by selling hotel and leisure assets, securitising others, and undergoing a Whole Business Restructuring.</li>
<li>Seibu Construction was sold in January and now it looks like 30 out of 40-odd Japan hotel and leisure facilities are nearly a done deal with a sale to GIC.</li>
</ul>


Seibu Holdings created a new Medium Term Management Plan in May 2021 including what it called Big, Hairy, Audacious Goals, or BHAGs.
That goal was to move a longtime asset-heavy business to an asset-light model by selling hotel and leisure assets, securitising others, and undergoing a Whole Business Restructuring.
Seibu Construction was sold in January and now it looks like 30 out of 40-odd Japan hotel and leisure facilities are nearly a done deal with a sale to GIC.


Seibu Holdings - Asset Heavy To Asset Lighter if Not Fully Asset Light

Equity Bottom-Up

Today after the close, <a href="https://www.smartkarma.com/entities/mirait-holdings-corp" target="_blank" data-smartkarma-citation="entities:7034:1" rel="noopener">Mirait Holdings (1417 JP)</a>, a communications infrastructure construction company (telecom infra (everything from wiring data centers to cellphone towers, and solar power+batteries for renewable power sourcing for the same) announced a ToSTNeT-3 buyback tomorrow morning pre-open for up to 6 million shares at today's close of ¥1595/share, spending up to ¥9.57bn, which is a decent chunk of money.
This is nearly 20 days of ADV using the past 52 weeks as a guide so it means something in liquidity terms too. 
Shareholders who want to exit a position would have the ability to get out of a chunk of it tomorrow morning. If that is you, read on.
How, why, and why some might want to or not want to is covered below.

Today after the close, Mirait Holdings (1417 JP), a communications infrastructure construction company (telecom infra (everything from wiring data centers to cellphone towers, and solar power+batteries for renewable power sourcing for the same) announced a ToSTNeT-3 buyback tomorrow morning pre-open for up to 6 million shares at today's close of ¥1595/share, spending up to ¥9.57bn, which is a decent chunk of money.
This is nearly 20 days of ADV using the past 52 weeks as a guide so it means something in liquidity terms too. 
Shareholders who want to exit a position would have the ability to get out of a chunk of it tomorrow morning. If that is you, read on.
How, why, and why some might want to or not want to is covered below.

Large Mirait (1417) ToSTNeT-3 Buyback on a Future Activist Opportunity

Japan

MIRAIT Holdings Corporation is a telecommunication engineering company. The Company offers various engineering services in information and communication fields through its subsidiaries. MIRAIT Holdings develops information systems and provides system maintenance services as well.

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Mirait Holdings (1417 JP)

NEC Networks & System (1973 JP): Oasis Stake Could Be a Headache for NEC

A bump while possible is not a certainty. NEC is likely to wait to see to if Oasis increases its stake to a level which threatens its offer.

Arun George

Net One Systems (7518 JP): SCSK (9719 JP)’s JPY4,500 Tender Offer

The offer is attractive compared to precedent transactions, peer multiples, and historical trading ranges. The shareholder register is open, which...

Arun George

NESIC (1973 JP): NEC (6701 JP)’s JPY3,250 Tender Offer

While below the midpoint IFA DCF range, the offer is attractive vs peer multiples and historical trading ranges. This is a done deal.

Arun George

Seibu Holdings - Asset Heavy To Asset Lighter if Not Fully Asset Light

Seibu Holdings has been in the process of selecting hotel assets for sale, and buyers to buy them. It looks like we may have a deal, at slightly...

Travis Lundy

Large Mirait (1417) ToSTNeT-3 Buyback on a Future Activist Opportunity

Telecom/data infrastructure contracting/construction company Mirait (1417) has grown top line 8% CAGR the last 8yrs and the sector will grow....

Travis Lundy

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