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/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a> has announced a secondary offering of 91.7 million shares, worth around US$1.9 billion.</li>
<li>The selling shareholder is <a href="https://www.smartkarma.com/entities/gmo-internet-group-inc" target="_blank" data-smartkarma-citation="entities:13631:1" rel="noopener">GMO Internet Group (9449 JP)</a>. The secondary offering aims to increase the tradable share ratio to satisfy the TSE Prime Market's continued listing criteria.</li>
<li>The offering represents 239.4 days of the 1-year ADV, the highest compared to the recent large Japanese placements. Pricing is likely to be on 5 June.</li>
</ul>



GMO Internet (4784 JP) has announced a secondary offering of 91.7 million shares, worth around US$1.9 billion.
The selling shareholder is GMO Internet Group (9449 JP). The secondary offering aims to increase the tradable share ratio to satisfy the TSE Prime Market's continued listing criteria.
The offering represents 239.4 days of the 1-year ADV, the highest compared to the recent large Japanese placements. Pricing is likely to be on 5 June.


GMO Internet (4784 JP): A Huge US$1.9 Billion Secondary Offering

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genda-inc" target="_blank" data-smartkarma-citation="entities:39911:1" rel="noopener">GENDA (9166 JP),</a> along with a selling shareholder, is looking to raise around US$190m to partly fund its M&amp;A.</li>
<li>Genda develops and operates amusement facilities in Japan, primarily operating under its Genda GiGO Entertainment subsidiary.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



GENDA (9166 JP), along with a selling shareholder, is looking to raise around US$190m to partly fund its M&amp;A.
Genda develops and operates amusement facilities in Japan, primarily operating under its Genda GiGO Entertainment subsidiary.
In this note, we will talk about the placement and run the deal through our ECM framework.


GENDA Placement - Good Track Record & Sort off Well Flagged but Relatively Large

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Power/Analog semi names were buoyed by Microchip Tech comments for a downcycle inflection.</li>
<li>JP Heavies MHI and KHI both failed to impress on Friday, but MHI may see interest on news for possible jet export.</li>
<li>Trump looking to cut pharma costs by 30-80% will add to the uncertainty for JP pharma with high medicare and medicaid exposure.</li>
</ul>


Power/Analog semi names were buoyed by Microchip Tech comments for a downcycle inflection.
JP Heavies MHI and KHI both failed to impress on Friday, but MHI may see interest on news for possible jet export.
Trump looking to cut pharma costs by 30-80% will add to the uncertainty for JP pharma with high medicare and medicaid exposure.


Japan Morning Connection: US-China Talks End on Positive Note Adding to the Bullish Tone to Start

<ul>
<li>Mixed bag for tech earnings over the Japan long w/e with Lattice, Palantir and On Semi down, Lumentum and Coreweave up.</li>
<li>SMCI cutting guidance a mere 1-week after releasing prem numbers threatens to erode confidence in management.</li>
<li>Pharma will be under pressure after the FDA's picks a perceived vaccine hawk for its Center for Biologics and Research and Trump hints at price pressures.</li>
</ul>


Mixed bag for tech earnings over the Japan long w/e with Lattice, Palantir and On Semi down, Lumentum and Coreweave up.
SMCI cutting guidance a mere 1-week after releasing prem numbers threatens to erode confidence in management.
Pharma will be under pressure after the FDA's picks a perceived vaccine hawk for its Center for Biologics and Research and Trump hints at price pressures.


Japan Morning Connection: Indian-Pakistan Tensions Adding to Geopolitical Concern

<ul>
<li>Expect weakness after poor SMCI numbers sends AI related plays lower in late trading including NVDA and DELL.</li>
<li>Qorvo bucking the trend with a better-then-expected outlook despite Apple uncertainty in China.</li>
<li>Sony looking to spin off its semiconductor solutions business a watershed for unlocking shareholder value.</li>
</ul>


Expect weakness after poor SMCI numbers sends AI related plays lower in late trading including NVDA and DELL.
Qorvo bucking the trend with a better-then-expected outlook despite Apple uncertainty in China.
Sony looking to spin off its semiconductor solutions business a watershed for unlocking shareholder value.


Japan Morning Connection: SMCI Numbers Casts a Gloomy Shadow over All Things AI to Start Today

Japan

Renesas Electronics Corporation researches, develops, designs and manufactures electronic components such as semiconductors and integrated devices.

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Renesas Electronics (6723 JP)

GMO Internet (4784 JP): A Huge US$1.9 Billion Secondary Offering

The offering is enormous, representing 239.4 days of the 1-year ADV, the highest compared to the recent large Japanese placements. Along with a...

Arun George

GENDA Placement - Good Track Record & Sort off Well Flagged but Relatively Large

GENDA (9166 JP), along with a selling shareholder, is looking to raise around US$190m to partly fund its M&A. In this note, we talk about the deal...

Sumeet Singh

Japan Morning Connection: US-China Talks End on Positive Note Adding to the Bullish Tone to Start

Tech names outperformed the market led by analog/MPU/power semiconductor manufacturer Microchip Technology. Uncertainty for JP Pharma as Trump...

Andrew Jackson

Japan Morning Connection: Indian-Pakistan Tensions Adding to Geopolitical Concern

Tech earnings in Japan were mixed over the long weekend. Pharma faces pressure from FDA pick and potential price pressures. China talk...

Andrew Jackson

Japan Morning Connection: SMCI Numbers Casts a Gloomy Shadow over All Things AI to Start Today

Poor SMCI numbers will reflect poorly on AI related plays, Qorvo stands out with strong outlook despite Apple uncertainty, Sony's spin off of...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GMO Internet (4784 JP): A Huge US$1.9 Billion Secondary Offering

The offering is enormous, representing 239.4 days of the 1-year ADV, the highest compared to the recent large Japanese placements. Along with a...

Arun George

GENDA Placement - Good Track Record & Sort off Well Flagged but Relatively Large

GENDA (9166 JP), along with a selling shareholder, is looking to raise around US$190m to partly fund its M&A. In this note, we talk about the deal...

Sumeet Singh

Japan Morning Connection: US-China Talks End on Positive Note Adding to the Bullish Tone to Start

Tech names outperformed the market led by analog/MPU/power semiconductor manufacturer Microchip Technology. Uncertainty for JP Pharma as Trump...

Andrew Jackson

Japan Morning Connection: Indian-Pakistan Tensions Adding to Geopolitical Concern

​Tech earnings in Japan were mixed over the long weekend. Pharma faces pressure from FDA pick and potential price pressures. China talk...

Andrew Jackson

Japan Morning Connection: SMCI Numbers Casts a Gloomy Shadow over All Things AI to Start Today

​Poor SMCI numbers will reflect poorly on AI related plays, Qorvo stands out with strong outlook despite Apple uncertainty, Sony's spin off of...

Andrew Jackson

Tech earnings in Japan were mixed over the long weekend. Pharma faces pressure from FDA pick and potential price pressures. China talk...

Poor SMCI numbers will reflect poorly on AI related plays, Qorvo stands out with strong outlook despite Apple uncertainty, Sony's spin off of...