IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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>Murakami's entity, City Index Eleventh, and daughter reported a 5.40% stake in <a href="https://www.smartkarma.com/entities/pacific-metals-co-ltd" target="_blank" data-smartkarma-citation="entities:3439:1" rel="noopener">Pacific Metals (5541 JP)</a>. The shares were purchased from 27 May to 25 July.</li>
<li>Murakami's average buy-in price is JPY1,259 per share, an 11.1% discount to the last close price. Murakami has been a substantial shareholder twice before.</li>
<li>Murakami's previous dealings in Pacific Metals were a pump-and-dump where he built up around 8% stake, only to sell into the share price pop subsequently. Expect more of the same.  </li>
</ul>


Murakami's entity, City Index Eleventh, and daughter reported a 5.40% stake in Pacific Metals (5541 JP). The shares were purchased from 27 May to 25 July.
Murakami's average buy-in price is JPY1,259 per share, an 11.1% discount to the last close price. Murakami has been a substantial shareholder twice before.
Murakami's previous dealings in Pacific Metals were a pump-and-dump where he built up around 8% stake, only to sell into the share price pop subsequently. Expect more of the same.  


Pacific Metals (5541 JP): Here We Go Again Murakami Becomes a Substantial Shareholder

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>8 days ago I wrote Murakami-san upped his stake in <a href="https://www.smartkarma.com/entities/exedy-corp" target="_blank" data-smartkarma-citation="entities:6516:1" rel="noopener">Exedy Corp (7278 JP)</a> to 23.5%, could buy more into earnings, and earnings could deliver a buyback. That was ¥3495/3600.</li>
<li>He bought more, reported 24.72% as of 22-Oct). I bet he reports more in a week. Also, Exedy today reported a small yoy gain in H1 revenue. OP+76%yoy. NP+17%yoy.</li>
<li>The company also reported a BIG div hike to ¥200/yr and a giant ¥30bn buyback. Activists and Murakami hangers-on have won. So watch out! The playbook is different than expected.</li>
</ul>


8 days ago I wrote Murakami-san upped his stake in Exedy Corp (7278 JP) to 23.5%, could buy more into earnings, and earnings could deliver a buyback. That was ¥3495/3600.
He bought more, reported 24.72% as of 22-Oct). I bet he reports more in a week. Also, Exedy today reported a small yoy gain in H1 revenue. OP+76%yoy. NP+17%yoy.
The company also reported a BIG div hike to ¥200/yr and a giant ¥30bn buyback. Activists and Murakami hangers-on have won. So watch out! The playbook is different than expected.


[JAPAN ACTIVISM] Exedy (7278) - You Won, BIG Capital Payout, Murakami Up. Now Watch Out!

<ul>
<li>A couple of weeks ago I wrote <a href="https://www.smartkarma.com/insights/japan-activism-murakami-san-goes-substantial-on-pacific-metals-5541-again" target="_blank" rel="noopener">here</a> about noted activist Murakami-san and his new 5+% position in <a href="https://www.smartkarma.com/entities/pacific-metals-co-ltd" target="_blank" data-smartkarma-citation="entities:3439:1" rel="noopener">Pacific Metals (5541 JP)</a>. I warned it might be a rug pull. </li>
<li>It turns out, from subsequent filings, that it may have been a rug pull. This isn't the first time. It isn't even the first time on this stock. </li>
<li>That said, there are goings on here, and it pays to watch them. </li>
</ul>


A couple of weeks ago I wrote here about noted activist Murakami-san and his new 5+% position in Pacific Metals (5541 JP). I warned it might be a rug pull. 
It turns out, from subsequent filings, that it may have been a rug pull. This isn't the first time. It isn't even the first time on this stock. 
That said, there are goings on here, and it pays to watch them. 


JAPAN ACTIVISM:  Murakami-San Does a Rug-Pull on Pac Metals (5541).... Again

<ul>
<li>Yesterday after the close, activist Murakami-san's entity City Index Eleventh reported a 5.76% position in beleaguered-now-smallcap ferro-nickel and nickel producer <a href="https://www.smartkarma.com/entities/pacific-metals-co-ltd" target="_blank" data-smartkarma-citation="entities:3439:1" rel="noopener">Pacific Metals (5541 JP)</a>. </li>
<li>The company continues to lose a LOT of money. It is cheap at 0.4x book. </li>
<li>But there are interesting things going on. And Murakami-san has a.... uh.... history here.</li>
</ul>


Yesterday after the close, activist Murakami-san's entity City Index Eleventh reported a 5.76% position in beleaguered-now-smallcap ferro-nickel and nickel producer Pacific Metals (5541 JP). 
The company continues to lose a LOT of money. It is cheap at 0.4x book. 
But there are interesting things going on. And Murakami-san has a.... uh.... history here.


JAPAN ACTIVISM:  Murakami-San Goes Substantial on Pacific Metals (5541).... Again

<ul>
<li>Murakami's entities, City Index Eleventh and Aya Nomura, reported a 5.06% position in <a href="https://www.smartkarma.com/entities/iriso-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:2801:1" rel="noopener">Iriso Electronics (6908 JP)</a>. The purchases were from 25 July to 13 August.</li>
<li>Murakami's average buy-in price over the last 60 days was JPY2,378.90 per share, a 7.8% discount to the last close price.</li>
<li>Murakami's disclosure suggests two possibilities: the start of an activist campaign or a short-term pump-and-dump play. The former is likely as Iriso is cash-rich with a P/B less than 1x.</li>
</ul>


Murakami's entities, City Index Eleventh and Aya Nomura, reported a 5.06% position in Iriso Electronics (6908 JP). The purchases were from 25 July to 13 August.
Murakami's average buy-in price over the last 60 days was JPY2,378.90 per share, a 7.8% discount to the last close price.
Murakami's disclosure suggests two possibilities: the start of an activist campaign or a short-term pump-and-dump play. The former is likely as Iriso is cash-rich with a P/B less than 1x.


Iriso Electronics (6908 JP): Murakami Becomes a Substantial Shareholder

Japan

Pacific Metals Co., Ltd. manufactures ferronickel, stainless steel, and metal powder.  The Company, a member of the Nippon Steel Group, exports mainly to South Korea and Taiwan.  Pacific Metals produces electromagnetic materials for data communications as well.

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Pacific Metals (5541 JP)