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://www3.nhk.or.jp/news/html/20241127/k10014650591000.html" target="_blank" rel="noopener">NHK reports</a> that <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>'s first bidding round for a YORK Holdings stake ends on 28 November. The sale provides a third-party valuation benchmark for the asset. </li>
<li>It is an incremental positive for the founding family MBO as it supports the post-privatisation strategy and assists in securing bank financing.</li>
<li><span>This is an incremental negative for <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> as it shows that the Board believes the restructuring plan will increase shareholder corporate value.  </span></li>
</ul>



NHK reports that Seven &amp; I Holdings (3382 JP)'s first bidding round for a YORK Holdings stake ends on 28 November. The sale provides a third-party valuation benchmark for the asset. 
It is an incremental positive for the founding family MBO as it supports the post-privatisation strategy and assists in securing bank financing.
This is an incremental negative for Alimentation Couche-Tard (ATD CN) as it shows that the Board believes the restructuring plan will increase shareholder corporate value.  


Seven & I Holdings (3382 JP): Implications from the YORK Holdings Stake Sale

<ul>
<li>
<a href="https://www.smartkarma.com/entities/t-gaia-corp" target="_blank" rel="noopener">T Gaia Corp (3738 JP)</a> disclosed a Bain tender offer at JPY2,670, a 35.9% premium to the undisturbed price but a 27.2% discount to the last close.</li>
<li>Bain has set the minimum number of shares to be purchased at a 12.67% ownership ratio to appease the Board, which has a neutral recommendation. </li>
<li>Bain hopes the offer’s harsh reality check will burst the share price bubble, nudging minorities to accept. An auction process suggests that the chance of a competing offer is low.   </li>
</ul>



T Gaia Corp (3738 JP) disclosed a Bain tender offer at JPY2,670, a 35.9% premium to the undisturbed price but a 27.2% discount to the last close.
Bain has set the minimum number of shares to be purchased at a 12.67% ownership ratio to appease the Board, which has a neutral recommendation. 
Bain hopes the offer’s harsh reality check will burst the share price bubble, nudging minorities to accept. An auction process suggests that the chance of a competing offer is low.   


T-Gaia (3738 JP): Reality Check as Bain Launches a Takeunder

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On Friday 13 September, the Ministry of Finance of Japan released revisions to the list (<a href="https://www.mof.go.jp/policy/international_policy/gaitame_kawase/press_release/20240913.html" target="_blank" rel="noopener">Japanese</a>, <a href="https://www.mof.go.jp/english/policy/international_policy/fdi/Related_Guidance_and_Documents/20240913.html" target="_blank" rel="noopener">English</a>) of company classifications under the Foreign Exchange and Foreign Trade Act (FEFTA)</li>
<li>It appears 72 names were newly upgraded to "Core" ("3"), 21 newly listed companies (since the last list in Nov 2021) were labeled "3", and six lost their Type3 designation. </li>
<li>
<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> saw breathless news articles Friday suggesting a foreign takeover became more difficult. Not really. </li>
</ul>


On Friday 13 September, the Ministry of Finance of Japan released revisions to the list (Japanese, English) of company classifications under the Foreign Exchange and Foreign Trade Act (FEFTA)
It appears 72 names were newly upgraded to "Core" ("3"), 21 newly listed companies (since the last list in Nov 2021) were labeled "3", and six lost their Type3 designation. 

Seven &amp; I Holdings (3382 JP) saw breathless news articles Friday suggesting a foreign takeover became more difficult. Not really. 


The New FEFTA List (With 7&I (3382) As "Core") Is Not a Big Hurdle for Couche-Tard

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>BOJ sows confusion with hawkish and dovish statements regarding its tightening policy. On a USD-basis the Japan market failed again to break its long-term resistance indicating a "Dead Cat Bounce".</li>
<li>Auto and Semiconductor sectors pressured by US trade policies and Trading Companies are affected by JPY strength.  US rejection of <strong><a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" data-smartkarma-citation="entities:961:1" rel="noopener">Nippon Steel Corporation (5401 JP)</a></strong>merger affects Japan steel sector.</li>
<li>Higher domestic yields is a catalyst to reverse the large money flows from Japan during the Kuroda years.</li>
</ul>


BOJ sows confusion with hawkish and dovish statements regarding its tightening policy. On a USD-basis the Japan market failed again to break its long-term resistance indicating a "Dead Cat Bounce".
Auto and Semiconductor sectors pressured by US trade policies and Trading Companies are affected by JPY strength.  US rejection of Nippon Steel Corporation (5401 JP)merger affects Japan steel sector.
Higher domestic yields is a catalyst to reverse the large money flows from Japan during the Kuroda years.


JAPAN:  No Lifeguard on Duty, Swim at Your Own Risk

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

Rikki Malik

<ul>
<li>Act II  of the drama begins  and continues from where it left off in early August</li>
<li>Sentiment has changed - bad news really  is  bad news</li>
<li>With &gt;100 basis points of cuts already priced in before year end...</li>
</ul>


Act II  of the drama begins  and continues from where it left off in early August
Sentiment has changed - bad news really  is  bad news
With &gt;100 basis points of cuts already priced in before year end...


Tactical Trading – Time to Sell Japan Again

Japan

Sumitomo Corp is a general trading company.  The Company imports and exports a wide variety of goods such as metals, machinery, chemicals, fuel,food products, and textiles.  Sumitomo also operates real estate, construction, shipping, insurance, finance, and leasing businesses.

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Sumitomo Corp (8053 JP)

Seven & I Holdings (3382 JP): Implications from the YORK Holdings Stake Sale

The accelerated timeline of the YORK Holdings stake sale is an incremental positive for the founding family MBO and another setback for Couche-Tard.

Arun George

T-Gaia (3738 JP): Reality Check as Bain Launches a Takeunder

Bain hopes the offer’s harsh reality check will burst the share price bubble, nudging minorities to accept. An auction process suggests that the...

Arun George

The New FEFTA List (With 7&I (3382) As "Core") Is Not a Big Hurdle for Couche-Tard

The Japan Ministry of Finance made an updated FEFTA classification list on Friday. 7 and i got "upgraded" to Type 3 as Core. That doesn't change...

Travis Lundy

JAPAN: No Lifeguard on Duty, Swim at Your Own Risk

BOJ sends mixed signals on its pace of tightening as the JPY strengthens. Auto, semi and trading company sectors continue to be under pressure. A...

David Mudd

Tactical Trading – Time to Sell Japan Again

Act II of the drama continues with a shift in sentiment towards bad news, as over 100 basis points of cuts are already priced in before year end.

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Seven & I Holdings (3382 JP): Implications from the YORK Holdings Stake Sale

The accelerated timeline of the YORK Holdings stake sale is an incremental positive for the founding family MBO and another setback for Couche-Tard.

Arun George

T-Gaia (3738 JP): Reality Check as Bain Launches a Takeunder

Bain hopes the offer’s harsh reality check will burst the share price bubble, nudging minorities to accept. An auction process suggests that the...

Arun George

The New FEFTA List (With 7&I (3382) As "Core") Is Not a Big Hurdle for Couche-Tard

The Japan Ministry of Finance made an updated FEFTA classification list on Friday. 7 and i got "upgraded" to Type 3 as Core. That doesn't change...

Travis Lundy

JAPAN: No Lifeguard on Duty, Swim at Your Own Risk

BOJ sends mixed signals on its pace of tightening as the JPY strengthens. Auto, semi and trading company sectors continue to be under pressure. A...

David Mudd

Tactical Trading – Time to Sell Japan Again

​Act II of the drama continues with a shift in sentiment towards bad news, as over 100 basis points of cuts are already priced in before year end.

Rikki Malik

Act II of the drama continues with a shift in sentiment towards bad news, as over 100 basis points of cuts are already priced in before year end.