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>The <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a> Board has opposed YFO’s potential tender offer price of JPY1,255 per share but has kept the door open for an improved offer. </li>
<li>YFO is running out of options as a YFO candidate-heavy special committee opposed its proposal, and the share price is trading through terms. </li>
<li>YFO has three options: a hostile offer at an unchanged price, an improved price, or exit its position. Each option has issues suggesting a lack of short-term share price support.  </li>
</ul>


The Toyo Construction (1890 JP) Board has opposed YFO’s potential tender offer price of JPY1,255 per share but has kept the door open for an improved offer. 
YFO is running out of options as a YFO candidate-heavy special committee opposed its proposal, and the share price is trading through terms. 
YFO has three options: a hostile offer at an unchanged price, an improved price, or exit its position. Each option has issues suggesting a lack of short-term share price support.  


Toyo Construction (1890 JP): Déjà Vu as YFO’s Proposal Rejected

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The question of how Murakami-san would get out of his stake in <a href="https://www.smartkarma.com/entities/cosmo-energy-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:26565:1" rel="noopener">Cosmo Energy Holdings (5021 JP)</a> was always a biggie. He likes to sell stock in tender offer buybacks.</li>
<li>Cosmo wasn't going to do that for him. They promised dividends and a high payout ratio, but that left the question was how he was going to get out. </li>
<li>A semi-obvious solution was to find a corporate partner to buy his stake and today, <a href="https://www.smartkarma.com/entities/iwatani-corp" target="_blank" data-smartkarma-citation="entities:15459:1" rel="noopener">Iwatani Corp (8088 JP)</a> announced that it had bought 19.86% of Murakami-san's 20.01% holding.</li>
</ul>


The question of how Murakami-san would get out of his stake in Cosmo Energy Holdings (5021 JP) was always a biggie. He likes to sell stock in tender offer buybacks.
Cosmo wasn't going to do that for him. They promised dividends and a high payout ratio, but that left the question was how he was going to get out. 
A semi-obvious solution was to find a corporate partner to buy his stake and today, Iwatani Corp (8088 JP) announced that it had bought 19.86% of Murakami-san's 20.01% holding.


Mischief Managed! Iwatani Corp (8088) Buys Out Murakami-San's Cosmo Energy Stake

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>
Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP ABREAST.
</li>
<li>
OVERSEAS.  US recession fears dominate,  SPX -0.7%/-3.7%WoW; Nov PPI print higher vs Cons, Cements +50bp Fed hike; China stocks win WoW amid COVID loosening + Property rescue;  Tech looks supported</li>
<li>
JAPAN.  NKY Futs -0.4% vs Cash, USDJPY ¥136.56;  US asks JP to help curb China chip access; More  Boeing orders, +ve JP related;  FY23 Defense to rise by ¥1trn</li>
</ul>



Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP ABREAST.


OVERSEAS.  US recession fears dominate,  SPX -0.7%/-3.7%WoW; Nov PPI print higher vs Cons, Cements +50bp Fed hike; China stocks win WoW amid COVID loosening + Property rescue;  Tech looks supported

JAPAN.  NKY Futs -0.4% vs Cash, USDJPY ¥136.56;  US asks JP to help curb China chip access; More  Boeing orders, +ve JP related;  FY23 Defense to rise by ¥1trn


Good Morning Japan |+50bp Fed Hike in the Bag, but Watching Tuesday's US CPI Print

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>Japan continues to move forward with preparing for the shift to a hydrogen economy with new developments in both <a href="https://asia.nikkei.com/Business/Transportation/Japan-s-first-hydrogen-hybrid-train-gears-up-for-trial-runs" target="_blank" rel="noopener">rail</a> and <a href="https://asia.nikkei.com/Spotlight/Environment/Climate-Change/Japan-to-kick-start-artificial-photosynthesis-R-D" target="_blank" rel="noopener">hydrogen production</a>. </li>
<li>The efforts to produce hydrogen through artificial photosynthesis are particularly interesting given the potential to reduce hydrogen costs drastically. </li>
<li>While Toyota is of course involved in the efforts, the key beneficiary for the hydrogen economy remains Iwatani.</li>
</ul>


Japan continues to move forward with preparing for the shift to a hydrogen economy with new developments in both rail and hydrogen production. 
The efforts to produce hydrogen through artificial photosynthesis are particularly interesting given the potential to reduce hydrogen costs drastically. 
While Toyota is of course involved in the efforts, the key beneficiary for the hydrogen economy remains Iwatani.


Iwatani – Hydrogen Getting Interesting Again and This Is the Best Play

There are signs of movement in Japan in order to try and hit its 2050 carbon neutrality goal. The clearest sign was the recent restart of an old nuclear reactor and nuclear power is likely to be a key contributor towards this goal, however, in addition to solar, onshore and offshore wind and geothermal, on a timeline that long, hydrogen may actually be the key play here.

There are signs of movement in Japan in order to try and hit its 2050 carbon neutrality goal. The clearest sign was the recent restart of an old nuclear reactor and nuclear power is likely to be a key contributor towards this goal, however, in addition to solar, onshore and offshore wind and geothermal, on a timeline that long, hydrogen may actually be the key play here.

Japan

IWATANI CORPORATION is a trading company supplying gases for industrial and household use.  The Company also handles fuel, consumer products, industrial materials, minerals, construction, agriculture, and medical products.  Iwatani produces liquid hydrogen with Mitsubishi Heavy Industries.

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Iwatani Corp (8088 JP)

Toyo Construction (1890 JP): Déjà Vu as YFO’s Proposal Rejected

YFO has withdrawn its JPY1,255 offer. YFO dispute centres on the feasibility of the medium-term management plan as “there have already been...

Arun George

Mischief Managed! Iwatani Corp (8088) Buys Out Murakami-San's Cosmo Energy Stake

Murakami-san is OUT of Cosmo Energy. Petro/Industrial Gases co Iwatani Corp has bought a 19.9% stake. This may be without warning to Cosmo. It's...

Travis Lundy

Good Morning Japan |+50bp Fed Hike in the Bag, but Watching Tuesday's US CPI Print

Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP...

Mark Chadwick

Iwatani – Hydrogen Getting Interesting Again and This Is the Best Play

Japan continues to move forward with preparing for the shift to a hydrogen economy with new technology to use photosynthesis to produce hydrogen...

Mio Kato

Japan Hydrogen Plays

As interest continues to build in Japan's hydrogen economy plans it is still difficult to identify attractive thematic plays on the idea... except...

Mio Kato

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