IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hulic-co-ltd" target="_blank" data-smartkarma-citation="entities:388:1" rel="noopener">Hulic Co Ltd (3003 JP)</a> has announced a secondary offering of up to 85.4 million shares (98.2 million including overallotment), worth around US$800 million (US$920 million including overallotment).</li>
<li>Unlike the 2021 offer, this is a pure secondary offering. It is smaller in terms of outstanding shares and 1-year ADV. The shares are hovering around all-time highs.</li>
<li>Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 10 and 12 December (likely 10 December).</li>
</ul>



Hulic Co Ltd (3003 JP) has announced a secondary offering of up to 85.4 million shares (98.2 million including overallotment), worth around US$800 million (US$920 million including overallotment).
Unlike the 2021 offer, this is a pure secondary offering. It is smaller in terms of outstanding shares and 1-year ADV. The shares are hovering around all-time highs.
Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 10 and 12 December (likely 10 December).


Hulic (3033 JP): A US$800 Million Secondary Offering

Research Coverage of Japanese Listed Companies, Shared Research Inc

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Research Coverage of Japanese Listed Companies

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Equity Bottom-Up

<ul><li>1H FY03/24 sales increased 13.0% YoY, driven by large-scale projects, with operating profit rising 513.8% YoY.</li><li>FY03/25 forecast anticipates JPY460.0bn sales (+9.0% YoY) but decreased operating profit and net income YoY.</li><li>Segment forecasts revised: Public Solutions sales up 43.7% YoY, EMS sales down 2.6% YoY, exchange rates adjusted.</li></ul>

1H FY03/24 sales increased 13.0% YoY, driven by large-scale projects, with operating profit rising 513.8% YoY.FY03/25 forecast anticipates JPY460.0bn sales (+9.0% YoY) but decreased operating profit and net income YoY.Segment forecasts revised: Public Solutions sales up 43.7% YoY, EMS sales down 2.6% YoY, exchange rates adjusted.

Oki Electric Industry (6703 JP): 1H FY03/25 flash update

<ul><li>Q1 sales increased 20.1% YoY to JPY97.9bn, with operating profit at JPY3.9bn and net income at JPY1.8bn.</li><li>Q1 segment sales surged 65.2% YoY, driven by large-scale projects, with segment profit expanding approximately 4.1x YoY.</li><li>Q1 segment sales declined 11.8% YoY due to shrinking semiconductor demand, resulting in a loss for the quarter.</li></ul>

Q1 sales increased 20.1% YoY to JPY97.9bn, with operating profit at JPY3.9bn and net income at JPY1.8bn.Q1 segment sales surged 65.2% YoY, driven by large-scale projects, with segment profit expanding approximately 4.1x YoY.Q1 segment sales declined 11.8% YoY due to shrinking semiconductor demand, resulting in a loss for the quarter.

Oki Electric Industry (6703 JP): Q1 FY03/25 flash update

<ul>
<li>Founded in 1881, Oki Electric Industry Co., Ltd. manufactures electrical and communications equipment, ICT equipment, and systems that utilize these products.</li>
<li>In FY03/24, OKI reported full-year consolidated sales of JPY421.9bn, operating profit of JPY18.7bn, recurring profit of JPY18.3bn, and net income of JPY25.6bn.</li>
<li>OKI Electric Industry Co., Ltd. announced that it expects to record income taxes–deferred in its consolidated and non-consolidated financial results for FY03/24.</li>
</ul>


Founded in 1881, Oki Electric Industry Co., Ltd. manufactures electrical and communications equipment, ICT equipment, and systems that utilize these products.
In FY03/24, OKI reported full-year consolidated sales of JPY421.9bn, operating profit of JPY18.7bn, recurring profit of JPY18.3bn, and net income of JPY25.6bn.
OKI Electric Industry Co., Ltd. announced that it expects to record income taxes–deferred in its consolidated and non-consolidated financial results for FY03/24.


Oki Electric Industry (6703): Full-Year FY03/24 Update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Nikkei announced its Annual Nikkei 225 Average Review on 5 September. It was 3 OUT 3 IN as expected. Then they added <a href="https://www.smartkarma.com/entities/shizuoka-bank-ltd" target="_blank" data-smartkarma-citation="entities:4437:1" rel="noopener">Shizuoka Bank (8355 JP)</a> to the mix. </li>
<li>ShizuGin will form a holding company, so out it goes on Wednesday. NIDEC (6594) goes in. Then SMC (6273) and (7741) replace Unitika (3103) and Oki Electric (6703) Friday.</li>
<li>Then ShizuGin goes back in Monday, and Maruha Nichiro (1333) is deleted. The "big trade" here? The ¥550bn+ funding trade. But the change in ADDs' <em>Real World Float</em> is Real.</li>
</ul>


The Nikkei announced its Annual Nikkei 225 Average Review on 5 September. It was 3 OUT 3 IN as expected. Then they added Shizuoka Bank (8355 JP) to the mix. 
ShizuGin will form a holding company, so out it goes on Wednesday. NIDEC (6594) goes in. Then SMC (6273) and (7741) replace Unitika (3103) and Oki Electric (6703) Friday.
Then ShizuGin goes back in Monday, and Maruha Nichiro (1333) is deleted. The "big trade" here? The ¥550bn+ funding trade. But the change in ADDs' Real World Float is Real.


Two Days Left Til Nikkei 225 Juggled Review Starts

Japan

Oki Electric Industry Company, Limited, develops, produces, and sells a broad range of communication and information related equipment.  The Company's products include personal computers (PCs), PC peripheral equipment, and electronic devices such as semiconductors and automated teller machines (ATMs). Oki Electric Industry also provides installation and maintenance services.

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Oki Electric Industry (6703 JP)

Hulic (3033 JP): A US$800 Million Secondary Offering

Unlike the 2021 offer, this is a pure secondary offering. It is smaller in terms of outstanding shares and 1-year ADV. The shares are hovering...

Arun George