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>Nikkei <a href="https://asia.nikkei.com/business/business-deals/japan-s-nsg-seeks-support-from-fund-as-m-a-loan-deadline-nears" target="_blank" rel="noopener">reported</a> that <a href="https://www.smartkarma.com/entities/nippon-sheet-glass-co-ltd" target="_blank" data-smartkarma-citation="entities:9013:1" rel="noopener">Nippon Sheet Glass (5202 JP)</a> has been considering restructuring through delisting, following the receipt of over JPY300 billion in support from Apollo and a consortium of banks.</li>
<li>Post-Restructuring, NSG’s net debt/EBITDA ratio will decline materially. NSG will delist through a squeeze-out of existing shareholders at JPY500 per share, a 23.5% premium to the last close. </li>
<li>The squeeze-out price is low, below adjusted book value and recent highs. However, the EGM vote will pass, as post-restructuring, Apollo/banks will own more than two-thirds of voting rights.  </li>
</ul>


Nikkei reported that Nippon Sheet Glass (5202 JP) has been considering restructuring through delisting, following the receipt of over JPY300 billion in support from Apollo and a consortium of banks.
Post-Restructuring, NSG’s net debt/EBITDA ratio will decline materially. NSG will delist through a squeeze-out of existing shareholders at JPY500 per share, a 23.5% premium to the last close. 
The squeeze-out price is low, below adjusted book value and recent highs. However, the EGM vote will pass, as post-restructuring, Apollo/banks will own more than two-thirds of voting rights.  


Nippon Sheet Glass (5202 JP): Rumoured Restructuring and Squeeze-Out at JPY500

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Uncertainty regarding private credit has become one of the biggest risk factors facing global investors including in Korea.</li>
<li>Samsung Securities serves as a primary distributor for Blackstone's private credit funds (such as BCRED) in Korea.</li>
<li>In late 2022, Samsung Life and Samsung Fire &amp; Marine committed $650 million to Blackstone-managed alternative funds. </li>
</ul>


Uncertainty regarding private credit has become one of the biggest risk factors facing global investors including in Korea.
Samsung Securities serves as a primary distributor for Blackstone's private credit funds (such as BCRED) in Korea.
In late 2022, Samsung Life and Samsung Fire &amp; Marine committed $650 million to Blackstone-managed alternative funds. 


Samsung Life, Samsung F&M Insurance, & Samsung Securities - Exposure to Blackstone's Private Credit?

MD, Leaf & Ledger Limited

Leaf & Ledger Limited

Formed in 2024, Leaf & Ledger is a European advisory and research firm serving institutional investors and managers. We focus on real assets and private markets, with public-market read-throughs where material. Our work emphasises valuation signals, market structure, and execution topics that translate technical assessment into underwriting and strategy.

Insight That Moves Capital

<ul>
<li>
 High-probability KPI miss: RDM needs a further 6.2% cut from 2024’s 0.449 tCO₂e/t to reach the 2025 SPT of 0.421 tCO₂e/t by Dec 31st, 2025.</li>
<li>
 Largest debt: The €600MM 2029 senior secured notes dominate the debt stack, alongside a €146MM revolver. Terms are private, for illustration we use a market 25bps proxy.</li>
<li>
 Value set-up in stress: Bonds around 79 cents on Sep 29th, 2025, then down 18 cents after Oct 8th, 2025, headlines. KPI miss likely; outlook pressured.</li>
</ul>



 High-probability KPI miss: RDM needs a further 6.2% cut from 2024’s 0.449 tCO₂e/t to reach the 2025 SPT of 0.421 tCO₂e/t by Dec 31st, 2025.

 Largest debt: The €600MM 2029 senior secured notes dominate the debt stack, alongside a €146MM revolver. Terms are private, for illustration we use a market 25bps proxy.

 Value set-up in stress: Bonds around 79 cents on Sep 29th, 2025, then down 18 cents after Oct 8th, 2025, headlines. KPI miss likely; outlook pressured.


Reno De Medici (RM IM) SLB, Trade the High Risk YE2025 SPT Window

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

Apollo Global Management  / Equity Bottom-Up

<ul>
 <li>Apollo's integrated model with Athene provides a significant competitive advantage, offering a permanent and low-cost capital base from retirement services to fuel its asset management and credit origination businesses.</li>
 <li>The firm is strategically positioned to capitalize on the secular growth in the private credit market, a sector projected to grow to approximately $2.8 trillion by 2028, driven by banks retreating from lending and borrowers seeking flexible capital solutions.</li>
 <li>Robust growth in Assets Under Management (AUM) and fee-related earnings (FRE) underscores strong investor confidence and the scalability of its platform, with AUM reaching approximately $840 billion in 2025 and FRE showing consistent double-digit growth.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Apollo's integrated model with Athene provides a significant competitive advantage, offering a permanent and low-cost capital base from retirement services to fuel its asset management and credit origination businesses.
  The firm is strategically positioned to capitalize on the secular growth in the private credit market, a sector projected to grow to approximately $2.8 trillion by 2028, driven by banks retreating from lending and borrowers seeking flexible capital solutions.
  Robust growth in Assets Under Management (AUM) and fee-related earnings (FRE) underscores strong investor confidence and the scalability of its platform, with AUM reaching approximately $840 billion in 2025 and FRE showing consistent double-digit growth.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Apollo Global Management  (APO US) - Sep 2025

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Tega Industries has announced its intent to acquire a controlling stake in Molycop at a USD 1.48 billion enterprise value, in consortium with Apollo Funds.</li>
<li>The deal is nearly 10x Tega’s size, and will redefine its global positioning across the mining consumables and equipment value chain.</li>
<li>Integration risks loom large, but if executed well, this move transforms Tega from a niche Indian export champion into a global leader in mineral processing solutions.</li>
</ul>


Tega Industries has announced its intent to acquire a controlling stake in Molycop at a USD 1.48 billion enterprise value, in consortium with Apollo Funds.
The deal is nearly 10x Tega’s size, and will redefine its global positioning across the mining consumables and equipment value chain.
Integration risks loom large, but if executed well, this move transforms Tega from a niche Indian export champion into a global leader in mineral processing solutions.


Tega Industries Ltd: Leap into the Global Big League with Molycop Acquisition

United States

Apollo Global Management, Inc. operates as an alternative investment management company. The Company focuses on investing in yield, hybrid, and equity markets to generate retirement and investment income for clients. Apollo Global Management serves businesses and individuals worldwide.

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Apollo Global Management (APO US)

Nippon Sheet Glass (5202 JP): Rumoured Restructuring and Squeeze-Out at JPY500

The rumoured restructuring eases the debt burden. While the squeeze-out price is light, the EGM vote will pass, as post-restructuring, Apollo/banks...

Arun George

Samsung Life, Samsung F&M Insurance, & Samsung Securities - Exposure to Blackstone's Private Credit?

In this insight, we discuss about Samsung Securities, Samsung Life Insurance, and Samsung F&M Insurance that have exposure to Blackstone's private...

Douglas Kim

Reno De Medici (RM IM) SLB, Trade the High Risk YE2025 SPT Window

High probability of KPI miss for RDM, needing 6.2% cut to reach 2025 target by Dec 31st. Largest debt is €600MM 2029 notes. Bonds value set-up in...

EC

Primer: Apollo Global Management (APO US) - Sep 2025

Apollo's integrated model with Athene provides a significant competitive advantage, offering a permanent and low-cost capital base from...

αSK Primers

Tega Industries Ltd: Leap into the Global Big League with Molycop Acquisition

Tega Industries to acquire controlling stake in Molycop for $1.48 billion, transforming from niche Indian exporter to global leader in mineral...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nippon Sheet Glass (5202 JP): Rumoured Restructuring and Squeeze-Out at JPY500

The rumoured restructuring eases the debt burden. While the squeeze-out price is light, the EGM vote will pass, as post-restructuring, Apollo/banks...

Arun George

Samsung Life, Samsung F&M Insurance, & Samsung Securities - Exposure to Blackstone's Private Credit?

In this insight, we discuss about Samsung Securities, Samsung Life Insurance, and Samsung F&M Insurance that have exposure to Blackstone's private...

Douglas Kim

Reno De Medici (RM IM) SLB, Trade the High Risk YE2025 SPT Window

High probability of KPI miss for RDM, needing 6.2% cut to reach 2025 target by Dec 31st. Largest debt is €600MM 2029 notes. Bonds value set-up in...

EC

Primer: Apollo Global Management (APO US) - Sep 2025

Apollo's integrated model with Athene provides a significant competitive advantage, offering a permanent and low-cost capital base from...

αSK Primers

Tega Industries Ltd: Leap into the Global Big League with Molycop Acquisition

​Tega Industries to acquire controlling stake in Molycop for $1.48 billion, transforming from niche Indian exporter to global leader in mineral...

Nimish Maheshwari

Tega Industries to acquire controlling stake in Molycop for $1.48 billion, transforming from niche Indian exporter to global leader in mineral...