In today’s briefing:
- (Mostly) Asia M&A, June 2024: Fancl, Capitol Health, Infocom,Jeisys Medical, Nagatanien, Henlius Bio
- Timee Pre-IPO – Peer Comparison – Stronger Growth Has Allowed It to Close the Margin Gap
- Is the Gap Between the Skills Matrix and the Board Personnel Needed Widening?
- ECM Weekly (1st July 2024)-Aisin, Mitsui, Japan Hotel, Allied Blenders, Webtoon, Hyundai India
(Mostly) Asia M&A, June 2024: Fancl, Capitol Health, Infocom,Jeisys Medical, Nagatanien, Henlius Bio
- For the month of June 2024, 8 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6bn.
- The average premium for the new transactions announced (or first discussed) in June was ~52%. The average premium YTD is ~47%.
- This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.
Timee Pre-IPO – Peer Comparison – Stronger Growth Has Allowed It to Close the Margin Gap
- Timee Inc (215A JP) is looking to raise US$290m from its Japan IPO. The IPO will be a 100% secondary selldown by existing shareholders.
- Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan.
- In an earlier note, we looked at the firm’s past performance. In this note, we undertake a peer comparison.
Is the Gap Between the Skills Matrix and the Board Personnel Needed Widening?
- While it’s commendable that more companies are publishing their skills matrices, it’s not enough to verify that the skill items are useful in expanding the value of the company.
- Since management strategies vary from company to company, the skills required to formulate and execute a company’s strategy are not likely to be the same as those of other companies.
- Director candidates should be selected based on the skills needed to expand the value of the company in future and skills that complement the skills lacking in the current directors.
ECM Weekly (1st July 2024)-Aisin, Mitsui, Japan Hotel, Allied Blenders, Webtoon, Hyundai India
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, we looked at the upcoming mega-listing for Hyundai Motor India.
- On the placement front, the week was dominated by the cross-shareholding unwinds in Aisin (7259 JP) and Mitsui & Co Ltd (8031 JP).
💡 Before it’s here, it’s on Smartkarma
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