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/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a> has recommended a revised offer from Toyota Fudosan at JPY18,800, a 15.3% premium to the previous JPY16,300 offer. </li>
<li>While the revised offer represents an all-time high, it remains arguably light. The revised offer is below the midpoint of the special committee IFA’s SOTP valuation range.</li>
<li>The revised offer also does not fully account for the increase in value of TICO’s core crossholdings. Elliott is not mentioned in the statement, suggesting a lack of support. </li>
</ul>



Toyota Industries (6201 JP) has recommended a revised offer from Toyota Fudosan at JPY18,800, a 15.3% premium to the previous JPY16,300 offer. 
While the revised offer represents an all-time high, it remains arguably light. The revised offer is below the midpoint of the special committee IFA’s SOTP valuation range.
The revised offer also does not fully account for the increase in value of TICO’s core crossholdings. Elliott is not mentioned in the statement, suggesting a lack of support. 


Toyota Industries (6201 JP): Toyota Fudosan’s Revised Offer Is Arguably Light

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company. </li>
<li>Top-Picks in China are <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a>,<a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a> &amp; <a href="https://www.smartkarma.com/entities/yadea-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22706:1" rel="noopener">Yadea Group Holdings (1585 HK)</a>. In Japan its <a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki Motor (7269 JP)</a>,<a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a>&amp;<a href="https://www.smartkarma.com/entities/aisin-corp" target="_blank" data-smartkarma-citation="entities:11809:1" rel="noopener">Aisin (7259 JP)</a>.</li>
<li>In Indian auto it is <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> &amp; <a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a>.We also like the recently listed <a href="https://www.smartkarma.com/entities/icici-prudential-amc" target="_blank" data-smartkarma-citation="entities:45499:1" rel="noopener">ICICI Prudential AMC (570643Z IN)</a>.</li>
</ul>


We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company. 
Top-Picks in China are Haier Smart Home (6690 HK),Midea Group (300 HK) &amp; Yadea Group Holdings (1585 HK). In Japan its Suzuki Motor (7269 JP),ROHM Co Ltd (6963 JP)&amp;Aisin (7259 JP).
In Indian auto it is Mahindra &amp; Mahindra (MM IN) &amp; Ashok Leyland (AL IN).We also like the recently listed ICICI Prudential AMC (570643Z IN).


Shortlist Of High Conviction Ideas Across China, Japan, India - December 2025

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>TSE-Listed companies are asked to file "Management Conscious of Capital Cost/Stock Price" awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.</li>
<li>There were case study updates published 26 December. Interesting, but not ground-breaking. 475 companies filed CGRs in December 2025 after 262 companies filed in November.</li>
<li>The most recent set of documents has some really disappointing comments and questions from companies and their executives. It makes one wonder...</li>
</ul>


TSE-Listed companies are asked to file "Management Conscious of Capital Cost/Stock Price" awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.
There were case study updates published 26 December. Interesting, but not ground-breaking. 475 companies filed CGRs in December 2025 after 262 companies filed in November.
The most recent set of documents has some really disappointing comments and questions from companies and their executives. It makes one wonder...


[Japan CorpGov] TSE "Mgmt Conscious" Reports (Jan26) - Disappointing Set of Case Studies

<ul>
<li>Elliott has filed a substantial shareholder notice reporting a <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a> ownership of 16.3 million or 5.01% of outstanding shares.</li>
<li>The disclosure is likely a tactic to pressure Toyota Fudosan (offeror) and also a useful signalling tactic to other minorities that Elliott is committed to securing a bump.</li>
<li>A potential bump could reach JPY19,000. While this would require an additional US$4 billion, financing should not be an issue as the book value (understated) is close to JPY18,000. </li>
</ul>


Elliott has filed a substantial shareholder notice reporting a Toyota Industries (6201 JP) ownership of 16.3 million or 5.01% of outstanding shares.
The disclosure is likely a tactic to pressure Toyota Fudosan (offeror) and also a useful signalling tactic to other minorities that Elliott is committed to securing a bump.
A potential bump could reach JPY19,000. While this would require an additional US$4 billion, financing should not be an issue as the book value (understated) is close to JPY18,000. 


Toyota Industries (6201 JP): Elliott Ramps up the Pressure

David Blennerhassett

<ul>
<li>At ¥17,340/share, <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener"><strong>Toyota Industries (6201 JP)</strong></a> is cheap. Corporate governance supporting this deal is shocking. In <a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a>'s words: "<em>Stay long. Buy more. And make some noise</em>."</li>
<li>Preceding my comments on Toyota are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


At ¥17,340/share, Toyota Industries (6201 JP) is cheap. Corporate governance supporting this deal is shocking. In Travis Lundy's words: "Stay long. Buy more. And make some noise."
Preceding my comments on Toyota are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Don't Sell Toyota Inds (6201 JP) - Buy More

Japan

Aisin Corporation manufactures and distributes motor vehicle parts. The Company produces drive train, transmissions, clutches, disc brakes, anti-skid brake system, suspensions, oil pumps, power windows, power door locks, and more. Aisin operates sales and production subsidiaries worldwide.

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Aisin (7259 JP)

Toyota Industries (6201 JP): Toyota Fudosan’s Revised Offer Is Arguably Light

While the revised offer represents an all-time high, it remains arguably light on several fronts. Elliott has not yet lent support to the revised...

Arun George

Shortlist Of High Conviction Ideas Across China, Japan, India - December 2025

The calendar year 2025 ended on a positive note for the companies mentioned in our insight. Maruti Suzuki India reported robust sales volume in...

Sreemant Dudhoria

[Japan CorpGov] TSE "Mgmt Conscious" Reports (Jan26) - Disappointing Set of Case Studies

The TSE's "Management Conscious of Capital Costs and Share Price" filings continue. 475 CorpGovReports filed in December. Exedy has a new plan. TSE...

Travis Lundy

Toyota Industries (6201 JP): Elliott Ramps up the Pressure

The disclosure is likely a tactic to pressure Toyota Fudosan (offeror) and also a useful signalling tactic to other minorities that Elliott has...

Arun George

StubWorld: Don't Sell Toyota Inds (6201 JP) - Buy More

At ¥17,340/share, Toyota Industries is cheap. Corporate governance is shocking. Stay long. Buy more. This deal, as structured, is block-able, even...

David Blennerhassett

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