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>At the <a href="https://www.smartkarma.com/entities/fujitec-co-ltd" target="_blank" data-smartkarma-citation="entities:11686:1" rel="noopener">Fujitec Co Ltd (6406 JP)</a> EGM, Oasis successfully secured approval for four out of six candidates for outside directors. The tight vote shows that shareholders desire change.</li>
<li>Oasis fell short of its nominations constituting up to two-thirds of the Board. However, Oasis-aligned directors will represent 67% of outside directors which still can drive meaningful change.</li>
<li>The EGM results will spur optimism that Fujitec can close the performance gap with peers, resulting in a rerating. Fujitec remains attractive on a cash-adjusted P/E basis.    </li>
</ul>


At the Fujitec Co Ltd (6406 JP) EGM, Oasis successfully secured approval for four out of six candidates for outside directors. The tight vote shows that shareholders desire change.
Oasis fell short of its nominations constituting up to two-thirds of the Board. However, Oasis-aligned directors will represent 67% of outside directors which still can drive meaningful change.
The EGM results will spur optimism that Fujitec can close the performance gap with peers, resulting in a rerating. Fujitec remains attractive on a cash-adjusted P/E basis.    


Fujitec (6406 JP): Oasis Scores a Victory in a Tight EGM Vote

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Fujitec management is under the gun. Last week, both major international proxy advisors - ISS and Glass Lewis - generally favoured Oasis' Spill The Board candidate slates.</li>
<li>
<a href="https://www.smartkarma.com/entities/fujitec-co-ltd" target="_blank" data-smartkarma-citation="entities:11686:1" rel="noopener">Fujitec Co Ltd (6406 JP)</a>, of course, had their opinion on the matter (<a href="https://www.fujitec.com/common/fjhp/doc/top_global/document/irnews/3103/Additional%20explanatory%20material%20regarding%20our%20position%20on%20the%20extraordinary%20general%20meeting%20of%20shareholders.pdf" target="_blank" rel="noopener">Additional Explanatory Material</a>, <a href="https://www.fujitec.com/common/fjhp/doc/top_global/document/irnews/3105/Our%20Opinion%20on%20Institutional%20Shareholder%20Services%20Inc.s%20Voting%20Recommendations%20on%20the%20Agenda%20Items%20to%20be%20Proposed%20at%20the%20Extraordinary%20General%20Meeting%20of%20Shareholders.pdf" target="_blank" rel="noopener">Response re ISS</a>, <a href="https://www.fujitec.com/common/fjhp/doc/top_global/document/irnews/3115/Our%20Opinion%20on%20Glass%20Lewis%20Voting%20Recommendations%20on%20the%20Agenda%20Items%20to%20be%20Proposed%20at%20the%20Extraordinary%20General%20Meeting%20of%20Shareholders.pdf" target="_blank" rel="noopener">Response re Glass Lewis</a>) </li>
<li>How this breaks is a question. Shareholder structure analysis may take us there, but this could end mixed.</li>
</ul>


Fujitec management is under the gun. Last week, both major international proxy advisors - ISS and Glass Lewis - generally favoured Oasis' Spill The Board candidate slates.

Fujitec Co Ltd (6406 JP), of course, had their opinion on the matter (Additional Explanatory Material, Response re ISS, Response re Glass Lewis) 
How this breaks is a question. Shareholder structure analysis may take us there, but this could end mixed.


Fujitec EGM Coming 24 Feb - It's a Close-Run Thing

<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 - <a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal (0125738D IJ)</a> raised US$597 million by pricing the IPO at the low end of the price range of IDR875-880 per share.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/fujitec-co-ltd" target="_blank" data-smartkarma-citation="entities:11686:1" rel="noopener">Fujitec Co Ltd (6406 JP)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel Corp (KEP SP)</a>, <a href="https://www.smartkarma.com/entities/aag-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:501:1" rel="noopener">Aag Energy Holdings (2686 HK)</a>, <a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest Mining (NCM AU)</a>, <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>. </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 - Pertamina Geothermal (0125738D IJ) raised US$597 million by pricing the IPO at the low end of the price range of IDR875-880 per share.
Event-Driven developments - Fujitec Co Ltd (6406 JP), Toyo Construction (1890 JP), Keppel Corp (KEP SP), Aag Energy Holdings (2686 HK), Newcrest Mining (NCM AU), Origin Energy (ORG AU). 


Weekly Deals Digest (19 Feb) - Fujitec, Toyo, AAG Energy, Yashili, Newcrest, Keppel, Pertamina

<ul>
<li>Oasis proposals to restructure the <a href="https://www.smartkarma.com/entities/fujitec-co-ltd" target="_blank" data-smartkarma-citation="entities:11686:1" rel="noopener">Fujitec Co Ltd (6406 JP)</a> Board which will be voted on at the 24 February EGM have got independent proxy advisor, ISS, support.</li>
<li>An Oasis win would renew enthusiasm that Fujitec can close the performance gap with peers, resulting in a catalyst for the rerating of the shares.</li>
<li>An Oasis loss is not disastrous as Oasis could come back or Fujitec would likely offer a premium to buyout Oasis. Fujitec is also cheap on a cash-adjusted P/E basis.</li>
</ul>


Oasis proposals to restructure the Fujitec Co Ltd (6406 JP) Board which will be voted on at the 24 February EGM have got independent proxy advisor, ISS, support.
An Oasis win would renew enthusiasm that Fujitec can close the performance gap with peers, resulting in a catalyst for the rerating of the shares.
An Oasis loss is not disastrous as Oasis could come back or Fujitec would likely offer a premium to buyout Oasis. Fujitec is also cheap on a cash-adjusted P/E basis.


Fujitec (6406 JP): Oasis’ Activism Comes to a Head of the 24 February EGM

<ul>
<li>Two years ago, I wrote about the history of activist attention on what was then the 8th largest elevator maker in the world <a href="https://www.smartkarma.com/entities/fujitec-co-ltd" target="_blank" data-smartkarma-citation="entities:11686:1" rel="noopener">Fujitec Co Ltd (6406 JP)</a>. </li>
<li>In <a href="https://www.smartkarma.com/insights/activist-pressure-finally-works-on-fujitec-6406-going-up-albeit-slowly" target="_blank" data-smartkarma-citation="insights:46127" rel="noopener">Activist Pressure FINALLY Works on Fujitec (6406)- Going Up? (Albeit Slowly)</a> I discussed what were still nascent efforts by Oasis to trigger change at the top. </li>
<li>On 30 November 2022, Oasis - which officially went above 5% only this past March but on 30 November reported 16.52% - called an EGM. It's worth a look.</li>
</ul>


Two years ago, I wrote about the history of activist attention on what was then the 8th largest elevator maker in the world Fujitec Co Ltd (6406 JP). 
In Activist Pressure FINALLY Works on Fujitec (6406)- Going Up? (Albeit Slowly) I discussed what were still nascent efforts by Oasis to trigger change at the top. 
On 30 November 2022, Oasis - which officially went above 5% only this past March but on 30 November reported 16.52% - called an EGM. It's worth a look.


Fujitec (6406) Activism Levelling Up - A Board Spill to Come?

Japan

FUJITEC CO., LTD. mainly manufactures elevators, escalators, and sky-parking systems by the orders from customers.  The Company also provides installation and repair services.  Fujitec has manufacturing bases in overseas including the USA, Singapore, Taiwan, and South Korea.

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

Fujitec Co Ltd (6406 JP)

Fujitec (6406 JP): Oasis Scores a Victory in a Tight EGM Vote

The EGM results will spur optimism that the newly constructed Board can close the performance gap with peers, resulting in a rerating. Fujitec...

Arun George

Fujitec EGM Coming 24 Feb - It's a Close-Run Thing

Fujitec's EGM to spill the board and oust the legacy of Uchiyama-san is 24February. It appears a close-run thing if they win. Could go either way,...

Travis Lundy

Weekly Deals Digest (19 Feb) - Fujitec, Toyo, AAG Energy, Yashili, Newcrest, Keppel, Pertamina

Last week, notable developments occurred in Event-Driven (AAG Energy, Yashili, Fujitec, Toyo Construction, Newcrest, Norwest, Origin Energy, Star...

Arun George

Fujitec (6406 JP): Oasis’ Activism Comes to a Head of the 24 February EGM

Fujitec is trading at an undemanding cash-adjusted P/E multiple. This provides downside protection should Oasis prove unsuccessful at the upcoming...

Arun George

Fujitec (6406) Activism Levelling Up - A Board Spill to Come?

Fujitec is now the subject of an Activist-called EGM to come in February. Oasis wants to spill the board. Fujitec has gained vs Peers but is still...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)