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/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> denied a <a href="https://www.yomiuri.co.jp/economy/20250303-OYT1T50214/" target="_blank" rel="noopener">Yomiuri article</a> that the Board has decided not to accept an <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> bid in favour of the restructuring plan.</li>
<li>Despite the Board’s assertions that it is still having constructive discussions with Couche-Tard, its actions suggest otherwise.</li>
<li>Couche-Tard remains interested but faces increasing roadblocks. The valuation is undemanding but the news flow is unlikely to support a rerating in the near-term.</li>
</ul>



Seven &amp; I Holdings (3382 JP) denied a Yomiuri article that the Board has decided not to accept an Alimentation Couche-Tard (ATD CN) bid in favour of the restructuring plan.
Despite the Board’s assertions that it is still having constructive discussions with Couche-Tard, its actions suggest otherwise.
Couche-Tard remains interested but faces increasing roadblocks. The valuation is undemanding but the news flow is unlikely to support a rerating in the near-term.


Seven & I Holdings (3382 JP): Shares Under Pressure as Rumours Swirl

<ul>
<li>Bloomberg <a href="https://theedgemalaysia.com/node/745954" target="_blank" rel="noopener">reports</a> that the MBO is stalling due to disagreements within the consortium over who will control <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> after it is privatised.</li>
<li>The Nikkei reported that <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu Corp (8001 JP)</a> was set to withdraw from the MBO consortium. Along with <a href="https://www.smartkarma.com/entities/cp-all-pcl" target="_blank" data-smartkarma-citation="entities:13889:1" rel="noopener">CP ALL PCL (CPALL TB)</a>’s <a href="https://www.cpall.co.th/en/news-en/coporate-news/reaffirmation-of-the-companys-non-participation-in-the-lnvestment-in-a-japanese-retail-company" target="_blank" rel="noopener">non-participation</a>, the MBO’s financing is in trouble. </li>
<li>An <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a><a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" rel="noopener"></a> bid remains in play but has issues. While progressing, the Board’s restructuring plan fails to prove a credible alternative. </li>
</ul>


Bloomberg reports that the MBO is stalling due to disagreements within the consortium over who will control Seven &amp; I Holdings (3382 JP) after it is privatised.
The Nikkei reported that Itochu Corp (8001 JP) was set to withdraw from the MBO consortium. Along with CP ALL PCL (CPALL TB)’s non-participation, the MBO’s financing is in trouble. 
An Alimentation Couche-Tard (ATD CN) bid remains in play but has issues. While progressing, the Board’s restructuring plan fails to prove a credible alternative. 


Seven & I Holdings (3382 JP): A Potential Derailing of the MBO

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Recent news on the <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> situation includes better-than-expected possible sale of the SST business, a little headline fear-mongering on national security, and earnings.</li>
<li>Earnings this year will be volatile vs expectations. Timing (and magnitude) of kitchen-sinking matters. But neither ACT nor you should be buying it based on trough earnings expectations.</li>
<li>The call transcript is worth listening to. The math on the takeover maths well. This is a buy on dip. Again. </li>
</ul>


Recent news on the Seven &amp; I Holdings (3382 JP) situation includes better-than-expected possible sale of the SST business, a little headline fear-mongering on national security, and earnings.
Earnings this year will be volatile vs expectations. Timing (and magnitude) of kitchen-sinking matters. But neither ACT nor you should be buying it based on trough earnings expectations.
The call transcript is worth listening to. The math on the takeover maths well. This is a buy on dip. Again. 


7&I (3382 JP) - Dippity Doo Dah - Irrational Fears, Earnings Vol, But Restructuring Proceeding Apace

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> shares are in a lull here. Winter doldrums without news as the Ito consortium gets its ducks in a row and 7&amp;i sells York.</li>
<li>
<a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> is waiting patiently. They have the ability to wait, and to fund, and pay up. </li>
<li>An article/show is causing a dip today on top of last week's weakness. This is a dip to buy.</li>
</ul>



Seven &amp; I Holdings (3382 JP) shares are in a lull here. Winter doldrums without news as the Ito consortium gets its ducks in a row and 7&amp;i sells York.

Alimentation Couche-Tard (ATD CN) is waiting patiently. They have the ability to wait, and to fund, and pay up. 
An article/show is causing a dip today on top of last week's weakness. This is a dip to buy.


7&I (3382 JP) - Share Price Dipping Deeper Means Dipping Toes Deeper

David Blennerhassett

Nec Networks & System Integr / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks (1973 JP)</a>'s own FA didn't include any measure of transaction synergies to be created about which NEC and NESIC were so sure. This is not being done right.</li>
<li>
<a href="https://www.smartkarma.com/entities/singapore-post-ltd" target="_blank" data-smartkarma-citation="entities:150:1" rel="noopener">Singapore Post (SPOST SP)</a>'s muted price action after announcing the ~S$900mn FMH sale is illustrative. But expect more value to be unlocked from divesting non-core ops going forward. </li>
<li>The FTC' blocking the giant grocery merger of <a href="https://www.smartkarma.com/entities/kroger-co" target="_blank" data-smartkarma-citation="entities:20824:1" rel="noopener">Kroger Co (KR US)</a> and <a href="https://www.smartkarma.com/entities/albertsons-cos-inc" target="_blank" data-smartkarma-citation="entities:33026:1" rel="noopener">Albertsons Cos (ACI US)</a> spells trouble for ACT and <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>.</li>
</ul>



Nec Networks (1973 JP)'s own FA didn't include any measure of transaction synergies to be created about which NEC and NESIC were so sure. This is not being done right.

Singapore Post (SPOST SP)'s muted price action after announcing the ~S$900mn FMH sale is illustrative. But expect more value to be unlocked from divesting non-core ops going forward. 
The FTC' blocking the giant grocery merger of Kroger Co (KR US) and Albertsons Cos (ACI US) spells trouble for ACT and Seven &amp; I Holdings (3382 JP).


Last Week in Event SPACE: NEC Network, SingPost, Seven & I, CPMC, Exedy

United States

The Kroger Co. operates supermarkets and convenience stores in the United States.  The Company also manufactures and processes some of the foods that its supermarkets sell.

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Kroger Co (KR US)

Seven & I Holdings (3382 JP): Shares Under Pressure as Rumours Swirl

Discussions with Couche-Tard are said to remain constructive, but a bid faces increasing roadblocks. The valuation is undemanding but the news flow...

Arun George

Seven & I Holdings (3382 JP): A Potential Derailing of the MBO

Itochu’s potential withdrawal and CP All’s non-participation could be the event that derails the MBO. An Couche-Tard bid remains in play but has...

Arun George

7&I (3382 JP) - Dippity Doo Dah - Irrational Fears, Earnings Vol, But Restructuring Proceeding Apace

Seven & i has seen some recent headlines which should be good, but seem to be ignored. The market is concentrating on negative headlines, which are...

Travis Lundy

Last Week in Event SPACE: NEC Network, SingPost, Seven & I, CPMC, Exedy

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

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Seven & I Holdings (3382 JP): Shares Under Pressure as Rumours Swirl

Discussions with Couche-Tard are said to remain constructive, but a bid faces increasing roadblocks. The valuation is undemanding but the news flow...

Arun George

Seven & I Holdings (3382 JP): A Potential Derailing of the MBO

Itochu’s potential withdrawal and CP All’s non-participation could be the event that derails the MBO. An Couche-Tard bid remains in play but has...

Arun George

7&I (3382 JP) - Dippity Doo Dah - Irrational Fears, Earnings Vol, But Restructuring Proceeding Apace

Seven & i has seen some recent headlines which should be good, but seem to be ignored. The market is concentrating on negative headlines, which are...

Travis Lundy

7&I (3382 JP) - Share Price Dipping Deeper Means Dipping Toes Deeper

An article overnight comments the Ito consortium is taking time to get its funding package ready/done. It's a lot of money. But that means a split...

Travis Lundy

Last Week in Event SPACE: NEC Network, SingPost, Seven & I, CPMC, Exedy

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