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.

Event-Driven

TSI Holdings Company Ltd. manufactures men's and women's clothing, and retails women's clothing.  The Company produces and sells coats, dresses, suits, sweaters, shirts, skirts, and pants.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tsi-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:19259:1" rel="noopener">Tsi Holdings (3608 JP)</a> and <a href="https://www.smartkarma.com/entities/world-co-ltd" target="_blank" data-smartkarma-citation="entities:27437:1" rel="noopener">World Co Ltd (3612 JP)</a> will merge into INFINITY UNITED via a joint share transfer, with TSI holders receiving 0.8 new shares each (a 4.0% premium).</li>
<li>The ratio is broadly fair to TSI shareholders but leaves value on the table; its fairness depends on confidence in TSI’s FY27–28 recovery plan.</li>
<li>Both EGMs on 24 December should pass. The trade is long 1 TSI and short 0.8 World, yielding roughly 20% annualised before borrowing costs.</li>
</ul>



Tsi Holdings (3608 JP) and World Co Ltd (3612 JP) will merge into INFINITY UNITED via a joint share transfer, with TSI holders receiving 0.8 new shares each (a 4.0% premium).
The ratio is broadly fair to TSI shareholders but leaves value on the table; its fairness depends on confidence in TSI’s FY27–28 recovery plan.
Both EGMs on 24 December should pass. The trade is long 1 TSI and short 0.8 World, yielding roughly 20% annualised before borrowing costs.


TSI (3608 JP) And World (3612 JP) To Merge: Broadly Fair Terms for TSI, but Value Left on the Table

Kakaku.com, Inc provides price comparison services and products information through its website.  The Company also provides Internet advertising services.

<ul>
<li>EQT/DG raised its <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a> offer by JPY1 to JPY3,682, extending the closing date to 28 October. The bump buys time as EQT/DG still lacks minimum acceptances.</li>
<li>Bain/LY's silence likely signals one decisive bump, ideally above JPY3,756 and towards the JPY3,923 DCF high end. But each idle extension gives Oasis and KDDI time to side with EQT/DG.</li>
<li>At JPY3,800, upside is limited (+2.2% to +3.2%) against a -3.1% base downside and a severe (low-probability) tail risk. Taking some money off the table is sensible.</li>
</ul>


EQT/DG raised its Kakaku.com Inc (2371 JP) offer by JPY1 to JPY3,682, extending the closing date to 28 October. The bump buys time as EQT/DG still lacks minimum acceptances.
Bain/LY's silence likely signals one decisive bump, ideally above JPY3,756 and towards the JPY3,923 DCF high end. But each idle extension gives Oasis and KDDI time to side with EQT/DG.
At JPY3,800, upside is limited (+2.2% to +3.2%) against a -3.1% base downside and a severe (low-probability) tail risk. Taking some money off the table is sensible.


Kakaku.com (2371 JP): Third JPY1 Bump, Same Stalemate, Limited Upside Left

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Smartkarma

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Equity Bottom-Up

Robot Payment Inc. offers payment services. The Company provides financial cloud services, billing management robot services, Internet payment agency, and other services. Robot Payment provides its services throughout Japan.

<ul>
 <li>
Durable Dual-Engine Business Model: <a href="https://smartkarma.com/entities/robot-payment-inc">Robot Payment Inc</a>. (4374 JP) operates a high-margin, scalable fintech model bridging online payment gateway processing (Subscription Pay) with back-office automation software (Billing Management Robo), generating an outstanding ~98% recurring revenue base and gross profit margins consistently exceeding 90%.</li>
 <li>
Accelerating Earnings and Robust Cash Conversion: 1H FY12/26 demonstrated exceptional operating leverage with net sales climbing 14.3% YoY to ¥1,785mn and operating profit expanding 16.0% YoY to ¥445mn, reinforcing a 3-year net income CAGR of 173.07% alongside a fortress balance sheet characterized by negative net debt and ample cash generation.</li>
 <li>
Transformational OEM Distribution Catalyst: The August 2026 capital and business alliance with enterprise SaaS market leader Rakus Co., Ltd. (3.10% equity stake) to deploy the OEM solution Rakuraku Saiken Kanri creates an immediate, asset-light distribution pipeline across tens of thousands of Japanese corporate clients, substantially derisking the company's long-term target of ¥21.0bn in sales by FY12/35.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Durable Dual-Engine Business Model: Robot Payment Inc. (4374 JP) operates a high-margin, scalable fintech model bridging online payment gateway processing (Subscription Pay) with back-office automation software (Billing Management Robo), generating an outstanding ~98% recurring revenue base and gross profit margins consistently exceeding 90%.
  
Accelerating Earnings and Robust Cash Conversion: 1H FY12/26 demonstrated exceptional operating leverage with net sales climbing 14.3% YoY to ¥1,785mn and operating profit expanding 16.0% YoY to ¥445mn, reinforcing a 3-year net income CAGR of 173.07% alongside a fortress balance sheet characterized by negative net debt and ample cash generation.
  
Transformational OEM Distribution Catalyst: The August 2026 capital and business alliance with enterprise SaaS market leader Rakus Co., Ltd. (3.10% equity stake) to deploy the OEM solution Rakuraku Saiken Kanri creates an immediate, asset-light distribution pipeline across tens of thousands of Japanese corporate clients, substantially derisking the company's long-term target of ¥21.0bn in sales by FY12/35.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Robot Payment Inc (4374 JP) - Oct 2026

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today.</li><li>(-)Brent remains elevated amid concerns over tight oil supply due to Middle East tensions, supporting PTTEP, SPRC and BCP.</li><li>(+)The IMF raised its 2026 Thailand GDP growth forecast to 2.1%, reflecting indirect benefits through technology supply chains.</li></ul>

(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today.(-)Brent remains elevated amid concerns over tight oil supply due to Middle East tensions, supporting PTTEP, SPRC and BCP.(+)The IMF raised its 2026 Thailand GDP growth forecast to 2.1%, reflecting indirect benefits through technology supply chains.

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

Independent Leading Corporate Governance Research

Metrical Inc

METRICAL INC. is an independent leading Corporate Governance research firm in Japan where Corporate Governance is increasingly recognized as an important element on corporate management in these days. Thus, CG research and solutions would become an essential component of global capital markets and play important to contribute to transparency of the markets and maximize shareholders’ value in Japan. 

METRICAL INC. provides Corporate Governance research and analysis including rating services, and  also offers investment research and IR services with solutions and customized profound research on CG and IR issues.

The TOPIX, also known as the Tokyo Stock Price Index, is a capitalization-weighted index of all companies listed on the First Section of the Tokyo Stock Exchange. The index is supplemented by the subindices of the 33 industry sectors. The index calculation excludes temporary issues and preferred stocks, and has a base value of 100 as of January 4, 1968.

<ul>
<li>Although large companies improved the rate at which men take “parental leave,” the gap between men and women in both the take-up rate and the duration of leave remains overwhelming.</li>
<li>To further promote “parental leave,” it's necessary to shift from business models that rely on understaffing to keep labor costs low to high-value-added businesses that don't depend on manual labor.</li>
<li>In Japan, equality in gender and family matters has not been legally mandated. Consequently, the burden of childcare and housework has inevitably fallen disproportionately on women.</li>
</ul>


Although large companies improved the rate at which men take “parental leave,” the gap between men and women in both the take-up rate and the duration of leave remains overwhelming.
To further promote “parental leave,” it's necessary to shift from business models that rely on understaffing to keep labor costs low to high-value-added businesses that don't depend on manual labor.
In Japan, equality in gender and family matters has not been legally mandated. Consequently, the burden of childcare and housework has inevitably fallen disproportionately on women.


The Current Status and Future Outlook for Men Taking Parental Leave