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/trend-micro-inc" target="_blank" rel="noopener">Trend Micro Inc. (4704 JP)</a> shares have hit their daily trade limit, following a <a href="https://finance.yahoo.com/news/exclusive-buyout-firms-vie-cybersecurity-003204122.html" target="_blank" rel="noopener">Reuters report</a> that Bain, Advent, KKR, and EQT AB are potential bidders. </li>
<li>The lack of a controlling shareholder and increased cybersecurity M&amp;A activity support the buyout interest. In 4Q2024, cybersecurity M&amp;A reached the highest quarterly volume in the past three years.</li>
<li>The valuation is undemanding. If it trades in line with its median peers’ CY2024 EV/Sales and EV/EBITDA multiple, it implies JPY11,500-15,000, a 6%- 38% premium to the current price. </li>
</ul>



Trend Micro Inc. (4704 JP) shares have hit their daily trade limit, following a Reuters report that Bain, Advent, KKR, and EQT AB are potential bidders. 
The lack of a controlling shareholder and increased cybersecurity M&amp;A activity support the buyout interest. In 4Q2024, cybersecurity M&amp;A reached the highest quarterly volume in the past three years.
The valuation is undemanding. If it trades in line with its median peers’ CY2024 EV/Sales and EV/EBITDA multiple, it implies JPY11,500-15,000, a 6%- 38% premium to the current price. 


Trend Micro (4704 JP): Rumoured Buyout Interest Starting to Take Shape

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential ADDs and DELs for the F100 and F250 indices during the December 2024 index rebal event.</li>
<li>Separately, we see multiple M&amp;A-related intra-review changes in the next few months.</li>
<li>There could also be more regular changes during the December 2024 rebalanced event</li>
</ul>


In this insight, we take a look at the potential ADDs and DELs for the F100 and F250 indices during the December 2024 index rebal event.
Separately, we see multiple M&amp;A-related intra-review changes in the next few months.
There could also be more regular changes during the December 2024 rebalanced event


Quiddity Leaderboard F100/F250 Dec 24: Thoughts Deliveroo and Coca-Cola; More Intra-Review Changes

<ul>
<li>In this insight, we take a look at the potential ADDs and DELs for the F100 and F250 indices during the December 2024 index rebal event.</li>
<li>We see up to seven M&amp;A-related intra-review changes in the run up to the December 2024 review.</li>
<li>Our latest estimates suggest there could be one change for the F250 index during the December 2024 rebalance. We do not currently see any changes for the F100.</li>
</ul>


In this insight, we take a look at the potential ADDs and DELs for the F100 and F250 indices during the December 2024 index rebal event.
We see up to seven M&amp;A-related intra-review changes in the run up to the December 2024 review.
Our latest estimates suggest there could be one change for the F250 index during the December 2024 rebalance. We do not currently see any changes for the F100.


Quiddity Leaderboard F100/F250 Dec 24: Intra-Review Changes Galore; High-Impact Replacement Names

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trend-micro-inc" target="_blank" data-smartkarma-citation="entities:13172:1" rel="noopener">Trend Micro Inc (4704 JP)</a> shares rose 14.8% on Friday after Reuters reported that it is exploring a sale after attracting buyout interest. </li>
<li>The interest is unsurprising due to the weak share price. Since ValueAct disclosed a stake on 8 August 2022, the shares are down 0.7% vs the Nikkei 225’s 23.6% increase.</li>
<li>The lack of a controlling shareholder and increased cybersecurity M&amp;A activity support the buyout interest. A privatisation price is likely to be around JPY9,000. Valuation is undemanding at last close.</li>
</ul>



Trend Micro Inc (4704 JP) shares rose 14.8% on Friday after Reuters reported that it is exploring a sale after attracting buyout interest. 
The interest is unsurprising due to the weak share price. Since ValueAct disclosed a stake on 8 August 2022, the shares are down 0.7% vs the Nikkei 225’s 23.6% increase.
The lack of a controlling shareholder and increased cybersecurity M&amp;A activity support the buyout interest. A privatisation price is likely to be around JPY9,000. Valuation is undemanding at last close.


Trend Micro (4704 JP): Evaluating the Privatisation Rumours

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2024 index rebal event.</li>
<li>There could be up to three M&amp;A-related intra-review changes in the next few weeks.</li>
<li>Apart from that, there could be two changes for the F100 index and two other changes for the F250 index during the September 2024 review.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2024 index rebal event.
There could be up to three M&amp;A-related intra-review changes in the next few weeks.
Apart from that, there could be two changes for the F100 index and two other changes for the F250 index during the September 2024 review.


Quiddity Leaderboard F100/​​​250 Sep 24: High-Impact F250 Potential ADDs Could Outperform the Index

United Kingdom

Darktrace PLC operates as an AI company. The Company develops immune system platform which leverages unsupervised machine learning to detect cyber-threats. Darktrace serves customers worldwide.

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Darktrace (DARK LN)

Trend Micro (4704 JP): Rumoured Buyout Interest Starting to Take Shape

The valuation is undemanding. If it trades in line with its median peers’ CY2024 EV/Sales and EV/EBITDA multiple, it implies JPY11,500-15,000, a 6%...

Arun George

Quiddity Leaderboard F100/F250 Dec 24: Thoughts Deliveroo and Coca-Cola; More Intra-Review Changes

Deliveroo could get into F250 in December 2024 while Coca-Cola might have to wait until March 2025 to get into F100 due to a minimum listing period...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/F250 Dec 24: Intra-Review Changes Galore; High-Impact Replacement Names

The Top 10 F250 potential ADDs could outperform the F250 index since there are many intra-review addition possibilities and these names are high...

Janaghan Jeyakumar, CFA

Trend Micro (4704 JP): Evaluating the Privatisation Rumours

The lack of a controlling shareholder and increased cybersecurity M&A activity support the buyout interest. A privatisation price is likely to be...

Arun George

Quiddity Leaderboard F100/250 Sep 24: High-Impact F250 Potential ADDs Could Outperform the Index

The top-ranked F250 potential ADDs would have a large number of days to buy if they got added to F250. There are multiple opportunities for both...

Janaghan Jeyakumar, CFA

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Trend Micro (4704 JP): Rumoured Buyout Interest Starting to Take Shape

The valuation is undemanding. If it trades in line with its median peers’ CY2024 EV/Sales and EV/EBITDA multiple, it implies JPY11,500-15,000, a 6%...

Arun George

Quiddity Leaderboard F100/F250 Dec 24: Thoughts Deliveroo and Coca-Cola; More Intra-Review Changes

Deliveroo could get into F250 in December 2024 while Coca-Cola might have to wait until March 2025 to get into F100 due to a minimum listing period...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/F250 Dec 24: Intra-Review Changes Galore; High-Impact Replacement Names

The Top 10 F250 potential ADDs could outperform the F250 index since there are many intra-review addition possibilities and these names are high...

Janaghan Jeyakumar, CFA

Trend Micro (4704 JP): Evaluating the Privatisation Rumours

The lack of a controlling shareholder and increased cybersecurity M&A activity support the buyout interest. A privatisation price is likely to be...

Arun George

Quiddity Leaderboard F100/​​​250 Sep 24: High-Impact F250 Potential ADDs Could Outperform the Index

The top-ranked F250 potential ADDs would have a large number of days to buy if they got added to F250. There are multiple opportunities for both...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/250 Sep 24: High-Impact F250 Potential ADDs Could Outperform the Index