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 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: No material new developments over the last week.</li>
<li>Event-Driven developments: <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/paltac-corporation" target="_blank" data-smartkarma-citation="entities:20014:1" rel="noopener">Paltac Corporation (8283 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/baoye-group-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:16758:1" rel="noopener">Baoye Group (2355 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>, OOh!Media. 
</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: No material new developments over the last week.
Event-Driven developments: Kakaku.com Inc (2371 JP), Paltac Corporation (8283 JP), Nippon Dry Chemical (1909 JP), Shinko Shoji (8141 JP), Baoye Group (2355 HK), ENN Energy (2688 HK), OOh!Media. 



Weekly Deals Digest (17 May) - Kakaku, Paltac, Nippon Dry Chem, Shinko Shoji, Baoye, ENN, OOh!Media

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ly-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">LY (4689 JP)</a>'s ¥3,232/share bid for <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com (2371 JP)</a>, contingent on DD being granted and passed. should be enough to get <a href="https://www.smartkarma.com/entities/digital-garage-inc" target="_blank" data-smartkarma-citation="entities:13747:1" rel="noopener">Digital Garage (4819 JP)</a> triggered. There's more to come.</li>
<li>Concurrent with dispatching its Bidder's Statement for <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>, IFM lodges its own Panel application, specifically centred on Chicago Skyway's right of first offer involving Ontario Teachers</li>
<li>
<a href="https://www.smartkarma.com/entities/strike-energy-ltd" target="_blank" data-smartkarma-citation="entities:12473:1" rel="noopener">Strike Energy (STX AU)</a>, who's upstream transiton has proved challenging, announced CEO, non-executive chair, and NED changes/retirements; and following an independent review, a move towards a smaller board.</li>
</ul>



LY (4689 JP)'s ¥3,232/share bid for Kakaku.com (2371 JP), contingent on DD being granted and passed. should be enough to get Digital Garage (4819 JP) triggered. There's more to come.
Concurrent with dispatching its Bidder's Statement for Atlas Arteria (ALX AU), IFM lodges its own Panel application, specifically centred on Chicago Skyway's right of first offer involving Ontario Teachers

Strike Energy (STX AU), who's upstream transiton has proved challenging, announced CEO, non-executive chair, and NED changes/retirements; and following an independent review, a move towards a smaller board.


Last Week In Event SPACE: Kakadu, Atlas Arteria, Strike Energy, New World Development

Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paltac-corporation" target="_blank" data-smartkarma-citation="entities:20014:1" rel="noopener">Paltac Corporation (8283 JP)</a> is a good candidate to boost its shareholder value via share buybacks as it net cash and has fairly low P/BV and PE </li>
<li>Management has elaborated a detailed plan to boost its P/BV ratio, with targets to boost revenues and profit margins, as well as a 30% dedicated payout for dividends </li>
<li>Our fair value is JPY4750 (3% UPSIDE) pegged to 14.7x (its LT mean) FY2024 earnings; as FY2024 earnings guidance is a lowly 5%. Management needs to do more  </li>
</ul>



Paltac Corporation (8283 JP) is a good candidate to boost its shareholder value via share buybacks as it net cash and has fairly low P/BV and PE 
Management has elaborated a detailed plan to boost its P/BV ratio, with targets to boost revenues and profit margins, as well as a 30% dedicated payout for dividends 
Our fair value is JPY4750 (3% UPSIDE) pegged to 14.7x (its LT mean) FY2024 earnings; as FY2024 earnings guidance is a lowly 5%. Management needs to do more  


Japanese Laggard Opportunity #3: Paltac Corporation (8283 JP)

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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 Capital Markets

Drugstore/health and beauty product focused wholesaler <a href="https://www.smartkarma.com/entities/1551" target="_blank" data-smartkarma-citation="entities:1551:1">Arata Corp (2733 JP)</a> announced a secondary offering on Tuesday, together with a convertible bond to be issued. The company is likely to raise JPY4.6bn (based on a 5% discount to the current price and including overallotment) from the sale of new and treasury shares together with JPY6bn from a convertible bond whose conversion price is to be struck at 120% of the price on the pricing date.<h2>Details:</h2>Shares offered: 498,000 new shares, 300,000…

Drugstore/health and beauty product focused wholesaler Arata Corp (2733 JP) announced a secondary offering on Tuesday, together with a convertible bond to be issued. The company is likely to raise JPY4.6bn (based on a 5% discount to the current price and including overallotment) from the sale of new and treasury shares together with JPY6bn from a convertible bond whose conversion price is to be struck at 120% of the price on the pricing date.Details:Shares offered: 498,000 new shares, 300,000…

Arata: Cheap Compared to Rival Paltac and Investments in Automation Could Raise Margins

Japan

PALTAC CORPORATION. is a wholesaler. The Company distributes cosmetics, daily necessities, and medicine to drug stores, convenience stores, supermarkets, and home centers. Paltac also operates and manages logistics centers.

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Paltac Corporation (8283 JP)

Weekly Deals Digest (17 May) - Kakaku, Paltac, Nippon Dry Chem, Shinko Shoji, Baoye, ENN, OOh!Media

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

Last Week In Event SPACE: Kakadu, Atlas Arteria, Strike Energy, New World Development

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Japanese Laggard Opportunity #3: Paltac Corporation (8283 JP)

Paltac is a potential value-boosting candidate if the management mobilizes its net cash balance sheet for share buybacks. Its PE and PBV is...

Mo Aziz

Arata: Cheap Compared to Rival Paltac and Investments in Automation Could Raise Margins

Drugstore/health and beauty product focused wholesaler Arata Corp (2733 JP) announced a secondary offering on Tuesday, together with a convertible...

Mio Kato

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Weekly Deals Digest (17 May) - Kakaku, Paltac, Nippon Dry Chem, Shinko Shoji, Baoye, ENN, OOh!Media

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

Last Week In Event SPACE: Kakadu, Atlas Arteria, Strike Energy, New World Development

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Japanese Laggard Opportunity #3: Paltac Corporation (8283 JP)

​Paltac is a potential value-boosting candidate if the management mobilizes its net cash balance sheet for share buybacks. Its PE and PBV is...

Mo Aziz

Arata: Cheap Compared to Rival Paltac and Investments in Automation Could Raise Margins

Drugstore/health and beauty product focused wholesaler Arata Corp (2733 JP) announced a secondary offering on Tuesday, together with a convertible...

Mio Kato

Paltac is a potential value-boosting candidate if the management mobilizes its net cash balance sheet for share buybacks. Its PE and PBV is...