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/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> announced a pure secondary offering of 12.6 million or 37.50% of outstanding shares. At the last close, the placement is worth JPY277 billion (US$1.9 billion)</li>
<li>The selling shareholders' primary motivation for exiting their shareholding is to capitalise on the extraordinary share price. Socionext shares are up 6x from the IPO price of JPY3,650 per share.</li>
<li>We think looking at recent large Japanese placements is instructive to understand the potential offer price. The pricing date will fall between 11 to 13 July (likely 11 July).</li>
</ul>



Socionext (6526 JP) announced a pure secondary offering of 12.6 million or 37.50% of outstanding shares. At the last close, the placement is worth JPY277 billion (US$1.9 billion)
The selling shareholders' primary motivation for exiting their shareholding is to capitalise on the extraordinary share price. Socionext shares are up 6x from the IPO price of JPY3,650 per share.
We think looking at recent large Japanese placements is instructive to understand the potential offer price. The pricing date will fall between 11 to 13 July (likely 11 July).


Socionext (6526 JP): US$1.9bn Secondary Placement

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. SPX eakes out gains despite weak ISM Manufacutring in light trading ahead of July 4th Independence Day Holiday; TESLA +6.9% on big 2Q delivery numbers </li>
<li>JAPAN. NKY Futs -0.4% vs Cash; JPYUSD 144.7; Strong BOJ Tankan print drives NKY to new highs;  JP land prices continue to rise; Support for JP foundry goals from IBM</li>
<li>NUGGET.  Japan's passing of the GX Promotion Law enables the issuance of ¥20 trillion in bonds and promotes ¥150 trillion of decarbonization investment over the next decade. Investment opportunities abound!</li>
</ul>


OVERSEAS. SPX eakes out gains despite weak ISM Manufacutring in light trading ahead of July 4th Independence Day Holiday; TESLA +6.9% on big 2Q delivery numbers 
JAPAN. NKY Futs -0.4% vs Cash; JPYUSD 144.7; Strong BOJ Tankan print drives NKY to new highs;  JP land prices continue to rise; Support for JP foundry goals from IBM
NUGGET.  Japan's passing of the GX Promotion Law enables the issuance of ¥20 trillion in bonds and promotes ¥150 trillion of decarbonization investment over the next decade. Investment opportunities abound!


Ohayo Japan| SPX Gains Despite Weak Factory PMI; NUGGET: Japan's GX Promotion Law - Opportunity !

<ul>
<li>OVERSEAS.  Strong close to Month, Quarter and Half Year as SPX rose +1.2% on Friday; AI Trade Back as NDX100 hit  $5trn Mkt cap; Apple now &gt;$3 trill !</li>
<li>JAPAN. NKY Futs +0.7% vs Cash; USDJPY 144.3; Tokyo Inflation print 3.2% raises questions on national inflation and BOJ's next steps;  Tokyo heats up as Power conservation measures implemented</li>
<li>NUGGET.  We believe Toyota's concerns regarding BEVs are valid. We see them having the technology and manufacturing prowess at scale, strong branding, and global reach to eventually overtake Tesla</li>
</ul>


OVERSEAS.  Strong close to Month, Quarter and Half Year as SPX rose +1.2% on Friday; AI Trade Back as NDX100 hit  $5trn Mkt cap; Apple now &gt;$3 trill !
JAPAN. NKY Futs +0.7% vs Cash; USDJPY 144.3; Tokyo Inflation print 3.2% raises questions on national inflation and BOJ's next steps;  Tokyo heats up as Power conservation measures implemented
NUGGET.  We believe Toyota's concerns regarding BEVs are valid. We see them having the technology and manufacturing prowess at scale, strong branding, and global reach to eventually overtake Tesla


Ohayo Japan | Bull Mkt - Nasdaq 100 Stunning +39%YTD ! NUGGET: Toyota(7203) BEV Strategy - A Defense

<ul>
<li>OVERSEAS. SPX +0.4% AS Banks lead after passing Fed's stress test= PAYOUTS ! 2 Fed hikes more likely says Swaps markets; US 1Q GDP REVISED UP to 2%.</li>
<li>JAPAN. NKY Futs +0.3% vs Cash; USDJPY 144.8; End of Month/Quarter; Flat NKY Today = +18.5% QTD..best Quarter in a Decade !  Big Japan AGM Week -Biz leaders get heat.</li>
<li>NUGGET. Kandenko(1942) set to benefit from the massive drive to decarbonize by  key client TEPCO.  Co is still trading below book, is net cash, with earnings set to grow !</li>
</ul>


OVERSEAS. SPX +0.4% AS Banks lead after passing Fed's stress test= PAYOUTS ! 2 Fed hikes more likely says Swaps markets; US 1Q GDP REVISED UP to 2%.
JAPAN. NKY Futs +0.3% vs Cash; USDJPY 144.8; End of Month/Quarter; Flat NKY Today = +18.5% QTD..best Quarter in a Decade !  Big Japan AGM Week -Biz leaders get heat.
NUGGET. Kandenko(1942) set to benefit from the massive drive to decarbonize by  key client TEPCO.  Co is still trading below book, is net cash, with earnings set to grow !


Ohayo Japan |NUGGET: Tepco ¥9 Trillion on Decarbonization - Boon for KANDENDO

<ul>
<li>OVERSEAS. SPX -0.4% down again; NASDAQ -1.4%  as hope for early rate cuts fade with sticky inflation;   Russian political drama continues spurring geopolitical uncertainty; Raft of Tesla -6% rating downgrades. </li>
<li>JAPAN. NKY futs -0.4% vs Cash;  USDJPY 143.5 steady as Japanese officials start verbal intervention; BOJ official wants review of YCC; Deal effectively done JSR(4185) to be taken private</li>
<li>NUGGET.  Japanese Auto majors are ramping up on software engineer headcount to respond to the critical software requirement of EVs.  Internal retraining is proceeded a pace, but the question remains..</li>
</ul>


OVERSEAS. SPX -0.4% down again; NASDAQ -1.4%  as hope for early rate cuts fade with sticky inflation;   Russian political drama continues spurring geopolitical uncertainty; Raft of Tesla -6% rating downgrades. 
JAPAN. NKY futs -0.4% vs Cash;  USDJPY 143.5 steady as Japanese officials start verbal intervention; BOJ official wants review of YCC; Deal effectively done JSR(4185) to be taken private
NUGGET.  Japanese Auto majors are ramping up on software engineer headcount to respond to the critical software requirement of EVs.  Internal retraining is proceeded a pace, but the question remains..


Ohayo Japan |SPX Down (Again)  As Rates Cut Bets Fade; NUGGET: JP OEMs Race for Software Engineers

Japan

Panasonic Corporation manufactures electric and electronic products. The Company produces home appliances, audio & video, computer peripherals, telecommunications, industrial equipment, and electronic parts. Panasonic has associatedcompanies around the world.

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Panasonic Corp Spon Adr (PCRFY US)

Socionext (6526 JP): US$1.9bn Secondary Placement

We think looking at recent large Japanese placements is instructive to understand the potential offer price. The pricing date will fall between 11...

Arun George

Ohayo Japan| SPX Gains Despite Weak Factory PMI; NUGGET: Japan's GX Promotion Law - Opportunity !

SPX gains ahead of 4th July holidays; NKY Futs -0.4% vs Cash; JPYUSD 144.7; Strong BOJ Tankan print drives NKY to new highs; JP land prices...

Mark Chadwick

Ohayo Japan | Bull Mkt - Nasdaq 100 Stunning +39%YTD ! NUGGET: Toyota(7203) BEV Strategy - A Defense

Strong US Close despite the spectre of inflation/Fed hikes; NKY Futs +0.7% vs Cash; USDJPY 144.3; Tokyo May Inflation print 3.2% - BOJ's next...

Mark Chadwick

Ohayo Japan |NUGGET: Tepco ¥9 Trillion on Decarbonization - Boon for KANDENDO

SPX up lead by Banks; NKY Futs +0.3% vs Cash; USDJPY 144.8; End of Month/Quarter; Flat NKY Today = +18.5% QTD..best Quarter in a Decade ! Big...

Mark Chadwick

Ohayo Japan |SPX Down (Again) As Rates Cut Bets Fade; NUGGET: JP OEMs Race for Software Engineers

NKY futs -0.4% vs Cash; USDJPY 143.5 steady as Japanese officials start verbal intervention; BOJ official wants review of YCC; Deal effectively...

Mark Chadwick

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