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>JIP, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>'s preferred bidder, is reported to be under pressure from co-investors to cut its offer price. Securing financing continues to be troublesome.  </li>
<li>An offer valuing Toshiba less than JPY2.2 trillion would face pushback from the special committee, let alone shareholders. There are no signs of a JIC/Bain coming to the rescue. </li>
<li>While the Toshiba/peers price ratio remains undemanding compared to historical ratios, Toshiba looks expensive vs peers on multiples. With short-term newsflow likely to be incrementally negative, remain on the sidelines.</li>
</ul>


JIP, Toshiba Corp (6502 JP)'s preferred bidder, is reported to be under pressure from co-investors to cut its offer price. Securing financing continues to be troublesome.  
An offer valuing Toshiba less than JPY2.2 trillion would face pushback from the special committee, let alone shareholders. There are no signs of a JIC/Bain coming to the rescue. 
While the Toshiba/peers price ratio remains undemanding compared to historical ratios, Toshiba looks expensive vs peers on multiples. With short-term newsflow likely to be incrementally negative, remain on the sidelines.


Toshiba (6502 JP): JIP's Privatisation Bid Is Floundering

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>
Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW/LIKE TO KEEP ABREAST.
</li>
<li>
OVERSEAS: Service PMI print sinks equities;  China: Green shoots continue to emerge with COVID policy; SPAC market unravelling; TESLA refutes China production cut news</li>
<li>
JAPAN: Out on Penalities- Samurai Blues exit the WCup; Markets: NKY Futs -0.5% vs Cash, USDJPY down to ¥136;  Rating Changes: U/G to Kuraray, NTN;  D/G to Softbank, Takeuchi</li>
</ul>



Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW/LIKE TO KEEP ABREAST.


OVERSEAS: Service PMI print sinks equities;  China: Green shoots continue to emerge with COVID policy; SPAC market unravelling; TESLA refutes China production cut news

JAPAN: Out on Penalities- Samurai Blues exit the WCup; Markets: NKY Futs -0.5% vs Cash, USDJPY down to ¥136;  Rating Changes: U/G to Kuraray, NTN;  D/G to Softbank, Takeuchi


Good Morning Japan | Smoking Hot Services PMI Sinks Equities; WCup: Japan Out on Penalties

<ul>
<li>
 Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP ABREAST.
</li>
<li>OVERSEAS: STRONG Jobs numbers- dent in Fed pivot narrative; BUT Nov Manuf PMI supportive w/Contraction; SPX -0.1%, intraday-Lower left upper right day; Big airplane UAL order for BA. </li>
<li>JAPAN: Focus: WCup. JP vs Croatia tonight;  USDJPY 134 handle; Energy security: Govt wants LNG reserves+New plants; Weak Nov retail numbers; Retailer Nojima blazing the trail with +6% wage hike</li>
</ul>



 Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP ABREAST.

OVERSEAS: STRONG Jobs numbers- dent in Fed pivot narrative; BUT Nov Manuf PMI supportive w/Contraction; SPX -0.1%, intraday-Lower left upper right day; Big airplane UAL order for BA. 
JAPAN: Focus: WCup. JP vs Croatia tonight;  USDJPY 134 handle; Energy security: Govt wants LNG reserves+New plants; Weak Nov retail numbers; Retailer Nojima blazing the trail with +6% wage hike


Good Morning Japan | Fed Raised Hopes-Dashed by Jobs but PMI Supportive

<ul>
<li>
 Good Morning Japan:  We strive to provide the very best breaking macro, stock and thematic overnight news that will impact your trading day in Japan. FOLLOW US to keep abreast.
</li>
<li>
OVERSEAS:  Coordinated Fed attack on sentiment tanks market; China locks continues to weigh in; MSFT-Activision-still in play; Aggressive EU taxes on big tobacco</li>
<li>
JAPAN: BOJ takes hit on Bonds; Sony good news - MSFT+Apple; Notable broker downgrades across Autos (Nissan; Subaru) and Softbank; Regulators collusion clamp down on  Japan Advertising firms; Eisai/Biogen -ve 
</li>
</ul>



 Good Morning Japan:  We strive to provide the very best breaking macro, stock and thematic overnight news that will impact your trading day in Japan. FOLLOW US to keep abreast.


OVERSEAS:  Coordinated Fed attack on sentiment tanks market; China locks continues to weigh in; MSFT-Activision-still in play; Aggressive EU taxes on big tobacco

JAPAN: BOJ takes hit on Bonds; Sony good news - MSFT+Apple; Notable broker downgrades across Autos (Nissan; Subaru) and Softbank; Regulators collusion clamp down on  Japan Advertising firms; Eisai/Biogen -ve  



Good Morning Japan | Coordinated Fed "Attack" Tanks Markets; Compounds China Woes

<ul>
<li>Good Morning Japan:  We strive to provide the very best breaking macro, stock and thematic overnight news that will impact your trading day in Japan. FOLLOW US to keep abreast
</li>
<li>OVERSEAS: Holidays last week - low liquidity, stocks+bonds higher, USD lower; This week: deluge of data with Employment key; MSFT-Activision deal in doubt; Apple production headwinds; China COVID unrest spreads </li>
<li>JAPAN: SHOCK !  Samurai Blues lost 0-1 to Costa Rica - A nation in pain;   Kishida support continues to wane; EPCO collusion fines;  Earnings pressure ahead for Shippers.</li>
</ul>


Good Morning Japan:  We strive to provide the very best breaking macro, stock and thematic overnight news that will impact your trading day in Japan. FOLLOW US to keep abreast

OVERSEAS: Holidays last week - low liquidity, stocks+bonds higher, USD lower; This week: deluge of data with Employment key; MSFT-Activision deal in doubt; Apple production headwinds; China COVID unrest spreads 
JAPAN: SHOCK !  Samurai Blues lost 0-1 to Costa Rica - A nation in pain;   Kishida support continues to wane; EPCO collusion fines;  Earnings pressure ahead for Shippers.


Japan

Mitsubishi Heavy Industries, Ltd. is a comprehensive heavy machinery maker. The Company manufactures machinery, ships, turbines and engines, prime movers, aircrafts, and machine parts for military and commercial use.  Mitsubishi Heavy Industries also researches and develops nuclear power plants.

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Mitsubishi Heavy Industries (7011 JP)

Toshiba (6502 JP): JIP's Privatisation Bid Is Floundering

While Toshiba/peers price ratio remains undemanding compared to historical ratios, Toshiba looks expensive vs peers on multiples. With newsflow...

Arun George

Good Morning Japan | Smoking Hot Services PMI Sinks Equities; WCup: Japan Out on Penalties

Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW/LIKE TO...

Mark Chadwick

Good Morning Japan | Fed Raised Hopes-Dashed by Jobs but PMI Supportive

Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP...

Mark Chadwick

Good Morning Japan | Coordinated Fed "Attack" Tanks Markets; Compounds China Woes

Good Morning Japan: We strive to provide the very best breaking macro, stock and thematic overnight news that will impact your trading day in...

Mark Chadwick

Good Morning Japan | Samurai Blues

Good Morning Japan: We strive to provide the very best breaking macro, stock and thematic overnight news that will impact your trading day in...

Mark Chadwick

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