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/isetan-singapore-ltd" target="_blank" data-smartkarma-citation="entities:6762:1" rel="noopener">Isetan Singapore (ISET SP)</a> disclosed privatisation through a scheme of arrangement from <a href="https://www.smartkarma.com/entities/isetan-mitsukoshi-holdings-ltd" target="_blank" data-smartkarma-citation="entities:18871:1" rel="noopener">Isetan Mitsukoshi Holdings Ltd (3099 JP)</a> at S$7.20 per share, a 153.5% premium to the last close.</li>
<li>The high takeover premium reflects the fair value of investment properties of S$300.4 million, i.e., S$7.28 per share, marginally above the offer price.</li>
<li>The offer is attractive and 2.1% higher than the all-time high. The vote should comfortably get up. The scheme meeting is from early to mid-July. </li>
</ul>



Isetan Singapore (ISET SP) disclosed privatisation through a scheme of arrangement from Isetan Mitsukoshi Holdings Ltd (3099 JP) at S$7.20 per share, a 153.5% premium to the last close.
The high takeover premium reflects the fair value of investment properties of S$300.4 million, i.e., S$7.28 per share, marginally above the offer price.
The offer is attractive and 2.1% higher than the all-time high. The vote should comfortably get up. The scheme meeting is from early to mid-July. 


Isetan Singapore (ISET SP): Isetan Mitsukoshi (3099 JP)’s 154% Premium Scheme Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

Isetan Mitsukoshi Holdings Ltd / Equity Bottom-Up

<p>Storied Japanese department store chain <a href="https://www.smartkarma.com/entities/18871" target="_blank" data-smartkarma-citation="entities:18871:1">Isetan Mitsukoshi Holdings (3099 JP)</a> is the largest market cap department store chain remaining listed in Japan but performance has been lackluster. Total sales in the year to March 2017 were up 1% over the level 5yrs before, and Operating Profit was up by a whopping 101 million yen (but was still at its lowest since then). </p><p>In May when the company announced that earnings to March 2018 would fall 33% to 10bn yen despite expectations of the return of foreign…</p>

Storied Japanese department store chain Isetan Mitsukoshi Holdings (3099 JP) is the largest market cap department store chain remaining listed in Japan but performance has been lackluster. Total sales in the year to March 2017 were up 1% over the level 5yrs before, and Operating Profit was up by a whopping 101 million yen (but was still at its lowest since then). In May when the company announced that earnings to March 2018 would fall 33% to 10bn yen despite expectations of the return of foreign…

Singapore

Isetan Singapore Limited operates department stores and supermarkets in Singapore, offering a diverse range of fashion, beauty, home, and authentic Japanese products. The company also engages in online retail and property leasing. It is headquartered in Singapore and was incorporated in 1970.

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Isetan Singapore (ISET SP)