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/dai-ichi-life-insurance" target="_blank" data-smartkarma-citation="entities:1109:1" rel="noopener">Dai Ichi Life (8750 JP)</a> has the wherewithal, and probably the synergies to make a bump for <a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One (2412 JP)</a> work. M3 is clearly not in the driver's seat.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-united-network-a" target="_blank" data-smartkarma-citation="entities:12620:1" rel="noopener">China United Network (600050 CH)</a> is, for all intent and purpose, a pseudo-A to <a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom (762 HK)</a>. Go long Unicom, short United due to Unicom's significantly cheaper valuation.</li>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-expressway-co-h" target="_blank" data-smartkarma-citation="entities:2178:1" rel="noopener">Zhejiang Expressway (576 HK)</a> has had a stonking run since its rights issue. Look to unwind this set-up and take the other side: short Expressway, long <a href="https://www.smartkarma.com/entities/zheshang-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:29981:1" rel="noopener">Zheshang Securities (601878 CH)</a>.
</li>
</ul>



Dai Ichi Life (8750 JP) has the wherewithal, and probably the synergies to make a bump for Benefit One (2412 JP) work. M3 is clearly not in the driver's seat.

China United Network (600050 CH) is, for all intent and purpose, a pseudo-A to China Unicom (762 HK). Go long Unicom, short United due to Unicom's significantly cheaper valuation.

Zhejiang Expressway (576 HK) has had a stonking run since its rights issue. Look to unwind this set-up and take the other side: short Expressway, long Zheshang Securities (601878 CH).



Last Week in Event SPACE: Benefit One, China Unicom, Zhejiang Expressway/ Zheshang Sec, Hollysys

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

Kokusai Electric  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> priced its IPO at JPY1,840 per share to raise secondary proceeds of US$723 million. The shares will start trading on 25 October.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/kokusai-electric-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:113787" rel="noopener">Kokusai Electric IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/kokusai-electric-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:114152" rel="noopener">Kokusai Electric IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/kokusai-electric-ipo-lower-price-range-is-reasonable" target="_blank" data-smartkarma-citation="insights:114886" rel="noopener">Kokusai Electric IPO: Lower Price Range Is Reasonable</a>.</li>
<li>The peers have modestly derated since the lowered IPO price range was announced on 10 October. However, the IPO price remains attractive. Our DCF valuation is JPY2,058. </li>
</ul>



Kokusai Electric (6525 JP) priced its IPO at JPY1,840 per share to raise secondary proceeds of US$723 million. The shares will start trading on 25 October.
We previously discussed the IPO in Kokusai Electric IPO: The Bull Case, Kokusai Electric IPO: The Bear Case and Kokusai Electric IPO: Lower Price Range Is Reasonable.
The peers have modestly derated since the lowered IPO price range was announced on 10 October. However, the IPO price remains attractive. Our DCF valuation is JPY2,058. 


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> raised around US$123m in its Japan IPO.</li>
<li>Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.</li>
<li>In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about the trading dynamics.</li>
</ul>



Integral Corporation (5842 JP) raised around US$123m in its Japan IPO.
Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.
In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about the trading dynamics.


Integral Corporation IPO Trading - Low Demand but Somewhat Cornered

<ul>
<li>
<a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> is looking to raise around US$123m in its Japan IPO.</li>
<li>Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we talk about valuation.</li>
</ul>



Integral Corporation (5842 JP) is looking to raise around US$123m in its Japan IPO.
Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.
In our previous notes, we looked at the company’s past performance. In this note, we talk about valuation.


Integral Corporation Pre-IPO - Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> is looking to raise around US$175m in its Japan IPO.</li>
<li>Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Integral Corporation (5842 JP) is looking to raise around US$175m in its Japan IPO.
Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.
In this note, we talk about the not-so-positive aspects of the deal.


Integral Corporation Pre-IPO - The Negatives - Ambitious Indicative Pricing

Japan

QUICK CO., LTD. provides personnel placement services.  The Company acts as an recruiting advertisement agency and searches for human resources to meet their clients' needs.

TANSEISHA CO., LTD. plans, designs, remodels, renovates, and contracts display works mainly for commercial facilities, exhibitions, and museums.  The Company also provides construction works.  Tanseisha's main customers include government agencies.

YAMADA Consulting Group Co.,Ltd. provides educational and consulting services to those who study for Certified Financial Planner and provides a broad range of financial consulting services to individuals and corporations.

WORLD HOLDINGS CO., LTD provides outsourcing services in the manufacturing field . The Companyalso offers personnel staffing services for engineering and short-t erm positions.

Impact HD Inc. provides sales promotional support and store research services to retail stores and restaurants.

FULLCAST Holdings CO., LTD. provides personnel staffing services for short-term and full-time positions.  The Company also plans events.

WDB Holdings Co Ltd provides human resource services.  The Company specializes in temporary staffing and permanent employee introductions in fields such as biotechnology, chemistry, and engineering.

Link and Motivation, Inc. provides consulting services. The company offers a variety of motivation management to transform business organizations.

Altech Corporation offers personnel services by providing technicians for machinery. The Company also offers electric and electronic design, and software development on contract basis.

PASCO CORPORATION is a surveying company specializing in aerial photographs. The Company computerizes surveyed data and conducts information system engineering.

Pubang Landscape Architecture Company Limited constructs gardens, designs landscape, plants seedlings and conserves landscape. The Company mainly provides landscape design and construction services to residential, tourist resorts, and public gardens.

Pubang Landscape Architecture (002663 CH)

Mistras Group, Inc. develops asset protection solutions. The Company provides acoustic, ultrasonic , thermography, radiography, non-destructive testing platforms used to evaluate the structural and mechanical integrity of critical energy, industrial and public infrastructure. Mistras Group conducts business worldwide.

Bertrandt AG provides engineering consulting and production support services to the automobile industry.  The Company provides outsourcing services for the design, development, construction and testing of auto bodies, interiors, engines and drive trains.  Bertrandt has subsidiaries in Germany, France and the United Kingdom.

Science Group PLC offers technology product development and technology management services.  The Company, through its subsidiaries, offers consulting services to clients in key vertical markets to deliver returns on technology and R&D investments.

Tus-Design Group Co. Ltd. offers architectural design and other engineering services. The Company provides public building design, residential building design, landscape design, engineering testing, and other related services.

TrueBlue, Inc. provides temporary manual labor to the light industrial and small business markets. The Company operates dispatch offices in the United States, Puerto Rico, Canada, and the United Kingdom. TrueBlue's customers are primarily in the transportation, warehousing, hospitality, landscaping, construction, light manufacturing, retail, wholesale, and sanitation industries.

104 Corporation operates as a job search website.  The Company offers a forum of job seekers and job providers to advertise and search for job openings in Taiwan.

Gateley Holdings PLC operates as a law firm. The Company offers legal advice to business sectors and individuals such as banking and finance, construction, corporate, energy, insurance, real estate, shipping and transport, social housing, charity law, and financial sectors. Gateley Holdings serves customers in United Kingdom and Dubai.

Begbies Traynor Group plc provides professional services to businesses, professional advisors, and banks in the areas of insolvency, restructuring, and risk management activities in the United Kingdom. The company offers business rescue options, advisory options, forensic accounting and investigations, corporate and commercial finance, and personal insolvency solutions and services to banking, legal, and accounting sectors. It operates in two segments, Insolvency and Restructuring, and Property. The company also provides financial and risk consultancy, network organization, property consultancy, insurance brokerage, employee trust, and facilities management services. In addition, it offers trusted advisory services to banks, independent accountancy practices, law firms, as well as directors and shareholders of independent and quoted businesses. The company serves small businesses, professional advisers, corporations, and financial institutions. Begbies Traynor Group plc was founded in 1989 and is based in Manchester, the United Kingdom.

Shanghai Trendzone Construction Decoration Group Co., Ltd. offers an integrated solution to renovation by offering a complete set of capabilities, ranging from construction, architectural design, furniture manufacturing, to architectural technology.

TRYT Inc. offers provide human resources services for medical welfare institutions. The Company provides job placement, temporary staffing, direct recruiting, and other services. TRYT also supports the medical and welfare with information and communications technology solutions.

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TRYT (9164 JP)

Last Week in Event SPACE: Benefit One, China Unicom, Zhejiang Expressway/ Zheshang Sec, Hollysys

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

Kokusai Electric IPO: Trading Debut

The peers have modestly derated since the lowered IPO price range was announced on 10 October. However, the IPO price remains attractive. Our DCF...

Arun George

Integral Corporation IPO Trading - Low Demand but Somewhat Cornered

Integral Corporation (5842 JP) raised around US$123m in its Japan IPO. In this note, we talk about the trading dynamics

Sumeet Singh

Integral Corporation Pre-IPO - Thoughts on Valuation

Integral Corporation (5842 JP) is looking to raise around US$123m in its Japan IPO. In this note, we talk about valuations.

Sumeet Singh

Integral Corporation Pre-IPO - The Negatives - Ambitious Indicative Pricing

Integral Corporation (5842 JP) is looking to raise around US$175m in its Japan IPO. In this note, we talk about the not-so-positive aspects of the...

Sumeet Singh

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