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>
<a href="https://www.smartkarma.com/entities/jastec-co-ltd" target="_blank" data-smartkarma-citation="entities:9201:1" rel="noopener">Jastec Co Ltd (9717 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a> at JPY1,940 per share, a 37.6% premium to the undisturbed price (5 April). </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>Based on the irrevocables, the minimum acceptance condition requires a 56.4% minority acceptance rate. The acceptance condition is achievable as the offer represents a 22-year high.</li>
</ul>



Jastec Co Ltd (9717 JP) has recommended a tender offer from NTT Data Corp (9613 JP) at JPY1,940 per share, a 37.6% premium to the undisturbed price (5 April). 
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.
Based on the irrevocables, the minimum acceptance condition requires a 56.4% minority acceptance rate. The acceptance condition is achievable as the offer represents a 22-year high.


Jastec (9717 JP): NTT Data (9613 JP)’s Tender Offer at JPY1,940

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lawson-inc" target="_blank" data-smartkarma-citation="entities:1040:1" rel="noopener">Lawson Inc (2651 JP)</a> has recommended a pre-conditional tender offer from <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI Corp (9433 JP)</a> at JPY10,360 per share, an 18.8% premium to the undisturbed (5 February). </li>
<li>The pre-conditions relate to regulatory approvals in Japan, China, South Korea, and the EU. The offer is expected to start in April, suggesting no significant issues, particularly with SAMR approval.</li>
<li>Based on the irrevocables, the minimum acceptance condition requires a 30.2% minority acceptance rate, achievable as the offer represents an all-time high. </li>
</ul>



Lawson Inc (2651 JP) has recommended a pre-conditional tender offer from KDDI Corp (9433 JP) at JPY10,360 per share, an 18.8% premium to the undisturbed (5 February). 
The pre-conditions relate to regulatory approvals in Japan, China, South Korea, and the EU. The offer is expected to start in April, suggesting no significant issues, particularly with SAMR approval.
Based on the irrevocables, the minimum acceptance condition requires a 30.2% minority acceptance rate, achievable as the offer represents an all-time high. 


Lawson (2651 JP): KDDI Corp (9433 JP) Pre-Conditional Tender Offer at JPY10,360

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Asm International Nv / Technical Analysis

<ul>
<li>Global equities (MSCI ACWI) are resuming their uptrends following several weeks of consolidation above major base supports (classic bull market behavior). Our outlook for global equities remains bullish.</li>
<li>Europe's EURO STOXX 50 has held above critical support at 4400-4415, and now displays a bull flag breakout following over a month of consolidation -- add exposure</li>
<li>We highlight many buy opportunities within global Technology, Services, and Communications</li>
</ul>


Global equities (MSCI ACWI) are resuming their uptrends following several weeks of consolidation above major base supports (classic bull market behavior). Our outlook for global equities remains bullish.
Europe's EURO STOXX 50 has held above critical support at 4400-4415, and now displays a bull flag breakout following over a month of consolidation -- add exposure
We highlight many buy opportunities within global Technology, Services, and Communications


EURO STOXX 50, MSCI ACWI Breaking Out; Bullish Outlook Intact; Buys in Technology, Services, & Comm

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>We see global equities (MSCI ACWI) going through a pause/pullback amid short-term breakouts in the U.S. dollar (DXY) and global sovereign 10-year yields.</li>
<li>A rising DXY and climbing yields is a near-term headwind, and we could continue to see more choppy price action in the weeks ahead.</li>
<li>With that said, as long as the DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and ACWI-US is <em>above</em> $98, we would view pullbacks as buying opportunities.</li>
</ul>


We see global equities (MSCI ACWI) going through a pause/pullback amid short-term breakouts in the U.S. dollar (DXY) and global sovereign 10-year yields.
A rising DXY and climbing yields is a near-term headwind, and we could continue to see more choppy price action in the weeks ahead.
With that said, as long as the DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and ACWI-US is above $98, we would view pullbacks as buying opportunities.


Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A shift in composition needed in a Japanese portfolio this year</li>
<li>A weaker US and Japanese economy together with a stronger Yen will  make sector allocation key.</li>
<li>Some sectors to avoid or invest in during this next phase.</li>
</ul>


A shift in composition needed in a Japanese portfolio this year
A weaker US and Japanese economy together with a stronger Yen will  make sector allocation key.
Some sectors to avoid or invest in during this next phase.


2024 High Conviction Idea: The Case for a Rotation Out of Japan into Hong Kong - Part 4

Japan

Nippon Telegraph and Telephone Corporation provides a variety of telecommunication services, including telephone, telegraph, leased circuits, data communication, terminal equipment sales, and related services. The Company provides both local and long distance telephone services within Japan.

NTT (Nippon Telegraph & Telephone) (9432 JP)

Price Gauge
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NTT (Nippon Telegraph & Telephone) (9432 JP)

Jastec (9717 JP): NTT Data (9613 JP)’s Tender Offer at JPY1,940

Based on the irrevocables, the minimum acceptance condition requires a 56.4% minority acceptance rate. The acceptance condition is achievable as...

Arun George

Lawson (2651 JP): KDDI Corp (9433 JP) Pre-Conditional Tender Offer at JPY10,360

The offer is expected to start in April. Based on the irrevocables, the minimum acceptance condition requires a 30.2% minority acceptance rate,...

Arun George

EURO STOXX 50, MSCI ACWI Breaking Out; Bullish Outlook Intact; Buys in Technology, Services, & Comm

EURO $STOXX 50, MSCI $ACWI Breaking Out; Bullish Outlook Intact; Actionable Themes: Global Technology, Services, and Communications $ASML $ASMIY...

Vermilion Research

Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

Pause/pullback underway in $ACWI, but as long as the $DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and $ACWI is above...

Vermilion Research

2024 High Conviction Idea: The Case for a Rotation Out of Japan into Hong Kong - Part 4

In light of a weaker US and Japanese economy and a stronger Yen, sector allocation is crucial for Japanese portfolios this year. Certain sectors...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jastec (9717 JP): NTT Data (9613 JP)’s Tender Offer at JPY1,940

Based on the irrevocables, the minimum acceptance condition requires a 56.4% minority acceptance rate. The acceptance condition is achievable as...

Arun George

Lawson (2651 JP): KDDI Corp (9433 JP) Pre-Conditional Tender Offer at JPY10,360

The offer is expected to start in April. Based on the irrevocables, the minimum acceptance condition requires a 30.2% minority acceptance rate,...

Arun George

EURO STOXX 50, MSCI ACWI Breaking Out; Bullish Outlook Intact; Buys in Technology, Services, & Comm

EURO $STOXX 50, MSCI $ACWI Breaking Out; Bullish Outlook Intact; Actionable Themes: Global Technology, Services, and Communications $ASML $ASMIY...

Vermilion Research

Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

Pause/pullback underway in $ACWI, but as long as the $DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and $ACWI is above...

Vermilion Research

2024 High Conviction Idea: The Case for a Rotation Out of Japan into Hong Kong - Part 4

​In light of a weaker US and Japanese economy and a stronger Yen, sector allocation is crucial for Japanese portfolios this year. Certain sectors...

Rikki Malik

In light of a weaker US and Japanese economy and a stronger Yen, sector allocation is crucial for Japanese portfolios this year. Certain sectors...