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/ajinomoto-co-inc" target="_blank" data-smartkarma-citation="entities:8911:1" rel="noopener">Ajinomoto Co (2802 JP)</a> has submitted a proposal to privatise <a href="https://www.smartkarma.com/entities/ajinomoto-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:12499:1" rel="noopener">Ajinomoto Malaysia (AJI MK)</a> through a selective capital reduction at RM20.00 per share, a 31.6% premium to the last close price. </li>
<li>The Board has until 21 July (unless extended) to decide to implement the proposal. The offer is attractive as it represents an all-time high. </li>
<li>The shareholder vote is low-risk as no disinterested shareholder holds a blocking stake. Precedents suggest a vote in mid-September, with payment in mid-November.</li>
</ul>



Ajinomoto Co (2802 JP) has submitted a proposal to privatise Ajinomoto Malaysia (AJI MK) through a selective capital reduction at RM20.00 per share, a 31.6% premium to the last close price. 
The Board has until 21 July (unless extended) to decide to implement the proposal. The offer is attractive as it represents an all-time high. 
The shareholder vote is low-risk as no disinterested shareholder holds a blocking stake. Precedents suggest a vote in mid-September, with payment in mid-November.


Ajinomoto (Malaysia) (AJI MK): Ajinomoto (2802 JP)’s Privatisation Offer at RM20

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/135/795/original/2020-05-26_06-26-15.png?1590441998" class="editor-image img-responsive" data-smartkarma-image-id="135795"></figure><div class="content-caption">Source • Japan Analytics</div><div><p>In the <strong>DETAIL</strong> section below, we shall review Monday's announcements:-</p></div><div><ul>
<li>The balance between positive/neutral/negative of the 59 results announcements was 24:5:30. The average change in Results Score was -1.4.</li>
<li>For the 37 revisions/initial forecasts, the split was 4:3:20, and the average Forecast/Revision Score was -7.9. Only 38% of companies reporting full-year results chose to make current year forecasts. </li>
<li>45 companies will announce results on Monday. The largest of these by market cap will be <a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki (7269 JP)</a>, <a href="https://www.smartkarma.com/entities/yamaha-corp" target="_blank" data-smartkarma-citation="entities:17841:1" rel="noopener">Yamaha (7951 JP)</a>, and <a href="https://www.smartkarma.com/entities/isuzu-motors-ltd" target="_blank" data-smartkarma-citation="entities:14726:1" rel="noopener">Isuzu (7202 JP)</a>. </li>
</ul></div>

Source • Japan AnalyticsIn the DETAIL section below, we shall review Monday's announcements:-
The balance between positive/neutral/negative of the 59 results announcements was 24:5:30. The average change in Results Score was -1.4.
For the 37 revisions/initial forecasts, the split was 4:3:20, and the average Forecast/Revision Score was -7.9. Only 38% of companies reporting full-year results chose to make current year forecasts. 
45 companies will announce results on Monday. The largest of these by market cap will be Suzuki (7269 JP), Yamaha (7951 JP), and Isuzu (7202 JP). 


🇯🇵 JAPAN • Results & Revisions 25th May - Ajinomoto, Oji, THK, Fujikura

<div>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/135/544/original/2020-05-25_05-06-24.png?1590350813" class="editor-image img-responsive" data-smartkarma-image-id="135544"></figure><div class="content-caption">Source • Japan Analytics</div>
</div><p><strong>CLOSURE</strong> - As the fashion amongst Japanese companies is not to make any full-year forecasts, there has been little change in our forecast-based metrics over the last week. Trailing-twelve-month (TTM) profits declined by ¥3 trillion and ¥2.5 trillion at the operating and net levels, respectively, over the week - closing the 'gap' to forecast considerably. There is still some upside to the market multiple from the numerator. For the time being, however, liquidity rules.</p><div><p>In the <strong>DETAIL </strong>section below, we shall review Friday's announcements:-</p></div><div><ul>
<li>The balance between positive/neutral/negative of the 106 results announcements was 52:4:50. The average change in Results Score was -1.2.</li>
<li>For the 49 revisions/initial forecasts, the split was 10:1:38, and the average Forecast/Revision Score was -10.0. Again, only one-third of companies reporting full-year results chose to make current year forecasts. </li>
<li>As this highly-unusual disclosure period slowly winds down (7% of market cap has yet to report almost two months after books closed), 57 companies will announce results on Monday. The largest of these by market cap will be <a href="https://www.smartkarma.com/entities/ajinomoto-co-inc" target="_blank" data-smartkarma-citation="entities:8911:1" rel="noopener">Ajinomoto (2802 JP)</a>, <a href="https://www.smartkarma.com/entities/hitachi-ltd" target="_blank" data-smartkarma-citation="entities:7797:1" rel="noopener">Hitachi (6501 JP)</a>, and <a href="https://www.smartkarma.com/entities/shimizu-corp" target="_blank" data-smartkarma-citation="entities:8530:1" rel="noopener">Shimizu (1803 JP)</a>. <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan Motor (7201 JP)</a> and <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba (6502 JP)</a> will, hopefully, follow later in the week but may well be the 'sting in the trail'. </li>
</ul></div>


Source • Japan Analytics
CLOSURE - As the fashion amongst Japanese companies is not to make any full-year forecasts, there has been little change in our forecast-based metrics over the last week. Trailing-twelve-month (TTM) profits declined by ¥3 trillion and ¥2.5 trillion at the operating and net levels, respectively, over the week - closing the 'gap' to forecast considerably. There is still some upside to the market multiple from the numerator. For the time being, however, liquidity rules.In the DETAIL section below, we shall review Friday's announcements:-
The balance between positive/neutral/negative of the 106 results announcements was 52:4:50. The average change in Results Score was -1.2.
For the 49 revisions/initial forecasts, the split was 10:1:38, and the average Forecast/Revision Score was -10.0. Again, only one-third of companies reporting full-year results chose to make current year forecasts. 
As this highly-unusual disclosure period slowly winds down (7% of market cap has yet to report almost two months after books closed), 57 companies will announce results on Monday. The largest of these by market cap will be Ajinomoto (2802 JP), Hitachi (6501 JP), and Shimizu (1803 JP). Nissan Motor (7201 JP) and Toshiba (6502 JP) will, hopefully, follow later in the week but may well be the 'sting in the trail'. 


🇯🇵 JAPAN • Results & Revisions 22nd May - FUJIFILM, ASICS, Benesse

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

Commonwealth Bank of Australia / Equity Bottom-Up

<ul>
<li>
<strong>Context:</strong> This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
<strong>Highlights:</strong> Currently <strong>22 pair trade opportunities</strong> persist across <strong>six markets</strong> and <strong>nine sectors.</strong>
</li>
<li>
<strong>Why read: </strong>Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently 22 pair trade opportunities persist across six markets and nine sectors.


Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (15 June 2026)

<ul>
<li>
<strong>Context: </strong>This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
<strong>Highlights: In Japan,</strong> currently <strong>five pair trade opportunities</strong> persist across<strong> two sectors.</strong>
</li>
<li>
<strong>Why read: </strong>Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: In Japan, currently five pair trade opportunities persist across two sectors.


Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Japan (15 June 2026)

Japan

Ajinomoto Co., Inc. produces and sells a variety of food products, including seasonings, edible oils, processed foods, beverages, and dairy products.  The Company also develops and manufactures pharmaceuticals, amino acids, and specialty chemicals.

Price Gauge
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Ajinomoto Co (2802 JP)

Ajinomoto (Malaysia) (AJI MK): Ajinomoto (2802 JP)’s Privatisation Offer at RM20

The shareholder vote is low-risk as no disinterested shareholder holds a blocking stake, and the offer represents an all-time high.

Arun George

🇯🇵 JAPAN • Results & Revisions 25th May - Ajinomoto, Oji, THK, Fujikura

In the DETAIL section below, we shall review Monday's announcements:- The balance between positive/neutral/negative of the 59 results announcements...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 22nd May - FUJIFILM, ASICS, Benesse

CLOSURE - As the fashion amongst Japanese companies is not to make any full-year forecasts, there has been little change in our forecast-based...

Campbell Gunn

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (15 June 2026)

Discover 22 pair trade opportunities across six markets and nine sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Relative Value Opportunities in Japan (15 June 2026)

Discover five pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ajinomoto (Malaysia) (AJI MK): Ajinomoto (2802 JP)’s Privatisation Offer at RM20

The shareholder vote is low-risk as no disinterested shareholder holds a blocking stake, and the offer represents an all-time high.

Arun George

🇯🇵 JAPAN • Results & Revisions 25th May - Ajinomoto, Oji, THK, Fujikura

In the DETAIL section below, we shall review Monday's announcements:- The balance between positive/neutral/negative of the 59 results announcements...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 22nd May - FUJIFILM, ASICS, Benesse

CLOSURE - As the fashion amongst Japanese companies is not to make any full-year forecasts, there has been little change in our forecast-based...

Campbell Gunn

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (15 June 2026)

​Discover 22 pair trade opportunities across six markets and nine sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Relative Value Opportunities in Japan (15 June 2026)

​Discover five pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Discover 22 pair trade opportunities across six markets and nine sectors using statistical mean-reversion methodology for actionable insights.

Discover five pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.