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://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> AGM was a vote of confidence in the Board’s strategy of pursuing two parallel paths to generate value.  </li>
<li>The Board’s management initiatives are steadily being implemented, but have yet to deliver shareholder value. Since they were announced, the share price has modestly outperformed the Nikkei 225.</li>
<li>7&amp;I and Couche Tard signed an NDA but a viable divestiture plan to gain US regulatory approval remains in doubt, particularly as PE has emerged as the likely bidder. </li>
</ul>


The Seven &amp; I Holdings (3382 JP) AGM was a vote of confidence in the Board’s strategy of pursuing two parallel paths to generate value.  
The Board’s management initiatives are steadily being implemented, but have yet to deliver shareholder value. Since they were announced, the share price has modestly outperformed the Nikkei 225.
7&amp;I and Couche Tard signed an NDA but a viable divestiture plan to gain US regulatory approval remains in doubt, particularly as PE has emerged as the likely bidder. 


Seven & I Holdings (3382 JP): Wait and Hope

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Auntea Jenny (Shanghai) Industrial / Equity Capital Markets

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published over the past two weeks on Smartkarma</li>
<li>In this cut, we look through the <em>bubble </em>in Chinese tea company listings, the recent entertainment provided by Japanese M&amp;A situations and the varied ways analysts look at TSMC on Smartkarma</li>
<li>Want to dig deeper? Comment or message with the themes you think should be highlighted next time</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published over the past two weeks on Smartkarma
In this cut, we look through the bubble in Chinese tea company listings, the recent entertainment provided by Japanese M&amp;A situations and the varied ways analysts look at TSMC on Smartkarma
Want to dig deeper? Comment or message with the themes you think should be highlighted next time


Curator's Cut: "Bubble" Tea, Japan M&A 🍿& TSMC from Different Lenses

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> to rid itself of control of the Ito-Yokado, York Benimaru, Akachan Hompo, and Denny's Japan businesses in York Holdings proceeds apace.</li>
<li>The First Round of bids is due tomorrow, apparently, and all manner of bidders have assembled. </li>
<li>This leads to the question of a deal for the rest of 7&amp;i. If a TradingCo is a natural co-investor for the Ito family (or ACT), so is Berkshire Hathaway.</li>
</ul>


The Seven &amp; I Holdings (3382 JP) to rid itself of control of the Ito-Yokado, York Benimaru, Akachan Hompo, and Denny's Japan businesses in York Holdings proceeds apace.
The First Round of bids is due tomorrow, apparently, and all manner of bidders have assembled. 
This leads to the question of a deal for the rest of 7&amp;i. If a TradingCo is a natural co-investor for the Ito family (or ACT), so is Berkshire Hathaway.


7&I (3382 JP) - A York Holdings Deal And Warren Buffett?

<ul>
<li>Yesterday a news article from Bloomberg suggested 7&amp;i was "considering" an MBO. <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> later confirmed they had received a non-binding proposal from ITO Junro/family.</li>
<li>The initial number was ¥9trln. If market cap? High. If EV, too low. That would have implied a price just over the first "grossly inadequate" ACT price.</li>
<li>There is a lot we don't know. This changes the landscape. It probably shifts the range trade, but it will shift more when we get more clarity on ITO-san's price.</li>
</ul>


Yesterday a news article from Bloomberg suggested 7&amp;i was "considering" an MBO. Seven &amp; I Holdings (3382 JP) later confirmed they had received a non-binding proposal from ITO Junro/family.
The initial number was ¥9trln. If market cap? High. If EV, too low. That would have implied a price just over the first "grossly inadequate" ACT price.
There is a lot we don't know. This changes the landscape. It probably shifts the range trade, but it will shift more when we get more clarity on ITO-san's price.


7&I (3382 JP) - An ITO Family MBO? With Itochu? At ¥9trln? Maybe. Information Is Scarce

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. 

Equity Bottom-Up

<ul>
<li>Just as they did before, Japanese convenience stores are taking a US idea and making it Japanese, in this case retail media, which looks set to be huge in Japan.</li>
<li>Seven &amp; I believes it will be a ¥3 trillion business and Familymart, which is leading in this new profit machine, expects ¥5 billion in media income in 3 years.</li>
<li>The options for highly personalised targeting and behavioural analysis will transform brand advertising and marketing – but even more the bottom line of convenience stores.</li>
</ul>


Just as they did before, Japanese convenience stores are taking a US idea and making it Japanese, in this case retail media, which looks set to be huge in Japan.
Seven &amp; I believes it will be a ¥3 trillion business and Familymart, which is leading in this new profit machine, expects ¥5 billion in media income in 3 years.
The options for highly personalised targeting and behavioural analysis will transform brand advertising and marketing – but even more the bottom line of convenience stores.


How Seven Eleven and Other Conbinis Are Sitting on a Retail Media Goldmine

Japan

Seven & i Holdings Co., Ltd. is a holding company which was established through the merger of Ito-Yokado Co., Seven Eleven Japan Co., and Denny's Japan. The Company plans, manages, and operates mainly convenience stores, supermarkets, and department stores.

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Seven & I Holdings (3382 JP)