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/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>’s 3Q results further emphasise that Toyota Fudosan’s JPY18,800 offer is light. The offer implies a P/B ratio of 0.93x based on the 3Q book value.</li>
<li>Fudosan’s assertion that it will not change the offer price is not credible. Elliott is likely to further increase its stake but is unlikely have its price expectations met.</li>
<li>Fudosan’s likely gameplan is to bump above 3Q book value (JPY21,300 to bring the P/B back to the pre-3Q ratio of 1.05x) and possibly also lower the minimum. </li>
</ul>



Toyota Industries (6201 JP)’s 3Q results further emphasise that Toyota Fudosan’s JPY18,800 offer is light. The offer implies a P/B ratio of 0.93x based on the 3Q book value.
Fudosan’s assertion that it will not change the offer price is not credible. Elliott is likely to further increase its stake but is unlikely have its price expectations met.
Fudosan’s likely gameplan is to bump above 3Q book value (JPY21,300 to bring the P/B back to the pre-3Q ratio of 1.05x) and possibly also lower the minimum. 


Toyota Industries (6201 JP): Who Wins This Game of Chicken?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

FineToday Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings (420A JP)</a> (FT) is planning to raise around US$280m via selling a mix of primary and secondary shares.</li>
<li>FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.</li>
<li>In our previous note, we had looked at its past performance. In this note, we will talk about valuations.</li>
</ul>



FineToday Holdings (420A JP) (FT) is planning to raise around US$280m via selling a mix of primary and secondary shares.
FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.
In our previous note, we had looked at its past performance. In this note, we will talk about valuations.


FineToday Pre-IPO - Updated Peer Comparison and Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings (420A JP)</a> (FT) is planning to raise around US$280m via selling a mix of primary and secondary shares.</li>
<li>FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.</li>
<li>In our previous note, we had looked at its past performance. In this note, we will talk about the updates from its most recent filings.</li>
</ul>



FineToday Holdings (420A JP) (FT) is planning to raise around US$280m via selling a mix of primary and secondary shares.
FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.
In our previous note, we had looked at its past performance. In this note, we will talk about the updates from its most recent filings.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a> has recommended a CVC-sponsored preconditional MBO at JPY1,960, a 32.1% premium to the last close price.</li>
<li>The offer is below the midpoint of the IFA DCF valuation range and the special committee’s requested price. It is unattractive compared to precedent transactions and peer multiples. </li>
<li>The offer is unequivocally light. The setup has the potential for a bump, particularly if an activist emerges as a substantial shareholder.  </li>
</ul>



Mandom Corp (4917 JP) has recommended a CVC-sponsored preconditional MBO at JPY1,960, a 32.1% premium to the last close price.
The offer is below the midpoint of the IFA DCF valuation range and the special committee’s requested price. It is unattractive compared to precedent transactions and peer multiples. 
The offer is unequivocally light. The setup has the potential for a bump, particularly if an activist emerges as a substantial shareholder.  


Mandom (4917 JP): A Light CVC-Sponsored Preconditional MBO

<ul>
<li>CVC Capital is aiming to raise over US$500m, via selling some of its stake in <a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings Co Ltd (289A JP)</a>in Japan.</li>
<li>FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we will undertake a peer comparison.</li>
</ul>


CVC Capital is aiming to raise over US$500m, via selling some of its stake in FineToday Holdings Co Ltd (289A JP)in Japan.
FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.
In our previous note, we looked at the company’s past performance. In this note, we will undertake a peer comparison.


FineToday Pre-IPO - Peer Comparison and Thoughts on Valuation

Japan

FANCL CORPORATION produces and sells additive-free skin care cosmetics for both women and men.  The Company's products include cleansing creams, hair care goods such as shampoos and conditioners, and facial make up products.  Fancl also makes and distributes dietary supplements including royal jelly and various tablets with extracted essence from mushrooms, garlic, ginseng, and soy beans.

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Fancl Corp (4921 JP)

Toyota Industries (6201 JP): Who Wins This Game of Chicken?

Elliott has increased its holding from 21.7 to 23.3 million shares (7.21% to 7.74% ownership ratio). The latest purchases, made after the release...

Arun George

FineToday Pre-IPO - Updated Peer Comparison and Thoughts on Valuation

FineToday Holdings (420A JP) (FT) is planning to raise around US$280m via selling a mix of primary and secondary shares. In this note, we talk...

Sumeet Singh

FineToday Pre-IPO - Refiling Updates

FineToday Holdings (420A JP) (FT) is planning to raise around US$280m via selling a mix of primary and secondary shares. In this note, we talk...

Sumeet Singh

Mandom (4917 JP): A Light CVC-Sponsored Preconditional MBO

The offer is unequivocally light. The setup has the potential for a bump, particularly if an activist emerges as a substantial shareholder.

Arun George

FineToday Pre-IPO - Peer Comparison and Thoughts on Valuation

FineToday Holdings Co Ltd (289A JP) Japan is said to be looking to reboot its listings plans after having shelved its 2024 listing attempt.

Sumeet Singh

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