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/imagica-robot-holdings-inc" target="_blank" data-smartkarma-citation="entities:18594:1" rel="noopener">Imagica Robot Holdings (6879 JP)</a> has recommended a MBO tender offer from Shunjiro Nagase (President) at JPY795 per share, a 43.0% premium to the undisturbed price.</li>
<li>The offer is reasonable compared to historical trading ranges and is above the midpoint of the IFA DCF valuation range. </li>
<li>Irrevocables (55.40% ownership ratio) pave the way for deal completion. The tender runs from 12 May to 20 June (30 business days).</li>
</ul>



Imagica Robot Holdings (6879 JP) has recommended a MBO tender offer from Shunjiro Nagase (President) at JPY795 per share, a 43.0% premium to the undisturbed price.
The offer is reasonable compared to historical trading ranges and is above the midpoint of the IFA DCF valuation range. 
Irrevocables (55.40% ownership ratio) pave the way for deal completion. The tender runs from 12 May to 20 June (30 business days).


Imagica (6879 JP): MBO Tender Offer at JPY795

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>For the second time in 3 weeks, 3D Investment Partners has launched, unannounced, a Partial Tender Offer for pure investment purposes, for a 10-15% stake in a REIT.</li>
<li>Last time it was <a href="https://www.smartkarma.com/entities/ntt-ud-reit-investment-corporation" target="_blank" data-smartkarma-citation="entities:19428:1" rel="noopener">NTT UD REIT Investment Corporation (8956 JP)</a>. This time it is <a href="https://www.smartkarma.com/entities/hankyu-hanshin-reit-inc" target="_blank" data-smartkarma-citation="entities:12654:1" rel="noopener">Hankyu Hanshin REIT, Inc. (8977 JP)</a>. </li>
<li>The trade last time was to sell NTT UD on the pop and replace with peers. That has worked. The trade is probably the same here. </li>
</ul>


For the second time in 3 weeks, 3D Investment Partners has launched, unannounced, a Partial Tender Offer for pure investment purposes, for a 10-15% stake in a REIT.
Last time it was NTT UD REIT Investment Corporation (8956 JP). This time it is Hankyu Hanshin REIT, Inc. (8977 JP). 
The trade last time was to sell NTT UD on the pop and replace with peers. That has worked. The trade is probably the same here. 


3D Launches Partial Tender Offer on Hankyu Hanshin REIT (8977)

NTT UD REIT Investment Corporation / Event-Driven

NTT UD REIT Investment Corporation (8956 JP)

<ul>
<li>Seemingly out of the blue, Singapore-based activist investment fund 3D Investment Partners has launched a partial tender offer at a small premium on <a href="https://www.smartkarma.com/entities/ntt-ud-reit-investment-corporation" target="_blank" data-smartkarma-citation="entities:19428:1" rel="noopener">NTT UD REIT Investment Corporation (8956 JP)</a>. </li>
<li>3DIP currently owns 2.2% and at maximum, will own 15.00% of the REIT units outstanding less treasury units. It intends to own the units for "pure investment purposes."</li>
<li>"Shareholder" structure is different for J-REITs vs companies. And this J-REIT has an interesting future possibility. But...</li>
</ul>


Seemingly out of the blue, Singapore-based activist investment fund 3D Investment Partners has launched a partial tender offer at a small premium on NTT UD REIT Investment Corporation (8956 JP). 
3DIP currently owns 2.2% and at maximum, will own 15.00% of the REIT units outstanding less treasury units. It intends to own the units for "pure investment purposes."
"Shareholder" structure is different for J-REITs vs companies. And this J-REIT has an interesting future possibility. But...


3D Launches Partial Tender Offer on NTT UD REIT (8956)

David Blennerhassett

<ul>
<li>Hypermarket reshuffles as <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a> and <a href="https://www.smartkarma.com/entities/dfi-retail-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7427:1" rel="noopener">DFI Retail (DFI SP)</a> exit <a href="https://www.smartkarma.com/entities/yonghui-superstores-co-ltd" target="_blank" data-smartkarma-citation="entities:15910:1" rel="noopener">Yonghui Superstores (601933 CH)</a>; and <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group  (9988 HK)</a> potentially exits <a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art Retail (6808 HK)</a>.</li>
<li>Evidently the influence of a younger hip third-generation tycoon-scion wasn't the panacea for <a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener">New World Development (17 HK)</a> and its ongoing issues in the HK/China property space.</li>
<li>MBK bumps the Tender Offer prices for <a href="https://www.smartkarma.com/entities/korea-zinc-co-ltd" target="_blank" data-smartkarma-citation="entities:17944:1" rel="noopener">Korea Zinc (010130 KS)</a> by 13.6% to ₩750,000 and <a href="https://www.smartkarma.com/entities/young-poong-precision-corp" target="_blank" data-smartkarma-citation="entities:16188:1" rel="noopener">Young Poong Precision (036560 KS)</a> by 25% to ₩25,000. What with the Choi's do?</li>
</ul>


Hypermarket reshuffles as JD.com (9618 HK) and DFI Retail (DFI SP) exit Yonghui Superstores (601933 CH); and Alibaba Group  (9988 HK) potentially exits Sun Art Retail (6808 HK).
Evidently the influence of a younger hip third-generation tycoon-scion wasn't the panacea for New World Development (17 HK) and its ongoing issues in the HK/China property space.
MBK bumps the Tender Offer prices for Korea Zinc (010130 KS) by 13.6% to ₩750,000 and Young Poong Precision (036560 KS) by 25% to ₩25,000. What with the Choi's do?


Last Week in Event SPACE: DFI/JD.com/Yonghui, Alibaba/Sun Art, New World Development, Austal

<ul>
<li>
3D Investment Partners bought 5% of <a href="https://www.smartkarma.com/entities/tohokushinsha-film-corp" target="_blank" data-smartkarma-citation="entities:15129:1" rel="noopener">Tohokushinsha Film (2329 JP)</a> by Mar-2023. A year later they had 17+%. 3D proposed changes. In July, 3D proposed a takeover, asking for DD. </li>
<li>
Tohokushinsha responded to the proposals, then offered due diligence to 3D based on terms set by a Special Committee. 3D did not want those strict DD terms. </li>
<li>Yesterday, Tohokushinsha said "Fine." The stock today fell 10% today. This is not a stalemate, but it means 3D may start to play harder.</li>
</ul>



3D Investment Partners bought 5% of Tohokushinsha Film (2329 JP) by Mar-2023. A year later they had 17+%. 3D proposed changes. In July, 3D proposed a takeover, asking for DD. 

Tohokushinsha responded to the proposals, then offered due diligence to 3D based on terms set by a Special Committee. 3D did not want those strict DD terms. 
Yesterday, Tohokushinsha said "Fine." The stock today fell 10% today. This is not a stalemate, but it means 3D may start to play harder.


Tohokushinsha (2329 JP) To 3D - "Not Today"; 3D May Go To The Mattresses

Japan

TOHOKUSHINSHA FILM CORPORATION plans and produces TV programs, movies, and commercial films.  The Company also provides satellite broadcasting and distributes licensing rights to domestic and foreign media companies.

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Tohokushinsha Film (2329 JP)

Imagica (6879 JP): MBO Tender Offer at JPY795

The offer is reasonable compared to historical trading ranges and is above the midpoint of the IFA DCF valuation range. The high irrevocables pave...

Arun George

3D Launches Partial Tender Offer on Hankyu Hanshin REIT (8977)

3D Investment Partners has launched a second partial tender offer to buy a 10-15% stake in a J-REIT. Also "meh" in price terms. It's a good long...

Travis Lundy

3D Launches Partial Tender Offer on NTT UD REIT (8956)

Today, Singapore-based Japan activist 3D Investment Partners announced a partial tender offer for pure investment purposes. They will get to 10-15%...

Travis Lundy

Last Week in Event SPACE: DFI/JD.com/Yonghui, Alibaba/Sun Art, New World Development, Austal

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Tohokushinsha (2329 JP) To 3D - "Not Today"; 3D May Go To The Mattresses

Tohokushinsha has nixed further negotiation with 3D. For now. 3D isn't going away. Insiders/family and crossholders hold 65%. 3D holds half the...

Travis Lundy

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