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.

Equity Capital Markets

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<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: <strong><em><a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (3750 HK)</a></em></strong> and <em><strong><a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a></strong></em> launch H Share listings.</li>
<li>Event-Driven developments: <strong><em><a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</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/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a>, <a href="https://www.smartkarma.com/entities/nissin-corp" target="_blank" data-smartkarma-citation="entities:12749:1" rel="noopener">Nissin Corp (9066 JP)</a>, <a href="https://www.smartkarma.com/entities/nippon-road-co-ltd" target="_blank" data-smartkarma-citation="entities:12581:1" rel="noopener">Nippon Road (1884 JP)</a>, <a href="https://www.smartkarma.com/entities/technopro-holdings-inc" target="_blank" data-smartkarma-citation="entities:6955:1" rel="noopener">Technopro Holdings (6028 JP)</a>. </em></strong>
</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: Contemporary Amperex Technology (3750 HK) and Jiangsu Hengrui Pharmaceuticals (1276 HK) launch H Share listings.
Event-Driven developments: ESR Group (1821 HK), Oneconnect Financial Technology (6638 HK), Mayne Pharma (MYX AU), Nissin Corp (9066 JP), Nippon Road (1884 JP), Technopro Holdings (6028 JP). 



Weekly Deals Digest (18 May) - CATL, Hengrui, ESR, OneConnect, Mayne, Nissin, Nippon Road, TechnoPro

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In the TOPIX Index, some "low liquidity" names carry a liquidity factor of 0.75x resulting in their actual index weights being smaller than their default weights.</li>
<li>These names are reviewed every April and if the liquidity factor of a stock gets removed, the stock will see index inflows from passive trackers of TOPIX.</li>
<li>The results for April 2025 liquidity factor removal have been confirmed and we achieved very high hit rates for our High and Medium conviction baskets.</li>
</ul>


In the TOPIX Index, some "low liquidity" names carry a liquidity factor of 0.75x resulting in their actual index weights being smaller than their default weights.
These names are reviewed every April and if the liquidity factor of a stock gets removed, the stock will see index inflows from passive trackers of TOPIX.
The results for April 2025 liquidity factor removal have been confirmed and we achieved very high hit rates for our High and Medium conviction baskets.


TOPIX Index Upweights: Great Hit Rate; Strong Trade Performance; A Rare Win!

Japanese news, equities, and trends, Teddy Letter

Teddy Okuyama

Japanese news, equities, and trends

Teddy Letter

We aim to fill the information gap on the Japan market, especially on small cap companies with little or no analyst coverage. While brokerages and sponsored research provide useful information, there is still an information divide between domestic and foreign investors. We aim to fill that gap by providing access to insights that are lost in translation.

Equity Bottom-Up

<p>This is installment #6 of my 200-day challenge to do write-ups on 200 Japanese small caps, at the end of which I plan to publish a book (tentative title: Japan Small Caps Handbook). I’m writing these unedited versions in a stream of consciousness style, and they will be refined before being finalized later on.</p>

This is installment #6 of my 200-day challenge to do write-ups on 200 Japanese small caps, at the end of which I plan to publish a book (tentative title: Japan Small Caps Handbook). I’m writing these unedited versions in a stream of consciousness style, and they will be refined before being finalized later on.

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

<div>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/147/085/original/2020-07-21_06-31-46.png?1595280841" class="editor-image img-responsive" data-smartkarma-image-id="147085"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/147/086/original/2020-07-21_06-31-04.png?1595281006" class="editor-image img-responsive" data-smartkarma-image-id="147086"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/147/087/original/2020-07-21_06-44-10.png?1595281527" class="editor-image img-responsive" data-smartkarma-image-id="147087"></figure><div class="content-caption">Source • Japan Analytics</div>
<p><strong>Genky DrugStores (9267 JP)</strong> - Genky, listed in December 2017 and the eleventh largest listed drugstore chain in Japan, <span>was nearly Oversold in the first quarter.</span><span> As a result, the shares have been the best performing in the fifteen-string Peer Group over the last three months. The company's upward revisions to sales and operating profits of 9% and 21%, respectively match peer-trends. The recent share price rally has brought Genky back into line. The company is, however, one of only three chains that fail to earn a positive residual return on Net Operating Assets, Genky also has the highest debt/equity ratio of any listed chain. The company does not deserve any peer-premium, and we would sell into any revision-induced strength.</span></p>
<p style="text-align: center;"><strong>DAILY STATS</strong></p>
</div><hr><div><p style="text-align: center;"><strong>2 Quarterly Results</strong></p></div><div><ul>
<li>
<strong>Results Score</strong>: 0 Positive / 0 Neutral / 2 Negative</li>
<li>
<strong>Average Results Score Change:</strong> -7.0</li>
<li>
<strong>Average % Change in Revenue:</strong> -12..% Quarter YoY / +0.8% Rolling TTM YoY</li>
<li>
<strong>Average Operating Profit Margin Change:</strong> +0.1ppt</li>
<li>
<strong>Percentage Making Quarterly Losses:</strong> 0%</li>
</ul></div><hr><div><p style="text-align: center;"><br><strong>4 Annual • 8 Interim Forecasts/Revisions</strong></p></div><div><ul>
<li>
<strong>Annual Forecast/Revision Score:</strong> 1 Positive / 1 Neutral / 2 Negative</li>
<li>
<strong>Interim Forecast/Revision Score Change:</strong> 2 Positive / 0 Neutral / 6 Negative</li>
<li>
<strong>Average Forecast/Revision Score Change:</strong> -6.8</li>
</ul></div>


Source • Japan Analytics
Genky DrugStores (9267 JP) - Genky, listed in December 2017 and the eleventh largest listed drugstore chain in Japan, was nearly Oversold in the first quarter. As a result, the shares have been the best performing in the fifteen-string Peer Group over the last three months. The company's upward revisions to sales and operating profits of 9% and 21%, respectively match peer-trends. The recent share price rally has brought Genky back into line. The company is, however, one of only three chains that fail to earn a positive residual return on Net Operating Assets, Genky also has the highest debt/equity ratio of any listed chain. The company does not deserve any peer-premium, and we would sell into any revision-induced strength.
DAILY STATS
2 Quarterly Results

Results Score: 0 Positive / 0 Neutral / 2 Negative

Average Results Score Change: -7.0

Average % Change in Revenue: -12..% Quarter YoY / +0.8% Rolling TTM YoY

Average Operating Profit Margin Change: +0.1ppt

Percentage Making Quarterly Losses: 0%
 4 Annual • 8 Interim Forecasts/Revisions

Annual Forecast/Revision Score: 1 Positive / 1 Neutral / 2 Negative

Interim Forecast/Revision Score Change: 2 Positive / 0 Neutral / 6 Negative

Average Forecast/Revision Score Change: -6.8


🇯🇵 JAPAN • Results & Revisions 20th July - Genki Genky, Alinco, Komatsu Wall, GMO-AD Partners

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

<p>In mid-February 2020, upon releasing full-year earnings, <a href="https://www.smartkarma.com/entities/gmo-internet-inc" target="_blank" data-smartkarma-citation="entities:13631:1" rel="noopener">GMO Internet (9449 JP)</a> announced a buyback programme which looked big but had some interesting and distinguishing characteristics given where the shares were and what the ownership structure was. This was discussed in <a href="https://www.smartkarma.com/insights/gmo-internet-9449-buyback-bigger-than-it-looks-smaller-than-it-looks" target="_blank" data-smartkarma-citation="insights:36580" rel="noopener">GMO Internet (9449) Buyback - Bigger Than It Looks, Smaller Than It Looks</a>. </p><p>The Investment/Trading Conclusion offered was Bullish (see the green line at the top) for some specific reasons hinted at in the title (you want to know why? Read the first piece or see below).</p><p>The stock closed at ¥2179 that day. The shares were up for two days. Then everything fell apart as COVID-19 caused the market to fall out of bed in Asia earlier than in the west. Since then, TOPIX is down 15.8% but GMO Internet is up 16.4% so it has seen decent outperformance in the 90 days since then. </p><h2>The NEW News</h2><p><a href="https://ir.gmo.jp/pdf/presen/GMO_FY20_Q1_Consolidated_Results_Statement_200512.pdf" target="_blank" rel="noopener">Q1 earnings</a> were out on the 12th. Revenues were up 14.6% yoy, OP is up 65%, and Net Profit is +11.4%. The stock gained more than 10% yesterday on the highest volume since Q1 earnings last year, and fell back a bit today.</p><p>TODAY after the close, after having <a href="https://ir.gmo.jp/pdf/irlibrary/gmo_disclose_info20200512_01.pdf" target="_blank" rel="noopener">announced</a> the progress programme-to-date of its buyback on 12 May (1.28mm shares for ¥2.48bn), the company <a href="https://ir.gmo.jp/pdf/irlibrary/gmo_disclose_info2020514.pdf" target="_blank" rel="noopener">announced</a> a ToSTNeT-3 buyback to be executed tomorrow morning, of up to 3.153mm shares and up to ¥8bn at today's close of ¥2,537/share. </p><p>Assuming the company buys back all 3.153mm shares they bid, that will mean 70% of the monies allocated for the buyback program lasting through next February will have been used, and at current price, that would mean the company could buy back another 1.78mm shares, maximum. That is about 1.6% of shares out and a bit under three days of volume. </p><p>It's worth looking at where we stand now.</p>

In mid-February 2020, upon releasing full-year earnings, GMO Internet (9449 JP) announced a buyback programme which looked big but had some interesting and distinguishing characteristics given where the shares were and what the ownership structure was. This was discussed in GMO Internet (9449) Buyback - Bigger Than It Looks, Smaller Than It Looks. The Investment/Trading Conclusion offered was Bullish (see the green line at the top) for some specific reasons hinted at in the title (you want to know why? Read the first piece or see below).The stock closed at ¥2179 that day. The shares were up for two days. Then everything fell apart as COVID-19 caused the market to fall out of bed in Asia earlier than in the west. Since then, TOPIX is down 15.8% but GMO Internet is up 16.4% so it has seen decent outperformance in the 90 days since then. The NEW NewsQ1 earnings were out on the 12th. Revenues were up 14.6% yoy, OP is up 65%, and Net Profit is +11.4%. The stock gained more than 10% yesterday on the highest volume since Q1 earnings last year, and fell back a bit today.TODAY after the close, after having announced the progress programme-to-date of its buyback on 12 May (1.28mm shares for ¥2.48bn), the company announced a ToSTNeT-3 buyback to be executed tomorrow morning, of up to 3.153mm shares and up to ¥8bn at today's close of ¥2,537/share. Assuming the company buys back all 3.153mm shares they bid, that will mean 70% of the monies allocated for the buyback program lasting through next February will have been used, and at current price, that would mean the company could buy back another 1.78mm shares, maximum. That is about 1.6% of shares out and a bit under three days of volume. It's worth looking at where we stand now.

Japan

GMO Internet, Inc. offers marketing services. The Company offers internet advertising, mobile advertising, search engine marketing, and other services to medium sized advertising agencies. GMO Internet conducts businesses throughout Japan.

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

GMO Internet (4784 JP)

Weekly Deals Digest (18 May) - CATL, Hengrui, ESR, OneConnect, Mayne, Nissin, Nippon Road, TechnoPro

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, NZ, Singapore, Japan, Indonesia,...

Arun George

TOPIX Index Upweights: Great Hit Rate; Strong Trade Performance; A Rare Win!

Our LONG Tokyo Metro outperformed the TOPIX Index by 22% from 27th January 2025 to 7th April 2025 and ended up as one of the best performing names...

Janaghan Jeyakumar, CFA

Day 6: Fringe81 (6550)

This is installment #6 of my 200-day challenge to do write-ups on 200 Japanese small caps, at the end of which I plan to publish a book (tentative...

Teddy Okuyama

🇯🇵 JAPAN • Results & Revisions 20th July - Genki Genky, Alinco, Komatsu Wall, GMO-AD Partners

Genky DrugStores (9267 JP) - Genky, listed in December 2017 and the eleventh largest listed drugstore chain in Japan, was nearly Oversold in the...

Campbell Gunn

GMO Buyback - Approaching The End But...

In mid-February 2020, upon releasing full-year earnings, GMO Internet (9449 JP) announced a buyback programme which looked big but had some...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)