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/ci-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:26170:1" rel="noopener">Ci Medical (3540 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/air-water-inc" target="_blank" data-smartkarma-citation="entities:18073:1" rel="noopener">Air Water Inc (4088 JP)</a> at JPY1,500, a 48.5% premium to the last close.</li>
<li>The offer is attractive compared to historical trading ranges and is above the mid-point of the IFA DCF valuation range. </li>
<li>This is a done deal as the offeror and irrevocable represent an 85.02% ownership ratio, which ensures that the EGM vote for share consolidation will pass. </li>
</ul>



Ci Medical (3540 JP) has recommended a tender offer from Air Water Inc (4088 JP) at JPY1,500, a 48.5% premium to the last close.
The offer is attractive compared to historical trading ranges and is above the mid-point of the IFA DCF valuation range. 
This is a done deal as the offeror and irrevocable represent an 85.02% ownership ratio, which ensures that the EGM vote for share consolidation will pass. 


CI Medical (3540 JP): Air Water (4088 JP)’s Tender Offer Is a Done Deal

Research Coverage of Japanese Listed Companies, Shared Research Inc

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Research Coverage of Japanese Listed Companies

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Equity Bottom-Up

<ul><li>In 1H FY03/25, sales were JPY48.6bn (+10.2% YoY), operating profit JPY5.3bn (+5.9% YoY), and net income JPY3.8bn (+7.7% YoY).</li><li>Sales of Research and Industrial Instruments were JPY40.0bn (+11.4% YoY), with Scientific at JPY29.6bn (+10.5% YoY).</li><li>E-commerce sales were JPY15.9bn (+23.2% YoY), and overseas business sales were JPY2.7bn (+15.0% YoY).</li></ul>

In 1H FY03/25, sales were JPY48.6bn (+10.2% YoY), operating profit JPY5.3bn (+5.9% YoY), and net income JPY3.8bn (+7.7% YoY).Sales of Research and Industrial Instruments were JPY40.0bn (+11.4% YoY), with Scientific at JPY29.6bn (+10.5% YoY).E-commerce sales were JPY15.9bn (+23.2% YoY), and overseas business sales were JPY2.7bn (+15.0% YoY).

AS ONE Corporation (7476 JP): 1H FY03/25 flash update

<ul><li>Q1 FY03/25 sales were JPY24.2bn (+11.2% YoY), operating profit JPY2.7bn (+11.3% YoY), and net income JPY2.0bn (+10.9% YoY).</li><li>Research and Industrial Instruments sales JPY19.7bn (+10.9% YoY), Scientific sales JPY14.6bn (+10.0% YoY), Industrial sales JPY5.1bn (+13.6% YoY).</li><li>E-commerce sales JPY8.0bn (+23.3% YoY), overseas business sales JPY1.2bn (+4.6% YoY), China sales down 7.3% YoY.</li></ul>

Q1 FY03/25 sales were JPY24.2bn (+11.2% YoY), operating profit JPY2.7bn (+11.3% YoY), and net income JPY2.0bn (+10.9% YoY).Research and Industrial Instruments sales JPY19.7bn (+10.9% YoY), Scientific sales JPY14.6bn (+10.0% YoY), Industrial sales JPY5.1bn (+13.6% YoY).E-commerce sales JPY8.0bn (+23.3% YoY), overseas business sales JPY1.2bn (+4.6% YoY), China sales down 7.3% YoY.

AS ONE Corporation (7476 JP): Q1 FY03/25 flash update

<ul>
<li>
<a href="https://www.smartkarma.com/entities/as-one-corporation" target="_blank" data-smartkarma-citation="entities:13040:1" rel="noopener">AS ONE Corporation (7476 JP)</a> is a specialist trading company that uses a business model focused on catalog sales.</li>
<li>In FY03/23, sales were JPY91.4bn (+5.1% YoY), operating profit was JPY11.4bn (+22.0% YoY), recurring profit was JPY11.6bn (+21.6% YoY), and net income was JPY8.1bn (+12.6%YoY).</li>
<li>AS ONE Corporation announced the acquisition of treasury shares via after-hours trading (ToSTNeT-3) and retirement of the treasury shares.</li>
</ul>



AS ONE Corporation (7476 JP) is a specialist trading company that uses a business model focused on catalog sales.
In FY03/23, sales were JPY91.4bn (+5.1% YoY), operating profit was JPY11.4bn (+22.0% YoY), recurring profit was JPY11.6bn (+21.6% YoY), and net income was JPY8.1bn (+12.6%YoY).
AS ONE Corporation announced the acquisition of treasury shares via after-hours trading (ToSTNeT-3) and retirement of the treasury shares.


AS ONE (7476): Acquisition of Treasury Shares Via After-Hours Trading And Retirement of The Shares

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/phc-holdings-corp" target="_blank" data-smartkarma-citation="entities:34198:1" rel="noopener">PHC Holdings (6523 JP)</a> is a diversified healthcare company, which serves ~$25 billion broader end-market, of which global glucose monitoring is the largest end-market.</li>
<li>The company’s diabetes management business is the highest margin earning segment and is poised to grow through expanding presence in continuous glucose monitoring system.</li>
<li>PHC can be an early investment idea as a passive play on the fastest growing segment of the global diabetes management segment ahead of its global launch of next-generation CGM.</li>
</ul>



PHC Holdings (6523 JP) is a diversified healthcare company, which serves ~$25 billion broader end-market, of which global glucose monitoring is the largest end-market.
The company’s diabetes management business is the highest margin earning segment and is poised to grow through expanding presence in continuous glucose monitoring system.
PHC can be an early investment idea as a passive play on the fastest growing segment of the global diabetes management segment ahead of its global launch of next-generation CGM.


PHC Holdings (6523 JP): Eyeing a Bigger Pie of Global Diabetes Management Solution

Japan

AS ONE CORPORATION wholesales laboratory equipment, scientific equipment, and related products.  The Company sells its products through catalogs and provides quick delivery by using the on-line ordering system.

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AS ONE Corporation (7476 JP)

CI Medical (3540 JP): Air Water (4088 JP)’s Tender Offer Is a Done Deal

This is a done deal as the offeror and irrevocable represent an 85.02% ownership ratio, which ensures that the EGM vote for share consolidation...

Arun George