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/taiyo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15154:1" rel="noopener">Taiyo Holdings (4626 JP)</a> shares were up 19.1% based on a <a href="https://news.bloombergtax.com/private-equity/taiyo-holdings-gets-buyout-proposals-from-firms-including-kkr" target="_blank" rel="noopener">Bloomberg report</a> that it received privatisation proposals from KKR and Nippon Sangyo Suishin Kiko. </li>
<li>Taiyo confirmed that it has received privatisation offers. The Board would view privatisation as a solution to rid itself of Oasis, which has recently waged an <a href="https://www.corpgovfortaiyo.com/taiyo-corp-gov" target="_blank" rel="noopener">activist campaign</a>. </li>
<li>At the last close price of JPY6,230, Oasis would be up 45.9% on its highest price of JPY4,720. My analysis suggests that an offer around JPY7,000 can be justified.</li>
</ul>



Taiyo Holdings (4626 JP) shares were up 19.1% based on a Bloomberg report that it received privatisation proposals from KKR and Nippon Sangyo Suishin Kiko. 
Taiyo confirmed that it has received privatisation offers. The Board would view privatisation as a solution to rid itself of Oasis, which has recently waged an activist campaign. 
At the last close price of JPY6,230, Oasis would be up 45.9% on its highest price of JPY4,720. My analysis suggests that an offer around JPY7,000 can be justified.


Taiyo Holdings (4626 JP): Privatisation Interest as Oasis Agitates

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Huntsman Corporation has moved ahead with another portfolio simplification step by selling Huntsman Gomet, its Italian-owned thermoplastic automotive components business in Azeglio, Italy, to Trelleborg Group (STO:TREL-B) for €42.5 million, or roughly $50 million.</li><li>The transaction is focused on a niche unit within Huntsman Polyurethanes rather than a broader takeover of the parent company, but it still highlights why Trelleborg found value in the asset.</li><li>Huntsman Gomet produces thermoplastic components for the automotive industry, giving Trelleborg a targeted way to strengthen its engineered polymer and mobility exposure.</li></ul>

Huntsman Corporation has moved ahead with another portfolio simplification step by selling Huntsman Gomet, its Italian-owned thermoplastic automotive components business in Azeglio, Italy, to Trelleborg Group (STO:TREL-B) for €42.5 million, or roughly $50 million.The transaction is focused on a niche unit within Huntsman Polyurethanes rather than a broader takeover of the parent company, but it still highlights why Trelleborg found value in the asset.Huntsman Gomet produces thermoplastic components for the automotive industry, giving Trelleborg a targeted way to strengthen its engineered polymer and mobility exposure.

Huntsman Takeover Speculation Rises After Trelleborg’s Italian Deal!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>Huntsman is currently navigating a challenging cyclical downturn, reflected in recent revenue declines and net losses. The company is implementing significant restructuring and cost-cutting measures to improve profitability and preserve cash flow.</li>
  <li>The company's valuation appears attractive, supported by a high dividend yield and a strong Value score. However, this is contrasted by poor recent growth and momentum, indicating a potential value trap if market conditions do not improve.</li>
  <li>Long-term outlook is tied to a recovery in key end markets such as construction, automotive, and general industrial sectors. Strategic focus on differentiated and specialty chemicals could provide a competitive edge during the eventual upswing.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Huntsman is currently navigating a challenging cyclical downturn, reflected in recent revenue declines and net losses. The company is implementing significant restructuring and cost-cutting measures to improve profitability and preserve cash flow.
  The company's valuation appears attractive, supported by a high dividend yield and a strong Value score. However, this is contrasted by poor recent growth and momentum, indicating a potential value trap if market conditions do not improve.
  Long-term outlook is tied to a recovery in key end markets such as construction, automotive, and general industrial sectors. Strategic focus on differentiated and specialty chemicals could provide a competitive edge during the eventual upswing.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Huntsman Corp (HUN US) - Nov 2025

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>After downgrading our outlook to neutral in our 3/3/26 Compass, we further downgraded our outlook to bearish last week (3/31/26 Compass)...</li>
<li>...with the S&amp;P 500 (SPX) violating major support at 6480-6520, Nasdaq futures (NQ) violating 24,000 support, and the Russell 2000 (IWM) breaking down below crucial $245 support.</li>
<li>Quick reclaims are technically bullish, but we discussed last week how we'd be sellers on rallies to 6480-6520 and the 200-day MA on SPX(currently 6648), and that remains our playbook.</li>
</ul>


After downgrading our outlook to neutral in our 3/3/26 Compass, we further downgraded our outlook to bearish last week (3/31/26 Compass)...
...with the S&amp;P 500 (SPX) violating major support at 6480-6520, Nasdaq futures (NQ) violating 24,000 support, and the Russell 2000 (IWM) breaking down below crucial $245 support.
Quick reclaims are technically bullish, but we discussed last week how we'd be sellers on rallies to 6480-6520 and the 200-day MA on SPX(currently 6648), and that remains our playbook.


Concerns Persist; SPX Testing Resistance at 21-Day EMA and Near 200-Day MA; Bearish Outlook Intact

US Treasury (10 Yr Generic) / Technical Analysis

<ul>
<li>We maintain our near-term bullish outlook on SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM), which has remained in place since 4/22/25, aside from one week(11/19/25-11/25/25) when we went neutral.</li>
<li>We will stay near-term bullish as long as crucial support levels of 6824 on SPX, $610 on QQQ, and $245 on IWM continue to hold. Intermediate-term, still bullish above 6480-6520</li>
<li>SPX gap down (resistance at 6910-6940, Staples at 4-month RS highs, and more are giving us reason for caution in the near-term, though we still view pullbacks as a buy</li>
</ul>


We maintain our near-term bullish outlook on SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM), which has remained in place since 4/22/25, aside from one week(11/19/25-11/25/25) when we went neutral.
We will stay near-term bullish as long as crucial support levels of 6824 on SPX, $610 on QQQ, and $245 on IWM continue to hold. Intermediate-term, still bullish above 6480-6520
SPX gap down (resistance at 6910-6940, Staples at 4-month RS highs, and more are giving us reason for caution in the near-term, though we still view pullbacks as a buy


Reason for Near-Term Caution? 10Y Treasury Yield Above 4.20%; Upgrading Energy and Staples

United States

Huntsman Corporation manufactures differentiated and commodity chemical products.  The Company markets a broad range of chemical products and formulations to a diversified group of consumer and industrial customers. Huntsman's products are used in a range of applications, including those in adhesives, aerospace, automotive, construction products, and consumer products.

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Huntsman Corp (HUN US)

Taiyo Holdings (4626 JP): Privatisation Interest as Oasis Agitates

The Board would view privatisation as a solution to rid itself of Oasis, which has recently waged an activist campaign. My analysis suggests that...

Arun George

Huntsman Takeover Speculation Rises After Trelleborg’s Italian Deal!

Huntsman Corporation has moved ahead with another portfolio simplification step by selling Huntsman Gomet, its Italian-owned thermoplastic...

Baptista Research

Primer: Huntsman Corp (HUN US) - Nov 2025

Huntsman is currently navigating a challenging cyclical downturn, reflected in recent revenue declines and net losses. The company is...

αSK Primers

Concerns Persist; SPX Testing Resistance at 21-Day EMA and Near 200-Day MA; Bearish Outlook Intact

Concerns Persist; $SPX Testing Resistance at 21-day EMA and Near 200-day MA; Bearish Outlook Intact. Actionable ideas within Staples $XLP and...

Vermilion Research

Reason for Near-Term Caution? 10Y Treasury Yield Above 4.20%; Upgrading Energy and Staples

Reason for Near-Term Caution? $SPX $QQQ 10-Year Treasury Yield Breaking Above 4.20%; Upgrading Energy $XLE $RSPG and Staples $XLP to market weight,...

Vermilion Research

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