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/pressance-corp" target="_blank" data-smartkarma-citation="entities:17783:1" rel="noopener">Pressance Corp (3254 JP)</a> announced a tender offer from <a href="https://www.smartkarma.com/entities/open-house-co-ltd" target="_blank" data-smartkarma-citation="entities:19550:1" rel="noopener">Open House (3288 JP)</a> at JPY2,390 per share, a 22.1% premium to the last close.</li>
<li>While the offer is below book value, it represents an all-time high and broadly aligns with the mid-point of the target IFA’s DCF valuation range.  </li>
<li>The low minimum acceptance condition (2.3 million or 3.25% ownership ratio) suggests a done deal. The offer runs from 14 January to 26 February (30 business days).</li>
</ul>



Pressance Corp (3254 JP) announced a tender offer from Open House (3288 JP) at JPY2,390 per share, a 22.1% premium to the last close.
While the offer is below book value, it represents an all-time high and broadly aligns with the mid-point of the target IFA’s DCF valuation range.  
The low minimum acceptance condition (2.3 million or 3.25% ownership ratio) suggests a done deal. The offer runs from 14 January to 26 February (30 business days).


Pressance (3254 JP): Open House (3288 JP) JPY2,390 Tender Offer a Done Deal

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>Sales increased to JPY34.0bn (+136.2% YoY), with an operating profit of JPY2.9bn (+84.4% YoY) and net income of JPY1.6bn (+79.3% YoY).</li><li>Wholesale Sales segment saw sales rise by 355.7% YoY and operating profit by 66.6% YoY, with a 7.3% profit margin.</li><li>Real Estate Management segment achieved sales of JPY2.0bn (+62.9% YoY) and operating profit of JPY925mn (+437.0% YoY), with a 45.9% profit margin.</li></ul>

Sales increased to JPY34.0bn (+136.2% YoY), with an operating profit of JPY2.9bn (+84.4% YoY) and net income of JPY1.6bn (+79.3% YoY).Wholesale Sales segment saw sales rise by 355.7% YoY and operating profit by 66.6% YoY, with a 7.3% profit margin.Real Estate Management segment achieved sales of JPY2.0bn (+62.9% YoY) and operating profit of JPY925mn (+437.0% YoY), with a 45.9% profit margin.

Good Com Asset (3475 JP): Q3 FY10/24 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/26967" target="_blank" data-smartkarma-citation="entities:26967:1">Good Com Asset Co Ltd (3475 JP)</a> is a Shinjuku Ward, Tokyo-based real estate management, consulting, and design company founded in 2005, which listed on the JASDAQ Standard market in December 2016, and moved to the TSE2 in summer of 2017. The company notes on its website that it specializes in condominium planning, development, building construction management and rentals management, real estate-related consulting, and property &amp; casualty insurance agency.</p><p>Today, Good Com Asset <a href="https://www.goodcomasset.co.jp/news-ir/1373.html" target="_blank">announced</a> that the…</p>

Good Com Asset Co Ltd (3475 JP) is a Shinjuku Ward, Tokyo-based real estate management, consulting, and design company founded in 2005, which listed on the JASDAQ Standard market in December 2016, and moved to the TSE2 in summer of 2017. The company notes on its website that it specializes in condominium planning, development, building construction management and rentals management, real estate-related consulting, and property &amp; casualty insurance agency.Today, Good Com Asset announced that the…

Good Com Asset (3475 JP) SmallCap Offering & TOPIX Inclusion

Japan

Good Com Asset Co., Ltd. provides real estate services. The Company offers mansion planning, developing, and selling, as well as rent management, real estate consulting, and property and casualty insurance.

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Good Com Asset (3475 JP)

Pressance (3254 JP): Open House (3288 JP) JPY2,390 Tender Offer a Done Deal

While the offer is below book value, it represents an all-time high and broadly aligns with the mid-point of the target IFA’s DCF valuation range.

Arun George