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

Continental Aerospace Technologies / Event-Driven

Continental Aerospace Technologies (232 HK)

<ul>
<li>I summarise the latest spreads and newsflow for the merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, the Philippines, Thailand, and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/skyworth-group-limited" target="_blank" data-smartkarma-citation="entities:10941:1" rel="noopener">Skyworth (751 HK)</a>, <a href="https://www.smartkarma.com/entities/qoria-ltd" target="_blank" data-smartkarma-citation="entities:30531:1" rel="noopener">Qoria (QOR AU)</a>, <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>, <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>, <a href="https://www.smartkarma.com/entities/cygnus-metals-limited" target="_blank" data-smartkarma-citation="entities:30504:1" rel="noopener">Cygnus Metals (CY5 AU)</a>, <a href="https://www.smartkarma.com/entities/continental-aerospace-technologies-holding-ltd" target="_blank" data-smartkarma-citation="entities:15249:1" rel="noopener">Continental Aerospace Technologies (232 HK)</a>. 
</li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/accent-group-ltd" target="_blank" data-smartkarma-citation="entities:14283:1" rel="noopener">Accent Group (AX1 AU)</a>, <a href="https://www.smartkarma.com/entities/taiyo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15154:1" rel="noopener">Taiyo Holdings (4626 JP)</a>, <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/clearview-wealth-ltd" target="_blank" data-smartkarma-citation="entities:19733:1" rel="noopener">Clearview Wealth (CVW AU)</a>, <a href="https://www.smartkarma.com/entities/paltac-corporation" target="_blank" data-smartkarma-citation="entities:20014:1" rel="noopener">Paltac Corporation (8283 JP)</a>, <a href="https://www.smartkarma.com/entities/kodensha-co-ltd-the" target="_blank" data-smartkarma-citation="entities:2741:1" rel="noopener">Kodensha Co (1948 JP)</a>. 
</li>
</ul>


I summarise the latest spreads and newsflow for the merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, the Philippines, Thailand, and Chinese ADRs.
Highest spreads: Skyworth (751 HK), Qoria (QOR AU), Changhong Jiahua (3991 HK), European Lithium (EUR AU), Cygnus Metals (CY5 AU), Continental Aerospace Technologies (232 HK). 

Lowest spreads: Accent Group (AX1 AU), Taiyo Holdings (4626 JP), Kakaku.com Inc (2371 JP), Clearview Wealth (CVW AU), Paltac Corporation (8283 JP), Kodensha Co (1948 JP). 



Merger Arb Mondays (29 Jun) - Con Aero, Skyworth, Changhong Jiahua, Shinko Shoji, Nippon Dry, Qoria

<ul>
<li>I summarise the latest spreads and newsflow for the merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, the Philippines, Thailand, and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/skyworth-group-limited" target="_blank" data-smartkarma-citation="entities:10941:1" rel="noopener">Skyworth (751 HK)</a>, <a href="https://www.smartkarma.com/entities/qoria-ltd" target="_blank" data-smartkarma-citation="entities:30531:1" rel="noopener">Qoria (QOR AU)</a>, <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>, <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a>, <a href="https://www.smartkarma.com/entities/cygnus-metals-limited" target="_blank" data-smartkarma-citation="entities:30504:1" rel="noopener">Cygnus Metals (CY5 AU)</a>, <a href="https://www.smartkarma.com/entities/continental-aerospace-technologies-holding-ltd" target="_blank" data-smartkarma-citation="entities:15249:1" rel="noopener">Continental Aerospace Technologies (232 HK)</a>. </li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/accent-group-ltd" target="_blank" data-smartkarma-citation="entities:14283:1" rel="noopener">Accent Group (AX1 AU)</a>, <a href="https://www.smartkarma.com/entities/taiyo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15154:1" rel="noopener">Taiyo Holdings (4626 JP)</a>, <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/nippon-dry-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:13528:1" rel="noopener">Nippon Dry Chemical (1909 JP)</a>, <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>, <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>.    </li>
</ul>


I summarise the latest spreads and newsflow for the merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, the Philippines, Thailand, and Chinese ADRs.
Highest spreads: Skyworth (751 HK), Qoria (QOR AU), Changhong Jiahua (3991 HK), Humm Group (HUM AU), Cygnus Metals (CY5 AU), Continental Aerospace Technologies (232 HK). 
Lowest spreads: Accent Group (AX1 AU), Taiyo Holdings (4626 JP), Kakaku.com Inc (2371 JP), Nippon Dry Chemical (1909 JP), Shinko Shoji (8141 JP), Atlas Arteria (ALX AU).    


Merger Arb Mondays (22 Jun) - Kakaku, Nippon Dry, Shinko Shoji, Accent, Humm, Qoria, Skyworth

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

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.

Thematic (Sector/Industry)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/125/809/original/2020-04-01_05-33-05.png?1585686825" class="editor-image img-responsive" data-smartkarma-image-id="125809"></figure><div class="content-caption">Source • Japan Analytics</div>TUESDAY 31st MARCH - Shareholder returns are now being sacrificed to shore up corporate cash flows in Japan. Yesterday saw<a href="https://www.smartkarma.com/entities/nippon-sheet-glass-co-ltd" target="_blank" data-smartkarma-citation="entities:9013:1" rel="noopener">Nippon Sheet Glass (5202 JP)</a> and <a href="https://www.smartkarma.com/entities/nextgen-inc" target="_blank" data-smartkarma-citation="entities:20914:1" rel="noopener">Nextgen (3842 JP)</a> cancel their payouts, and reductions from <a href="https://www.smartkarma.com/entities/shinsho-corp" target="_blank" data-smartkarma-citation="entities:6333:1" rel="noopener">Shinsho (8075 JP)</a>, <a href="https://www.smartkarma.com/entities/hakuto-co-ltd" target="_blank" data-smartkarma-citation="entities:6207:1" rel="noopener">Hakuto (7433 JP)</a>, and <a href="https://www.smartkarma.com/entities/nipro-corp" target="_blank" data-smartkarma-citation="entities:18346:1" rel="noopener">Nipro (8086 JP)</a>. Nipro has 'form' in this regard, but it is interesting to note that 2020's payout will be less than the ¥16 paid in 2009. We shall be covering the topic of "Dividends at Risk" in a forthcoming Insight. There were no large-cap results or revisions yesterday, but our scoring was five positive to six negative for results and eight positive to eleven negative for revisions.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/125/811/original/2020-04-01_05-56-47.png?1585688222" class="editor-image img-responsive" data-smartkarma-image-id="125811"></figure><div class="content-caption">Source • Japan Analytics</div><a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-gro" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (8306 JP)</a> - MUFG chooses not to make forecasts, so we are reliant on Nikkei 'previews' for 'updates'. A ¥360b (US$3.34b) writedown of MUFG's stake in banks in Indonesia, Thailand, and the Philippines is to be booked for the fiscal year that ended yesterday. MUFG shares fell 5.4%, and Banks was the worst-performing Sector on the day. <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/125/814/original/File%202020-04-01%206%2010%2027.jpeg?1585689079" class="editor-image img-responsive" data-smartkarma-image-id="125814"></figure><div class="content-caption">Source • covid19japan.com</div>LOCKDOWN CORNER - By emphatically denying rumours of an impending 'lockdown' for Tokyo from tomorrow, the Government has limited their options for doing so without loss of credibility with the public. A rumour that Google Japan was suppressing searches about the rumour only helped to fan the flames and anxiety. Panic-buying re-emerged in grocery stores.  COVID-19 cases in Tokyo are now growing at an exponential rate, eclipsing the rest of Japan, with the majority of new cases are not conforming to Japan's pre-ordained epidemiological tracing protocols. Governor Koike held an emergency meeting with Prime Minister Abe last night. While the Tokyo Metropolitan Government is encouraging social distancing, only the national government can invoke stricter measures under the recently-enacted emergency laws. The current uncertainty over the Tokyo lockdown is not market-positive. <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/125/820/original/2020-04-01_05-07-12.png?1585690885" class="editor-image img-responsive" data-smartkarma-image-id="125820"></figure><div class="content-caption">Source • Deutsche Bank</div>HISTORIC - Deutsche Bank has estimated that COVID-19 will result in a year-on-year economic contraction of 3.9%, lower than that of 2009. Were Tokyo to lockdown for a month, the 2009 decline would probably be exceeded.

Source • Japan AnalyticsTUESDAY 31st MARCH - Shareholder returns are now being sacrificed to shore up corporate cash flows in Japan. Yesterday sawNippon Sheet Glass (5202 JP) and Nextgen (3842 JP) cancel their payouts, and reductions from Shinsho (8075 JP), Hakuto (7433 JP), and Nipro (8086 JP). Nipro has 'form' in this regard, but it is interesting to note that 2020's payout will be less than the ¥16 paid in 2009. We shall be covering the topic of "Dividends at Risk" in a forthcoming Insight. There were no large-cap results or revisions yesterday, but our scoring was five positive to six negative for results and eight positive to eleven negative for revisions.Source • Japan AnalyticsMitsubishi UFJ Financial (8306 JP) - MUFG chooses not to make forecasts, so we are reliant on Nikkei 'previews' for 'updates'. A ¥360b (US$3.34b) writedown of MUFG's stake in banks in Indonesia, Thailand, and the Philippines is to be booked for the fiscal year that ended yesterday. MUFG shares fell 5.4%, and Banks was the worst-performing Sector on the day. Source • covid19japan.comLOCKDOWN CORNER - By emphatically denying rumours of an impending 'lockdown' for Tokyo from tomorrow, the Government has limited their options for doing so without loss of credibility with the public. A rumour that Google Japan was suppressing searches about the rumour only helped to fan the flames and anxiety. Panic-buying re-emerged in grocery stores.  COVID-19 cases in Tokyo are now growing at an exponential rate, eclipsing the rest of Japan, with the majority of new cases are not conforming to Japan's pre-ordained epidemiological tracing protocols. Governor Koike held an emergency meeting with Prime Minister Abe last night. While the Tokyo Metropolitan Government is encouraging social distancing, only the national government can invoke stricter measures under the recently-enacted emergency laws. The current uncertainty over the Tokyo lockdown is not market-positive. Source • Deutsche BankHISTORIC - Deutsche Bank has estimated that COVID-19 will result in a year-on-year economic contraction of 3.9%, lower than that of 2009. Were Tokyo to lockdown for a month, the 2009 decline would probably be exceeded.

🇯🇵 JAPAN • Revisions & Results Update 31st March > Dividends at Risk

<ul>
<li>I summarise the latest spreads and newsflow for the merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, the Philippines, Thailand, and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/skyworth-group-limited" target="_blank" data-smartkarma-citation="entities:10941:1" rel="noopener">Skyworth (751 HK)</a>, <a href="https://www.smartkarma.com/entities/qoria-ltd" target="_blank" data-smartkarma-citation="entities:30531:1" rel="noopener">Qoria (QOR AU)</a>, <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>, <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a>, <a href="https://www.smartkarma.com/entities/j-s-b-co-ltd" target="_blank" data-smartkarma-citation="entities:46379:1" rel="noopener">J.S.B (3480 JP)</a>, <a href="https://www.smartkarma.com/entities/continental-aerospace-technologies-holding-ltd" target="_blank" data-smartkarma-citation="entities:15249:1" rel="noopener">Continental Aerospace Technologies (232 HK)</a>, <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ)</a>. 
</li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/taiyo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15154:1" rel="noopener">Taiyo Holdings (4626 JP)</a>, <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/nippon-dry-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:13528:1" rel="noopener">Nippon Dry Chemical (1909 JP)</a>, <a href="https://www.smartkarma.com/entities/australian-strategic-materials" target="_blank" data-smartkarma-citation="entities:30815:1" rel="noopener">Australian Strategic Materials (ASM AU)</a>, <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>, <a href="https://www.smartkarma.com/entities/kodensha-co-ltd-the" target="_blank" data-smartkarma-citation="entities:2741:1" rel="noopener">Kodensha Co (1948 JP)</a>. 
</li>
</ul>


I summarise the latest spreads and newsflow for the merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, the Philippines, Thailand, and Chinese ADRs.
Highest spreads: Skyworth (751 HK), Qoria (QOR AU), Changhong Jiahua (3991 HK), Humm Group (HUM AU), J.S.B (3480 JP), Continental Aerospace Technologies (232 HK), Tourism Holdings (THL NZ). 

Lowest spreads: Taiyo Holdings (4626 JP), Kakaku.com Inc (2371 JP), Nippon Dry Chemical (1909 JP), Australian Strategic Materials (ASM AU), Shinko Shoji (8141 JP), Kodensha Co (1948 JP). 



Merger Arb Mondays (15 Jun) - Skyworth, Changhong Jiahua, Con Aero, JSB, Nippon Dry, Steadfast

<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/lingyi-itech-guangdong-co" target="_blank" data-smartkarma-citation="entities:19050:1" rel="noopener">Lingyi iTech Guangdong (002600 CH)</a>, <a href="https://www.smartkarma.com/entities/sg-micro-corp" target="_blank" data-smartkarma-citation="entities:29768:1" rel="noopener">SG Micro (300661 CH)</a>, <a href="https://www.smartkarma.com/entities/go-inc" target="_blank" data-smartkarma-citation="entities:49420:1" rel="noopener">GO (581A JP)</a> and <a href="https://www.smartkarma.com/entities/manipal-health-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:48013:1" rel="noopener">Manipal Health Enterprises Ltd (1217834D IN)</a> listings.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/nippon-dry-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:13528:1" rel="noopener">Nippon Dry Chemical (1909 JP)</a>, <a href="https://www.smartkarma.com/entities/nippon-sheet-glass-co-ltd" target="_blank" data-smartkarma-citation="entities:9013:1" rel="noopener">Nippon Sheet Glass (5202 JP)</a>, <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media Ltd (OML AU)</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/continental-aerospace-technologies-holding-ltd" target="_blank" data-smartkarma-citation="entities:15249:1" rel="noopener">Continental Aerospace Technologies (232 HK)</a>, <a href="https://www.smartkarma.com/entities/enn-energy-holdings-limited" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</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: Lingyi iTech Guangdong (002600 CH), SG Micro (300661 CH), GO (581A JP) and Manipal Health Enterprises Ltd (1217834D IN) listings.
Event-Driven developments: Nippon Dry Chemical (1909 JP), Nippon Sheet Glass (5202 JP), oOh!Media Ltd (OML AU), Steadfast (SDF AU), Continental Aerospace Technologies (232 HK), ENN Energy (2688 HK). 



Weekly Deals Digest (14 Jun) - Con Aero, ENN, Nippon Dry Chem, Nippon Sheet, OOh!Media, Steadfast

Japan

Nippon Sheet Glass Company, Limited manufactures a variety of glass related products. The products include flat glass for construction, building materials, automobiles, and glassfiber products. Nippon Sheet Glass also develops glass for electronics such as plasma panels and optoelectronic devices.

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Nippon Sheet Glass (5202 JP)

Merger Arb Mondays (29 Jun) - Con Aero, Skyworth, Changhong Jiahua, Shinko Shoji, Nippon Dry, Qoria

I summarise the latest spreads and newsflow for the merger arb situations we cover across Hong Kong, Australia, NZ, Singapore, Japan, Indonesia,...

Arun George

Merger Arb Mondays (22 Jun) - Kakaku, Nippon Dry, Shinko Shoji, Accent, Humm, Qoria, Skyworth

I summarise the latest spreads and newsflow for the merger arb situations we cover across Hong Kong, Australia, NZ, Singapore, Japan, Indonesia,...

Arun George

🇯🇵 JAPAN • Revisions & Results Update 31st March > Dividends at Risk

TUESDAY 31st MARCH - Shareholder returns are now being sacrificed to shore up corporate cash flows in Japan. Yesterday sawNippon Sheet Glass (5202...

Campbell Gunn

Merger Arb Mondays (15 Jun) - Skyworth, Changhong Jiahua, Con Aero, JSB, Nippon Dry, Steadfast

I summarise the latest spreads and newsflow for the merger arb situations we cover across Hong Kong, Australia, NZ, Singapore, Japan, Indonesia,...

Arun George

Weekly Deals Digest (14 Jun) - Con Aero, ENN, Nippon Dry Chem, Nippon Sheet, OOh!Media, Steadfast

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, NZ, Singapore, Japan, Indonesia,...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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