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>Nikkei <a href="https://asia.nikkei.com/business/business-deals/japan-s-itochu-to-take-1.5bn-stake-in-dentsu-group-system-developer-unit" target="_blank" rel="noopener">reported</a> that <a href="https://www.smartkarma.com/entities/dentsu-inc" target="_blank" data-smartkarma-citation="entities:12434:1" rel="noopener">Dentsu Inc (4324 JP)</a> and <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu Corp (8001 JP)</a> will privatise <a href="https://www.smartkarma.com/entities/dentsu-soken-inc" target="_blank" data-smartkarma-citation="entities:20535:1" rel="noopener">Dentsu Soken (4812 JP)</a> at a total cost of around JPY250 billion.</li>
<li>The rumoured JPY250 billion valuation for the 38.12% stake not owned by Dentsu suggests an offer of JPY3,360 per share, a 22.7% premium to the last close.</li>
<li>Oasis’s emergence as a substantial shareholder ensured a generous offer. The rumoured offer represents an all-time high and is attractive compared to precedent transactions and peer multiples.</li>
</ul>


Nikkei reported that Dentsu Inc (4324 JP) and Itochu Corp (8001 JP) will privatise Dentsu Soken (4812 JP) at a total cost of around JPY250 billion.
The rumoured JPY250 billion valuation for the 38.12% stake not owned by Dentsu suggests an offer of JPY3,360 per share, a 22.7% premium to the last close.
Oasis’s emergence as a substantial shareholder ensured a generous offer. The rumoured offer represents an all-time high and is attractive compared to precedent transactions and peer multiples.


Dentsu Soken (4812 JP): Oasis’s Presence Results in Itochu's Rumoured Generous Offer

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Thematic (Sector/Industry)

<ul>
<li>Private brands developed and managed by retailers themselves offer plenty of price and marketing flexibility during these inflationary times.</li>
<li>But it is not only their popularity as cheaper alternatives that is growing, so too are pack sizes, as consumers increase shopping volume and reduce shopping trip frequency.</li>
<li>The trend is another sign of why investors should look out for retailers with good private brands, given the impact on both sales and margin growth.</li>
</ul>


Private brands developed and managed by retailers themselves offer plenty of price and marketing flexibility during these inflationary times.
But it is not only their popularity as cheaper alternatives that is growing, so too are pack sizes, as consumers increase shopping volume and reduce shopping trip frequency.
The trend is another sign of why investors should look out for retailers with good private brands, given the impact on both sales and margin growth.


Private Brands in Japan: Getting Bigger – Literally

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the <a href="https://links.sgx.com/FileOpen/OUEH%20Announcement.ashx?App=Announcement&amp;FileID=869953" target="_blank" rel="noopener">16th December 2025</a>, <a href="https://www.smartkarma.com/entities/oue-limited" target="_blank" data-smartkarma-citation="entities:9984:1" rel="noopener">OUE (OUE SP)</a> acquired <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu Corp (8001 JP)</a>'s 19.32% stake in <a href="https://www.smartkarma.com/entities/oue-healthcare-limited" target="_blank" data-smartkarma-citation="entities:562:1" rel="noopener">OUE Healthcare (OUEHC SP)</a>, a healthcare/property play, lifting OUE's holding to 89.68%.</li>
<li>OUE paid S$0.024/share at the time. OUE has now announced an Offer, by way of a Scheme, for OUEHC at S$0.05/share, a 28.2% premium to undisturbed and a five-year high.</li>
<li>Terms are not final (as far as I can see). Four to five months is a rough gauge to complete; although <a href="https://www.smartkarma.com/entities/avarga-limited" target="_blank" data-smartkarma-citation="entities:13105:1" rel="noopener">Avarga (AVARGA SP)</a>'s Scheme is taking significantly longer. </li>
</ul>


Back on the 16th December 2025, OUE (OUE SP) acquired Itochu Corp (8001 JP)'s 19.32% stake in OUE Healthcare (OUEHC SP), a healthcare/property play, lifting OUE's holding to 89.68%.
OUE paid S$0.024/share at the time. OUE has now announced an Offer, by way of a Scheme, for OUEHC at S$0.05/share, a 28.2% premium to undisturbed and a five-year high.
Terms are not final (as far as I can see). Four to five months is a rough gauge to complete; although Avarga (AVARGA SP)'s Scheme is taking significantly longer. 


OUE Healthcare (OUEHC SP): S$0.05/Share Scheme Offer From Parent

<ul>
<li>The big 3 convenience stores in Japan control 90% of the sector and share will climb as they mop up some of the remaining chains and collaborate with the rest.</li>
<li>Seven Eleven is by far the best performer of the three but both Lawson and Familymart are innovating to create quite different retail operations.</li>
<li>All are seeing the benefits of digitisation of store and supply chain operations, which should enhance profitability, enhanced by new services and revenue streams like retail media.</li>
</ul>


The big 3 convenience stores in Japan control 90% of the sector and share will climb as they mop up some of the remaining chains and collaborate with the rest.
Seven Eleven is by far the best performer of the three but both Lawson and Familymart are innovating to create quite different retail operations.
All are seeing the benefits of digitisation of store and supply chain operations, which should enhance profitability, enhanced by new services and revenue streams like retail media.


Conbini Wars: Seven Vs Lawson Vs Familymart

Japan Specialist

Mark Chadwick

<ul>
<li>OVERSEAS: The S&amp;P 500 lost 2.9% last week, its worst performance since March;  US Auto Strike expands; US budget talks fail - Govt shutdown risk rises. </li>
<li>JAPAN: Nikkei ends the week down -3.4%; BOJ downplays policy exit; Japan Core Inflation remains at 3.1% </li>
<li>JAPAN X: Phil Spencer, the head of gaming at Microsoft, was found to have expressed keen interest in acquiring Nintendo</li>
</ul>


OVERSEAS: The S&amp;P 500 lost 2.9% last week, its worst performance since March;  US Auto Strike expands; US budget talks fail - Govt shutdown risk rises. 
JAPAN: Nikkei ends the week down -3.4%; BOJ downplays policy exit; Japan Core Inflation remains at 3.1% 
JAPAN X: Phil Spencer, the head of gaming at Microsoft, was found to have expressed keen interest in acquiring Nintendo


Ohayo Japan: SPX -2.9%WoW as UAW Auto Strikes Expand; JapanX - Nintendo Is THE Prime Gaming Asset

Japan

ITOCHU Corporation is a general trading firm handling textiles, wood, machinery, metals, food, chemicals, construction materials, commodities, and energy related products such as oil and gas. The Company operates around the world. Itochu diversifies by operating in satellite communication and data communication businesses.

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Itochu Corp (8001 JP)

Dentsu Soken (4812 JP): Oasis’s Presence Results in Itochu's Rumoured Generous Offer

Oasis’s emergence as a substantial shareholder ensured a generous offer. The rumoured offer represents an all-time high and is attractive compared...

Arun George

Private Brands in Japan: Getting Bigger – Literally

Private brands offer price and marketing flexibility during inflation, and their popularity is increasing. Investors should focus on retailers...

Michael Causton

Conbini Wars: Seven Vs Lawson Vs Familymart

The top 3 convenience stores in Japan dominate the sector and are expected to further increase their market share. They are embracing digitization...

Michael Causton

Ohayo Japan: SPX -2.9%WoW as UAW Auto Strikes Expand; JapanX - Nintendo Is THE Prime Gaming Asset

OVERSEAS: UAW strike continue; US Govt shutdown risk; JAPAN: Nikkei ends the week down -3.4%; BOJ downplays policy exit; Japan Core Inflation...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dentsu Soken (4812 JP): Oasis’s Presence Results in Itochu's Rumoured Generous Offer

Oasis’s emergence as a substantial shareholder ensured a generous offer. The rumoured offer represents an all-time high and is attractive compared...

Arun George

Private Brands in Japan: Getting Bigger – Literally

​Private brands offer price and marketing flexibility during inflation, and their popularity is increasing. Investors should focus on retailers...

Michael Causton

OUE Healthcare (OUEHC SP): S$0.05/Share Scheme Offer From Parent

Terms are fair. If illiquid arbs are your bag, and not already in, I'd pay up to S$0.47/share for a 12% annualised return, assuming a five month...

David Blennerhassett

Conbini Wars: Seven Vs Lawson Vs Familymart

​The top 3 convenience stores in Japan dominate the sector and are expected to further increase their market share. They are embracing digitization...

Michael Causton

Ohayo Japan: SPX -2.9%WoW as UAW Auto Strikes Expand; JapanX - Nintendo Is THE Prime Gaming Asset

OVERSEAS: UAW strike continue; US Govt shutdown risk; JAPAN: Nikkei ends the week down -3.4%; BOJ downplays policy exit; Japan Core Inflation...

Mark Chadwick

Private brands offer price and marketing flexibility during inflation, and their popularity is increasing. Investors should focus on retailers...

The top 3 convenience stores in Japan dominate the sector and are expected to further increase their market share. They are embracing digitization...