In today’s briefing:
- Nidec (6594) Turns Vinegar to Wine as Takisawa Machine Tool (6121) Agrees To Takeover
- Contec IPO Preview
- Seibu Giken Pre-IPO – Rapid Growth Followed by Rapid Deceleration
- Update Note – Greenland Technologies Holding Corp.
Nidec (6594) Turns Vinegar to Wine as Takisawa Machine Tool (6121) Agrees To Takeover
- Nidec Corp (6594 JP) has had ambitions in machine tool space. They wanted to buy Takisawa Machine Tool (6121 JP) but Takisawa wouldn’t give them the time of day.
- So Nidec announced hostile intentions and a 60-day period to negotiate. That’s done, and today they announced a now-friendly deal.
- This looks like an easy done deal. There is one major risk factor remaining, then another consideration when thinking about path.
Contec IPO Preview
- Contec is getting ready to complete an IPO on the KOSDAQ exchange in October 2023. The IPO price range is from 20,300 won to 22,500 won.
- According to the bankers’ valuation, the expected IPO market cap is from 292 billion won to 324 billion won.
- Contec was spun off from Korea Aerospace Research Institute and offers Space Ground Station Services and Satellite Image Processing & Application Services.
Seibu Giken Pre-IPO – Rapid Growth Followed by Rapid Deceleration
- Seibu Giken (6223 JP) (SG) is looking to raise around US$120m in its Japan IPO via selling a mix of primary and secondary shares.
- SG sells desiccant dehumidifiers and VOC concentrators in over fifty countries globally. Its two main products accounted for over 90% of its revenue in 2022.
- In this note, we look at the company’s past performance.
Update Note – Greenland Technologies Holding Corp.
Greenland Technologies announced it has won a bid from the Port of Baltimore to help facilitate the Port’s plan to electrify its operating equipment.
This will include sales of the HEVI GEL-5000, a five-ton rated all-electric wheeled front loader with a nine-hour operating cycle and a two-hour rapid charge time.
The first major sales win for HEVI, and one that we expect will accelerate product adoption.
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