Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>Revenue increased 9.0% YoY to JPY18.5bn, with operating profit rising 19.6% YoY to JPY2.4bn.</li><li>The number of utilized engineers grew 3.1% YoY, and the hourly staffing rate increased 4.4% YoY.</li><li>Cognavi India recorded revenue of JPY24mn and an operating loss of JPY162mn in 1H FY03/26.</li></ul>

Revenue increased 9.0% YoY to JPY18.5bn, with operating profit rising 19.6% YoY to JPY2.4bn.The number of utilized engineers grew 3.1% YoY, and the hourly staffing rate increased 4.4% YoY.Cognavi India recorded revenue of JPY24mn and an operating loss of JPY162mn in 1H FY03/26.

Forum Engineering Inc (7088 JP): 1H FY03/26 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today after the close, KKR announced a deal whereby they and founder OKUBO Izumi-san would take <a href="https://www.smartkarma.com/entities/forum-engineering-inc" target="_blank" data-smartkarma-citation="entities:28896:1" rel="noopener">Forum Engineering Inc (7088 JP)</a> private in an LBO. </li>
<li>The process of this deal ticks most all of the "bad process" boxes but the price is pretty good.</li>
<li>52% is locked in. Insiders and cross-holders appear to own another 15-18%. This looks like a done deal to me. Money comes 30 December.</li>
</ul>


Today after the close, KKR announced a deal whereby they and founder OKUBO Izumi-san would take Forum Engineering Inc (7088 JP) private in an LBO. 
The process of this deal ticks most all of the "bad process" boxes but the price is pretty good.
52% is locked in. Insiders and cross-holders appear to own another 15-18%. This looks like a done deal to me. Money comes 30 December.


[Japan M&A] KKR and Founder to Take Engineer Staffing Agency Forum Engineering (7088) Private

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/forum-engineering-inc" target="_blank" data-smartkarma-citation="entities:28896:1" rel="noopener">Forum Engineering Inc (7088 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co (KKR US)</a> at JPY1,710, a 32.6% premium to the last close price.</li>
<li>The offer is arguably light due to a lack of an auction and is below the midpoint of the target IFA DCF valuation range. </li>
<li>However, the offer is attractive compared to precedent transactions, peer multiples and represents an all-time high. The large number of cross-holders will help meet the required tendering rate.</li>
</ul>



Forum Engineering Inc (7088 JP) has recommended a tender offer from KKR &amp; Co (KKR US) at JPY1,710, a 32.6% premium to the last close price.
The offer is arguably light due to a lack of an auction and is below the midpoint of the target IFA DCF valuation range. 
However, the offer is attractive compared to precedent transactions, peer multiples and represents an all-time high. The large number of cross-holders will help meet the required tendering rate.


Forum Engineering (7088 JP): KKR’s Tender Offer at JPY1,710

<ul><li>Revenue increased 8.2% YoY to JPY9.2bn; operating profit rose 1.5% YoY to JPY1.3bn. </li><li>Cognavi Staffing saw a 5.2% YoY increase in utilized engineers; hourly staffing rate rose 4.6% YoY. </li><li>Cognavi India recorded JPY9mn revenue; operating loss was JPY81mn due to upfront investment.</li></ul>

Revenue increased 8.2% YoY to JPY9.2bn; operating profit rose 1.5% YoY to JPY1.3bn. Cognavi Staffing saw a 5.2% YoY increase in utilized engineers; hourly staffing rate rose 4.6% YoY. Cognavi India recorded JPY9mn revenue; operating loss was JPY81mn due to upfront investment.

Forum Engineering Inc (7088 JP): Q1 FY03/26 flash update

<ul><li>FY03/25 revenue reached JPY34.7bn (+10.9% YoY) with operating profit at JPY4.2bn (+38.7% YoY) due to increased engineer utilization and staffing rates.</li><li>FY03/26 forecasts project revenue of JPY38.2bn (+10.1% YoY) and operating profit of JPY5.0bn (+32.1% YoY), focusing on Cognavi Staffing and Graduates.</li><li>Revised medium-term plan targets FY03/26 revenue of JPY38.2bn and operating profit of JPY5.0bn, emphasizing engineer staffing and India expansion.</li></ul>

FY03/25 revenue reached JPY34.7bn (+10.9% YoY) with operating profit at JPY4.2bn (+38.7% YoY) due to increased engineer utilization and staffing rates.FY03/26 forecasts project revenue of JPY38.2bn (+10.1% YoY) and operating profit of JPY5.0bn (+32.1% YoY), focusing on Cognavi Staffing and Graduates.Revised medium-term plan targets FY03/26 revenue of JPY38.2bn and operating profit of JPY5.0bn, emphasizing engineer staffing and India expansion.

Forum Engineering Inc (7088 JP): Full-year FY03/25 flash update

Japan

Forum Engineering Inc. offers human resource services. The Company mainly provides temporary staffing, replacement dispatching, and job change support services for machinery, electronic, information, and chemical fields. Forum Engineering serves customers worldwide.

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Forum Engineering Inc (7088 JP)