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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lintec-corp" target="_blank" data-smartkarma-citation="entities:5564:1" rel="noopener">Lintec Corp (7966 JP)</a> has announced a secondary offering of 17.1 million shares (19.7 million including overallotment), valued at around US$0.6 billion (US$0.7 billion including overallotment).</li>
<li>The offering will enable <a href="https://www.smartkarma.com/entities/nippon-paper-industries-co-l" target="_blank" data-smartkarma-citation="entities:557:1" rel="noopener">Nippon Paper Industries Co L (3863 JP)</a>, the largest shareholder, to sell all its directly owned shares.</li>
<li>The offering, as a percentage of outstanding shares, is the sixth-highest, and, in terms of ADV, the fifth-highest among large Japanese placements since 2021.</li>
</ul>



Lintec Corp (7966 JP) has announced a secondary offering of 17.1 million shares (19.7 million including overallotment), valued at around US$0.6 billion (US$0.7 billion including overallotment).
The offering will enable Nippon Paper Industries Co L (3863 JP), the largest shareholder, to sell all its directly owned shares.
The offering, as a percentage of outstanding shares, is the sixth-highest, and, in terms of ADV, the fifth-highest among large Japanese placements since 2021.


Lintec (7966 JP): A US$0.7 Billion Secondary Offering

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>Semiconductor revenues have enjoyed month over month growth since April</li>
<li>This growth is higher than the industry's long-term average 3.9% growth</li>
<li>It looks as if the industry is starting another of its typical cycles.</li>
</ul>


Semiconductor revenues have enjoyed month over month growth since April
This growth is higher than the industry's long-term average 3.9% growth
It looks as if the industry is starting another of its typical cycles.


SIA: Semiconductors Up for Fourth Consecutive Month

Japan Specialist

Mark Chadwick

<ul>
<li>OVERSEAS. PCE Deflator 3.0%YoY; 0.2%MoM calms (re)inflation fears; Yields fall,  Equities rebound as Goldilocks View of Economy/Markets intact; SPX 2Q earnings not so bad; China further moves to bolster economy; </li>
<li>JAPAN. NKY Futures 1% vs Cash; USDJPY 141.2; BOJ Tweaks - 0.5% JGB10Y  yield now a reference, not a ceiling; To buy bonds at 1%.; Next inflation forecast 1.9%=continued easing</li>
<li>NUGGET. Nidec-Renesas Partnership potentially a big deal for both companies. Successful execution will lead to sales and profit growth for both companies in their respective areas.</li>
</ul>


OVERSEAS. PCE Deflator 3.0%YoY; 0.2%MoM calms (re)inflation fears; Yields fall,  Equities rebound as Goldilocks View of Economy/Markets intact; SPX 2Q earnings not so bad; China further moves to bolster economy; 
JAPAN. NKY Futures 1% vs Cash; USDJPY 141.2; BOJ Tweaks - 0.5% JGB10Y  yield now a reference, not a ceiling; To buy bonds at 1%.; Next inflation forecast 1.9%=continued easing
NUGGET. Nidec-Renesas Partnership potentially a big deal for both companies. Successful execution will lead to sales and profit growth for both companies in their respective areas.


Ohayo Japan|Benign PCE Deflator Spurs Equities; BOJ Easing to Continue: Nidec+Renasas = A Big Deal

<ul>
<li>OVERSEAS. SOX 1.9% bid as Generative AI drives bid for semis/tech hardware; Booming US Economy as GDP prints 2.4% driving yields higher; But USD weaker vs Yen on BOJ. </li>
<li>JAPAN.  NKY Futures -1% vs Cash; USDJPY 139. 5; Really all about the BOJ as the Nikkei broke news  on potential YCC tweak; Earnings deluge: -ve Shin-etsu; Fujitsu. </li>
<li>NUGGET. Tokyo Steel has more advantages than meets the eye. No need for the massive capex in the crucial process that Nippon Steel or JFE needs to put out. Bullish. </li>
</ul>


OVERSEAS. SOX 1.9% bid as Generative AI drives bid for semis/tech hardware; Booming US Economy as GDP prints 2.4% driving yields higher; But USD weaker vs Yen on BOJ. 
JAPAN.  NKY Futures -1% vs Cash; USDJPY 139. 5; Really all about the BOJ as the Nikkei broke news  on potential YCC tweak; Earnings deluge: -ve Shin-etsu; Fujitsu. 
NUGGET. Tokyo Steel has more advantages than meets the eye. No need for the massive capex in the crucial process that Nippon Steel or JFE needs to put out. Bullish. 


Ohayo Japan| AI Bid; Strong GDP->more Hikes? Stocks Drop; NUGGET: Steel Decarb-Advantage Tokyo Steel

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Ingenic Semiconductor / Equity Capital Markets

<ul>
<li>Ingenic Semiconductor launched Hongkong IPO to raise nearly HK$3.2B. They are an Integrated Circuit (IC) provider with a product portfolio spanning across memory, computing, and analog ICs.</li>
<li>Ingenic intends to use the proceeds for innovation, product development, strategic investment, sales promotion and working capital.</li>
<li>Investors can expect a sustained growth momentum, but the incremental growth possibilities does not fully justify the relatively higher pricing of the issue.</li>
</ul>


Ingenic Semiconductor launched Hongkong IPO to raise nearly HK$3.2B. They are an Integrated Circuit (IC) provider with a product portfolio spanning across memory, computing, and analog ICs.
Ingenic intends to use the proceeds for innovation, product development, strategic investment, sales promotion and working capital.
Investors can expect a sustained growth momentum, but the incremental growth possibilities does not fully justify the relatively higher pricing of the issue.


Ingenic Semiconductor IPO: Circuit Seems Incomplete Given The Valuation Vis-À-Vis Growth Prospects

Japan

Renesas Electronics Corporation researches, develops, designs and manufactures electronic components such as semiconductors and integrated devices.

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Renesas Electronics (6723 JP)

Lintec (7966 JP): A US$0.7 Billion Secondary Offering

The offering, as a percentage of outstanding shares, is the sixth-highest, and, in terms of ADV, the fifth-highest among large Japanese placements...

Arun George

SIA: Semiconductors Up for Fourth Consecutive Month

The semiconductor industry seems to be starting another cycle, with revenues increasing for the past four months. This Insight compares past...

Jim Handy

Ohayo Japan|Benign PCE Deflator Spurs Equities; BOJ Easing to Continue: Nidec+Renasas = A Big Deal

US Equities rebound as confidence grows in Golilocks trade; NKY Futures 1% vs Cash; USDJPY 141.2; BOJ Tweaks -To buy 10 year bonds at 1%.; Next...

Mark Chadwick

Ohayo Japan| AI Bid; Strong GDP->more Hikes? Stocks Drop; NUGGET: Steel Decarb-Advantage Tokyo Steel

Strong US GDP print drive yield higher, stocks drop; NKY Futures -1% vs Cash; USDJPY 139. 5; Really all about the BOJ as the Nikkei broke news on...

Mark Chadwick

Ingenic Semiconductor IPO: Circuit Seems Incomplete Given The Valuation Vis-À-Vis Growth Prospects

Ingenic Semiconductor launched Hongkong IPO to raise nearly HK$3.2B for innovation, product development etc. Growth potential does not fully...

Tina Banerjee

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