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>True Wind has launched a hostile partial tender offer for <a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a> for a minimum (3.8m) and maximum (4.2m) shares at JPY4,400, 19.2% premium to the undisturbed price.</li>
<li>The offer was prompted by frustration with the Board’s lack of urgency in closing the disparity between Sun Corp’s market cap and the value of its <a href="https://www.smartkarma.com/entities/cellebrite-di-ltd" target="_blank" data-smartkarma-citation="entities:37102:1" rel="noopener">Cellebrite DI (CLBT US)</a> stake.</li>
<li>The Board has three options: do nothing (low probability), find a white knight bidder (high probability), or commit to selling/distributing its Cellebrite stake (medium probability).</li>
</ul>


True Wind has launched a hostile partial tender offer for Sun Corp (6736 JP) for a minimum (3.8m) and maximum (4.2m) shares at JPY4,400, 19.2% premium to the undisturbed price.
The offer was prompted by frustration with the Board’s lack of urgency in closing the disparity between Sun Corp’s market cap and the value of its Cellebrite DI (CLBT US) stake.
The Board has three options: do nothing (low probability), find a white knight bidder (high probability), or commit to selling/distributing its Cellebrite stake (medium probability).


Sun Corporation (6736 JP): True Wind’s Hostile Partial Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Keisei Electric Railway Co / Event-Driven

<ul>
<li>The Palliser/<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> is an unconvincing trade. Avoid being long Keisei vs <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a> except in short-term impact events. Avoid the drift trade also.</li>
<li>On the subject of activism, keep an eye on <a href="https://www.smartkarma.com/entities/china-merchants-china-direct-investments" target="_blank" data-smartkarma-citation="entities:6862:1" rel="noopener">China Merchants China Direct Investments (133 HK)</a>'s 20th June AGM. If Kan's re-election is rejected, this stock should gain more momentum.</li>
<li>A <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>/Chemist Warehouse merger carried regulatory risk. And now the ACCC has raised a raft of concerns. </li>
</ul>


The Palliser/Keisei Electric Railway Co (9009 JP) is an unconvincing trade. Avoid being long Keisei vs Oriental Land (4661 JP) except in short-term impact events. Avoid the drift trade also.
On the subject of activism, keep an eye on China Merchants China Direct Investments (133 HK)'s 20th June AGM. If Kan's re-election is rejected, this stock should gain more momentum.
A Sigma Healthcare (SIG AU)/Chemist Warehouse merger carried regulatory risk. And now the ACCC has raised a raft of concerns. 


Last Week in Event SPACE: Keisei Electric, CMCDI, Sigma Healthcare, Sun Corp, Segantii

Japan

FIELDS CORPORATION mainly acts as an agent and sells pinball machines to pachinko parlors.

Universal Entertainment Corporation develops, manufactures, and sells pachinko, pachinko slot machines, amusement equipments & casino equipments designed for overseas use.  The Company also engages in casino hotel management.

Mars Engineering Corporation manufactures equipment used in the operation of gambling houses called pachinko parlors. The Company manufactures pre-paid card vending machines, ticket readers, prize distribution systems, ball counters, and centralized data monitoring and control systems.  The Company also manages business hotels.

Snow Peak Inc. designs, manufactures, and retails camping equipment and outdoor lifestyle goods.

DAIKOKU DENKI Co., LTD. develops, manufactures and sells computer system used in the operation of pachinko parlor.  The Company also develops, manufactures and sells pachinko slot machines, related parts, and other peripheral devices.

GLOBERIDE, Inc. manufactures sporting and athletic goods.  The Company specializes in fishing tackle and diversifies into golf gear and tennis. The Company operates subsidiaries in the United States, Taiwan, and Europe. GLOBERIDE has sales agreement with Marubeni Corp.

YONEX CO., LTD. produces and sells sporting goods.  The Company's main products include goods and equipment for badminton, golf, tennis, and softball.  Yonex also produces sportswear and sports shoes.

Kawai Musical Instruments Manufacturing Co., Ltd. produces musical instruments including classic pianos, electrical pianos, synthesizers, and stringed musical instruments.  The Company also makes metallic parts for electronic equipment.

Kawai Musical Instruments Manufacturing (7952 JP)

FUJISHOJI CO,. LTD. develops, manufactures, and sells pachinko and pachinko slot machines mainly featuring popular characters.

MAMIYA-OP CO., LTD. manufactures sporting goods such as fishing tackles and golf equipment.  The Company also makes such optical instruments as cameras, card reading devices, and universal milling machines.  Mamiya-Op in addition produces pachinko machines and related equipment.

Guangzhou Pearl River Piano Group Company Limited develops, manufactures, sells pianos and provides related services. The Company's main products include upright pianos, grand pianos, and digital pianos.

Guangzhou Pearl River Piano Group (002678 CH)

Toread Holdings Group Company Limited designs, manufactures, and retails camping and outdoor equipment.

Smith & Wesson Brands, Inc. manufactures firearms. The Company offers pistols, revolvers, rifles, handcuffs, and other related products and accessories for consumers, law enforcement, and security agencies. Smith & Wesson Brands serves customers in the United States.

Malibu Boats, Inc. designs, manufactures and markets sport boats. The Company produces sport boats used for water sports including water skiing, wakeboarding, and wake surfing, as well as for general recreational boating use. Malibu Boats offers its products in the United States.

Sturm Ruger & Company Inc. designs, manufactures, sells, and exports firearms. The Company produces rifles, shotguns, pistols, and revolvers. The Company also manufactures titanium and ferrous investment castings utilized in a wide variety of markets including sporting goods and other military uses.

Sunbird Yacht Company Limited designs, develops, produces, and sales composite yachts and vessels. The Company also provides maintenance services for the composite yachts and vessels. The Company's products include private yachts, commercial yachts, and special purpose vessels.

Yotrio Group Company Ltd. designs and manufactures outdoor furniture.  The Company produces patio furniture, patio umbrellas, and gazebos.  Yotrio exports its products to the United States, Germany, France, the Netherlands, Canada, Australia, Hong Kong, and other countries.

Topkey Corp's main business include manufacturing and trading sports and leisure products, aerospace medical products, carbon and glass fiber products and compos ite materials.

KMC Kuei Meng International, Inc. manufactures and sells bicycle chains, accessories and parts.

Beneteau SA designs, manufactures and sells sailboats and motorboats.  The Company's products are used for recreational and racing purposes.

SUN CORPORATION operates mainly Pachinko related business, information and communication business.  Pachinko related business includes developing, manufacturing and selling a system to control and monitor pachinko machine, and manage business operation.  Sun Corp. also manufactures Pachinko and household appliances and develops game software for family use.

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Sun Corp (6736 JP)

Sun Corporation (6736 JP): True Wind’s Hostile Partial Offer

The Board is likely to reject the offer and has three options: do nothing (low probability), find a white knight bidder (high probability), or sell...

Arun George

Last Week in Event SPACE: Keisei Electric, CMCDI, Sigma Healthcare, Sun Corp, Segantii

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

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