Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 JP)</a> announced a buyback on 5 August. That was its 17th ¥50bn buyback in 15 years. And its first "second buyback within a single year" since 2014.</li>
<li>History suggests outperformance of Peers until the end of the buyback (and it has done well here), then underperformance post-buyback.</li>
<li>Consensus forward EPS and EBIT ratios vs Peers suggest Canon shares have more to catch up, but some of that would involve reclaiming historical "quality premium."</li>
</ul>



Canon Inc (7751 JP) announced a buyback on 5 August. That was its 17th ¥50bn buyback in 15 years. And its first "second buyback within a single year" since 2014.
History suggests outperformance of Peers until the end of the buyback (and it has done well here), then underperformance post-buyback.
Consensus forward EPS and EBIT ratios vs Peers suggest Canon shares have more to catch up, but some of that would involve reclaiming historical "quality premium."


<ul>
<li>
<a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 JP)</a> reported Q2 earnings early last week. Shares dropped 4% the next day but closed down only 1%. Now they are above the prior close. </li>
<li>They biked the dividend nicely (was ¥45/share last year, guided to ¥50 this year, but made ¥60/share instead. </li>
<li>And now they have announced another ¥50bn buyback on top of the one announced in May. Fourth time in 14 years a second tranche is announced in one year. </li>
</ul>



Canon Inc (7751 JP) reported Q2 earnings early last week. Shares dropped 4% the next day but closed down only 1%. Now they are above the prior close. 
They biked the dividend nicely (was ¥45/share last year, guided to ¥50 this year, but made ¥60/share instead. 
And now they have announced another ¥50bn buyback on top of the one announced in May. Fourth time in 14 years a second tranche is announced in one year. 


Canon (7751) - Second Buyback This Year - Last Happened in 2014

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

Hewlett Packard Co / Equity Capital Markets

<ul><li>HP Inc may no longer be benefitting from the significant Covid-19 tailwinds that it enjoyed for nearly 2 years but the company has continued returning significant capital to shareholders, and investing organically and inorganically to drive long-term value creation.</li><li>This is why the company’s revenue increased 4% year over year to $16.5 billion in the last quarter.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

HP Inc may no longer be benefitting from the significant Covid-19 tailwinds that it enjoyed for nearly 2 years but the company has continued returning significant capital to shareholders, and investing organically and inorganically to drive long-term value creation.This is why the company’s revenue increased 4% year over year to $16.5 billion in the last quarter.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

HP Inc.: The $3.3 billion Poly Acquisition & Other Developments

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>’s scheme was approved at today’s court meeting. The value test passed with 94.74% of the total disinterested shareholders voting in favour of the scheme.</li>
<li>Despite our reservations about the headcount test, the scheme comfortably passed the headcount test with 465 for and just 16 against the scheme. </li>
<li>At the last close and for the 20 May payment date, the gross and annualised spread to the offer is 3.7% and 56.1%, respectively.</li>
</ul>



Razer Inc (1337 HK)’s scheme was approved at today’s court meeting. The value test passed with 94.74% of the total disinterested shareholders voting in favour of the scheme.
Despite our reservations about the headcount test, the scheme comfortably passed the headcount test with 465 for and just 16 against the scheme. 
At the last close and for the 20 May payment date, the gross and annualised spread to the offer is 3.7% and 56.1%, respectively.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>'s scheme document is out with the scheme meeting scheduled for 26 April. The IFA considers the offer to be fair and reasonable. </li>
<li>The headcount test, the key risk, applies unless the amended Cayman Islands Act becomes law before the court meeting date on 26 April. The legislative timetable has not been set. </li>
<li>Current deal probability implies a 65% chance of success, which fairly reflects the deal risk in our view. At last close, the gross spread is 14.2%. </li>
</ul>



Razer Inc (1337 HK)'s scheme document is out with the scheme meeting scheduled for 26 April. The IFA considers the offer to be fair and reasonable. 
The headcount test, the key risk, applies unless the amended Cayman Islands Act becomes law before the court meeting date on 26 April. The legislative timetable has not been set. 
Current deal probability implies a 65% chance of success, which fairly reflects the deal risk in our view. At last close, the gross spread is 14.2%. 


Razer’s Scheme Meeting on 26 April, Headcount Test Still Applicable, IFA Opinion

United States

HP Inc. provides imaging and printing systems, computing systems, mobile devices, solutions, and services for business and home. The Company offers products which includes laser and inkjet printers, scanners, copiers and faxes, personal computers, workstations, storage solutions, and other computing and printing systems. HP sells its products worldwide.

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Hewlett Packard Co (HPQ US)

Canon (7751) - Buyback Progress Update

Canon recently set a 2nd ¥50bn buyback for 2022. Canon Buybacks historically take 15-20 days. This is on track for 15-18. Usually Canon lags peers...

Travis Lundy

Canon (7751) - Second Buyback This Year - Last Happened in 2014

Canon last week announced OK Q2 earnings, and higher FY22 guidance, raising it for the second quarter in a row. It also hiked its div guidance. Now...

Travis Lundy

HP Inc.: The $3.3 billion Poly Acquisition & Other Developments

HP Inc may no longer be benefitting from the significant Covid-19 tailwinds that it enjoyed for nearly 2 years but the company has continued...

Baptista Research

Razer’s Scheme: And that Is a Pass

Despite our reservations, the scheme comfortably passed the headcount test with 465 for and just 16 against. At the last close and for the 20 May...

Arun George

Razer’s Scheme Meeting on 26 April, Headcount Test Still Applicable, IFA Opinion

Razer's scheme/court meeting is scheduled for 26 April. The headcount test applies unless the amended Cayman Islands Act becomes law before the...

Arun George

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