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/saint-care-holding-corp" target="_blank" data-smartkarma-citation="entities:13470:1" rel="noopener">Saint-Care Holding (2374 JP)</a> has recommended an MBO from the founding family at JPY1,220, a 48.8% premium to the last close price.</li>
<li>The offer is attractive compared to historical trading ranges and is above the midpoint of the target IFA DCF valuation range. </li>
<li>Due to the irrevocables, it is not onerous to meet the minimum acceptance condition. This is a done deal.  </li>
</ul>



Saint-Care Holding (2374 JP) has recommended an MBO from the founding family at JPY1,220, a 48.8% premium to the last close price.
The offer is attractive compared to historical trading ranges and is above the midpoint of the target IFA DCF valuation range. 
Due to the irrevocables, it is not onerous to meet the minimum acceptance condition. This is a done deal.  


Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 8th. The aggregated net margin trading position is USD15,664m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank, Advantest, Tokyo Electron, Nintendo, IHI, Chugai Pharmaceutical, Toyota Motor, Furukawa Electric, Disco, Mitsubishi Heavy Industries.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 8th. The aggregated net margin trading position is USD15,664m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank, Advantest, Tokyo Electron, Nintendo, IHI, Chugai Pharmaceutical, Toyota Motor, Furukawa Electric, Disco, Mitsubishi Heavy Industries.


JPX Margin Trading Weekly (Aug 8th): Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank

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.

Equity Bottom-Up

<ul><li>FY06/25 revenue fell 2.4% YoY due to lower Real Estate Business sales, but Long-term Care Business grew.</li><li>FY06/26 forecasts revenue of JPY48.6bn (+4.1% YoY) with high occupancy rates and improved operational efficiency.</li><li>Charm Care Corporation's medium-term plan focuses on Long-Term Care Business growth, M&A, and DX initiatives.</li></ul>

FY06/25 revenue fell 2.4% YoY due to lower Real Estate Business sales, but Long-term Care Business grew.FY06/26 forecasts revenue of JPY48.6bn (+4.1% YoY) with high occupancy rates and improved operational efficiency.Charm Care Corporation's medium-term plan focuses on Long-Term Care Business growth, M&A, and DX initiatives.

Charm Care Corp (6062 JP): Full-year FY06/25 flash update

<ul><li>Revenue increased by 2.5% YoY to JPY30.3bn, with operating profit up 1.0% YoY to JPY2.5bn.</li><li>Occupancy rates at existing assisted-living facilities averaged 94.4%, with LIKE facilities at 99.3% in cumulative Q3.</li><li>Good Partners' revenue and profit were strong, with a 45.5% YoY revenue increase to JPY2.0bn, including internal revenue.</li></ul>

Revenue increased by 2.5% YoY to JPY30.3bn, with operating profit up 1.0% YoY to JPY2.5bn.Occupancy rates at existing assisted-living facilities averaged 94.4%, with LIKE facilities at 99.3% in cumulative Q3.Good Partners' revenue and profit were strong, with a 45.5% YoY revenue increase to JPY2.0bn, including internal revenue.

Charm Care Corp (6062 JP): Q3 FY06/25 flash update

<ul><li>In 1H FY06/25, revenue increased by 7.9% YoY, operating profit grew 11.7% YoY, maintaining high occupancy rates.</li><li>As of end-Q2, 104 assisted-living facilities operated with 7,086 rooms, maintaining high occupancy despite increased resident departures.</li><li>Good Partners' revenue and profit were strong; Charm Senior Living's referral business contributed to occupancy growth at facilities.</li></ul>

In 1H FY06/25, revenue increased by 7.9% YoY, operating profit grew 11.7% YoY, maintaining high occupancy rates.As of end-Q2, 104 assisted-living facilities operated with 7,086 rooms, maintaining high occupancy despite increased resident departures.Good Partners' revenue and profit were strong; Charm Senior Living's referral business contributed to occupancy growth at facilities.

Charm Care Corp (6062 JP): 1H FY06/25 flash update

Japan

Charm Care Corporation, K.K. provides residential and personal care services.

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Charm Care Corp (6062 JP)

Saint-Care (2374 JP): An Attractive MBO

The offer is attractive compared to historical trading ranges and is above the midpoint of the target IFA DCF valuation range. Irrevocables help in...

Arun George

JPX Margin Trading Weekly (Aug 8th): Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank

We analyzed JPX margin trading positions report for the past week and highlighted Furukawa Electric (5801 JP), Disco (6146 JP), Mitsubishi Heavy...

Ke Yan, CFA, FRM