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.

Equity Capital Markets

Nippon Express Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-express-holdings-inc" target="_blank" data-smartkarma-citation="entities:18582:1" rel="noopener">Nippon Express Holdings (9147 JP)</a> has announced a secondary offering of up to 4.8 million shares (including overallotment). There are seven selling shareholders.</li>
<li>The secondary offering comes ahead of the implementation of regulatory restrictions on truck drivers' overtime in April 2024, which is widely known as the ‘2024 Problem’.</li>
<li>Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between 11 and 13 March (likely 11 March).</li>
</ul>



Nippon Express Holdings (9147 JP) has announced a secondary offering of up to 4.8 million shares (including overallotment). There are seven selling shareholders.
The secondary offering comes ahead of the implementation of regulatory restrictions on truck drivers' overtime in April 2024, which is widely known as the ‘2024 Problem’.
Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between 11 and 13 March (likely 11 March).


Nippon Express (9147 JP): A US$260 Million Secondary Offering

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Keisei Electric Railway Co / Event-Driven

<ul>
<li>Apart from being mildly EPS accretive, <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a>'s buyback is a means to get crossholders out, therefore, it may not have much direct market impact. </li>
<li>
<a href="https://www.smartkarma.com/entities/cie-de-saint-gobain" target="_blank" data-smartkarma-citation="entities:21547:1" rel="noopener">Cie De Saint-Gobain (SGO FP)</a> firms a decade-high-plus Offer price for <a href="https://www.smartkarma.com/entities/csr-ltd" target="_blank" data-smartkarma-citation="entities:17380:1" rel="noopener">CSR Ltd (CSR AU)</a> - this is done.</li>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Group (4755 JP)</a> announced it would propose an amendment to its Articles at the AGM (28 March) to issue "Bond-Type Class Shares." First reaction: You wot, mate?</li>
</ul>


Apart from being mildly EPS accretive, Keisei Electric Railway Co (9009 JP)'s buyback is a means to get crossholders out, therefore, it may not have much direct market impact. 

Cie De Saint-Gobain (SGO FP) firms a decade-high-plus Offer price for CSR Ltd (CSR AU) - this is done.

Rakuten Group (4755 JP) announced it would propose an amendment to its Articles at the AGM (28 March) to issue "Bond-Type Class Shares." First reaction: You wot, mate?


Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Thematic (Sector/Industry)

<ul>
<li>The growth in retail media (brand advertising delivered in stores based on detailed customer data) continues to be one of the big trends in 2024.</li>
<li>Large retailers are keen to add this new revenue stream – and lots of brands want to advertise with them – and companies like Rakuten are offering this service directly.</li>
<li>For many retailers, they still need help from experts in advertising and data analysis to make it work, providing an opportunity for Hakuhodo among others.</li>
</ul>


The growth in retail media (brand advertising delivered in stores based on detailed customer data) continues to be one of the big trends in 2024.
Large retailers are keen to add this new revenue stream – and lots of brands want to advertise with them – and companies like Rakuten are offering this service directly.
For many retailers, they still need help from experts in advertising and data analysis to make it work, providing an opportunity for Hakuhodo among others.


Retail Media in Japan: More Revenue for Retailers, More Sales for Brands

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>1810 HK/BIDU: Google's Gemma is an important move for client-side AI (+)</li>
<li>3690 HK: Local news said Douyin has deemphasized take out business (+)</li>
<li>PDD/4689 JP/AMZN/4385 JP/4755 JP: Data indicates that Temu is particularly popular in Japan (+/~/-/-/-)</li>
</ul>


1810 HK/BIDU: Google's Gemma is an important move for client-side AI (+)
3690 HK: Local news said Douyin has deemphasized take out business (+)
PDD/4689 JP/AMZN/4385 JP/4755 JP: Data indicates that Temu is particularly popular in Japan (+/~/-/-/-)


[Blue Lotus Daily - TMT Update]: 700 HK/1810 HK/BIDU/JD/BABA/PDD/1024 HK/3690 HK/WB/4689JP/4755JP

<ul>
<li>Since the US$550 million secondary placement announcement, <a href="https://www.smartkarma.com/entities/toei-animation-co-ltd" target="_blank" data-smartkarma-citation="entities:18641:1" rel="noopener">Toei Animation (4816 JP)</a>’s shares are down 7.0% from the undisturbed price of JPY18,560 per share (14 February).</li>
<li>Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Toei Animation’s shares have followed the pattern of previous large placements.</li>
<li>The offering will likely be priced on 27 February. Investors participating in previous large Japanese placements tend to secure positive returns.</li>
</ul>


Since the US$550 million secondary placement announcement, Toei Animation (4816 JP)’s shares are down 7.0% from the undisturbed price of JPY18,560 per share (14 February).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Toei Animation’s shares have followed the pattern of previous large placements.
The offering will likely be priced on 27 February. Investors participating in previous large Japanese placements tend to secure positive returns.


Toei Animation (4816 JP): The Current Playbook

Japan

Rakuten Group, Inc. provides Internet services. The Company offers Internet finance services which including "Rakuten Card" and "Rakuten Bank". Rakuten Group also provides digital content services including electronic book services.

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Rakuten (4755 JP)

Nippon Express (9147 JP): A US$260 Million Secondary Offering

Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between...

Arun George

Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Retail Media in Japan: More Revenue for Retailers, More Sales for Brands

Retail media, a big trend in 2024, offers major revenue potential for retailers as well as intermediaries like Hakuhodo in advertising and data...

Michael Causton

[Blue Lotus Daily - TMT Update]: 700 HK/1810 HK/BIDU/JD/BABA/PDD/1024 HK/3690 HK/WB/4689JP/4755JP

Google's Gemma is an important move for client-side AI; Douyin shifts focus away from takeout; and Temu gains popularity in Japan.

Blue Lotus Research Institute

Toei Animation (4816 JP): The Current Playbook

The offering will likely be priced on 27 February. Investors participating in previous large Japanese placements tend to secure positive returns.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nippon Express (9147 JP): A US$260 Million Secondary Offering

Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between...

Arun George

Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Retail Media in Japan: More Revenue for Retailers, More Sales for Brands

​Retail media, a big trend in 2024, offers major revenue potential for retailers as well as intermediaries like Hakuhodo in advertising and data...

Michael Causton

[Blue Lotus Daily - TMT Update]: 700 HK/1810 HK/BIDU/JD/BABA/PDD/1024 HK/3690 HK/WB/4689JP/4755JP

​Google's Gemma is an important move for client-side AI; Douyin shifts focus away from takeout; and Temu gains popularity in Japan.

Blue Lotus Research Institute

Toei Animation (4816 JP): The Current Playbook

The offering will likely be priced on 27 February. Investors participating in previous large Japanese placements tend to secure positive returns.

Arun George

Retail media, a big trend in 2024, offers major revenue potential for retailers as well as intermediaries like Hakuhodo in advertising and data...

Google's Gemma is an important move for client-side AI; Douyin shifts focus away from takeout; and Temu gains popularity in Japan.