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>The <a href="https://asia.nikkei.com/business/business-deals/nippon-life-seeks-to-buy-medical-data-firm-in-m-a-milestone" target="_blank" rel="noopener">Nikkei reports</a> that Nippon Life Insurance will launch a tender offer for <a href="https://www.smartkarma.com/entities/medical-data-vision-co-ltd" target="_blank" data-smartkarma-citation="entities:8367:1" rel="noopener">Medical Data Vision (3902 JP)</a> at a valuation up to JPY60 billion.</li>
<li>If the valuation refers to market cap, the offer is JPY1,500, a 225% premium to the last close of JPY462. If it relates to EV, the offer price is JPY1,550. </li>
<li>Despite the staggering premium, it does not represent an all-time high (share price traded higher in November 2021). Nevertheless, a binding proposal would be a done deal. </li>
</ul>


The Nikkei reports that Nippon Life Insurance will launch a tender offer for Medical Data Vision (3902 JP) at a valuation up to JPY60 billion.
If the valuation refers to market cap, the offer is JPY1,500, a 225% premium to the last close of JPY462. If it relates to EV, the offer price is JPY1,550. 
Despite the staggering premium, it does not represent an all-time high (share price traded higher in November 2021). Nevertheless, a binding proposal would be a done deal. 


Medical Data Vision (3902 JP): Nippon Life’s Rumoured Tender Offer at 3x the Last Close

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medical-data-vision-co-ltd" target="_blank" data-smartkarma-citation="entities:8367:1" rel="noopener">Medical Data Vision (3902 JP)</a> was IPOed in 2014. MitCorp sold. Others sold. Fujifilm and Medipal stayed in. The stock ran up. SBI bought from Fujifilm in Nov2020 at ¥2355.</li>
<li>The stock fell, SBI bought more in 2021-2022. Then it fell more in 2023 and SBI bought more, then fell more in 2024 and SBI bought more. </li>
<li>The Nikkei <a href="https://www.nikkei.com/article/DGXZQOUB115D70R10C25A9000000/" target="_blank" rel="noopener">reports</a> today that Nippon Life will announce a TOB on 15 December with a max price of ¥60bn (242% premium), which coincidentally would bring SBI close to breakeven.</li>
</ul>



Medical Data Vision (3902 JP) was IPOed in 2014. MitCorp sold. Others sold. Fujifilm and Medipal stayed in. The stock ran up. SBI bought from Fujifilm in Nov2020 at ¥2355.
The stock fell, SBI bought more in 2021-2022. Then it fell more in 2023 and SBI bought more, then fell more in 2024 and SBI bought more. 
The Nikkei reports today that Nippon Life will announce a TOB on 15 December with a max price of ¥60bn (242% premium), which coincidentally would bring SBI close to breakeven.


[Japan M&A?] Nikkei Reports Nippon Life to Buy Medical Data Vision (3902) For ~¥60bn

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>Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.</li>
<li>Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. </li>
<li>Of these, they have a combined stake of over US$1bn in 23 companies.</li>
</ul>


Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.
Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. 
Of these, they have a combined stake of over US$1bn in 23 companies.


Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

<ul>
<li>Following up on our earlier cross-shareholding notes, in this note we look at <a href="https://www.smartkarma.com/entities/mizuho-financial-group-inc" target="_blank" data-smartkarma-citation="entities:219:1" rel="noopener">Mizuho Financial Group (8411 JP)</a>'s cross-shareholding.</li>
<li>Mizuho had a stake over US$100m in at least 34 listed Japanese stocks, amounting to a total of around US$7bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


Following up on our earlier cross-shareholding notes, in this note we look at Mizuho Financial Group (8411 JP)'s cross-shareholding.
Mizuho had a stake over US$100m in at least 34 listed Japanese stocks, amounting to a total of around US$7bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Mizuho Cross-Shareholding - US$11bn of Cross-Shareholding, with at Least US$2bn to Sell over FY24-26

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Taiwan Tech Rallies Along With Rebound In Global Tech; Hon Hai, Asustek Top Gainers; KYEC a Top Loser After Announcing China Market Divestment</li>
<li>PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle </li>
<li>ASMedia GDR Early Look - Momentum Has Been Strong, and Raising Would Grow Its Cash Base Almost 6x </li>
</ul>


Taiwan Tech Rallies Along With Rebound In Global Tech; Hon Hai, Asustek Top Gainers; KYEC a Top Loser After Announcing China Market Divestment
PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle 
ASMedia GDR Early Look - Momentum Has Been Strong, and Raising Would Grow Its Cash Base Almost 6x 


Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

Japan

SBI Holdings, Inc. manages venture capital fund which mainly invest in Internet related venture companies.  The Company also provides brokerage, investment banking, and financial services.

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SBI Holdings (8473 JP)

Medical Data Vision (3902 JP): Nippon Life’s Rumoured Tender Offer at 3x the Last Close

The Nikkei reports that Nippon Life will launch a tender offer at a valuation of JPY60bn. If the valuation refers to market cap, the offer is...

Arun George

[Japan M&A?] Nikkei Reports Nippon Life to Buy Medical Data Vision (3902) For ~¥60bn

The Nikkei reports Nippon Life will launch a TOB to buy out Medical Data Vision at "up to ¥60bn", announcing it tomorrow. That is a whopping 240%...

Travis Lundy

Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Toyotal has just announced that it will buy back around 290m (around 2% of the stock) of its own shares from MS&AD, Tokio Marine, MUFG and SMFG. In...

Sumeet Singh

Mizuho Cross-Shareholding - US$11bn of Cross-Shareholding, with at Least US$2bn to Sell over FY24-26

Following up on our earlier cross-shareholding notes, in this note we look at Mizuho Financial Group (8411 JP)'s cross-shareholding.

Sumeet Singh

Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...

Vincent Fernando, CFA

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Medical Data Vision (3902 JP): Nippon Life’s Rumoured Tender Offer at 3x the Last Close

The Nikkei reports that Nippon Life will launch a tender offer at a valuation of JPY60bn. If the valuation refers to market cap, the offer is...

Arun George

[Japan M&A?] Nikkei Reports Nippon Life to Buy Medical Data Vision (3902) For ~¥60bn

The Nikkei reports Nippon Life will launch a TOB to buy out Medical Data Vision at "up to ¥60bn", announcing it tomorrow. That is a whopping 240%...

Travis Lundy

Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Toyotal has just announced that it will buy back around 290m (around 2% of the stock) of its own shares from MS&AD, Tokio Marine, MUFG and SMFG. In...

Sumeet Singh

Mizuho Cross-Shareholding - US$11bn of Cross-Shareholding, with at Least US$2bn to Sell over FY24-26

Following up on our earlier cross-shareholding notes, in this note we look at Mizuho Financial Group (8411 JP)'s cross-shareholding.

Sumeet Singh

Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

​Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...

Vincent Fernando, CFA

Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...