IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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/nippon-dry-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:13528:1" rel="noopener">Nippon Dry Chemical (1909 JP)</a> announced a tender offer from Alsok (2331 JP) and <a href="https://www.smartkarma.com/entities/carlyle-group-inc-the" target="_blank" data-smartkarma-citation="entities:33402:1" rel="noopener">Carlyle Group / (CG US)</a> at JPY3,730, a 23.3% premium to the last close. </li>
<li>Alsok and Carlyle initially engaged in a bidding war but eventually settled on a joint bid. Post-squeezeout, Alsok and Carlyle will hold 51% and 49% of BidCo's voting rights, respectively.</li>
<li>The offer is attractive, as it represents an all-time high and sits at the high end of the target IFA’s DCF valuation range. This is a done deal. </li>
</ul>



Nippon Dry Chemical (1909 JP) announced a tender offer from Alsok (2331 JP) and Carlyle Group / (CG US) at JPY3,730, a 23.3% premium to the last close. 
Alsok and Carlyle initially engaged in a bidding war but eventually settled on a joint bid. Post-squeezeout, Alsok and Carlyle will hold 51% and 49% of BidCo's voting rights, respectively.
The offer is attractive, as it represents an all-time high and sits at the high end of the target IFA’s DCF valuation range. This is a done deal. 


Nippon Dry Chemical (1909 JP): Alsok/Carlyle Tender Offer at JPY3,730

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<ul><li>Q1 consolidated revenue reached JPY22.4bn, a 7.1% YoY increase, marking the 13th consecutive quarter of growth. </li><li>Operating profit surged approximately 2.2x YoY to JPY1.1bn, with an OPM increase of 2.4pp to 4.8%. </li><li>Orders increased by 8.9% YoY to JPY34.5bn, while the order backlog decreased by 3.0% YoY to JPY39.5bn. </li></ul>

Q1 consolidated revenue reached JPY22.4bn, a 7.1% YoY increase, marking the 13th consecutive quarter of growth. Operating profit surged approximately 2.2x YoY to JPY1.1bn, with an OPM increase of 2.4pp to 4.8%. Orders increased by 8.9% YoY to JPY34.5bn, while the order backlog decreased by 3.0% YoY to JPY39.5bn. 

Hochiki Corp (6745 JP): Q1 FY03/26 flash update

<ul><li>FY03/25 revenue reached JPY100.9bn, a 7.9% YoY increase, with operating profit rising 29.5% to JPY9.6bn. </li><li>The company forecasts FY03/26 revenue to remain flat YoY at JPY100.9bn, with operating profit increasing 4.7% YoY. </li><li>Net income for FY03/26 is expected to decrease 5.9% YoY to JPY7.2bn, due to absence of extraordinary gains. </li></ul>

FY03/25 revenue reached JPY100.9bn, a 7.9% YoY increase, with operating profit rising 29.5% to JPY9.6bn. The company forecasts FY03/26 revenue to remain flat YoY at JPY100.9bn, with operating profit increasing 4.7% YoY. Net income for FY03/26 is expected to decrease 5.9% YoY to JPY7.2bn, due to absence of extraordinary gains. 

Hochiki Corp (6745 JP): Full-year FY03/25 flash update

<ul><li>Cumulative Q3 revenue grew 9.0% YoY to JPY72.3bn, with Fire Alarm Systems revenue rising 9.5% YoY.</li><li>Operating profit increased 37.5% YoY to JPY6.4bn, driven by retrofitting and maintenance growth, improving OPM by 1.9pp.</li><li>Revised FY03/25 forecasts project revenue at JPY99.0bn and net income at JPY6.9bn, with increased dividends to JPY72.0/share.</li></ul>

Cumulative Q3 revenue grew 9.0% YoY to JPY72.3bn, with Fire Alarm Systems revenue rising 9.5% YoY.Operating profit increased 37.5% YoY to JPY6.4bn, driven by retrofitting and maintenance growth, improving OPM by 1.9pp.Revised FY03/25 forecasts project revenue at JPY99.0bn and net income at JPY6.9bn, with increased dividends to JPY72.0/share.

Hochiki Corp (6745 JP): Q3 FY03/25 flash update

<ul><li>Consolidated revenue increased 9.5% YoY to JPY45.5bn, driven by growth in core Fire Alarm Systems and overseas operations.</li><li>Operating profit rose 88.9% YoY to JPY3.4bn, with OPM improving 3.1pp YoY to 7.4%, supported by high-margin domestic businesses.</li><li>Orders reached JPY57.3bn (+5.5% YoY), while the order backlog slightly decreased by 0.3% YoY to JPY39.4bn.</li></ul>

Consolidated revenue increased 9.5% YoY to JPY45.5bn, driven by growth in core Fire Alarm Systems and overseas operations.Operating profit rose 88.9% YoY to JPY3.4bn, with OPM improving 3.1pp YoY to 7.4%, supported by high-margin domestic businesses.Orders reached JPY57.3bn (+5.5% YoY), while the order backlog slightly decreased by 0.3% YoY to JPY39.4bn.

Hochiki Corp (6745 JP): 1H FY03/25 flash update

Japan

HOCHIKI CORPORATION manufactures, markets, installs, and provides maintenance of fire alarms and fire detection systems.  The Company's products include analogue control panels, analogue sensors, and conventional detectors.

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Hochiki Corp (6745 JP)

Nippon Dry Chemical (1909 JP): Alsok/Carlyle Tender Offer at JPY3,730

Alsok and Carlyle initially engaged in a bidding war but eventually settled on a joint bid. The offer is attractive and sits at the high end of the...

Arun George