In today’s briefing:
- Kokusai Electric (6525 JP): Placement Price Could Be Determined Today; Index Impact Could Be Delayed
- ENEOS Extends Tatsuta Electric (5809) Tender Offer Means They Don’t Have The Shares
- ASICS Placement Updates – Share Pop Done, Now Needs to Correct
- ECM Weekly (22nd July 2024) – Kokusai, Honda, ASICS, ZIP, Invincible, Hyundai, Premier, Timee, Sanil
- The Goal of 30% Female Board Members Is Somewhat Hard to Achieve Given the Current Situation
Kokusai Electric (6525 JP): Placement Price Could Be Determined Today; Index Impact Could Be Delayed
- Kokusai Electric (6525 JP) could price their secondary offering after market close today. The stock is down 10.5% since the rumors of the placement began 7 trading sessions ago.
- The Philadelphia Stock Exchange Semiconductor Index (SOX INDEX) has been dropping over the last few days and is 8.6% lower over the last 8 trading days.
- Kokusai Electric (6525 JP) has been trading higher on expectations of index inclusion in August, but that could move to November now.
ENEOS Extends Tatsuta Electric (5809) Tender Offer Means They Don’t Have The Shares
- ENEOS Holdings (5020 JP) announced its deal for affiliate Tatsuta Electric Wire & Cable (5809 JP) 18-plus months ago. China approvals held it up more than a year.
- Last month, they launched. The sector was up a lot. TOPIX was up a lot. The stock had recently been trading through terms. But ENEOS didn’t bump the price.
- A month later, and the tender was supposed to have closed Friday 19 July. It didn’t. ENEOS extended, for no reason, which suggests they don’t have the shares.
ASICS Placement Updates – Share Pop Done, Now Needs to Correct
- A group of shareholders aims to raise around US$1.3bn via selling around 11% of ASICS Corp (7936 JP).
- In our earlier note, we talked about the placement and ran the deal through our ECM framework.
- In this note, we talk about the updates and share price performance since then.
ECM Weekly (22nd July 2024) – Kokusai, Honda, ASICS, ZIP, Invincible, Hyundai, Premier, Timee, Sanil
- 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, the coming week to see two more listing, with both likely to do well.
- On the placement front, Japan continued to dominate the ECM flows, with India, Taiwan and Australia joining in.
The Goal of 30% Female Board Members Is Somewhat Hard to Achieve Given the Current Situation
- The fact that institutional investors consider whether a company has zero female board members when voting has led to decrease in the number of companies with zero female board members.
- Since fewer companies have zero female board members but a minority of companies have at least two female board members, achieving 30% female board members seems somewhat of a hurdle.
- While tenure and concurrent service of female board members are problematic, the starting point is to ensure that women have a 30% voice on the board and to promote diversity.
💡 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
