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/sumitomo-riko-company-ltd" target="_blank" data-smartkarma-citation="entities:14955:1" rel="noopener">Sumitomo Riko Company (5191 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/sumitomo-electric-industries" target="_blank" data-smartkarma-citation="entities:10496:1" rel="noopener">Sumitomo Electric Industries (5802 JP)</a> at JPY2,600, a 20.6% premium to the undisturbed price.</li>
<li>The offer is arguably attractive as it is above the midpoint of the special committee/target IFA DCF valuation range and represents an all-time high. </li>
<li>The offer is light as it implies a discount to peer multiples. However, the significant cross-holders on the register suggest that the minimum tendering condition should be met. </li>
</ul>



Sumitomo Riko Company (5191 JP) has recommended a tender offer from Sumitomo Electric Industries (5802 JP) at JPY2,600, a 20.6% premium to the undisturbed price.
The offer is arguably attractive as it is above the midpoint of the special committee/target IFA DCF valuation range and represents an all-time high. 
The offer is light as it implies a discount to peer multiples. However, the significant cross-holders on the register suggest that the minimum tendering condition should be met. 


Sumitomo Riko (5191 JP): Sumitomo Electric (5802 JP)’s Tender Offer Is Light but Likely Done

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>
Market: The broader Topix Index ended the week 59 points, or -2.6%,</li>
<li>
Movers: Kusuri No Aoki Holdings shares rose sharply this week after the Japanese drugstore operator's first-quarter profit climbed (+49% yoy)</li>
<li>
Activist Watch: Dalton have also taken significant positions in Rinnai and Nitta</li>
</ul>



Market: The broader Topix Index ended the week 59 points, or -2.6%,

Movers: Kusuri No Aoki Holdings shares rose sharply this week after the Japanese drugstore operator's first-quarter profit climbed (+49% yoy)

Activist Watch: Dalton have also taken significant positions in Rinnai and Nitta


Japan Weekly | Kusuri No Aoki, Inpex, Mit Motors, Rinnai

Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

Through its many subsidiaries and affiliates Nitta makes industrial and automobile rubber related products, belts and tubes. It also makes semiconductor polishing equipment (pads and slurry). It is a well-run business with global operations and it will continue to explore M&amp;A opportunities globally if they are a sensible fit. The operating environment is good, particularly its logistic and SPE related operations. First half results came in ahead of expectations and full year the sales and…

Through its many subsidiaries and affiliates Nitta makes industrial and automobile rubber related products, belts and tubes. It also makes semiconductor polishing equipment (pads and slurry). It is a well-run business with global operations and it will continue to explore M&amp;A opportunities globally if they are a sensible fit. The operating environment is good, particularly its logistic and SPE related operations. First half results came in ahead of expectations and full year the sales and…

Nitta (5186) Good Growth Remains Across All Areas.

Japan

Nitta Corporation manufactures and sells industrial products.  The Company's products include driving belts, processed rubber products, conveyers, air filtration equipment, and measuring instruments.

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Nitta Corp (5186 JP)

Sumitomo Riko (5191 JP): Sumitomo Electric (5802 JP)’s Tender Offer Is Light but Likely Done

The offer is light as it implies a discount to peer multiples. However, the significant cross-holders on the register suggest that the minimum...

Arun George

Japan Weekly | Kusuri No Aoki, Inpex, Mit Motors, Rinnai

Japanese market declines as Topix Index falls 2.6%, while Kusuri No Aoki Holdings sees profit rise and Dalton takes positions in Rinnai and Nitta.

Mark Chadwick

Nitta (5186) Good Growth Remains Across All Areas.

Through its many subsidiaries and affiliates Nitta makes industrial and automobile rubber related products, belts and tubes. It also makes...

Pearl Hill Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sumitomo Riko (5191 JP): Sumitomo Electric (5802 JP)’s Tender Offer Is Light but Likely Done

The offer is light as it implies a discount to peer multiples. However, the significant cross-holders on the register suggest that the minimum...

Arun George

Japan Weekly | Kusuri No Aoki, Inpex, Mit Motors, Rinnai

​Japanese market declines as Topix Index falls 2.6%, while Kusuri No Aoki Holdings sees profit rise and Dalton takes positions in Rinnai and Nitta.

Mark Chadwick

Nitta (5186) Good Growth Remains Across All Areas.

Through its many subsidiaries and affiliates Nitta makes industrial and automobile rubber related products, belts and tubes. It also makes...

Pearl Hill Advisors

Japanese market declines as Topix Index falls 2.6%, while Kusuri No Aoki Holdings sees profit rise and Dalton takes positions in Rinnai and Nitta.