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/nissin-corp" target="_blank" data-smartkarma-citation="entities:12749:1" rel="noopener">Nissin Corp (9066 JP)</a> has recommended a Bain-sponsored MBO tender offer of JPY8,100 per share, a 27.6% premium to the last close. </li>
<li>The offer is attractive compared to peer multiples and historical trading ranges. However, it is light compared to precedent transaction multiples. </li>
<li>While the offer represents an all-time high, it is below the midpoint of the target IFA DCF valuation range. A counterbid cannot be ruled out. </li>
</ul>



Nissin Corp (9066 JP) has recommended a Bain-sponsored MBO tender offer of JPY8,100 per share, a 27.6% premium to the last close. 
The offer is attractive compared to peer multiples and historical trading ranges. However, it is light compared to precedent transaction multiples. 
While the offer represents an all-time high, it is below the midpoint of the target IFA DCF valuation range. A counterbid cannot be ruled out. 


Nissin Corp (9066 JP): Bain-Sponsored MBO at JPY8,100 Is Arguably Light

Focus on Smaller Cap Value Names, Altay Capital

Altay Capital

Focus on Smaller Cap Value Names

Long time value investor. Long/Short portfolio that’s always net long (between 30-80%). I have extensive experience in the video game industry as I founded a leading media company in the space, which I have since exited after an acquisition. Gaming companies only make up ~15% of my portfolio, but its a sector where I believe I have an edge. A newsletter about value investing! Mostly focus on smaller cap value names that aren't widely covered.

Equity Bottom-Up

<ul><li>The Keihin Co is a ¥10.94B ($74.7m) market cap logistics company in Japan that owns and operates warehouses and distribution facilities mostly in and around Tokyo.</li><li>They’ve been profitable for 19 of the last 20 years and have compounded tangible book value at 6.5% over the last decade while growing profits.</li><li>Stock has gone nowhere over the last decade despite compounding tangible book value and net income at a respectable clip.</li></ul>

The Keihin Co is a ¥10.94B ($74.7m) market cap logistics company in Japan that owns and operates warehouses and distribution facilities mostly in and around Tokyo.They’ve been profitable for 19 of the last 20 years and have compounded tangible book value at 6.5% over the last decade while growing profits.Stock has gone nowhere over the last decade despite compounding tangible book value and net income at a respectable clip.

The Keihin Co (TYO 9312) - A Consistently Profitable and Growing Small Cap Logistics Company

Japan

The Keihin Co Ltd mainly provides warehousing and truck transportation services. The Company manages distribution centers and integrates them with distribution services including door-to-door parcel delivery. Keihin has overseas subsidiary and operates international intermodal transportation as well.

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Keihin (9312 JP)

Nissin Corp (9066 JP): Bain-Sponsored MBO at JPY8,100 Is Arguably Light

While the offer represents an all-time high, it is below the midpoint of the target IFA DCF valuation range and precedent transaction multiples. A...

Arun George

The Keihin Co (TYO 9312) - A Consistently Profitable and Growing Small Cap Logistics Company

The Keihin Co is a ¥10.94B ($74.7m) market cap logistics company in Japan that owns and operates warehouses and distribution facilities mostly in...

Altay Capital

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