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

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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>'s revenue rose 9% YoY to ¥104B as growth was witnessed across segments in FY25. Operating profit grew 11% YoY to ¥11.6B (margin: 11.2%, up 30bps).  </li>
<li>E-Commerce revenue was ¥34B (up 22% YoY) contributing 33% of total sales. Product offering increased by 1.8M SKUs YoY to 12.4M SKUs.</li>
<li>For FY26, As One expects consistent growth in revenue and profits. The company unveiled new medium-term plan, with an aim to maintain an average annual growth rate of 7–8%.</li>
</ul>



AS ONE Corporation (7476 JP)'s revenue rose 9% YoY to ¥104B as growth was witnessed across segments in FY25. Operating profit grew 11% YoY to ¥11.6B (margin: 11.2%, up 30bps).  
E-Commerce revenue was ¥34B (up 22% YoY) contributing 33% of total sales. Product offering increased by 1.8M SKUs YoY to 12.4M SKUs.
For FY26, As One expects consistent growth in revenue and profits. The company unveiled new medium-term plan, with an aim to maintain an average annual growth rate of 7–8%.


As One Corp (7476 JP): Nothing Unscientific About the Growth Prospects, As One Precedes

Japan Experts, Extraordinary Performance, Astris Advisory Japan

Astris Advisory Japan

Japan Experts, Extraordinary Performance

Our Corporate Advisory service is designed to give clients access to a wider range of investors. These include Japan specialists as well as global investors. The goal is to help achieve a fair equity valuation.

<ul><li>As scientific progress increasingly depends on more complex equipment and precision instruments, we believe wholesaler and distributor AS ONE is well-positioned to capture demand through expanding its presence in the high-end segment.</li><li>Demand for scientific supplies and lower-end scientific equipment remains stable, providing a resilient, recurring revenue base.</li><li>The company’s growth has consistently outpaced and shown limited correlation with national R&amp;D spending. </li></ul>

As scientific progress increasingly depends on more complex equipment and precision instruments, we believe wholesaler and distributor AS ONE is well-positioned to capture demand through expanding its presence in the high-end segment.Demand for scientific supplies and lower-end scientific equipment remains stable, providing a resilient, recurring revenue base.The company’s growth has consistently outpaced and shown limited correlation with national R&amp;D spending. 

AS ONE (7476 JP) - A Royalty on Japan’s Scientific Advancement

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

<ul><li>FY03/25 sales were JPY103.8bn (+8.6% YoY) with operating profit at JPY11.6bn (+11.1% YoY) and net income JPY8.2bn (+9.7% YoY).</li><li>FY03/26 forecasts sales of JPY112.3bn (+8.2% YoY) with operating profit of JPY12.3bn (+6.0% YoY) and dividends JPY63.0 per share.</li><li>E-commerce sales target for FY03/28 is JPY52.6bn, with a product count target of 17.0mn items.</li></ul>

FY03/25 sales were JPY103.8bn (+8.6% YoY) with operating profit at JPY11.6bn (+11.1% YoY) and net income JPY8.2bn (+9.7% YoY).FY03/26 forecasts sales of JPY112.3bn (+8.2% YoY) with operating profit of JPY12.3bn (+6.0% YoY) and dividends JPY63.0 per share.E-commerce sales target for FY03/28 is JPY52.6bn, with a product count target of 17.0mn items.

AS ONE Corporation (7476 JP): Full-year FY03/25 flash update

<ul><li>Cumulative Q3 FY03/25 sales were JPY75.4bn (+9.8% YoY), operating profit JPY8.4bn (+11.5% YoY), net income JPY6.0bn (+10.2% YoY).</li><li>Research and Industrial Instruments sales reached JPY62.4bn (+11.0% YoY), with Scientific and Industrial sales at JPY46.1bn and JPY16.3bn respectively.</li><li>E-commerce sales rose to JPY24.7bn (+23.8% YoY), overseas business sales were JPY4.1bn (+8.9% YoY), driven by online expansion.</li></ul>

Cumulative Q3 FY03/25 sales were JPY75.4bn (+9.8% YoY), operating profit JPY8.4bn (+11.5% YoY), net income JPY6.0bn (+10.2% YoY).Research and Industrial Instruments sales reached JPY62.4bn (+11.0% YoY), with Scientific and Industrial sales at JPY46.1bn and JPY16.3bn respectively.E-commerce sales rose to JPY24.7bn (+23.8% YoY), overseas business sales were JPY4.1bn (+8.9% YoY), driven by online expansion.

AS ONE Corporation (7476 JP): Q3 FY03/25 flash update

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

As One Corp (7476 JP): Nothing Unscientific About the Growth Prospects, As One Precedes

AS ONE Corp's revenue and operating profit grew in FY25, with E-Commerce revenue up 22% YoY. The company unveiled new medium-term plan, with an...

Tina Banerjee

AS ONE (7476 JP) - A Royalty on Japan’s Scientific Advancement

As scientific progress increasingly depends on more complex equipment and precision instruments, we believe wholesaler and distributor AS ONE is...

Astris Advisory Japan