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

Mitsubishi Logisnext Co., Ltd. / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsubishi-logisnext-co-ltd" target="_blank" rel="noopener">Mitsubishi Logisnext Co., Ltd. (7105 JP)</a> shares rose 26% after the Nikkei reported that <a href="https://www.smartkarma.com/entities/mitsubishi-heavy-industries" target="_blank" data-smartkarma-citation="entities:13613:1" rel="noopener">Mitsubishi Heavy Industries (7011 JP)</a> is contemplating selling its 64.5% stake. </li>
<li>Logisnext confirmed the sale process. In a fair process, minorities should receive the tender offer price plus the proportionate share of Mitsubishi Heavy Industries’ TOB tax benefits. </li>
<li>Despite the rise in share price, Logisnext trades at a discount to peer multiples. At an offer of JPY2,000, Logisnext would trade in line with median peer multiples.</li>
</ul>



Mitsubishi Logisnext Co., Ltd. (7105 JP) shares rose 26% after the Nikkei reported that Mitsubishi Heavy Industries (7011 JP) is contemplating selling its 64.5% stake. 
Logisnext confirmed the sale process. In a fair process, minorities should receive the tender offer price plus the proportionate share of Mitsubishi Heavy Industries’ TOB tax benefits. 
Despite the rise in share price, Logisnext trades at a discount to peer multiples. At an offer of JPY2,000, Logisnext would trade in line with median peer multiples.


Mitsubishi Logisnext (7105 JP): Mitsubishi Heavy Industries (7011 JP) Seeks to Exit

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Our overall assessment of the new reorganization plan by the Doosan Group continues to be Negative, because Doosan has not given up trying to eventually merge Bobcat and Robotics.</li>
<li>Doosan Group's new reorganization plan is the opposite of KISS strategy, involving several moving parts and complicated deal structure.</li>
<li>We have also provided three main recommendations on how to raise the valuation of Doosan Bobcat without rushing to merge Bobcat and Robotics.</li>
</ul>


Our overall assessment of the new reorganization plan by the Doosan Group continues to be Negative, because Doosan has not given up trying to eventually merge Bobcat and Robotics.
Doosan Group's new reorganization plan is the opposite of KISS strategy, involving several moving parts and complicated deal structure.
We have also provided three main recommendations on how to raise the valuation of Doosan Bobcat without rushing to merge Bobcat and Robotics.


New Reorganization Plan Increases Overhang Risk for Doosan Bobcat

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>The big question is how to cash in on the dissenters' rights spread for Robotics. The main concern is cancellation risk, but the FSS doesn’t seem too negative on approval.</li>
<li>To sustain nuclear momentum, Enerbility needs heavy borrowing for facility investments, requiring a lower debt ratio. Offloading debt-heavy Bobcat is a move shareholders might support.</li>
<li>With NPS unlikely to ignore the government's nuclear push, Robotics' spread could narrow quickly. Despite cancellation risk and no hedge, the remaining juice makes an outright position worth considering.</li>
</ul>


The big question is how to cash in on the dissenters' rights spread for Robotics. The main concern is cancellation risk, but the FSS doesn’t seem too negative on approval.
To sustain nuclear momentum, Enerbility needs heavy borrowing for facility investments, requiring a lower debt ratio. Offloading debt-heavy Bobcat is a move shareholders might support.
With NPS unlikely to ignore the government's nuclear push, Robotics' spread could narrow quickly. Despite cancellation risk and no hedge, the remaining juice makes an outright position worth considering.


Doosan’s Tweaked Restructuring Play: My Take on Hitting Robotics' 13% Spread

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
Couche-Tard execs do the rounds in Tokyo, complaining about not being able to do the rounds. This sounds like they are trying to make themselves sound nice. For now</li>
<li>First the low-balled VTOs for <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">AIS (ADVANC TB)</a> and <a href="https://www.smartkarma.com/entities/thaicom-pcl" target="_blank" data-smartkarma-citation="entities:18019:1" rel="noopener">Thaicom (THCOM TB)</a>. Then the <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch (INTUCH TB)</a>/<a href="https://www.smartkarma.com/entities/gulf-energy-development-pcl" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy (GULF TB)</a> amalgamation. Then, arguably, the next unorthodox development will take place.</li>
<li>Investors buying <a href="https://www.smartkarma.com/entities/samty-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:43711:1" rel="noopener">SAMTY HOLDINGS (187A JP)</a> in size may withhold shares, either they'll try to become the fulcrum investor to get into the Bidco OR they will try for a bump.</li>
</ul>



Couche-Tard execs do the rounds in Tokyo, complaining about not being able to do the rounds. This sounds like they are trying to make themselves sound nice. For now
First the low-balled VTOs for AIS (ADVANC TB) and Thaicom (THCOM TB). Then the Intouch (INTUCH TB)/Gulf Energy (GULF TB) amalgamation. Then, arguably, the next unorthodox development will take place.
Investors buying SAMTY HOLDINGS (187A JP) in size may withhold shares, either they'll try to become the fulcrum investor to get into the Bidco OR they will try for a bump.


Last Week in Event SPACE: Seven & I/Couche-Tard, Intouch, SAMTY, Korea Zinc/Young Poong

<ul>
<li>On 18 October, a local activist fund Align Partners Asset Management started its "corporate activism" on Doosan Bobcat Inc (241560 KS).</li>
<li>Align Partners sent a shareholder proposal letter requesting a significant increase in the shareholder return rate, including dividends and selling off non-core assets. </li>
<li>We believe that Align Partners' corporate activism on Doosan Bobcat is likely to have a positive impact on Doosan Bobcat's share price.</li>
</ul>


On 18 October, a local activist fund Align Partners Asset Management started its "corporate activism" on Doosan Bobcat Inc (241560 KS).
Align Partners sent a shareholder proposal letter requesting a significant increase in the shareholder return rate, including dividends and selling off non-core assets. 
We believe that Align Partners' corporate activism on Doosan Bobcat is likely to have a positive impact on Doosan Bobcat's share price.


Align Partners Goes Activist on Doosan Bobcat

South Korea

Bobcat Company specializes in design, manufacture, marketing and distribution of compact equipment for construction, rental, landscaping, agriculture, grounds maintenance, government, utility, industry and mining.

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Doosan Bobcat Inc (241560 KS)

Mitsubishi Logisnext (7105 JP): Mitsubishi Heavy Industries (7011 JP) Seeks to Exit

Despite the rise in share price, Logisnext trades at a discount to peer multiples. At an offer of JPY2,000, Logisnext would trade in line with...

Arun George

New Reorganization Plan Increases Overhang Risk for Doosan Bobcat

Doosan Group's new reorganization plan is the opposite of KISS strategy, involving several moving parts and complicated deal structure.

Douglas Kim

Doosan’s Tweaked Restructuring Play: My Take on Hitting Robotics' 13% Spread

This post breaks down Doosan’s revamped restructuring plan with Enerbility and Robotics, and shares my take on how to play Robotics' 13% spread on...

Sanghyun Park

Last Week in Event SPACE: Seven & I/Couche-Tard, Intouch, SAMTY, Korea Zinc/Young Poong

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

Align Partners Goes Activist on Doosan Bobcat

On 18 October, a local activist fund Align Partners Asset Management started its "corporate activism" on Doosan Bobcat Inc (241560 KS).

Douglas Kim

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