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/mcj-co-ltd" target="_blank" data-smartkarma-citation="entities:14132:1" rel="noopener">MCJ Co Ltd (6670 JP)</a> has recommended a Bain-sponsored MBO at JPY2,200, a 43.0% premium to the last close. </li>
<li>Mr Yuji Takashima (Chairman and CEO) will reinvest to take a 33.1% stake. The offer represents an all-time high and aligns with the midpoint of the IFA DCF valuation range.</li>
<li>However, the sale process was lacking (no auction) and is light compared to peer multiples. Barring the emergence of an activist, this is a done deal. </li>
</ul>



MCJ Co Ltd (6670 JP) has recommended a Bain-sponsored MBO at JPY2,200, a 43.0% premium to the last close. 
Mr Yuji Takashima (Chairman and CEO) will reinvest to take a 33.1% stake. The offer represents an all-time high and aligns with the midpoint of the IFA DCF valuation range.
However, the sale process was lacking (no auction) and is light compared to peer multiples. Barring the emergence of an activist, this is a done deal. 


MCJ (6670 JP): Bain-Sponsored MBO at JPY2,200

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kaga-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:14600:1" rel="noopener">Kaga Electronics (8154 JP)</a> has reduced the lower limit of its <a href="https://www.smartkarma.com/entities/shinko-shoji-co-ltd" target="_blank" data-smartkarma-citation="entities:2322:1" rel="noopener">Shinko Shoji (8141 JP)</a> tender offer from 19.2 million to 16.0 million shares (64.93% to 53.99% ownership ratio).</li>
<li>The offer price is unchanged at JPY1,580, and the closing date has been extended to 3 August. The revised lower limit is based on past AGM voting trends. </li>
<li>Unless Sand Grove materially increases its stake (a 15%+ ownership ratio), the revised lower limit should enable the offer to be completed. Exit with shares currently 1.6% above the offer. </li>
</ul>



Kaga Electronics (8154 JP) has reduced the lower limit of its Shinko Shoji (8141 JP) tender offer from 19.2 million to 16.0 million shares (64.93% to 53.99% ownership ratio).
The offer price is unchanged at JPY1,580, and the closing date has been extended to 3 August. The revised lower limit is based on past AGM voting trends. 
Unless Sand Grove materially increases its stake (a 15%+ ownership ratio), the revised lower limit should enable the offer to be completed. Exit with shares currently 1.6% above the offer. 


Shinko Shoji (8141 JP): Kaga Lowers the Minimum to Aid Completion

<ul>
<li>Sand Grove Capital, which <a href="https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YF59.pdf?sv=2020-08-04&amp;st=2026-06-22T07%3A17%3A01Z&amp;se=2031-06-23T15%3A00%3A00Z&amp;sr=b&amp;sp=rl&amp;sig=nusNDUms2ij0opsbE1a9u4WiEeNxvC3hcPZkw5HziZA%3D" target="_blank" rel="noopener">started buying</a> on the day of the offer announcement, has increased its <a href="https://www.smartkarma.com/entities/shinko-shoji-co-ltd" target="_blank" data-smartkarma-citation="entities:2322:1" rel="noopener">Shinko Shoji (8141 JP)</a> shareholding to 6.12% of outstanding shares. </li>
<li>Sand Grove, primarily an event-driven fund, has bought marginally above terms, suggesting that it is either playing the bumpitrage trade or waging its first Japanese activism campaign. </li>
<li>While Murakami’s exit and Sand Grove's emergence increase the chances of a bump, <a href="https://www.smartkarma.com/entities/kaga-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:14600:1" rel="noopener">Kaga Electronics (8154 JP)</a> retains options to force completion at current terms. </li>
</ul>


Sand Grove Capital, which started buying on the day of the offer announcement, has increased its Shinko Shoji (8141 JP) shareholding to 6.12% of outstanding shares. 
Sand Grove, primarily an event-driven fund, has bought marginally above terms, suggesting that it is either playing the bumpitrage trade or waging its first Japanese activism campaign. 
While Murakami’s exit and Sand Grove's emergence increase the chances of a bump, Kaga Electronics (8154 JP) retains options to force completion at current terms. 


Shinko Shoji (8141 JP): Intriguing Shareholder Movements Ahead of 26 June Close

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>JPX-Nikkei 400 Index consists of stocks listed on the Tokyo Stock Exchange. The index has a complex selection methodology that considers size, fundamentals, and governance factors.</li>
<li>The annual index review takes place in August every year. The base date for the August 2026 review is one month away.</li>
<li>Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance scheduled for August 2026 based on trading data as of end of May 2026.</li>
</ul>


JPX-Nikkei 400 Index consists of stocks listed on the Tokyo Stock Exchange. The index has a complex selection methodology that considers size, fundamentals, and governance factors.
The annual index review takes place in August every year. The base date for the August 2026 review is one month away.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance scheduled for August 2026 based on trading data as of end of May 2026.


Quiddity JPX-Nikkei 400 Rebal 2026: End-May 2026 Ranks

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Our outlook remains neutral for global ex-U.S. markets while horizontal consolidation continues on the MSCI ACWI ex-U.S. index.  In today’s report we take a bottoms-up view on developed ex-U.S. equities, highlighting stocks that present attractive buy opportunities within the Communications, Health Care, Manufacturing, Materials, Technology, Transportation, and Utilities Sectors

Our outlook remains neutral for global ex-U.S. markets while horizontal consolidation continues on the MSCI ACWI ex-U.S. index.  In today’s report we take a bottoms-up view on developed ex-U.S. equities, highlighting stocks that present attractive buy opportunities within the Communications, Health Care, Manufacturing, Materials, Technology, Transportation, and Utilities Sectors

Bottoms-Up View on Developed Markets: Actionable Stocks, Part 2

Japan

MCJ Co., Ltd. manufactures and markets personal computers and its related products.  The Company provides desktop and laptop computers, computer memories, printers, and hard drives.

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MCJ Co Ltd (6670 JP)

MCJ (6670 JP): Bain-Sponsored MBO at JPY2,200

The offer represents an all-time high and aligns with the midpoint of the IFA DCF valuation range. However, the offer is light compared to peer...

Arun George

Shinko Shoji (8141 JP): Kaga Lowers the Minimum to Aid Completion

Unless Sand Grove materially increases its stake, the revised lower limit should enable the offer to be completed. Exit with shares currently 1.6%...

Arun George

Shinko Shoji (8141 JP): Intriguing Shareholder Movements Ahead of 26 June Close

While Murakami’s exit and Sand Grove's emergence increase the chances of a bump, Kaga Electronics retains options to force completion at current...

Arun George

Quiddity JPX-Nikkei 400 Rebal 2026: End-May 2026 Ranks

In total, there are 53 Potential ADDs and 47 Potential DELs (unique names) presented in the current Quiddity Leaderboard. The base date is 30th...

Janaghan Jeyakumar, CFA

Bottoms-Up View on Developed Markets: Actionable Stocks, Part 2

Our outlook remains neutral for global ex-U.S. markets while horizontal consolidation continues on the MSCI ACWI ex-U.S. index. In today’s report...

Vermilion Research

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