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>
<a href="https://www.smartkarma.com/entities/c-i-takiron-corporation" target="_blank" data-smartkarma-citation="entities:18675:1" rel="noopener">C.I. TAKIRON Corporation (4215 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu Corp (8001 JP)</a> at JPY870, a 9.7% premium to the undisturbed price of JPY793 (2 August).</li>
<li>The lower limit of the tender offer is set at a 10.97% ownership ratio. The tender offer runs from 6 August to 18 September, with payment from 26 September. </li>
<li>While attractive vs peer multiples, the offer is light due to a skinny takeover premium, an implied P/B below 1x, and 9% below the mid-point IFA DCF valuation. </li>
</ul>



C.I. TAKIRON Corporation (4215 JP) has recommended a tender offer from Itochu Corp (8001 JP) at JPY870, a 9.7% premium to the undisturbed price of JPY793 (2 August).
The lower limit of the tender offer is set at a 10.97% ownership ratio. The tender offer runs from 6 August to 18 September, with payment from 26 September. 
While attractive vs peer multiples, the offer is light due to a skinny takeover premium, an implied P/B below 1x, and 9% below the mid-point IFA DCF valuation. 


C.I.TAKIRON (4215 JP): Itochu’s (8001 JP) Light Tender Offer at JPY870

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<p>Three Japanese companies announced ToSTNeT-3 Buybacks after the close of trading today: </p><ol>
<li><a href="https://www.smartkarma.com/entities/4613" target="_blank" data-smartkarma-citation="entities:4613:1">Nihon Unisys Ltd (8056 JP)</a></li>
<li><a href="https://www.smartkarma.com/entities/19529" target="_blank" data-smartkarma-citation="entities:19529:1">Sekisui Plastics Co Ltd (4228 JP)</a></li>
<li><a href="https://www.smartkarma.com/entities/1222" target="_blank" data-smartkarma-citation="entities:1222:1">Yasuda Logistics Corp (9324 JP)</a></li>
</ol><p><em>If you have no cares in these names, please read no further. If you're open-minded on smallcaps, it might be of interest. This is a set of comments on a set of liquidity events, just in case.</em></p><table class="table table-striped"><tbody>
<tr>
<td style="text-align: center;">Anncmt<br>Link</td>
<td style="text-align: center;">Ticker</td>
<td style="text-align: center;">Company Name</td>
<td style="text-align: center;">MktCap</td>
<td style="text-align: center;">Shs To <br>Buy Back</td>
<td style="text-align: center;">% Shs <br>O/S</td>
<td style="text-align: center;">Price</td>
<td style="text-align: center;">Amount</td>
<td style="text-align: center;">
<p>If Complete,</p>
<p>Resulting TSY Shrs</p>
</td>
</tr>
<tr>
<td style="text-align: center;"><a href="https://www.release.tdnet.info/inbs/140120170222404793.pdf" target="_blank">❖</a></td>
<td>4228</td>
<td>Sekisui Plastics</td>
<td style="text-align: right;">¥39.8bn</td>
<td style="text-align: right;">190,</td>
</tr>
</tbody></table>…

Three Japanese companies announced ToSTNeT-3 Buybacks after the close of trading today: 
Nihon Unisys Ltd (8056 JP)
Sekisui Plastics Co Ltd (4228 JP)
Yasuda Logistics Corp (9324 JP)
If you have no cares in these names, please read no further. If you're open-minded on smallcaps, it might be of interest. This is a set of comments on a set of liquidity events, just in case.

Anncmt Link
Ticker
Company Name
MktCap
Shs To  Buy Back
% Shs  O/S
Price
Amount

If Complete,
Resulting TSY Shrs



❖
4228
Sekisui Plastics
¥39.8bn
190,

…

JAPAN BUYBACKS: ToSTNeT-3 Buybacks for 2/​24/​2017

Japan

Sekisui Plastics Co., Ltd. manufactures foamed plastics and resin products which are primarily used for consumer electronics and foods.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sekisui Plastics (4228 JP)

C.I.TAKIRON (4215 JP): Itochu’s (8001 JP) Light Tender Offer at JPY870

While attractive vs peer multiples, the offer is light due to a skinny takeover premium, an implied P/B below 1x, and 9% below the mid-point IFA...

Arun George

JAPAN BUYBACKS: ToSTNeT-3 Buybacks for 2/24/2017

Three Japanese companies announced ToSTNeT-3 Buybacks after the close of trading today: Nihon Unisys Ltd (8056 JP) Sekisui Plastics Co Ltd (4228...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

C.I.TAKIRON (4215 JP): Itochu’s (8001 JP) Light Tender Offer at JPY870

While attractive vs peer multiples, the offer is light due to a skinny takeover premium, an implied P/B below 1x, and 9% below the mid-point IFA...

Arun George

JAPAN BUYBACKS: ToSTNeT-3 Buybacks for 2/​24/​2017

Three Japanese companies announced ToSTNeT-3 Buybacks after the close of trading today: Nihon Unisys Ltd (8056 JP) Sekisui Plastics Co Ltd (4228...

Travis Lundy

JAPAN BUYBACKS: ToSTNeT-3 Buybacks for 2/24/2017