Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

<div class="content-highlight">
So many people around the world were fixated on France's FIFA World Cup win in the past week (I must admit, France does have a great soccer team and also a great national anthem! Perhaps my familiarity of France's national anthem is due to the movie Casablanca). In the midst of all this excitement, the Bitcoin price surged nearly 28% since recent lows. There appears to have been some short squeeze on the Bitcoin price, mainly driven by Blackrock's evaluation of cryptocurrencies, Goldman Sach's…
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So many people around the world were fixated on France's FIFA World Cup win in the past week (I must admit, France does have a great soccer team and also a great national anthem! Perhaps my familiarity of France's national anthem is due to the movie Casablanca). In the midst of all this excitement, the Bitcoin price surged nearly 28% since recent lows. There appears to have been some short squeeze on the Bitcoin price, mainly driven by Blackrock's evaluation of cryptocurrencies, Goldman Sach's…


This Week in Blockchain & Cryptos: Bitcoin Short Squeeze, Blackrock, and Turkey

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 weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: No material new developments over the last week.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a>, <a href="https://www.smartkarma.com/entities/paltac-corporation" target="_blank" data-smartkarma-citation="entities:20014:1" rel="noopener">Paltac Corporation (8283 JP)</a>, <a href="https://www.smartkarma.com/entities/nippon-dry-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:13528:1" rel="noopener">Nippon Dry Chemical (1909 JP)</a>, <a href="https://www.smartkarma.com/entities/shinko-shoji-co-ltd" target="_blank" data-smartkarma-citation="entities:2322:1" rel="noopener">Shinko Shoji (8141 JP)</a>, <a href="https://www.smartkarma.com/entities/baoye-group-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:16758:1" rel="noopener">Baoye Group (2355 HK)</a>, <a href="https://www.smartkarma.com/entities/enn-energy-holdings-limited" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a>, OOh!Media. 
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: No material new developments over the last week.
Event-Driven developments: Kakaku.com Inc (2371 JP), Paltac Corporation (8283 JP), Nippon Dry Chemical (1909 JP), Shinko Shoji (8141 JP), Baoye Group (2355 HK), ENN Energy (2688 HK), OOh!Media. 



Weekly Deals Digest (17 May) - Kakaku, Paltac, Nippon Dry Chem, Shinko Shoji, Baoye, ENN, OOh!Media

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ly-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">LY (4689 JP)</a>'s ¥3,232/share bid for <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com (2371 JP)</a>, contingent on DD being granted and passed. should be enough to get <a href="https://www.smartkarma.com/entities/digital-garage-inc" target="_blank" data-smartkarma-citation="entities:13747:1" rel="noopener">Digital Garage (4819 JP)</a> triggered. There's more to come.</li>
<li>Concurrent with dispatching its Bidder's Statement for <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, IFM lodges its own Panel application, specifically centred on Chicago Skyway's right of first offer involving Ontario Teachers</li>
<li>
<a href="https://www.smartkarma.com/entities/strike-energy-ltd" target="_blank" data-smartkarma-citation="entities:12473:1" rel="noopener">Strike Energy (STX AU)</a>, who's upstream transiton has proved challenging, announced CEO, non-executive chair, and NED changes/retirements; and following an independent review, a move towards a smaller board.</li>
</ul>



LY (4689 JP)'s ¥3,232/share bid for Kakaku.com (2371 JP), contingent on DD being granted and passed. should be enough to get Digital Garage (4819 JP) triggered. There's more to come.
Concurrent with dispatching its Bidder's Statement for Atlas Arteria (ALX AU), IFM lodges its own Panel application, specifically centred on Chicago Skyway's right of first offer involving Ontario Teachers

Strike Energy (STX AU), who's upstream transiton has proved challenging, announced CEO, non-executive chair, and NED changes/retirements; and following an independent review, a move towards a smaller board.


Last Week In Event SPACE: Kakadu, Atlas Arteria, Strike Energy, New World Development

<div class="content-highlight">The Bitcoin price discovery is a difficult process. The last two extreme bear markets (defined as price dropping more than 50%) in Bitcoin have been from December 2017 to current (price down 62% and lasting 6 months so far) and from December 2013 to January 2015 (price down 77% and lasting 14 months). Prior to the decline in Bitcoin price in December 2013, Bitcoin price was up more than 70x in the preceding 12 months (from December 2012 to December 2013). Prior to the decline in Bitcoin price in…</div>

The Bitcoin price discovery is a difficult process. The last two extreme bear markets (defined as price dropping more than 50%) in Bitcoin have been from December 2017 to current (price down 62% and lasting 6 months so far) and from December 2013 to January 2015 (price down 77% and lasting 14 months). Prior to the decline in Bitcoin price in December 2013, Bitcoin price was up more than 70x in the preceding 12 months (from December 2012 to December 2013). Prior to the decline in Bitcoin price in…

This Week in Blockchain & Cryptos: Bitcoin Price Discovery, Bithumb Hacking, & Venezuela

<ul>
<li>On 13 May, Bain/<a href="https://www.smartkarma.com/entities/ly-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">LY (4689 JP)</a> sent <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a> a revised non-binding offer at JPY3,232, a 7.7% premium to EQT’s JPY3,000 offer but 4.9% below the last close.</li>
<li>While remaining non-binding, the Board will be forced to engage under its fiduciary-out clause and <a href="https://www.smartkarma.com/entities/digital-garage-inc" target="_blank" data-smartkarma-citation="entities:13747:1" rel="noopener">Digital Garage (4819 JP)</a> and <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI Corp (9433 JP)</a>’s competing-offer clauses.</li>
<li>Bain/LY’s second offer, belatedly and publicly, sets in motion an auction process. My analysis suggests that a competing bidding war could result in an offer of at least JPY3,500.</li>
</ul>


On 13 May, Bain/LY (4689 JP) sent Kakaku.com Inc (2371 JP) a revised non-binding offer at JPY3,232, a 7.7% premium to EQT’s JPY3,000 offer but 4.9% below the last close.
While remaining non-binding, the Board will be forced to engage under its fiduciary-out clause and Digital Garage (4819 JP) and KDDI Corp (9433 JP)’s competing-offer clauses.
Bain/LY’s second offer, belatedly and publicly, sets in motion an auction process. My analysis suggests that a competing bidding war could result in an offer of at least JPY3,500.


Kakaku.com (2371 JP): How High Can It Go as Bain/LY Ups the Ante?

Japan

Digital Garage, Inc. is a web solution provider and a business incubator.  The Company provides Internet communications and strategy planning, electronic commerce solution tools, web creation and enhancement, and Internet advertising consulting services.

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Digital Garage (4819 JP)

This Week in Blockchain & Cryptos: Bitcoin Short Squeeze, Blackrock, and Turkey

So many people around the world were fixated on France's FIFA World Cup win in the past week (I must admit, France does have a great soccer team...

Douglas Kim

Weekly Deals Digest (17 May) - Kakaku, Paltac, Nippon Dry Chem, Shinko Shoji, Baoye, ENN, OOh!Media

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, NZ, Singapore, Japan, Indonesia,...

Arun George

Last Week In Event SPACE: Kakadu, Atlas Arteria, Strike Energy, New World Development

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

This Week in Blockchain & Cryptos: Bitcoin Price Discovery, Bithumb Hacking, & Venezuela

The Bitcoin price discovery is a difficult process. The last two extreme bear markets (defined as price dropping more than 50%) in Bitcoin have...

Douglas Kim

Kakaku.com (2371 JP): How High Can It Go as Bain/LY Ups the Ante?

Bain/LY’s second offer, belatedly and publicly, sets in motion an auction process. My analysis suggests that a competing bidding war could result...

Arun George

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