IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Seven & I Holdings (3382 JP): Couche-Tard “friendly” Proposal Likely to Go Nowhere

Seven & I Holdings (3382 JP): State of Play

Seven & I's Ito-Yokado Hopes Branded Deli Will Boost Recovery

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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.

Event-Driven

<ul>
<li>On 13 September, the Ministry of Finance of Japan added 7&amp;I to <a href="https://www.mof.go.jp/policy/international_policy/gaitame_kawase/press_release/20240913.html" target="_blank" rel="noopener">a list of "core" designated companies</a> based on results of voluntary inquiries to all listed companies.</li>
<li>Several media reports suggest that the change in 7&amp;I’s designation to core would complicate the proposed acquisition by <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a>. The core designation will not change Couche-Tard's strategy.</li>
<li>The change to 7&amp;I’s designation to core will paradoxically push Couche-Tard to firm up its revised offer. An undemanding valuation protects the downside of a no-deal situation.</li>
</ul>


On 13 September, the Ministry of Finance of Japan added 7&amp;I to a list of "core" designated companies based on results of voluntary inquiries to all listed companies.
Several media reports suggest that the change in 7&amp;I’s designation to core would complicate the proposed acquisition by Alimentation Couche-Tard (ATD CN). The core designation will not change Couche-Tard's strategy.
The change to 7&amp;I’s designation to core will paradoxically push Couche-Tard to firm up its revised offer. An undemanding valuation protects the downside of a no-deal situation.


Pan Pacific International Holdings (7532 JP)

Seven & I Holdings (3382 JP): Core Designation Does Not Change Couche-Tard’s Calculus