External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Event-Driven

Systems Ltd is a software and technology service company. The Company focuses on the finance and apparel industry in the United States. Systems operates in Pakistan and worldwide.

<ul><li>Systems Limited (SYS) held its corporate briefing session to discuss the recent acquisitions and future outlook.</li><li>SYS recently announced the acquisition of Confiz Limited, one of Pakistan���s top 3 IT companies, with a strong specialization in retail and CPG segments.</li><li>SYS has acquired this company through a 100% share swap arrangement, as per which, Systems' shareholders will be diluted by 3.8-4.0% and revenue contribution from this new business will be roughly around 10% of the current business, according to management.</li></ul>

Systems Limited (SYS) held its corporate briefing session to discuss the recent acquisitions and future outlook.SYS recently announced the acquisition of Confiz Limited, one of Pakistan���s top 3 IT companies, with a strong specialization in retail and CPG segments.SYS has acquired this company through a 100% share swap arrangement, as per which, Systems' shareholders will be diluted by 3.8-4.0% and revenue contribution from this new business will be roughly around 10% of the current business, according to management.

Topline Flash Note: Systems Limited (SYS): Corporate Briefing Key Takeaways

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

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.

Matsuya R&D Co.,Ltd. manufactures and distributes industry machinery equipment. The Company produces stitching systems for automobile safety devices, laser cutting machines, blood pressure arm bands, and other products. Matsuya R&D markets its products Japan.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/matsuya-r-d-co-ltd" target="_blank" data-smartkarma-citation="entities:46158:1" rel="noopener">Matsuya R&amp;D (7317 JP)</a> has recommended a preconditional tender offer from <a href="https://www.smartkarma.com/entities/omron-corp" target="_blank" data-smartkarma-citation="entities:15904:1" rel="noopener">Omron Corp (6645 JP)</a> at JPY1,110, a 22.8% premium to the last close price.</li>
<li>While the offer represents an all-time high, it is light as it is 22% below the midpoint of the target IFA DCF valuation range. </li>
<li>This is a done deal, as the lower limit is marginally above the level of irrevocables. Timing is the key risk with the offer expected to start in late June.</li>
</ul>



Matsuya R&amp;D (7317 JP) has recommended a preconditional tender offer from Omron Corp (6645 JP) at JPY1,110, a 22.8% premium to the last close price.
While the offer represents an all-time high, it is light as it is 22% below the midpoint of the target IFA DCF valuation range. 
This is a done deal, as the lower limit is marginally above the level of irrevocables. Timing is the key risk with the offer expected to start in late June.


Matsuya R&D (7317 JP): Omron (6645 JP)’s Preconditional Tender Offer Is a Done Deal

MANDOM CORPORATION manufactures and markets a variety of cosmetic products for men and women.  The Company's products include hair care and skin care cosmetics.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a> has disclosed that it has received a non-binding letter of intent from a third-party candidate, with purchase prices exceeding the CVC JPY2,520 offer.</li>
<li>The <a href="https://www.nikkei.com/article/DGXZQOUB0996J0Z01C25A2000000/" target="_blank" rel="noopener">Nikkei</a> identifies the bidder as KKR and states that the offer is over JPY2,800, a 11.1% premium to the CVC offer. KKR want a Board-recommended offer.</li>
<li>CVC has extended the close of its offer to 5 January 2026, but will need to revise terms as its irrevocables (particularly Murakami and Hibiki) can switch to KKR.</li>
</ul>



Mandom Corp (4917 JP) has disclosed that it has received a non-binding letter of intent from a third-party candidate, with purchase prices exceeding the CVC JPY2,520 offer.
The Nikkei identifies the bidder as KKR and states that the offer is over JPY2,800, a 11.1% premium to the CVC offer. KKR want a Board-recommended offer.
CVC has extended the close of its offer to 5 January 2026, but will need to revise terms as its irrevocables (particularly Murakami and Hibiki) can switch to KKR.


Mandom (4917 JP): When You Thought It Was Done, KKR Emerges as a Competing Bidder

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Shinsegae Food Co., Ltd. caters company restaurants, schools, and hospitals. The Company also markets and provides various groceries to food companies and restaurants.  Shinsegae Food operates family restaurants as well.

<ul>
<li>On 15 December, it was announced that E Mart Inc (139480 KS) is conducting a tender offer and delisting of Shinsegae Food (031440 KS).</li>
<li>Tender offer price is 48,120 won (20% higher than the closing price on 12 December).</li>
<li>Shinsegae Food is currently trading at very low valuations. It is trading at P/E of 5.3x, P/B of 0.4x, and EV/EBITDA of 1.5x based on 2026 consensus earnings estimates.</li>
</ul>


On 15 December, it was announced that E Mart Inc (139480 KS) is conducting a tender offer and delisting of Shinsegae Food (031440 KS).
Tender offer price is 48,120 won (20% higher than the closing price on 12 December).
Shinsegae Food is currently trading at very low valuations. It is trading at P/E of 5.3x, P/B of 0.4x, and EV/EBITDA of 1.5x based on 2026 consensus earnings estimates.


A Tender Offer and Delisting of Shinsegae Food by E-Mart

Hang Seng Bank Limited and its subsidiaries provide banking and related financial services.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng Bank (11 HK)</a>’s IFA considers <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC Holdings (5 HK)</a>’s scheme privatisation offer of HK$155 per share to be fair and reasonable. </li>
<li>The key condition is scheme approval by at least 75% disinterested shareholders (&lt;10% disinterested shareholders' rejection). The scheme vote remains low risk.</li>
<li>The offer is attractive compared to peer multiples and privatisation precedents. This is done. At the current price and for a 4 February payment, the gross/annualised spread is 1.0%/7.1%.</li>
</ul>



Hang Seng Bank (11 HK)’s IFA considers HSBC Holdings (5 HK)’s scheme privatisation offer of HK$155 per share to be fair and reasonable. 
The key condition is scheme approval by at least 75% disinterested shareholders (&lt;10% disinterested shareholders' rejection). The scheme vote remains low risk.
The offer is attractive compared to peer multiples and privatisation precedents. This is done. At the current price and for a 4 February payment, the gross/annualised spread is 1.0%/7.1%.


Hang Seng Bank (11 HK): HSBC (5 HK)’s Scheme Vote on 8 January

Event-Driven
Event-Driven Insights

Topline Flash Note: Systems Limited (SYS): Corporate Briefing Key Takeaways

Systems Limited (SYS) held its corporate briefing session to discuss the recent acquisitions and future outlook. SYS recently announced the...

Topline Securities

Matsuya R&D (7317 JP): Omron (6645 JP)’s Preconditional Tender Offer Is a Done Deal

This is a done deal, as the lower limit will be satisfied mainly by irrevocables. Timing is the key risk with the offer expected to start in late...

Arun George

Mandom (4917 JP): When You Thought It Was Done, KKR Emerges as a Competing Bidder

CVC has extended the close of its offer to 5 January 2026, but will need to revise terms as its irrevocables (particularly Murakami and Hibiki) can...

Arun George

A Tender Offer and Delisting of Shinsegae Food by E-Mart

On 15 December, it was announced that E Mart Inc (139480 KS) is conducting a tender offer and delisting of Shinsegae Food (031440 KS).

Douglas Kim

Hang Seng Bank (11 HK): HSBC (5 HK)’s Scheme Vote on 8 January

The offer is attractive compared to peer multiples and privatisation precedents. This is done. At the current price and for a 4 February payment,...

Arun George