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>Elliott has filed a substantial shareholder notice reporting a <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a> ownership of 16.3 million or 5.01% of outstanding shares.</li>
<li>The disclosure is likely a tactic to pressure Toyota Fudosan (offeror) and also a useful signalling tactic to other minorities that Elliott is committed to securing a bump.</li>
<li>A potential bump could reach JPY19,000. While this would require an additional US$4 billion, financing should not be an issue as the book value (understated) is close to JPY18,000. </li>
</ul>


Elliott has filed a substantial shareholder notice reporting a Toyota Industries (6201 JP) ownership of 16.3 million or 5.01% of outstanding shares.
The disclosure is likely a tactic to pressure Toyota Fudosan (offeror) and also a useful signalling tactic to other minorities that Elliott is committed to securing a bump.
A potential bump could reach JPY19,000. While this would require an additional US$4 billion, financing should not be an issue as the book value (understated) is close to JPY18,000. 


Toyota Industries (6201 JP): Elliott Ramps up the Pressure

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>At ¥17,340/share, <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener"><strong>Toyota Industries (6201 JP)</strong></a> is cheap. Corporate governance supporting this deal is shocking. In <a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a>'s words: "<em>Stay long. Buy more. And make some noise</em>."</li>
<li>Preceding my comments on Toyota are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


At ¥17,340/share, Toyota Industries (6201 JP) is cheap. Corporate governance supporting this deal is shocking. In Travis Lundy's words: "Stay long. Buy more. And make some noise."
Preceding my comments on Toyota are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Don't Sell Toyota Inds (6201 JP) - Buy More

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company. </li>
<li>Top-Picks in China are <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a> , <a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a> and <a href="https://www.smartkarma.com/entities/yadea-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22706:1" rel="noopener">Yadea Group Holdings (1585 HK)</a>.</li>
<li>Our top picks in Japan are <a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki Motor (7269 JP)</a> and <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> and in India-Auto it is <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> &amp;<a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a>
</li>
</ul>


We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company. 
Top-Picks in China are Haier Smart Home (6690 HK) , Midea Group (300 HK) and Yadea Group Holdings (1585 HK).
Our top picks in Japan are Suzuki Motor (7269 JP) and ROHM Co Ltd (6963 JP) and in India-Auto it is Mahindra &amp; Mahindra (MM IN) &amp;Ashok Leyland (AL IN)



Shortlist Of High Conviction Ideas Across China, Japan, India - November 2025

Equity Capital Markets

<ul>
<li>Since the announcement of the US$0.8 billion secondary offering, <a href="https://www.smartkarma.com/entities/toyoda-gosei-co-ltd" target="_blank" data-smartkarma-citation="entities:20125:1" rel="noopener">Toyoda Gosei (7282 JP)</a>’s shares have declined 4.9% to the undisturbed price of JPY3,754 per share (20 November).</li>
<li>It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Toyoda's share decline is better than the median of recent large placements.</li>
<li>The offering will likely be priced on 1 December. The average large Japanese placement tends to generate positive returns.</li>
</ul>


Since the announcement of the US$0.8 billion secondary offering, Toyoda Gosei (7282 JP)’s shares have declined 4.9% to the undisturbed price of JPY3,754 per share (20 November).
It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Toyoda's share decline is better than the median of recent large placements.
The offering will likely be priced on 1 December. The average large Japanese placement tends to generate positive returns.


Toyoda Gosei (7282 JP): The Current Playbook

Travis Lundy

<ul>
<li>Last week, before the long weekend, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> and <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-financial-group-inc" target="_blank" data-smartkarma-citation="entities:217:1" rel="noopener">Sumitomo Mitsui Financial Group (8316 JP)</a> announced a very big secondary selldown of shares in <a href="https://www.smartkarma.com/entities/toyoda-gosei-co-ltd" target="_blank" data-smartkarma-citation="entities:20125:1" rel="noopener">Toyoda Gosei (7282 JP)</a>. </li>
<li>The selldown is 85x 3mo ADV, 27% of shares out. 125% of Max Real World Float. It's a lot of stock at $750mm. One wonders where demand is.</li>
<li>They also announced a big buyback, which is some of it, and there are index impacts, BUT this offering needs to find LOTS of new fundamental owners quickly.</li>
</ul>


Last week, before the long weekend, Toyota Motor (7203 JP) and Sumitomo Mitsui Financial Group (8316 JP) announced a very big secondary selldown of shares in Toyoda Gosei (7282 JP). 
The selldown is 85x 3mo ADV, 27% of shares out. 125% of Max Real World Float. It's a lot of stock at $750mm. One wonders where demand is.
They also announced a big buyback, which is some of it, and there are index impacts, BUT this offering needs to find LOTS of new fundamental owners quickly.


[Japan Offering] Toyota Selling Down Toyoda Gosei (7282) In BIG Offering; 85d ADV, 125% of Max RWF

Japan

DENSO CORPORATION manufactures electronic parts for automobiles.  The Company's products include automobile air conditioners, air bags, ignition systems, generators, power steering systems, and spark plugs with iridium electrode. The Company also produces communication equipment for mobile navigation system.

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Denso Corp (6902 JP)

Toyota Industries (6201 JP): Elliott Ramps up the Pressure

The disclosure is likely a tactic to pressure Toyota Fudosan (offeror) and also a useful signalling tactic to other minorities that Elliott has...

Arun George

StubWorld: Don't Sell Toyota Inds (6201 JP) - Buy More

At ¥17,340/share, Toyota Industries is cheap. Corporate governance is shocking. Stay long. Buy more. This deal, as structured, is block-able, even...

David Blennerhassett

Shortlist Of High Conviction Ideas Across China, Japan, India - November 2025

Mahindra and Mahindra continued with its strong sales momentum in November - 1)Within auto it achieved SUV sales of 56,336 units, a growth of...

Sreemant Dudhoria

Toyoda Gosei (7282 JP): The Current Playbook

The offering will likely be priced on 1 December. The average large Japanese placement tends to generate positive returns.

Arun George

[Japan Offering] Toyota Selling Down Toyoda Gosei (7282) In BIG Offering; 85d ADV, 125% of Max RWF

The Toyoda Gosei offering announced late last week is big. The stock fell sharply; it bounced since. The overhang is large. And the register...

Travis Lundy

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