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 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/mmg-ltd" target="_blank" data-smartkarma-citation="entities:13961:1" rel="noopener">MMG (1208 HK)</a> US$1.2 billion rights issue. <a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> seeks to raise up to US$320 million.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/asia-cement-china-holdings" target="_blank" data-smartkarma-citation="entities:3374:1" rel="noopener">Asia Cement China (743 HK)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>, <a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a>,  <a href="https://www.smartkarma.com/entities/nagatanien-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:8059:1" rel="noopener">Nagatanien Holdings (2899 JP)</a>, <a href="https://www.smartkarma.com/entities/teijin-ltd" target="_blank" data-smartkarma-citation="entities:5097:1" rel="noopener">Teijin Ltd (3401 JP)</a>, <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU 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: MMG (1208 HK) US$1.2 billion rights issue. Shift Up (462870 KS) seeks to raise up to US$320 million.
Event-Driven developments: Asia Cement China (743 HK), CPMC Holdings (906 HK), Chilled &amp; Frozen Logistics Holdings (9099 JP),  Nagatanien Holdings (2899 JP), Teijin Ltd (3401 JP), Altium Ltd (ALU AU). 


Weekly Deals Digest (09 Jun) - Teijin, Nagatanien, CF Logistics, Asia Cement, CPMC, MMG, Shift Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone (BX US)</a> is widely reported to have agreed to acquire <a href="https://www.smartkarma.com/entities/teijin-ltd" target="_blank" data-smartkarma-citation="entities:5097:1" rel="noopener">Teijin Ltd (3401 JP)</a>’s 55% stake in <a href="https://www.smartkarma.com/entities/infocom-corp" target="_blank" data-smartkarma-citation="entities:8412:1" rel="noopener">Infocom Corp (4348 JP)</a> at a valuation of JPY260 billion. </li>
<li>If the valuation refers to market cap and Teijin shares its tax benefits, Teijin's sale proceeds are around JPY128 billion, which is 42% of its market cap.</li>
<li>However, since 9 May, Teijin shares have been flat vs. Infocom shares are up 63%. Teijin's medium-term plan suggests that the Infocom proceeds could result in substantial share buybacks.</li>
</ul>



Blackstone (BX US) is widely reported to have agreed to acquire Teijin Ltd (3401 JP)’s 55% stake in Infocom Corp (4348 JP) at a valuation of JPY260 billion. 
If the valuation refers to market cap and Teijin shares its tax benefits, Teijin's sale proceeds are around JPY128 billion, which is 42% of its market cap.
However, since 9 May, Teijin shares have been flat vs. Infocom shares are up 63%. Teijin's medium-term plan suggests that the Infocom proceeds could result in substantial share buybacks.


Teijin (3401 JP): Alternative Play on the Potential Infocom Tender

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>15 weeks ago, a specialised media outlet suggested <a href="https://www.smartkarma.com/entities/teijin-ltd" target="_blank" data-smartkarma-citation="entities:5097:1" rel="noopener">Teijin Ltd (3401 JP)</a> was in process to sell its stake in <a href="https://www.smartkarma.com/entities/infocom-corp" target="_blank" data-smartkarma-citation="entities:8412:1" rel="noopener">Infocom Corp (4348 JP)</a>. </li>
<li>I caught up later, after the stock had run up significantly, but writing bullishly <a href="https://www.smartkarma.com/insights/infocom-4348-jp-the-meaning-of-binding-bids-and-250bn" target="_blank" rel="noopener">here</a> and <a href="https://www.smartkarma.com/insights/infocom-4348-jp-reports-of-an-exclusive-negotiation-may-give-hints" target="_blank" rel="noopener">here</a>. Since then, the stock is up another 33-35%.</li>
<li>Today we finally got the announced deal. Blackstone will buy the stock at a valuation of ¥280bn, paying ¥6,060/share for the minority stake, and buying back Teijin's stake at ¥4,340/share.</li>
</ul>


15 weeks ago, a specialised media outlet suggested Teijin Ltd (3401 JP) was in process to sell its stake in Infocom Corp (4348 JP). 
I caught up later, after the stock had run up significantly, but writing bullishly here and here. Since then, the stock is up another 33-35%.
Today we finally got the announced deal. Blackstone will buy the stock at a valuation of ¥280bn, paying ¥6,060/share for the minority stake, and buying back Teijin's stake at ¥4,340/share.


Blackstone Does a BIG Deal for Infocom (4348) - Minorities Get ¥6,060/Share

<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/mmg-ltd" target="_blank" data-smartkarma-citation="entities:13961:1" rel="noopener">MMG (1208 HK)</a> US$1.2 billion rights issue. <a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> and <a href="https://www.smartkarma.com/entities/webtoon-entertainment-inc" target="_blank" data-smartkarma-citation="entities:43652:1" rel="noopener">Webtoon Entertainment (WBTN US)</a> IPOs.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a>, <a href="https://www.smartkarma.com/entities/exedy-corp" target="_blank" data-smartkarma-citation="entities:6516:1" rel="noopener">Exedy Corp (7278 JP)</a>, <a href="https://www.smartkarma.com/entities/infocom-corp" target="_blank" data-smartkarma-citation="entities:8412:1" rel="noopener">Infocom Corp (4348 JP)</a>, <a href="https://www.smartkarma.com/entities/mimasu-semiconductor-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:5531:1" rel="noopener">Mimasu Semiconductor Industry (8155 JP)</a>, <a href="https://www.smartkarma.com/entities/tatsuta-electric-wire-cable-co-ltd" target="_blank" data-smartkarma-citation="entities:12509:1" rel="noopener">Tatsuta Electric Wire &amp; Cable (5809 JP)</a>, <a href="https://www.smartkarma.com/entities/mma-offshore-ltd" target="_blank" data-smartkarma-citation="entities:594:1" rel="noopener">Mma Offshore (MRM 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: MMG (1208 HK) US$1.2 billion rights issue. Shift Up (462870 KS) and Webtoon Entertainment (WBTN US) IPOs.
Event-Driven developments: L'Occitane (973 HK), Exedy Corp (7278 JP), Infocom Corp (4348 JP), Mimasu Semiconductor Industry (8155 JP), Tatsuta Electric Wire &amp; Cable (5809 JP), Mma Offshore (MRM AU). 


Weekly Deals Digest (23 Jun) - L'Occitane, Exedy, Infocom, Mimasu, Tatsuta, MMA Offshore, Webtoon

David Blennerhassett

<ul>
<li>Murakami Group now owns 10.13% of <a href="https://www.smartkarma.com/entities/exedy-corp" target="_blank" data-smartkarma-citation="entities:6516:1" rel="noopener">Exedy Corp (7278 JP)</a>. Interestingly, NOMURA Aya sold 6.79% off-market to Minami Aoyama Fudosan. Has the Murakami Group made a "mistake" in its planning?</li>
<li>A big win for <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">EOFlow (294090 KS)</a> as the U.S. Federal Appeals Court issued its decision on overturning <a href="https://www.smartkarma.com/entities/insulet-corp" target="_blank" data-smartkarma-citation="entities:5252:1" rel="noopener">Insulet Corp (PODD US)</a>'s provisional injunction</li>
<li>
<a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a> finally announces the share alternative.  And  Pleasant Lake (3.25% of shares out) will accept the share offer (either cash or scrip). This is a done deal</li>
</ul>


Murakami Group now owns 10.13% of Exedy Corp (7278 JP). Interestingly, NOMURA Aya sold 6.79% off-market to Minami Aoyama Fudosan. Has the Murakami Group made a "mistake" in its planning?
A big win for EOFlow (294090 KS) as the U.S. Federal Appeals Court issued its decision on overturning Insulet Corp (PODD US)'s provisional injunction

L'Occitane (973 HK) finally announces the share alternative.  And  Pleasant Lake (3.25% of shares out) will accept the share offer (either cash or scrip). This is a done deal


Last Week in Event SPACE: Exedy Corp, EOFlow, L'Occitane, Jardine Cycle & Carriage

Japan

KANEKA CORPORATION manufactures and sells a wide range of synthetic resins, and chemicals for foods and medicines.  The Company operates sales/manufacturing subsidiaries in Belgium, Malaysia, Singapore, and US.

LINTEC Corporation manufactures and markets adhesive products and paper.  The Company's pressure-sensitive adhesives are used in a wide range of applications such as labeling, sealing, and packaging, as well as marking and window filming in the architecture and automotive industries.  Lintec also produces packaging, labeling, and printing machines.

DIC Corp. is a chemical company that specializes in printing inks, organic pigments, and thermosetting resins.  The Company also manufactures polymers, specialty plastics and compounds, and others which include building materials, pressure-sensitive adhesives materials, and biochemicals.

FUJIMI INCORPORATED manufactures silicon wafer polishing materials.  The Company also produces mirror surface finishing materials and other related products.

ZEON CORPORATION produces synthetic rubbers, latex, and resins.  The Company's products are used as tires and other auto parts, and materials for electronic components.

OSAKA SODA CO., LTD. is a major producer of caustic soda and other chemical products. The Company markets its products in North America and Europe.

NIPPON SHOKUBAI CO., LTD. manufactures and sells basic and fine chemicals, synthetic resins, and catalysts.  The Company's products include acrylic acid, super absorbent polymers, and automobile catalysts.  Nippon Shokubai exports to Germany, US, and Singapore.

Ube Industries, Ltd. produces and sells chemical products such as nylon resins, plastics and synthetic rubbers, fine chemicals, and pharmaceutical bulk compounds and intermediates. The Company also manufactures cement, construction materials, and machineries.

C. Uyemura & Co., Ltd. manufactures and sells plating chemicals.  The Company also manufactures plating machinery.  C. Uyemura markets its products in North America and Asia.

Denka Co., Ltd. is a diversified manufacturer and supplier of chemical products, including basic chemicals, agrochemicals, petrochemicals, pharmaceuticals, and construction materials.  The Company's primary products include styrene resins, polyvinyl chloride, and other synthetic resins.

Fufeng Group Limited manufactures corn-based bio-chemical products utilizing fermentation technology. The Company's products include glutamic acid and xanthan gum.

Nanning Chemical Industry Co., Ltd. develops, manufactures, and markets organic and inorganic industrial chemicals.  The Company's products include chlorine and alkali products, pesticides, and disinfectants.

Nanning Chemical Industry Co., (600301 CH)

Zhejiang Transfar Co., Ltd. manufactures and markets a variety of organic fluorine and organic silicone such as water and oil repellent, pre-treating agents, dyeing auxiliaries, finishing treating auxiliaries, conning oil, and optical brightening agent.

Scientex Berhad is an investment holding company.  The Company, through its subsidiaries manufactures polyvinyl chloride (PVC), polyurethane leather sheetings, packaging materials, bricks, and automotive parts.  Scientex also operates in property investment, development, and leasing, as well as deals in securities.

DCM Shriram Ltd. is a business conglomerate. The Company, through its subsidiaries, operates agricultural, energy and other businesses that provides sugar, fertilizers, crop care chemicals, seeds, caustic soda, chlorine, polyvinyl chloride (PVC) compounds and resin, calcium carbide, cement, windows, and textiles.

Anhui Jinhe Industrial Co.,Ltd. manufactures chemical products. The Company produces additives, methyl maltol, ethyl maltol, liquid ammonia, ammonium bicarbonate, melamine, formaldehyde, nitric acids, and other products. Anhui Jinhe Industrial also operates import and export businesses.

Inner Mongolia Lantai Industrial Co., Ltd. manufactures and markets salt for both consumer and industrial uses.  The Company also produces metal sodium, liquid chlorine, ADC blowing agent, carotene, and other related chemicals.

Inner Mongolia Lantai Industrial (600328 CH)

Zhejiang Xinan Chemical Industrial Group Co., Ltd. produces and sells pesticides and other chemical materials, including herbicides and organophosphorus insecticides, organosilicon materials, and other chemicals. Through its subsidiaries, the Company also sells coal, generates electric power, and manufactures crystal products.

Hunan Nanling Industry Explosive Material Co Ltd primarily manufactures and markets industrial explosives and fuses.

Taiwan Fertilizer Co., Ltd. manufactures and markets chemical fertilizers.  The Company predominately sells its products in Taiwan.

Teijin Ltd manufactures polyester and other fibers including nylon, acetate, aramid, and polyvinyl chloride for apparel and industrial materials.  Teijin also makes polyester films used in advanced magnetic media and electronics equipment through a joint venture with Dupont.  The Company also produces pharmaceuticals, medical products, and information system equipment.

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Teijin Ltd (3401 JP)

Weekly Deals Digest (09 Jun) - Teijin, Nagatanien, CF Logistics, Asia Cement, CPMC, MMG, Shift Up

Last week, notable developments occurred in Event-Driven (Asia Cement China, CPMC, CF Logistics, Nagatanien, Teijin, Altium, APM) and ECM (MMG,...

Arun George

Teijin (3401 JP): Alternative Play on the Potential Infocom Tender

Since 9 May, Teijin shares have been flat, while Infocom shares are up 63%. Teijin's medium-term plan suggests that the Infocom proceeds could...

Arun George

Weekly Deals Digest (23 Jun) - L'Occitane, Exedy, Infocom, Mimasu, Tatsuta, MMA Offshore, Webtoon

Last week, notable developments occurred in Event-Driven (L'Occitane, Exedy, Infocom, Mimasu, Tatsuta, Capitol Health, MMA Offshore) and ECM (Shift...

Arun George

Last Week in Event SPACE: Exedy Corp, EOFlow, L'Occitane, Jardine Cycle & Carriage

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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Weekly Deals Digest (09 Jun) - Teijin, Nagatanien, CF Logistics, Asia Cement, CPMC, MMG, Shift Up

Last week, notable developments occurred in Event-Driven (Asia Cement China, CPMC, CF Logistics, Nagatanien, Teijin, Altium, APM) and ECM (MMG,...

Arun George

Teijin (3401 JP): Alternative Play on the Potential Infocom Tender

Since 9 May, Teijin shares have been flat, while Infocom shares are up 63%. Teijin's medium-term plan suggests that the Infocom proceeds could...

Arun George

Blackstone Does a BIG Deal for Infocom (4348) - Minorities Get ¥6,060/Share

The Blackstone deal for Infocom (4348) has been announced. +177% vs undisturbed for minorities and interestingly, the combined price for Blackstone...

Travis Lundy

Weekly Deals Digest (23 Jun) - L'Occitane, Exedy, Infocom, Mimasu, Tatsuta, MMA Offshore, Webtoon

Last week, notable developments occurred in Event-Driven (L'Occitane, Exedy, Infocom, Mimasu, Tatsuta, Capitol Health, MMA Offshore) and ECM (Shift...

Arun George

Last Week in Event SPACE: Exedy Corp, EOFlow, L'Occitane, Jardine Cycle & Carriage

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