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.

Equity Capital Markets

<ul>
<li>Since the US$1.4 billion secondary placement announcement, <a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a>’s shares are down 3.5% from the undisturbed price of JPY2,771 per share (29 August).</li>
<li>Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Terumo’s shares have followed the pattern of previous large placements.</li>
<li>The offering will likely be priced on 10 September. Despite Kokusai and Honda's disappointing performance, the average large Japanese placement tends to generate positive returns.</li>
</ul>


Since the US$1.4 billion secondary placement announcement, Terumo Corp (4543 JP)’s shares are down 3.5% from the undisturbed price of JPY2,771 per share (29 August).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Terumo’s shares have followed the pattern of previous large placements.
The offering will likely be priced on 10 September. Despite Kokusai and Honda's disappointing performance, the average large Japanese placement tends to generate positive returns.


Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Event-Driven

<ul>
<li>The Couche-Tard "friendly bid" raises more questions than it answers: Is it real? What does CT really want? Can it afford it? Will the Japanese government let it through?</li>
<li>We remain sceptical about a bid – if it happens – succeeding. Either way, Seven &amp; Eleven Japan looks to be the much better retailer.</li>
<li>It has been selling 25-40% more than competitors in the world's toughest CVS market and looks set to extract more value in Japan/overseas than anyone else could so why sell?</li>
</ul>


The Couche-Tard "friendly bid" raises more questions than it answers: Is it real? What does CT really want? Can it afford it? Will the Japanese government let it through?
We remain sceptical about a bid – if it happens – succeeding. Either way, Seven &amp; Eleven Japan looks to be the much better retailer.
It has been selling 25-40% more than competitors in the world's toughest CVS market and looks set to extract more value in Japan/overseas than anyone else could so why sell?


For Long-Term Investors, Seven & I Is the Better Bet

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Echoes of August with Japan looking to start the day very weak on the lead from US semi related.</li>
<li>Expect heavy selling for recent retail margin favourites e.g. Mercari, IHI, KHI and Socionext, and SPE winners such as Kokusai and Advantest, although the sector will start under heavy pressure.</li>
<li>Nothing from Nikkei Inc. yet on their NKY225 rebalance decision, but expect outsized volatility today with many multi-strategy pods shuttered during the August sell off.</li>
</ul>


Echoes of August with Japan looking to start the day very weak on the lead from US semi related.
Expect heavy selling for recent retail margin favourites e.g. Mercari, IHI, KHI and Socionext, and SPE winners such as Kokusai and Advantest, although the sector will start under heavy pressure.
Nothing from Nikkei Inc. yet on their NKY225 rebalance decision, but expect outsized volatility today with many multi-strategy pods shuttered during the August sell off.


Japan Morning Connection: Expect Volatility with Retail and SPE Stocks Under Pressure

<ul>
<li>
<a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a> has announced a secondary offering of up to 73.2 million shares, worth JPY203 billion (US$1.4 billion) at the last close. </li>
<li>The secondary offering facilitates the exit of large shareholders. Terumo also announced a buyback worth a maximum of JPY30 billion or 15 million shares.</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 September (likely 10 September).</li>
</ul>



Terumo Corp (4543 JP) has announced a secondary offering of up to 73.2 million shares, worth JPY203 billion (US$1.4 billion) at the last close. 
The secondary offering facilitates the exit of large shareholders. Terumo also announced a buyback worth a maximum of JPY30 billion or 15 million shares.
Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 10 and 12 September (likely 10 September).


Terumo (4543 JP): A US$1.4 Billion Secondary Offering

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>PDD US/CPNG US/4385 JP/4689 JP/4755 JP: Temu to launch semi-consignment in Japan and South Korea in October (+/-/-/-/-)</li>
<li>BABA US: Alibaba upgrades it AI generated fashion model tool (+)</li>
<li>BABA US: Alibaba’s C2C platform Idle Fish to charge commissions in September (+)</li>
</ul>


PDD US/CPNG US/4385 JP/4689 JP/4755 JP: Temu to launch semi-consignment in Japan and South Korea in October (+/-/-/-/-)
BABA US: Alibaba upgrades it AI generated fashion model tool (+)
BABA US: Alibaba’s C2C platform Idle Fish to charge commissions in September (+)


[Blue Lotus Daily-TMT Update]:PDD US/CPNGUS/4385JP/4689JP/4755JP/BABA US/1024HK/JD US/3690HK/700HK

Japan

Rakuten Group, Inc. provides Internet services. The Company offers Internet finance services which including "Rakuten Card" and "Rakuten Bank". Rakuten Group also provides digital content services including electronic book services.

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Rakuten (4755 JP)

Terumo (4543 JP): The Current Playbook

The offering will likely be priced on 10 September. Looking at recent large Japanese placements is instructive to understand the potential trading...

Arun George

For Long-Term Investors, Seven & I Is the Better Bet

Couche-Tard's bid for Seven & Eleven Japan raises doubts, with skepticism about its success. Seven & Eleven Japan looks to be the superior...

Michael Causton

Japan Morning Connection: Expect Volatility with Retail and SPE Stocks Under Pressure

Japan's market set to open weak following US semi-related lead, heavy selling expected for retail margin favorites and SPE winners, potential...

Andrew Jackson

Terumo (4543 JP): A US$1.4 Billion Secondary Offering

Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 10 and...

Arun George

[Blue Lotus Daily-TMT Update]:PDD US/CPNGUS/4385JP/4689JP/4755JP/BABA US/1024HK/JD US/3690HK/700HK

Temu to launch semi-consignment in Japan and South Korea; Alibaba upgrades AI fashion model tool and Idle Fish to charge commissions.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Terumo (4543 JP): The Current Playbook

The offering will likely be priced on 10 September. Looking at recent large Japanese placements is instructive to understand the potential trading...

Arun George

For Long-Term Investors, Seven & I Is the Better Bet

​Couche-Tard's bid for Seven & Eleven Japan raises doubts, with skepticism about its success. Seven & Eleven Japan looks to be the superior...

Michael Causton

Japan Morning Connection: Expect Volatility with Retail and SPE Stocks Under Pressure

​Japan's market set to open weak following US semi-related lead, heavy selling expected for retail margin favorites and SPE winners, potential...

Andrew Jackson

Terumo (4543 JP): A US$1.4 Billion Secondary Offering

Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 10 and...

Arun George

[Blue Lotus Daily-TMT Update]:PDD US/CPNGUS/4385JP/4689JP/4755JP/BABA US/1024HK/JD US/3690HK/700HK

​Temu to launch semi-consignment in Japan and South Korea; Alibaba upgrades AI fashion model tool and Idle Fish to charge commissions.

Blue Lotus Research Institute

Couche-Tard's bid for Seven & Eleven Japan raises doubts, with skepticism about its success. Seven & Eleven Japan looks to be the superior...

Japan's market set to open weak following US semi-related lead, heavy selling expected for retail margin favorites and SPE winners, potential...

Temu to launch semi-consignment in Japan and South Korea; Alibaba upgrades AI fashion model tool and Idle Fish to charge commissions.