In today’s briefing:
- Sona Blw Precision Placement – US$585m Clean-Up Sale by Blackstone Will Lift the Overhang
- Names for a Preemptive Long Short Setup for KOSPI 200 June Rebalancing
- Fuji Oil: Probably The Last Chance For Itochu to Scoop Up Fuji Oil at a Bargain
- What’s Solution for TSE Growth Market, Where IPOs Became the Goal and Lost Growth Due to Burnout?
- Ricegrowers Limited (SunRice) – H1 FY23 Highlights Relative Freight Opportunity
- Trial Holdings Pre-IPO – The Positives – Steady past Performance with an Expanding Footprint
Sona Blw Precision Placement – US$585m Clean-Up Sale by Blackstone Will Lift the Overhang
- Singapore VII Topco III (Blackstone-affiliate) is looking to raise at least US$585m in its stake sale of Sona BLW Precision Forgings (SONACOMS IN) .
- The share sale is a clean-up one and will lift the overhang on the stock.
- The block is marketed at a floor price of INR400/share, at a 8.3% discount to last close.
Names for a Preemptive Long Short Setup for KOSPI 200 June Rebalancing
- Kum Yang and Youlchon Chemical are within the borderline for inclusion, whereas Hwaseung Enterprise and K Car are in the deletion zone.
- Since the review period has reached 75%, it seems reasonable to consider a somewhat aggressive buildup for them.
- We can also consider setting up preemptive positions only for Kum Yang and Hwaseung Enterprise and then sequentially look for entry opportunities for Youlchon and K Car later on.
Fuji Oil: Probably The Last Chance For Itochu to Scoop Up Fuji Oil at a Bargain
- Having conducted several acquisitions and reinvested most of the operating cashflows into building its overseas business base, Fuji Oil Holdings (2607 JP) seems ready to unleash its earnings potential.
- There could be more than a 100% upside to Fuji Oil shares if ROE returns to the historical median of 9% in the next few years.
- Therefore, if Itochu Corp (8001 JP) has plans to takeover Fuji-Oil, the current price and the position in the business-cycle present the best opportunity to buy-out Fuji-Oil at a bargain.
What’s Solution for TSE Growth Market, Where IPOs Became the Goal and Lost Growth Due to Burnout?
- Few companies have generally achieved significant growth since listing, and about half of the companies are below their market capitalization at the IPO, which is challenges in TSE Growth Market.
- Even if the number of companies subject to such shares is limited, the use of multiple voting shares shouldn’t be ruled out if the dilution of voting rights hinders fundraising.
- The key to solving the challenges of TSE Growth Market, where few companies have growth potential and have financing needs, is the ability of management to realize growth potential post-listing.
Ricegrowers Limited (SunRice) – H1 FY23 Highlights Relative Freight Opportunity
- We have compiled a summary of the results and outlook statements for our assessed peers of Ricegrowers Limited, trading as SunRice (ASX:SGLLV), with a particular focus on trading conditions, product pricing, freight costs, outlook statements and consensus earnings changes.
- The overwhelming summary of trading conditions over CY22 was ‘challenging’ outside of Treasury Wine Estates (ASX:TWE) and Ridley Corporation (ASX:RIC).
- The overwhelming outlook commentary assumes normalising weather conditions, price increases recouping cost inflation, lower freight costs, improved labour availability and higher earnings.
Trial Holdings Pre-IPO – The Positives – Steady past Performance with an Expanding Footprint
- Trial Holdings (5882 JP)‘s is looking to raise around US$375m in its Japan IPO.
- TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.
- In this note, we will talk about the positive aspects of the deal.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
