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>
<a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a> has announced a secondary offering of up to 298.9 million shares (including overallotment). At the close, the offer, including overallotment, is worth JPY535 billion (US$3.3 million).</li>
<li>The offering is another sign that the unwinding of cross-shareholdings is catching pace as part of Japan's corporate governance reforms.</li>
<li>Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 17 and 22 July (likely 17 July).</li>
</ul>



Honda Motor (7267 JP) has announced a secondary offering of up to 298.9 million shares (including overallotment). At the close, the offer, including overallotment, is worth JPY535 billion (US$3.3 million).
The offering is another sign that the unwinding of cross-shareholdings is catching pace as part of Japan's corporate governance reforms.
Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 17 and 22 July (likely 17 July).


Honda (7267 JP): A US$3.3 Billion Secondary Offering

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I kind of hate this, but I also can't ignore it. Apparently, an expensive media service Reporting on Deals or about the Market for Mergers, had an article today.</li>
<li>Bloomberg carried a small blurb saying there was "speculation on a tender offer.... according to traders". The stock is untraded, limit up.  </li>
<li>The most informative comment comes from Japanese stock market portal '<em>kabutan</em>' which suggests "overseas media" thinks Sumitomo Corp will sell its shares. I look at the possibilities below.</li>
</ul>


I kind of hate this, but I also can't ignore it. Apparently, an expensive media service Reporting on Deals or about the Market for Mergers, had an article today.
Bloomberg carried a small blurb saying there was "speculation on a tender offer.... according to traders". The stock is untraded, limit up.  
The most informative comment comes from Japanese stock market portal 'kabutan' which suggests "overseas media" thinks Sumitomo Corp will sell its shares. I look at the possibilities below.


T-Gaia (3738 JP) - Possible Premium Takeout Story

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>The company’s targets are underwhelming given the opportunity but low expectations built in</li>
<li>A revamped strategy to increase profitability and shareholder returns is “radical” for this old-school company</li>
<li>Execution is key for certain parts of the plan, but the market can do the rest</li>
</ul>


The company’s targets are underwhelming given the opportunity but low expectations built in
A revamped strategy to increase profitability and shareholder returns is “radical” for this old-school company
Execution is key for certain parts of the plan, but the market can do the rest


Return to Sender: Japan Post Holdings (6178.T) – Entering the Modern Age

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aisin-corp" target="_blank" data-smartkarma-citation="entities:11809:1" rel="noopener">Aisin (7259 JP)</a> has announced a secondary offering of up to 38.9 million shares (including overallotment) and a buyback worth a maximum of JPY100 billion or 17 million shares.</li>
<li>
<a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a>, <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>, and Toyota Motor (7203 JP) are the selling shareholders. The offering aims to reconfigure the company's shareholder mix and reduce cross-shareholdings.</li>
<li>Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 8 and 10 July (likely 8 July).</li>
</ul>



Aisin (7259 JP) has announced a secondary offering of up to 38.9 million shares (including overallotment) and a buyback worth a maximum of JPY100 billion or 17 million shares.

Denso Corp (6902 JP), Toyota Industries (6201 JP), and Toyota Motor (7203 JP) are the selling shareholders. The offering aims to reconfigure the company's shareholder mix and reduce cross-shareholdings.
Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 8 and 10 July (likely 8 July).


Aisin (7259 JP): A US$1.1 Billion Secondary Offering

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. 

<ul>
<li>KDDI will complete its acquisition of a 50% share in Lawson this month and the chain will then delist.</li>
<li>KDDI is promising a rapid introduction of services and fresh ideas to leverage its new retail arm.</li>
<li>It will begin by unifying premium loyalty point membership under the Ponta brand and offer new services that it hopes will help boost share. What out LY.</li>
</ul>


KDDI will complete its acquisition of a 50% share in Lawson this month and the chain will then delist.
KDDI is promising a rapid introduction of services and fresh ideas to leverage its new retail arm.
It will begin by unifying premium loyalty point membership under the Ponta brand and offer new services that it hopes will help boost share. What out LY.


KDDI and Lawson: Loyalty Points Just the Start

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)

Honda (7267 JP): A US$3.3 Billion Secondary Offering

Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 17 and...

Arun George

T-Gaia (3738 JP) - Possible Premium Takeout Story

T-Gaia has settled higher and is now trading down at month-end. A split price takeover would result in a minority price well higher than here. A...

Travis Lundy

Return to Sender: Japan Post Holdings (6178.T) – Entering the Modern Age

Company's underwhelming targets should be beaten. Its plans are being revamped with a "radical" strategy to increase profitability and shareholder...

Rikki Malik

Aisin (7259 JP): A US$1.1 Billion Secondary Offering

Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 8 and 10...

Arun George

KDDI and Lawson: Loyalty Points Just the Start

KDDI's acquisition of 50% of Lawson completes this month, promising innovative services with the Ponta loyalty program the first step and the base...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Honda (7267 JP): A US$3.3 Billion Secondary Offering

Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 17 and...

Arun George

T-Gaia (3738 JP) - Possible Premium Takeout Story

T-Gaia has settled higher and is now trading down at month-end. A split price takeover would result in a minority price well higher than here. A...

Travis Lundy

Return to Sender: Japan Post Holdings (6178.T) – Entering the Modern Age

​Company's underwhelming targets should be beaten. Its plans are being revamped with a "radical" strategy to increase profitability and shareholder...

Rikki Malik

Aisin (7259 JP): A US$1.1 Billion Secondary Offering

Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 8 and 10...

Arun George

KDDI and Lawson: Loyalty Points Just the Start

​KDDI's acquisition of 50% of Lawson completes this month, promising innovative services with the Ponta loyalty program the first step and the base...

Michael Causton

Company's underwhelming targets should be beaten. Its plans are being revamped with a "radical" strategy to increase profitability and shareholder...

KDDI's acquisition of 50% of Lawson completes this month, promising innovative services with the Ponta loyalty program the first step and the base...