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/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One Inc (2412 JP)</a> has recommended <a href="https://www.smartkarma.com/entities/dai-ichi-life-insurance" target="_blank" data-smartkarma-citation="entities:1109:1" rel="noopener">Dai Ichi Life Insurance (8750 JP)</a>’s revised offer of JPY2,173, a 2.4% and 90.1% premium to the previous offer and undisturbed price, respectively.</li>
<li>The Board and <a href="https://www.smartkarma.com/entities/pasona-group-inc" target="_blank" data-smartkarma-citation="entities:15778:1" rel="noopener">Pasona Group (2168 JP)</a> secured the highest price. <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 Inc (2413 JP)</a> tabled an alternative proposal but Pasona had concerns about the plan's tax treatment.</li>
<li>Based on the irrevocables, the minimum acceptance condition requires a 31.6% minority acceptance rate, achievable due to the high premium and the competitive bidding process.  </li>
</ul>



Benefit One Inc (2412 JP) has recommended Dai Ichi Life Insurance (8750 JP)’s revised offer of JPY2,173, a 2.4% and 90.1% premium to the previous offer and undisturbed price, respectively.
The Board and Pasona Group (2168 JP) secured the highest price. M3 Inc (2413 JP) tabled an alternative proposal but Pasona had concerns about the plan's tax treatment.
Based on the irrevocables, the minimum acceptance condition requires a 31.6% minority acceptance rate, achievable due to the high premium and the competitive bidding process.  


Benefit One (2412 JP): Dai-Ichi Life (8750 JP) Prevails with a JPY2,173 Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Post-Close, the Nikkei carried a breathless headline that <a href="https://www.smartkarma.com/entities/dai-ichi-life-insurance" target="_blank" data-smartkarma-citation="entities:1109:1" rel="noopener">Dai Ichi Life Insurance (8750 JP)</a> had agreed a deal for <a href="https://www.smartkarma.com/entities/pasona-group-inc" target="_blank" data-smartkarma-citation="entities:15778:1" rel="noopener">Pasona Group (2168 JP)</a>'s stake in <a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One Inc (2412 JP)</a>. </li>
<li>Not long afterwards, TDNet Filings provided Benefit One results, a change to BeneOne's Opinion on the M3 Offer, and Board Resolution to Support/Recommend DIL's TOB, now at ¥2,173 and ¥1,526/share.</li>
<li>Looks like a done deal. And this will also likely delay the start of the DIL Bid to 26-28 February timeframe.</li>
</ul>


Post-Close, the Nikkei carried a breathless headline that Dai Ichi Life Insurance (8750 JP) had agreed a deal for Pasona Group (2168 JP)'s stake in Benefit One Inc (2412 JP). 
Not long afterwards, TDNet Filings provided Benefit One results, a change to BeneOne's Opinion on the M3 Offer, and Board Resolution to Support/Recommend DIL's TOB, now at ¥2,173 and ¥1,526/share.
Looks like a done deal. And this will also likely delay the start of the DIL Bid to 26-28 February timeframe.


Dai-Ichi Life for Benefit One (2412) - We Have a Deal! Bumped Small

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across 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/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> is up 15% since listing. <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (1700674D IN)</a> and <a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">FirstCry (0172540D IN)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One Inc (2412 JP)</a>, <a href="https://www.smartkarma.com/entities/benesse-holdings-inc" target="_blank" data-smartkarma-citation="entities:12877:1" rel="noopener">Benesse Holdings (9783 JP)</a>, <a href="https://www.smartkarma.com/entities/glosel-co-ltd" target="_blank" data-smartkarma-citation="entities:18515:1" rel="noopener">Glosel (9995 JP)</a>, <a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a>, <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>, <a href="https://www.smartkarma.com/entities/qv-equities-ltd" target="_blank" data-smartkarma-citation="entities:24284:1" rel="noopener">QV Equities Ltd (QVE AU)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Amer Sports (AS US) is up 15% since listing. Ola Electric (1700674D IN) and FirstCry (0172540D IN) IPOs.
Event-Driven developments - Benefit One Inc (2412 JP), Benesse Holdings (9783 JP), Glosel (9995 JP), Outsourcing Inc (2427 JP), Hollysys Automation Technologies (HOLI US), QV Equities Ltd (QVE AU). 


Weekly Deals Digest (04 Feb) - Benefit One, Benesse, Outsourcing, Glosel, Hollysys, OreCorp, QVE

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

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>
<a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 Inc (2413 JP)</a> reported 3QFY03/2024 results today. Both revenue and OP decreased 1.6% and 7.5% YoY respectively and fell below consensus estimates.</li>
<li>Medical Platform’s revenues declined YoY while overseas segment’s top line growth has been slowing down raising concerns over m3’s growth prospects.</li>
<li>Given continued decline in earnings, it seems that m3 will struggle to meet its full-year guidance suggesting there is further downside.</li>
</ul>



M3 Inc (2413 JP) reported 3QFY03/2024 results today. Both revenue and OP decreased 1.6% and 7.5% YoY respectively and fell below consensus estimates.
Medical Platform’s revenues declined YoY while overseas segment’s top line growth has been slowing down raising concerns over m3’s growth prospects.
Given continued decline in earnings, it seems that m3 will struggle to meet its full-year guidance suggesting there is further downside.


David Blennerhassett

<ul>
<li>For the month of January 2024, 8 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$2bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in January was ~34%. </li>
<li>This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of January 2024, 8 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$2bn.
The average premium for the new transactions announced (or first discussed) in January was ~34%. 
This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, Jan 2024: Newmark, Eureka, Aoki, Medley, Payroll, Kerry Express, Genetron, TDCX

Japan

M3, Inc. supplies medical information services for doctors through the Internet. The Company also supports marketing of pharmaceutical companies and medical equipment manufacturers.

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M3 Inc (2413 JP)

Benefit One (2412 JP): Dai-Ichi Life (8750 JP) Prevails with a JPY2,173 Offer

Based on the irrevocables, the minimum acceptance condition requires a 31.6% minority acceptance rate, achievable due to the high premium to the...

Arun George

Dai-Ichi Life for Benefit One (2412) - We Have a Deal! Bumped Small

The Dai-Ichi Life deal for Benefit One is now decided. Dai-Ichi Life bumped ¥50/share for minorities and a bit less for Pasona. Pasona and BeneOne...

Travis Lundy

Weekly Deals Digest (04 Feb) - Benefit One, Benesse, Outsourcing, Glosel, Hollysys, OreCorp, QVE

Last week, notable developments occurred in Event-Driven (Benefit One, Benesse, Outsourcing, Glosel, Hollysys, OreCorp, QV Equities, Volpara) and...

Arun George

M3: Earnings Slowdown Is Inevitable

M3's revenues and OP declined YoY in 3Q falling below consensus estimates. Medical Platform reported YoY decline in revenues while Overseas...

Shifara Samsudeen, FCMA, CGMA

(Mostly) Asia M&A, Jan 2024: Newmark, Eureka, Aoki, Medley, Payroll, Kerry Express, Genetron, TDCX

For the month of January 2024, 8 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Benefit One (2412 JP): Dai-Ichi Life (8750 JP) Prevails with a JPY2,173 Offer

Based on the irrevocables, the minimum acceptance condition requires a 31.6% minority acceptance rate, achievable due to the high premium to the...

Arun George

Dai-Ichi Life for Benefit One (2412) - We Have a Deal! Bumped Small

The Dai-Ichi Life deal for Benefit One is now decided. Dai-Ichi Life bumped ¥50/share for minorities and a bit less for Pasona. Pasona and BeneOne...

Travis Lundy

Weekly Deals Digest (04 Feb) - Benefit One, Benesse, Outsourcing, Glosel, Hollysys, OreCorp, QVE

Last week, notable developments occurred in Event-Driven (Benefit One, Benesse, Outsourcing, Glosel, Hollysys, OreCorp, QV Equities, Volpara) and...

Arun George

M3: Earnings Slowdown Is Inevitable

​M3's revenues and OP declined YoY in 3Q falling below consensus estimates. Medical Platform reported YoY decline in revenues while Overseas...

Shifara Samsudeen, FCMA, CGMA

(Mostly) Asia M&A, Jan 2024: Newmark, Eureka, Aoki, Medley, Payroll, Kerry Express, Genetron, TDCX

For the month of January 2024, 8 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of...

David Blennerhassett

M3's revenues and OP declined YoY in 3Q falling below consensus estimates. Medical Platform reported YoY decline in revenues while Overseas...