Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>NAV crystallization from Tekscend IPO – ~¥108 bn cash proceeds plus a ~14% residual stake; base NAV ~¥150–160 bn vs. ¥129 bn market cap (15–20% discount).</li>
<li>Upside capped without payout shift – modest base case (¥3,900–4,100/share, flat to +7%); bull case (¥4,400, +15–20%) requires high-end IPO pricing and explicit return policy.</li>
<li>Persistent structural discount – low dividend (~0.9% yield), no buyback track record, and opaque residual portfolio (e.g., Golf Digest) keep holdco discount entrenched.</li>
</ul>


NAV crystallization from Tekscend IPO – ~¥108 bn cash proceeds plus a ~14% residual stake; base NAV ~¥150–160 bn vs. ¥129 bn market cap (15–20% discount).
Upside capped without payout shift – modest base case (¥3,900–4,100/share, flat to +7%); bull case (¥4,400, +15–20%) requires high-end IPO pricing and explicit return policy.
Persistent structural discount – low dividend (~0.9% yield), no buyback track record, and opaque residual portfolio (e.g., Golf Digest) keep holdco discount entrenched.


Integral Corp (5842 JP) — Tekscend IPO Crystallizes Value; Discount Persists Without Payouts

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Key points (machine generated)<ul><li>Integral is a leading Japanese private equity firm with JPY400 billion in assets, focusing on mid-cap investments of $100-$150 million.</li><li>The firm has a strong track record with 27% gross IRR and 2.8x gross MOIC since 2010, and its latest Fund IV was oversubscribed at JPY250 billion.</li><li>Following a public offering in September 2023, Integral's shares are trading at JPY2700, appearing undervalued with a P/E of 5.5x and expected solid performance in 2025.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Integral is a leading Japanese private equity firm with JPY400 billion in assets, focusing on mid-cap investments of $100-$150 million.The firm has a strong track record with 27% gross IRR and 2.8x gross MOIC since 2010, and its latest Fund IV was oversubscribed at JPY250 billion.Following a public offering in September 2023, Integral's shares are trading at JPY2700, appearing undervalued with a P/E of 5.5x and expected solid performance in 2025.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Integral Kk (5842:JP) - Thursday, Jun 19, 2025

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul><li>Hillhouse's Rava buys majority stake in Dash Living with $150M investment plan, expanding its presence in the real estate market. </li><li>Ex-Macquarie exec Robson to advise on ESR privatisation, bringing expertise and strategic guidance to the process. </li><li>Daibiru Corp to acquire Sydney Tower from Investa Fund for $378M, showcasing strong investor interest in Australian real estate.</li></ul>

Hillhouse's Rava buys majority stake in Dash Living with $150M investment plan, expanding its presence in the real estate market. Ex-Macquarie exec Robson to advise on ESR privatisation, bringing expertise and strategic guidance to the process. Daibiru Corp to acquire Sydney Tower from Investa Fund for $378M, showcasing strong investor interest in Australian real estate.

Asia Real Estate Tracker (01-Apr-2025): Hillhouse's Rava invests $150M in Dash Living.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Tekscend Photomask / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a>, a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO.</li>
<li>TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.</li>
<li>In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.</li>
</ul>



Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO.
TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.


Tekscend Photomask IPO Trading - Priced at the Top, but Still Relatively Cheap

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/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> is a global leader in semiconductor photomasks. At the IPO price, Tekscend will raise JPY138 billion (US$910 million). The shares will be listed on 16 October.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tekscend-photomask-429a-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:203592" rel="noopener">Tekscend Photomask (429A JP) IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/tekscend-photomask-429a-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:203753" rel="noopener">Tekscend Photomask (429A JP) IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/tekscend-photomask-429a-jp-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:204079" rel="noopener">Tekscend Photomask (429A JP) IPO: Valuation Insights</a>. </li>
<li>The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.</li>
</ul>



Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. At the IPO price, Tekscend will raise JPY138 billion (US$910 million). The shares will be listed on 16 October.
I previously discussed the IPO in Tekscend Photomask (429A JP) IPO: The Bull Case, Tekscend Photomask (429A JP) IPO: The Bear Case and Tekscend Photomask (429A JP) IPO: Valuation Insights. 
The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.


Tekscend Photomask (429A JP) IPO: Trading Debut

Japan

Integral Corporation operates as an independent private equity fund. The Company invests in both the public and private markets and in common stock, convertible preferred shares, convertible bonds and stock options. Integral also provides management and financial consulting related to equity investment activities.

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Integral (5842 JP)

Integral Corp (5842 JP) — Tekscend IPO Crystallizes Value; Discount Persists Without Payouts

Tekscend IPO generates ¥108 bn in cash and a 14% stake, but NAV remains at a discount to market cap. Limited upside without payout changes due to...

Rahul Jain

Integral Kk (5842:JP) - Thursday, Jun 19, 2025

Integral, a leading Japanese private equity firm with JPY400 billion in assets, excels in mid-cap investments, boasting strong returns and an...

Value Investors Club (VIC)

Asia Real Estate Tracker (01-Apr-2025): Hillhouse's Rava invests $150M in Dash Living.

Rava invests $150M in Dash Living, Robson advises on ESR privatisation, Daibiru buys Sydney Tower for $378M, Integral Real Estate acquires 10...

Asia Real Estate Tracker

Tekscend Photomask IPO Trading - Priced at the Top, but Still Relatively Cheap

Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO. In this note, we...

Sumeet Singh

Tekscend Photomask (429A JP) IPO: Trading Debut

The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.

Arun George

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Integral Corp (5842 JP) — Tekscend IPO Crystallizes Value; Discount Persists Without Payouts

​Tekscend IPO generates ¥108 bn in cash and a 14% stake, but NAV remains at a discount to market cap. Limited upside without payout changes due to...

Rahul Jain

Integral Kk (5842:JP) - Thursday, Jun 19, 2025

Integral, a leading Japanese private equity firm with JPY400 billion in assets, excels in mid-cap investments, boasting strong returns and an...

Value Investors Club (VIC)

Asia Real Estate Tracker (01-Apr-2025): Hillhouse's Rava invests $150M in Dash Living.

Rava invests $150M in Dash Living, Robson advises on ESR privatisation, Daibiru buys Sydney Tower for $378M, Integral Real Estate acquires 10...

Asia Real Estate Tracker

Tekscend Photomask IPO Trading - Priced at the Top, but Still Relatively Cheap

Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO. In this note, we...

Sumeet Singh

Tekscend Photomask (429A JP) IPO: Trading Debut

The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.

Arun George

Tekscend IPO generates ¥108 bn in cash and a 14% stake, but NAV remains at a discount to market cap. Limited upside without payout changes due to...