IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> pre-conditional tender offer from JIC is JPY4,350 per share. Since the deal announcement, the gross spread has averaged 7.7%.</li>
<li>The wide gross spread reflects the risk in satisfying the pre-condition related to China SAMR approval and potentially shareholder approval due to <a href="https://www.smartkarma.com/entities/shin-etsu-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:4481:1" rel="noopener">Shin Etsu Chemical (4063 JP)</a>’s re-rating.</li>
<li>SAMR conditional approval would fit with the late February tender start timeline (at the earliest). Despite Shin-Etsu’s re-rating, the offer still looks reasonable.</li>
</ul>



JSR Corp (4185 JP) pre-conditional tender offer from JIC is JPY4,350 per share. Since the deal announcement, the gross spread has averaged 7.7%.
The wide gross spread reflects the risk in satisfying the pre-condition related to China SAMR approval and potentially shareholder approval due to Shin Etsu Chemical (4063 JP)’s re-rating.
SAMR conditional approval would fit with the late February tender start timeline (at the earliest). Despite Shin-Etsu’s re-rating, the offer still looks reasonable.


JSR Corporation (4185 JP): Risk/Reward in Context of Shin-Etsu’s Re-Rating and Looming Tender Start

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>ANSYS Inc. delivered a mixed result in the recent quarter, with revenues below market expectations, but it surpassed the analyst consensus regarding earnings.</li><li>These restrictions included incremental approval processes and export restrictions on selling certain ANSYS products and services to entities in China.</li><li>Despite these challenges, ANSYS delivered a robust quarter marked by double-digit growth in Annual Contract Value (ACV).</li></ul>

ANSYS Inc. delivered a mixed result in the recent quarter, with revenues below market expectations, but it surpassed the analyst consensus regarding earnings.These restrictions included incremental approval processes and export restrictions on selling certain ANSYS products and services to entities in China.Despite these challenges, ANSYS delivered a robust quarter marked by double-digit growth in Annual Contract Value (ACV).

ANSYS Inc.: Impact Of Export Controls On China Operations! - Major Drivers

<ul><li>ANSYS Inc. delivered a solid result and managed an all-around beat in the last quarter, surpassing its financial guidance across all key metrics.</li><li>During Q2, the company reported reliable performance, beating its ACV, revenue, operating margin, and EPS guidance.</li><li>Total revenue for the quarter exceeded expectations, reflecting the positive impact of ACV outperformance and the mix of license types sold.</li></ul>

ANSYS Inc. delivered a solid result and managed an all-around beat in the last quarter, surpassing its financial guidance across all key metrics.During Q2, the company reported reliable performance, beating its ACV, revenue, operating margin, and EPS guidance.Total revenue for the quarter exceeded expectations, reflecting the positive impact of ACV outperformance and the mix of license types sold.

ANSYS Inc.: The Role of SMBs in Driving Growth! - Major Drivers

<ul><li>Ansys managed an all-around beat in Q1 and its results exceeded expectations across all key metrics.</li><li>ANSYS invests in five technology pillars: numerics, high-performance computing (HPC), artificial intelligence (AI), 3D design, and system-level simulation.</li><li>In addition to its investment in numerics, HPC, AI, 3D design, and system-level simulation, ANSYS has been working with key partners to develop new technologies to enhance its capabilities further and bring value to its customers.</li></ul>

Ansys managed an all-around beat in Q1 and its results exceeded expectations across all key metrics.ANSYS invests in five technology pillars: numerics, high-performance computing (HPC), artificial intelligence (AI), 3D design, and system-level simulation.In addition to its investment in numerics, HPC, AI, 3D design, and system-level simulation, ANSYS has been working with key partners to develop new technologies to enhance its capabilities further and bring value to its customers.

<ul><li>Ansys ended 2022 on a positive note after delivering an all-around beat and surpassed its financial guidance across all key metrics, including earnings per share, operating margin, revenue, and ACV.</li><li>Operating margin was impacted positively by outperforming revenue.</li><li>The company's new safety workflow in ANSYS LS Dyna simulates the comprehensive structural thermal and electrochemical responses of damaged batteries.</li></ul>

Ansys ended 2022 on a positive note after delivering an all-around beat and surpassed its financial guidance across all key metrics, including earnings per share, operating margin, revenue, and ACV.Operating margin was impacted positively by outperforming revenue.The company's new safety workflow in ANSYS LS Dyna simulates the comprehensive structural thermal and electrochemical responses of damaged batteries.

ANSYS Inc.: Acquisition Of Leading Particle Dynamics Simulation Software & Other Drivers

United States

ANSYS, Inc. develops, markets, and supports software solutions for design analysis and optimization.  The Company's software accelerates product time to market, reduces production costs, improves engineering processes, and optimizes product quality and safety for a variety of manufactured products.  ANSYS's product family features open, flexible architecture for easy integration.

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Ansys Inc (ANSS US)

JSR Corporation (4185 JP): Risk/Reward in Context of Shin-Etsu’s Re-Rating and Looming Tender Start

SAMR conditional approval would fit with the late February tender start timeline. Despite Shin-Etsu’s re-rating, the offer still looks reasonable....

Arun George

ANSYS Inc.: Impact Of Export Controls On China Operations! - Major Drivers

ANSYS Inc. delivered a mixed result in the recent quarter, with revenues below market expectations, but it surpassed the analyst consensus...

Baptista Research

ANSYS Inc.: The Role of SMBs in Driving Growth! - Major Drivers

ANSYS Inc. delivered a solid result and managed an all-around beat in the last quarter, surpassing its financial guidance across all key...

Baptista Research

ANSYS Inc.: Investments In AI & HPC

Ansys managed an all-around beat in Q1 and its results exceeded expectations across all key metrics. ANSYS invests in five technology pillars:...

Baptista Research

ANSYS Inc.: Acquisition Of Leading Particle Dynamics Simulation Software & Other Drivers

Ansys ended 2022 on a positive note after delivering an all-around beat and surpassed its financial guidance across all key metrics, including...

Baptista Research

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