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/fuji-oil-co-ltd" target="_blank" data-smartkarma-citation="entities:12970:1" rel="noopener">Fuji Oil Co Ltd (5017 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/idemitsu-kosan-co-ltd" target="_blank" data-smartkarma-citation="entities:109:1" rel="noopener">Idemitsu Kosan (5019 JP)</a> at JPY480, a 44.1% premium to the last close.</li>
<li>While the offer implies a P/B of 0.54x, it is reasonable as it is above the midpoint of the IFA DCF valuation range and at a premium to historical ranges. </li>
<li>Nevertheless, the offer is susceptible to a bump as it is far from a knockout bid, and Fuji Oil previously had activists on the register.  </li>
</ul>



Fuji Oil Co Ltd (5017 JP) has recommended a tender offer from Idemitsu Kosan (5019 JP) at JPY480, a 44.1% premium to the last close.
While the offer implies a P/B of 0.54x, it is reasonable as it is above the midpoint of the IFA DCF valuation range and at a premium to historical ranges. 
Nevertheless, the offer is susceptible to a bump as it is far from a knockout bid, and Fuji Oil previously had activists on the register.  


Fuji Oil (5017 JP): Idemitsu Kosan (5019 JP)’s Tender Offer at JPY480

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>For Oct 2025, 15 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$33bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in October was ~54%, with a year-to-date average of ~49%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For Oct 2025, 15 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$33bn.
The average premium for the new transactions announced (or first discussed) in October was ~54%, with a year-to-date average of ~49%.
The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, Oct 2025 Wrap: Hang Seng, SCSK, AUB, Sumitomo Densetsu, Genting Malaysia, ANE

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nidec-corp" target="_blank" data-smartkarma-citation="entities:7245:1" rel="noopener">Nidec (6594 JP)</a>'s deletion is a LOT of stock to sell. The <a href="https://www.smartkarma.com/entities/ibiden-co-ltd" target="_blank" data-smartkarma-citation="entities:16630:1" rel="noopener">Ibiden (4062 JP)</a>'s Nikkei 225 inclusion is huge. It'll make the stock enormously squeezy for a long while.</li>
<li>Palliser has a point. <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem (051910 KS)</a> should pare down its <a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> stake, and buy back shares. Yet, would/will management stubbornly swat away any such proposal?</li>
<li>The latest twist in the <a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a> saga as FIRB looks set to ding the transaction if there is a possibility Cosette closes a manufacturing site in Adelaide.</li>
</ul>



Nidec (6594 JP)'s deletion is a LOT of stock to sell. The Ibiden (4062 JP)'s Nikkei 225 inclusion is huge. It'll make the stock enormously squeezy for a long while.
Palliser has a point. LG Chem (051910 KS) should pare down its LG Energy Solution (373220 KS) stake, and buy back shares. Yet, would/will management stubbornly swat away any such proposal?
The latest twist in the Mayne Pharma (MYX AU) saga as FIRB looks set to ding the transaction if there is a possibility Cosette closes a manufacturing site in Adelaide.


Last Week In Event SPACE: Nidec/Ibiden, LG Chem, Mayne Pharma, Jardine Matheson

<ul>
<li>I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Six new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/aub-group-limited" target="_blank" data-smartkarma-citation="entities:11179:1" rel="noopener">AUB  (AUB AU)</a>, <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE (9956 HK)</a>, <a href="https://www.smartkarma.com/entities/scsk-corp" target="_blank" data-smartkarma-citation="entities:19996:1" rel="noopener">SCSK (9719 JP)</a>, <a href="https://www.smartkarma.com/entities/brainpad-inc" target="_blank" data-smartkarma-citation="entities:11499:1" rel="noopener">Brainpad (3655 JP)</a>, <a href="https://www.smartkarma.com/entities/sumitomo-riko-company-ltd" target="_blank" data-smartkarma-citation="entities:14955:1" rel="noopener">Sumitomo Riko (5191 JP)</a>, and <a href="https://www.smartkarma.com/entities/sumitomo-densetsu-co-ltd" target="_blank" data-smartkarma-citation="entities:1530:1" rel="noopener">Sumitomo Densetsu (1949 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a>, <a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">Oneconnect Financial Technology (6638 HK)</a>, <a href="https://www.smartkarma.com/entities/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng Bank (11 HK)</a>, <a href="https://www.smartkarma.com/entities/ashimori-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:13918:1" rel="noopener">Ashimori Industry (3526 JP)</a>, <a href="https://www.smartkarma.com/entities/restaurant-brands-nz-ltd" target="_blank" data-smartkarma-citation="entities:11891:1" rel="noopener">Restaurant Brands NZ (RBD NZ)</a>. </li>
</ul>


I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Six new deal was discussed on Smartkarma this week: AUB  (AUB AU), ANE (9956 HK), SCSK (9719 JP), Brainpad (3655 JP), Sumitomo Riko (5191 JP), and Sumitomo Densetsu (1949 JP).
Key updates/news also took place on: Humm Group (HUM AU), Oneconnect Financial Technology (6638 HK), Hang Seng Bank (11 HK), Ashimori Industry (3526 JP), Restaurant Brands NZ (RBD NZ). 


Mostly) Asia-Pac M&A: SCSK Corp, AUB, Brainpad, ANE Cayman, Sumitomo Densetsu, Sumitomo Densetsu

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Oct 24th. The aggregated net margin trading position is USD17,881m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in IHI, Kawasaki Heavy Industries, Lasertec, Fujikura, Mitsubishi UFJ Financial, Kobe Bussan, Sanrio, SoftBank, Fast Retailing, Mitsubishi Heavy Industries, Ihi, Kawasaki Heavy Industries.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Oct 24th. The aggregated net margin trading position is USD17,881m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in IHI, Kawasaki Heavy Industries, Lasertec, Fujikura, Mitsubishi UFJ Financial, Kobe Bussan, Sanrio, SoftBank, Fast Retailing, Mitsubishi Heavy Industries, Ihi, Kawasaki Heavy Industries.


JPX Margin Trading Weekly (Oct 24th): IHI, Kawasaki Heavy Industries, Lasertec, Fujikura

Japan

Fuji Oil Company Ltd a holding company which was established through the merger of Arabian Oil Co and Fuji Oil Co.  The Company operates mining and refining crude oil, natural gas, and minerals.  AOC Holding manages subsidiarieswhich produce and sell crude oil and coal products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Fuji Oil Co Ltd (5017 JP)

Fuji Oil (5017 JP): Idemitsu Kosan (5019 JP)’s Tender Offer at JPY480

While reasonable on several fronts, the offer is susceptible to a bump as it is far from a knockout bid, and Fuji Oil previously had activists on...

Arun George

(Mostly) Asia M&A, Oct 2025 Wrap: Hang Seng, SCSK, AUB, Sumitomo Densetsu, Genting Malaysia, ANE

For the month of Oct 2025, 15 new deals were discussed on Smartkarma with an overall deal size of ~US$33bn. The average premium for the new deals...

David Blennerhassett

Last Week In Event SPACE: Nidec/Ibiden, LG Chem, Mayne Pharma, Jardine Matheson

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

Mostly) Asia-Pac M&A: SCSK Corp, AUB, Brainpad, ANE Cayman, Sumitomo Densetsu, Sumitomo Densetsu

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

JPX Margin Trading Weekly (Oct 24th): IHI, Kawasaki Heavy Industries, Lasertec, Fujikura

We analyzed JPX margin trading positions report for the past week and highlighted IHI (7013 JP), Kawasaki Heavy Industries (7012 JP), Lasertec...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)