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.

Equity Capital Markets

Nippon Express Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-express-holdings-inc" target="_blank" data-smartkarma-citation="entities:18582:1" rel="noopener">Nippon Express Holdings (9147 JP)</a> has announced a secondary offering of up to 4.8 million shares (including overallotment). There are seven selling shareholders.</li>
<li>The secondary offering comes ahead of the implementation of regulatory restrictions on truck drivers' overtime in April 2024, which is widely known as the ‘2024 Problem’.</li>
<li>Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between 11 and 13 March (likely 11 March).</li>
</ul>



Nippon Express Holdings (9147 JP) has announced a secondary offering of up to 4.8 million shares (including overallotment). There are seven selling shareholders.
The secondary offering comes ahead of the implementation of regulatory restrictions on truck drivers' overtime in April 2024, which is widely known as the ‘2024 Problem’.
Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between 11 and 13 March (likely 11 March).


Nippon Express (9147 JP): A US$260 Million Secondary Offering

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Keisei Electric Railway Co / Event-Driven

<ul>
<li>Apart from being mildly EPS accretive, <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a>'s buyback is a means to get crossholders out, therefore, it may not have much direct market impact. </li>
<li>
<a href="https://www.smartkarma.com/entities/cie-de-saint-gobain" target="_blank" data-smartkarma-citation="entities:21547:1" rel="noopener">Cie De Saint-Gobain (SGO FP)</a> firms a decade-high-plus Offer price for <a href="https://www.smartkarma.com/entities/csr-ltd" target="_blank" data-smartkarma-citation="entities:17380:1" rel="noopener">CSR Ltd (CSR AU)</a> - this is done.</li>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Group (4755 JP)</a> announced it would propose an amendment to its Articles at the AGM (28 March) to issue "Bond-Type Class Shares." First reaction: You wot, mate?</li>
</ul>


Apart from being mildly EPS accretive, Keisei Electric Railway Co (9009 JP)'s buyback is a means to get crossholders out, therefore, it may not have much direct market impact. 

Cie De Saint-Gobain (SGO FP) firms a decade-high-plus Offer price for CSR Ltd (CSR AU) - this is done.

Rakuten Group (4755 JP) announced it would propose an amendment to its Articles at the AGM (28 March) to issue "Bond-Type Class Shares." First reaction: You wot, mate?


Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Renesas Electronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsubishi-electric-corp" target="_blank" data-smartkarma-citation="entities:11171:1" rel="noopener">Mitsubishi Electric (6503 JP)</a> is looking to raise approximately US$800m through an accelerated secondary block deal, via selling 50.71m shares (2.6% of TSO) of <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a> stock. </li>
<li>The deal will be an easy one to digest at only three days of three month ADV.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Mitsubishi Electric (6503 JP) is looking to raise approximately US$800m through an accelerated secondary block deal, via selling 50.71m shares (2.6% of TSO) of Renesas Electronics (6723 JP) stock. 
The deal will be an easy one to digest at only three days of three month ADV.
In this note, we will talk about the placement and run the deal through our ECM framework.


Renesas Electronics Block - Smaller than Recent Deals but Still Likely Well Flagged

Travis Lundy

<ul>
<li>Today after the close, <a href="https://www.smartkarma.com/entities/mitsubishi-electric-corp" target="_blank" data-smartkarma-citation="entities:11171:1" rel="noopener">Mitsubishi Electric (6503 JP)</a> announced the sale of its position in <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a>. That's 50,706,800 shares.  </li>
<li>This is the third large block in four months (Renesas in November for 223mm shares, NEC and Hitachi in January 2024 for 123mm shares).</li>
<li>This is smaller, and reasonably well-flagged. Index demand is longer-dated.</li>
</ul>


Today after the close, Mitsubishi Electric (6503 JP) announced the sale of its position in Renesas Electronics (6723 JP). That's 50,706,800 shares.  
This is the third large block in four months (Renesas in November for 223mm shares, NEC and Hitachi in January 2024 for 123mm shares).
This is smaller, and reasonably well-flagged. Index demand is longer-dated.


Renesas (6723) - YET ANOTHER Clean-Up Block Trade - This Time Mitsubishi Elec

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC expects the foundry, semiconductor, electronics, industrial technology, and global GDP to be $0.25 trillion, $1 trillion, $3 trillion, $12 trillion, and $145 trillion, respectively, in 2030F</li>
<li>Transistor technology is constantly evolving, and FinFET architecture will be followed by Nanosheet and others.</li>
<li>In the transition, the automotive market belongs to IDM companies, but the utility of ADAS (Advanced Driver Assistance Systems) could fall under Foundry territory.  </li>
</ul>


TSMC expects the foundry, semiconductor, electronics, industrial technology, and global GDP to be $0.25 trillion, $1 trillion, $3 trillion, $12 trillion, and $145 trillion, respectively, in 2030F
Transistor technology is constantly evolving, and FinFET architecture will be followed by Nanosheet and others.
In the transition, the automotive market belongs to IDM companies, but the utility of ADAS (Advanced Driver Assistance Systems) could fall under Foundry territory.  


TSMC (2330.TT; TSM.US): Foundry Market Forecast in 2030F; TSMC Had Developed The 2nm Nanosheet.

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)

Nippon Express (9147 JP): A US$260 Million Secondary Offering

Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between...

Arun George

Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Renesas Electronics Block - Smaller than Recent Deals but Still Likely Well Flagged

Mitsubishi Electric (6503 JP) is looking to raise approximately US$800m through an accelerated secondary block deal, via selling 50.71m shares...

Ethan Aw

Renesas (6723) - YET ANOTHER Clean-Up Block Trade - This Time Mitsubishi Elec

Mitsubishi Electric is selling down their stake in Renesas. That is another 2.8% after nearly 7% sold in Jan24 and 12.4% by INCJ in Nov23. Should...

Travis Lundy

TSMC (2330.TT; TSM.US): Foundry Market Forecast in 2030F; TSMC Had Developed The 2nm Nanosheet.

TSMC predicts significant growth in various industries by 2030F, with evolving transistor technology and potential shifts in market ownership for...

Patrick Liao

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Nippon Express (9147 JP): A US$260 Million Secondary Offering

Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between...

Arun George

Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Renesas Electronics Block - Smaller than Recent Deals but Still Likely Well Flagged

Mitsubishi Electric (6503 JP) is looking to raise approximately US$800m through an accelerated secondary block deal, via selling 50.71m shares...

Ethan Aw

Renesas (6723) - YET ANOTHER Clean-Up Block Trade - This Time Mitsubishi Elec

Mitsubishi Electric is selling down their stake in Renesas. That is another 2.8% after nearly 7% sold in Jan24 and 12.4% by INCJ in Nov23. Should...

Travis Lundy

TSMC (2330.TT; TSM.US): Foundry Market Forecast in 2030F; TSMC Had Developed The 2nm Nanosheet.

​TSMC predicts significant growth in various industries by 2030F, with evolving transistor technology and potential shifts in market ownership for...

Patrick Liao

TSMC predicts significant growth in various industries by 2030F, with evolving transistor technology and potential shifts in market ownership for...