Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The difference between an LBO (Leveraged Buy Out) and an MBO (Management Buy Out) is that an MBO is usually just an LBO where the buyers don't replace the CEO.</li>
<li>After 4+mos  of speculation/noise since a Bloomberg article said Topcon was weighing takeover bids, we have a deal. KKR and JIC will buy out Topcon in an "MBO" at ¥3,300/share.</li>
<li>Unusually, the lower limit is 50.1%. This is an OK exit for the "<a href="https://www.smartkarma.com/insights/thinking-about-topcon-7732-and-the-new-meti-enabled-bad-cop-good-cop-routine" target="_blank" rel="noopener">Bad Cops</a>" but not a great one. It should be higher. Start delayed for 4 months.</li>
</ul>


The difference between an LBO (Leveraged Buy Out) and an MBO (Management Buy Out) is that an MBO is usually just an LBO where the buyers don't replace the CEO.
After 4+mos  of speculation/noise since a Bloomberg article said Topcon was weighing takeover bids, we have a deal. KKR and JIC will buy out Topcon in an "MBO" at ¥3,300/share.
Unusually, the lower limit is 50.1%. This is an OK exit for the "Bad Cops" but not a great one. It should be higher. Start delayed for 4 months.


[Japan Activism] - KKR and JIC Buy Out Topcon (7732 JP) At ¥3,300/Share

<ul>
<li>A Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-12-10/topcon-gets-buyout-offers-from-kkr-eqt-as-japan-m-a-heats-up" target="_blank" rel="noopener">article</a> today said <a href="https://www.smartkarma.com/entities/topcon-corp" target="_blank" data-smartkarma-citation="entities:738:1" rel="noopener">Topcon Corp (7732 JP)</a> is weighing takeover bids received from KKR and EQT. ValueAct has been pressuring the company for 18mos (5+% in May23)</li>
<li>ValueAct has apparently been pushing the company to divest assets and concentrate on core ops, or go private (and have someone else do it). </li>
<li>This is further evidence of the METI-enabled "Bad Cop-Good Cop Routine" which could expand M&amp;A and governance activity dramatically. </li>
</ul>


A Bloomberg article today said Topcon Corp (7732 JP) is weighing takeover bids received from KKR and EQT. ValueAct has been pressuring the company for 18mos (5+% in May23)
ValueAct has apparently been pushing the company to divest assets and concentrate on core ops, or go private (and have someone else do it). 
This is further evidence of the METI-enabled "Bad Cop-Good Cop Routine" which could expand M&amp;A and governance activity dramatically. 


Thinking About Topcon (7732) And the New METI-Enabled Bad Cop-Good Cop Routine

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> raised around US$751m in its Japan IPO. Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.</li>
<li>Rigaku’s diverse product portfolio caters to a broad range of end industries which does provide it some insulation from the demand cyclicality of some markets.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Rigaku Holdings (268A JP) raised around US$751m in its Japan IPO. Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.
Rigaku’s diverse product portfolio caters to a broad range of end industries which does provide it some insulation from the demand cyclicality of some markets.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Rigaku IPO Trading - Demand Wasn’t as Hot as Tokyo Metro but Still Decent

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> is looking to raise up to US$756m in its Japan IPO.</li>
<li>Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.</li>
<li>In our earlier notes, we looked at the firm’s past performance and discussed our thoughts on valuation. In this note, we look at Rigaku’s valuation at the final indicative range.</li>
</ul>



Rigaku Holdings (268A JP) is looking to raise up to US$756m in its Japan IPO.
Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.
In our earlier notes, we looked at the firm’s past performance and discussed our thoughts on valuation. In this note, we look at Rigaku’s valuation at the final indicative range.


Rigaku Holdings IPO - Upside Remains Attractive

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> is looking to raise US$762m in its Japan IPO.</li>
<li>Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.</li>
<li>In our earlier notes, we looked at the firm’s past performance and peers. In this note, we discuss our thoughts on valuation.</li>
</ul>



Rigaku Holdings (268A JP) is looking to raise US$762m in its Japan IPO.
Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.
In our earlier notes, we looked at the firm’s past performance and peers. In this note, we discuss our thoughts on valuation.


Rigaku IPO Thoughts on Valuation - Decent Upside from the Indicative Range

Japan

JEOL Ltd. manufactures electron optics instruments and analytical instruments including electron microscope, X-ray diffractometer and spectrometer and thermographs.  The Company also makes semiconductor manufacturing equipment, medical equipment and industrial equipment.

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Jeol Ltd (6951 JP)

Thinking About Topcon (7732) And the New METI-Enabled Bad Cop-Good Cop Routine

The METI Guideline on Corporate Takeovers has enabled a BadCop-GoodCop routine to be played out by activists and PE funds. Topcon may be a victim....

Travis Lundy

Rigaku IPO Trading - Demand Wasn’t as Hot as Tokyo Metro but Still Decent

Rigaku Holdings (268A JP) raised around US$751m in its Japan IPO. Rigaku engages in developing, manufacturing, sales and servicing scientific...

Clarence Chu

Rigaku Holdings IPO - Upside Remains Attractive

Rigaku Holdings (268A JP) is looking to raise up to US$756m in its Japan IPO. In this note, we look at Rigaku’s valuation at the final indicative...

Clarence Chu

Rigaku IPO Thoughts on Valuation - Decent Upside from the Indicative Range

Rigaku Holdings (268A JP) is looking to raise US$762m in its Japan IPO. In our earlier notes, we looked at the firm’s past performance and peers....

Clarence Chu

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52-week Range

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[Japan Activism] - KKR and JIC Buy Out Topcon (7732 JP) At ¥3,300/Share

The Topcon Deal is out. ¥3,300/share. This may or may not please activists. It is light given extreme confidence in the eyecare biz. But if...

Travis Lundy

Thinking About Topcon (7732) And the New METI-Enabled Bad Cop-Good Cop Routine

The METI Guideline on Corporate Takeovers has enabled a BadCop-GoodCop routine to be played out by activists and PE funds. Topcon may be a victim....

Travis Lundy

Rigaku IPO Trading - Demand Wasn’t as Hot as Tokyo Metro but Still Decent

Rigaku Holdings (268A JP) raised around US$751m in its Japan IPO. Rigaku engages in developing, manufacturing, sales and servicing scientific...

Clarence Chu

Rigaku Holdings IPO - Upside Remains Attractive

Rigaku Holdings (268A JP) is looking to raise up to US$756m in its Japan IPO. In this note, we look at Rigaku’s valuation at the final indicative...

Clarence Chu

Rigaku IPO Thoughts on Valuation - Decent Upside from the Indicative Range

Rigaku Holdings (268A JP) is looking to raise US$762m in its Japan IPO. In our earlier notes, we looked at the firm’s past performance and peers....

Clarence Chu