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

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a>, <a href="https://www.smartkarma.com/entities/seres-group" target="_blank" data-smartkarma-citation="entities:45945:1" rel="noopener">Seres Group (9927 HK)</a> and <a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide (WRD US)</a> H Share listings.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a>, <a href="https://www.smartkarma.com/entities/brainpad-inc" target="_blank" data-smartkarma-citation="entities:11499:1" rel="noopener">Brainpad Inc (3655 JP)</a>, <a href="https://www.smartkarma.com/entities/sumitomo-densetsu-co-ltd" target="_blank" data-smartkarma-citation="entities:1530:1" rel="noopener">Sumitomo Densetsu (1949 JP)</a>, <a href="https://www.smartkarma.com/entities/sumitomo-riko-company-ltd" target="_blank" data-smartkarma-citation="entities:14955:1" rel="noopener">Sumitomo Riko Company (5191 JP)</a>, <a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a>, <a href="https://www.smartkarma.com/entities/aub-group-limited" target="_blank" data-smartkarma-citation="entities:11179:1" rel="noopener">AUB Group Limited (AUB AU)</a>.
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Pony AI (PONY US), Seres Group (9927 HK) and WeRide (WRD US) H Share listings.
Event-Driven developments: ANE Cayman Inc (9956 HK), Brainpad Inc (3655 JP), Sumitomo Densetsu (1949 JP), Sumitomo Riko Company (5191 JP), Mayne Pharma (MYX AU), AUB Group Limited (AUB AU).



Weekly Deals Digest (02 Nov) - Pony AI, Seres, WeRide, ANE, Mayne, Brainpad, SCSK, Sumitomo Riko

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nidec-corp" target="_blank" data-smartkarma-citation="entities:7245:1" rel="noopener">Nidec (6594 JP)</a>'s deletion is a LOT of stock to sell. The <a href="https://www.smartkarma.com/entities/ibiden-co-ltd" target="_blank" data-smartkarma-citation="entities:16630:1" rel="noopener">Ibiden (4062 JP)</a>'s Nikkei 225 inclusion is huge. It'll make the stock enormously squeezy for a long while.</li>
<li>Palliser has a point. <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem (051910 KS)</a> should pare down its <a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> stake, and buy back shares. Yet, would/will management stubbornly swat away any such proposal?</li>
<li>The latest twist in the <a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a> saga as FIRB looks set to ding the transaction if there is a possibility Cosette closes a manufacturing site in Adelaide.</li>
</ul>



Nidec (6594 JP)'s deletion is a LOT of stock to sell. The Ibiden (4062 JP)'s Nikkei 225 inclusion is huge. It'll make the stock enormously squeezy for a long while.
Palliser has a point. LG Chem (051910 KS) should pare down its LG Energy Solution (373220 KS) stake, and buy back shares. Yet, would/will management stubbornly swat away any such proposal?
The latest twist in the Mayne Pharma (MYX AU) saga as FIRB looks set to ding the transaction if there is a possibility Cosette closes a manufacturing site in Adelaide.


Last Week In Event SPACE: Nidec/Ibiden, LG Chem, Mayne Pharma, Jardine Matheson

<ul>
<li>I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Six new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/aub-group-limited" target="_blank" data-smartkarma-citation="entities:11179:1" rel="noopener">AUB  (AUB AU)</a>, <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE (9956 HK)</a>, <a href="https://www.smartkarma.com/entities/scsk-corp" target="_blank" data-smartkarma-citation="entities:19996:1" rel="noopener">SCSK (9719 JP)</a>, <a href="https://www.smartkarma.com/entities/brainpad-inc" target="_blank" data-smartkarma-citation="entities:11499:1" rel="noopener">Brainpad (3655 JP)</a>, <a href="https://www.smartkarma.com/entities/sumitomo-riko-company-ltd" target="_blank" data-smartkarma-citation="entities:14955:1" rel="noopener">Sumitomo Riko (5191 JP)</a>, and <a href="https://www.smartkarma.com/entities/sumitomo-densetsu-co-ltd" target="_blank" data-smartkarma-citation="entities:1530:1" rel="noopener">Sumitomo Densetsu (1949 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a>, <a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">Oneconnect Financial Technology (6638 HK)</a>, <a href="https://www.smartkarma.com/entities/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng Bank (11 HK)</a>, <a href="https://www.smartkarma.com/entities/ashimori-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:13918:1" rel="noopener">Ashimori Industry (3526 JP)</a>, <a href="https://www.smartkarma.com/entities/restaurant-brands-nz-ltd" target="_blank" data-smartkarma-citation="entities:11891:1" rel="noopener">Restaurant Brands NZ (RBD NZ)</a>. </li>
</ul>


I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Six new deal was discussed on Smartkarma this week: AUB  (AUB AU), ANE (9956 HK), SCSK (9719 JP), Brainpad (3655 JP), Sumitomo Riko (5191 JP), and Sumitomo Densetsu (1949 JP).
Key updates/news also took place on: Humm Group (HUM AU), Oneconnect Financial Technology (6638 HK), Hang Seng Bank (11 HK), Ashimori Industry (3526 JP), Restaurant Brands NZ (RBD NZ). 


Mostly) Asia-Pac M&A: SCSK Corp, AUB, Brainpad, ANE Cayman, Sumitomo Densetsu, Sumitomo Densetsu

Travis Lundy

<ul>
<li>Yesterday after the close, <a href="https://www.smartkarma.com/entities/sumitomo-corp" target="_blank" data-smartkarma-citation="entities:5380:1" rel="noopener">Sumitomo Corp (8053 JP)</a> announced it would buy out minorities in <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 ¥5,700/share.   </li>
<li>As a "parent takes out subsidiary" deal, this was not unexpected at some point in time. The register looks like there may be a number of people who expected that.</li>
<li>This gets done pretty easily. It is not a bad price. </li>
</ul>


Yesterday after the close, Sumitomo Corp (8053 JP) announced it would buy out minorities in Scsk Corp (9719 JP) at ¥5,700/share.   
As a "parent takes out subsidiary" deal, this was not unexpected at some point in time. The register looks like there may be a number of people who expected that.
This gets done pretty easily. It is not a bad price. 


[Japan M&A] Sumitomo Corp To Buy Out Minorities in SCSK (9719 JP)

<ul>
<li>In response to the Nikkei report, <a href="https://www.smartkarma.com/entities/scsk-corp" target="_blank" data-smartkarma-citation="entities:19996:1" rel="noopener">Scsk Corp (9719 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/sumitomo-corp" target="_blank" data-smartkarma-citation="entities:5380:1" rel="noopener">Sumitomo Corp (8053 JP)</a> at JPY5,700, a 31.5% premium to the last close.</li>
<li>The offer is attractive compared to precedent transactions, is above the midpoint of the IFA DCF valuation range and represents an all-time high. </li>
<li>An attractive offer facilitates deal completion. The tender runs from 30 October to 12 December, with payment commencing from 19 December.</li>
</ul>


In response to the Nikkei report, Scsk Corp (9719 JP) has recommended a tender offer from Sumitomo Corp (8053 JP) at JPY5,700, a 31.5% premium to the last close.
The offer is attractive compared to precedent transactions, is above the midpoint of the IFA DCF valuation range and represents an all-time high. 
An attractive offer facilitates deal completion. The tender runs from 30 October to 12 December, with payment commencing from 19 December.


SCSK Corp (9719 JP): Sumitomo (8053 JP)’s Attractive Tender Offer at JPY5,700

Japan

Sumitomo Corp is a general trading company.  The Company imports and exports a wide variety of goods such as metals, machinery, chemicals, fuel,food products, and textiles.  Sumitomo also operates real estate, construction, shipping, insurance, finance, and leasing businesses.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sumitomo Corp (8053 JP)

Weekly Deals Digest (02 Nov) - Pony AI, Seres, WeRide, ANE, Mayne, Brainpad, SCSK, Sumitomo Riko

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, NZ, Singapore, Japan, Indonesia,...

Arun George

Last Week In Event SPACE: Nidec/Ibiden, LG Chem, Mayne Pharma, Jardine Matheson

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Mostly) Asia-Pac M&A: SCSK Corp, AUB, Brainpad, ANE Cayman, Sumitomo Densetsu, Sumitomo Densetsu

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

[Japan M&A] Sumitomo Corp To Buy Out Minorities in SCSK (9719 JP)

Sumitomo Corp is taking out its subsidiary SCSK. This is not unexpected in the big picture. Lots of subsidiaries are getting or will get bought in,...

Travis Lundy

SCSK Corp (9719 JP): Sumitomo (8053 JP)’s Attractive Tender Offer at JPY5,700

The offer is attractive compared to precedent transactions, is above the midpoint of the IFA DCF valuation range and represents an all-time high....

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)