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 weekly summary of key developments in ECM and Event-Driven names that I track in Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India, and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/shein-global-holdings-limited" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (625 HK)</a> and <a href="https://www.smartkarma.com/entities/gcash" target="_blank" data-smartkarma-citation="entities:40108:1" rel="noopener">GCash (Mynt) (GCASH PM)</a> IPOs; <a href="https://www.smartkarma.com/entities/lintec-corp" target="_blank" data-smartkarma-citation="entities:5564:1" rel="noopener">Lintec Corp (7966 JP)</a> secondary offering.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a>, <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>, <a href="https://www.smartkarma.com/entities/seed-co-ltd-tokyo" target="_blank" data-smartkarma-citation="entities:15534:1" rel="noopener">Seed Co Ltd/Tokyo (7743 JP)</a>, <a href="https://www.smartkarma.com/entities/carnaby-resources-ltd" target="_blank" data-smartkarma-citation="entities:4197:1" rel="noopener">Carnaby Resources (CNB AU)</a>, <a href="https://www.smartkarma.com/entities/peet-ltd" target="_blank" data-smartkarma-citation="entities:15586:1" rel="noopener">Peet Ltd (PPC AU)</a>, <a href="https://www.smartkarma.com/entities/suncorp-group-ltd" target="_blank" data-smartkarma-citation="entities:4218:1" rel="noopener">Suncorp (SUN AU)</a>. 
</li>
</ul>


A weekly summary of key developments in ECM and Event-Driven names that I track in Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India, and Chinese ADRs.
ECM developments: SHEIN Global Holdings (625 HK) and GCash (Mynt) (GCASH PM) IPOs; Lintec Corp (7966 JP) secondary offering.
Event-Driven developments: Kakaku.com Inc (2371 JP), Dentsu Soken (4812 JP), Seed Co Ltd/Tokyo (7743 JP), Carnaby Resources (CNB AU), Peet Ltd (PPC AU), Suncorp (SUN AU). 



Weekly Deals Digest (30 Aug) - Kakaku, Dentsu Soken, Seed, Carnaby, Peet, Suncorp, OUE, Shein

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The market now realise that EQT's playing the long game for <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com (2371 JP)</a>. Not optimal unless EQT thinks that they have a chance at a runoff. </li>
<li>Reportedly, <a href="https://www.smartkarma.com/entities/tokio-marine-holdings-inc" target="_blank" data-smartkarma-citation="entities:7591" rel="noopener">Tokio Marine Holdings (8766 JP)</a> has identified <a href="https://www.smartkarma.com/entities/suncorp-group-ltd" target="_blank" data-smartkarma-citation="entities:4218" rel="noopener">Suncorp (SUN AU)</a> as its preferred takeover target</li>
<li>
<a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua (3991 HK)</a> is a busted deal. Did the Offeror sound out all the necessary officials AND regulatory bodies before even launching the Offer.</li>
</ul>


The market now realise that EQT's playing the long game for Kakaku.com (2371 JP). Not optimal unless EQT thinks that they have a chance at a runoff. 
Reportedly, Tokio Marine Holdings (8766 JP) has identified Suncorp (SUN AU) as its preferred takeover target

Changhong Jiahua (3991 HK) is a busted deal. Did the Offeror sound out all the necessary officials AND regulatory bodies before even launching the Offer.


Last Week In Event SPACE: Kakaku.com, Suncorp, TCL Electronics, Changhong Jiahua, Steadfast

<ul>
<li>Bain/<a href="https://www.smartkarma.com/entities/ly-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">LY (4689 JP)</a> have kept their <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a> offer unchanged and have decided to wait for the EQT/<a href="https://www.smartkarma.com/entities/digital-garage-inc" target="_blank" data-smartkarma-citation="entities:13747:1" rel="noopener">Digital Garage (4819 JP)</a> offer to close, convinced that it will fail. </li>
<li>Minorities have a free option on the higher Bain/LY offer. In the worst case, the EQT/DG offer succeeds, and in the best-case, it fails, and minorities get the Bain/LY offer.</li>
<li>The success of the EQT/DG offer relies heavily on KDDI's support, which remains uncertain. It is very likely that EQT/DG will at least match Bain/LY’s JPY3,640 offer. </li>
</ul>


Bain/LY (4689 JP) have kept their Kakaku.com Inc (2371 JP) offer unchanged and have decided to wait for the EQT/Digital Garage (4819 JP) offer to close, convinced that it will fail. 
Minorities have a free option on the higher Bain/LY offer. In the worst case, the EQT/DG offer succeeds, and in the best-case, it fails, and minorities get the Bain/LY offer.
The success of the EQT/DG offer relies heavily on KDDI's support, which remains uncertain. It is very likely that EQT/DG will at least match Bain/LY’s JPY3,640 offer. 


Kakaku.com (2371 JP): Bain/LY Hold Firm as EQT/DG Face a Dilemma

Travis Lundy

<ul>
<li>On Friday after the close, <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a> announced that Bain would not respond to EQT+DG/Kamgras1's bid bump to ¥3,570 which meant Bain's ¥3,640 was just 1.96% higher. </li>
<li>This means Bain will simply let EQT's current ¥3,570 bid close on 27 August. If the minimum threshold is met, EQT wins.  If not, presumably Bain will launch.</li>
<li>On 18 August, Oasis Management with 19.5% said it did not support a Tender Offer below ¥3,640/share. This, and the market price, may have emboldened Bain. What next?</li>
</ul>


On Friday after the close, Kakaku.com Inc (2371 JP) announced that Bain would not respond to EQT+DG/Kamgras1's bid bump to ¥3,570 which meant Bain's ¥3,640 was just 1.96% higher. 
This means Bain will simply let EQT's current ¥3,570 bid close on 27 August. If the minimum threshold is met, EQT wins.  If not, presumably Bain will launch.
On 18 August, Oasis Management with 19.5% said it did not support a Tender Offer below ¥3,640/share. This, and the market price, may have emboldened Bain. What next?


[Japan M&A] Bain Lets 5-Day Overbid Chance Lapse, Will Wait for EQT Tender To Finish

<ul>
<li>I tally 39 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Five new deals were was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/reliance-worldwide-corp-ltd" target="_blank" data-smartkarma-citation="entities:22690:1" rel="noopener">Reliance Worldwide Corp (RWC AU)</a>, <a href="https://www.smartkarma.com/entities/ausgold-ltd" target="_blank" data-smartkarma-citation="entities:19133:1" rel="noopener">Ausgold Ltd (AUC AU)</a>, <a href="https://www.smartkarma.com/entities/eqt-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7541:1" rel="noopener">EQT Holdings (EQT AU)</a>, <a href="https://www.smartkarma.com/entities/refine-co-ltd" target="_blank" data-smartkarma-citation="entities:34857:1" rel="noopener">Refine (377450 KS)</a>, and <a href="https://www.smartkarma.com/entities/baudroie-inc" target="_blank" data-smartkarma-citation="entities:44459:1" rel="noopener">Baudroie (4413 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a>, <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, <a href="https://www.smartkarma.com/entities/fleetpartners-group-ltd" target="_blank" data-smartkarma-citation="entities:339:1" rel="noopener">FleetPartners Group (FPR AU)</a>, <a href="https://www.smartkarma.com/entities/public-financial-holdings-limited" target="_blank" data-smartkarma-citation="entities:9760:1" rel="noopener">Public Financial (626 HK)</a>, and <a href="https://www.smartkarma.com/entities/european-lithium-ltd" target="_blank" data-smartkarma-citation="entities:10716:1" rel="noopener">European Lithium (EUR AU)</a>.</li>
</ul>


I tally 39 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Five new deals were was discussed on Smartkarma this week: Reliance Worldwide Corp (RWC AU), Ausgold Ltd (AUC AU), EQT Holdings (EQT AU), Refine (377450 KS), and Baudroie (4413 JP).
Key updates/news also took place on: Kakaku.com Inc (2371 JP), Steadfast (SDF AU), FleetPartners Group (FPR AU), Public Financial (626 HK), and European Lithium (EUR AU).


Asia-Pac Weekly Wrap: Kakaku.com, Reliance Worldwide, Ausgold, EQT, Baudroie, Refine, Steadfast

Japan

Kakaku.com, Inc provides price comparison services and products information through its website.  The Company also provides Internet advertising services.

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Kakaku.com Inc (2371 JP)

Weekly Deals Digest (30 Aug) - Kakaku, Dentsu Soken, Seed, Carnaby, Peet, Suncorp, OUE, Shein

A weekly summary of key developments in ECM and Event-Driven names that I track in Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia,...

Arun George

Last Week In Event SPACE: Kakaku.com, Suncorp, TCL Electronics, Changhong Jiahua, Steadfast

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Kakaku.com (2371 JP): Bain/LY Hold Firm as EQT/DG Face a Dilemma

EQT/DG has raised its offer by JPY1 to JPY3,571 as 1) it cannot meet the lower limit, 2) it has no additional irrevocables to disclose, and 3) it...

Arun George

[Japan M&A] Bain Lets 5-Day Overbid Chance Lapse, Will Wait for EQT Tender To Finish

Bain signaled to Kakaku last week they would not raise their price to beat EQTs price by 2% during the 5-day response period, and would wait out...

Travis Lundy

Asia-Pac Weekly Wrap: Kakaku.com, Reliance Worldwide, Ausgold, EQT, Baudroie, Refine, Steadfast

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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