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/paltac-corporation" target="_blank" data-smartkarma-citation="entities:20014:1" rel="noopener">Paltac Corporation (8283 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/medipal-holdings-corp" target="_blank" data-smartkarma-citation="entities:18394:1" rel="noopener">Medipal Holdings (7459 JP)</a> at JPY6,650, a 43.2% premium to the last close. </li>
<li>The offer is attractive as it represents an all-time high and is above the midpoint of the special committee and target IFA’s DCF valuation range.</li>
<li>The required tendering rate is achievable due to an attractive offer. This is a done deal. The first closing date is 7 July, with payment commencing 14 July.  </li>
</ul>



Paltac Corporation (8283 JP) has recommended a tender offer from Medipal Holdings (7459 JP) at JPY6,650, a 43.2% premium to the last close. 
The offer is attractive as it represents an all-time high and is above the midpoint of the special committee and target IFA’s DCF valuation range.
The required tendering rate is achievable due to an attractive offer. This is a done deal. The first closing date is 7 July, with payment commencing 14 July.  


Paltac (8283 JP): MediPal (7459 JP)’s Attractive Tender Offer

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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.

Equity Capital Markets

<p><a href="https://www.smartkarma.com/profiles/1542" target="_blank" data-smartkarma-citation="accounts:1542">Chacko Jacob</a> was initially negative on MTG due to a business model with questionable sustainability but eventually recommended subscribing due to the excellent timing of the company's IPO which coincided with the world cup where its advertising centred around Portugese superstar Christiano Ronaldo was featured. Indeed, the stock opened up 21.6% at JPY7,050 and has traded as high as JPY7,580. In his last note Chacko advised that a relatively quick exit was prudent and based on now stretched…</p>

Chacko Jacob was initially negative on MTG due to a business model with questionable sustainability but eventually recommended subscribing due to the excellent timing of the company's IPO which coincided with the world cup where its advertising centred around Portugese superstar Christiano Ronaldo was featured. Indeed, the stock opened up 21.6% at JPY7,050 and has traded as high as JPY7,580. In his last note Chacko advised that a relatively quick exit was prudent and based on now stretched…

MTG: Strong Open, Bullish Market, but Valuations Make Us Inclined to Look for Exit Point

<p>Drugstore/health and beauty product focused wholesaler <a href="https://www.smartkarma.com/entities/1551" target="_blank" data-smartkarma-citation="entities:1551:1">Arata Corp (2733 JP)</a> announced a secondary offering on Tuesday, together with a convertible bond to be issued. The company is likely to raise JPY4.6bn (based on a 5% discount to the current price and including overallotment) from the sale of new and treasury shares together with JPY6bn from a convertible bond whose conversion price is to be struck at 120% of the price on the pricing date.</p><h2>Details:</h2><p><strong>Shares offered:</strong> 498,000 new shares, 300,000…</p>

Drugstore/health and beauty product focused wholesaler Arata Corp (2733 JP) announced a secondary offering on Tuesday, together with a convertible bond to be issued. The company is likely to raise JPY4.6bn (based on a 5% discount to the current price and including overallotment) from the sale of new and treasury shares together with JPY6bn from a convertible bond whose conversion price is to be struck at 120% of the price on the pricing date.Details:Shares offered: 498,000 new shares, 300,000…

Arata: Cheap Compared to Rival Paltac and Investments in Automation Could Raise Margins

Japan

ARATA CORPORATION operates and manages its subsidiaries, which are wholesalers handling daily consumable goods such as cosmetics, soaps, detergents and office supplies and pets products.

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Arata Corp (2733 JP)

Paltac (8283 JP): MediPal (7459 JP)’s Attractive Tender Offer

The offer is attractive as it represents an all-time high and is above the midpoint of the target IFA’s DCF valuation range. This is a done deal.

Arun George

MTG: Strong Open, Bullish Market, but Valuations Make Us Inclined to Look for Exit Point

Chacko Jacob was initially negative on MTG due to a business model with questionable sustainability but eventually recommended subscribing due to...

Mio Kato

Arata: Cheap Compared to Rival Paltac and Investments in Automation Could Raise Margins

Drugstore/health and beauty product focused wholesaler Arata Corp (2733 JP) announced a secondary offering on Tuesday, together with a convertible...

Mio Kato

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