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.

Equity Capital Markets

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" data-smartkarma-citation="entities:7882:1" rel="noopener">Hexaware Technologies (HEXW IN)</a> seeks to raise US$1 billion, and <a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (1364 HK)</a> seeks to raise US$202 million.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>, <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/proto-corp" target="_blank" data-smartkarma-citation="entities:2511:1" rel="noopener">Proto Corp (4298 JP)</a>, <a href="https://www.smartkarma.com/entities/tohto-suisan-co-ltd" target="_blank" data-smartkarma-citation="entities:7524:1" rel="noopener">Tohto Suisan (8038 JP)</a>, <a href="https://www.smartkarma.com/entities/tecnos-japan-inc" target="_blank" data-smartkarma-citation="entities:5167:1" rel="noopener">Tecnos Japan (3666 JP)</a>, <a href="https://www.smartkarma.com/entities/pentamaster-international-ltd" target="_blank" data-smartkarma-citation="entities:31099:1" rel="noopener">Pentamaster International (1665 HK)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Hexaware Technologies (HEXW IN) seeks to raise US$1 billion, and Guming Holdings (1364 HK) seeks to raise US$202 million.
Event-Driven developments: Shibaura Electronics (6957 JP), Fuji Soft Inc (9749 JP), Proto Corp (4298 JP), Tohto Suisan (8038 JP), Tecnos Japan (3666 JP), Pentamaster International (1665 HK). 


Weekly Deals Digest (09 Feb) - Guming, Hexaware, Shibaura, Fuji Soft, Proto, Tohto, Pentamaster

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>You could label <a href="https://www.smartkarma.com/entities/kyocera-corp" target="_blank" data-smartkarma-citation="entities:753:1" rel="noopener">Kyocera Corp (6971 JP)</a>"BULLISH" because the stock goes up rather than down; but you could easily label this BEARISH because the prospects aren't exciting.</li>
<li>
<a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a>spins off <a href="https://www.smartkarma.com/entities/smithfield-foods-inc" target="_blank" data-smartkarma-citation="entities:44251:1" rel="noopener">Smithfield Foods (SFD US)</a> - below the prior expected price range.  Pricing looks full here.</li>
<li>As <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">China National Building Material (3323 HK)</a>'s Partial Offer heads towards the pointy end, do you buy, and/or borrow, and tender; short outright; or short tender?</li>
</ul>


You could label Kyocera Corp (6971 JP)"BULLISH" because the stock goes up rather than down; but you could easily label this BEARISH because the prospects aren't exciting.

WH Group (288 HK)spins off Smithfield Foods (SFD US) - below the prior expected price range.  Pricing looks full here.
As China National Building Material (3323 HK)'s Partial Offer heads towards the pointy end, do you buy, and/or borrow, and tender; short outright; or short tender?


Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

<ul>
<li>I tally 61 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Six new deals! Australia's <a href="https://www.smartkarma.com/entities/selfwealth-ltd" target="_blank" data-smartkarma-citation="entities:30690:1" rel="noopener">SelfWealth (SWF AU)</a>, and Japan's <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>, <a href="https://www.smartkarma.com/entities/tohto-suisan-co-ltd" target="_blank" data-smartkarma-citation="entities:7524:1" rel="noopener">Tohto Suisan (8038 JP)</a>, <a href="https://www.smartkarma.com/entities/tecnos-japan-inc" target="_blank" data-smartkarma-citation="entities:5167:1" rel="noopener">Tecnos Japan (3666 JP)</a>, <a href="https://www.smartkarma.com/entities/proto-corp" target="_blank" data-smartkarma-citation="entities:2511:1" rel="noopener">Proto (4298 JP)</a>, &amp; <a href="https://www.smartkarma.com/entities/toyo-sugar-refining-co-ltd" target="_blank" data-smartkarma-citation="entities:2182:1" rel="noopener">Toyo Sugar Refining (2107 JP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a> , <a href="https://www.smartkarma.com/entities/fosun-tourism-group" target="_blank" data-smartkarma-citation="entities:27439:1" rel="noopener">Fosun Tourism (1992 HK)</a> , <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/suntec-reit" target="_blank" data-smartkarma-citation="entities:151:1" rel="noopener">Suntec REIT (SUN SP)</a>, and <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong (2888 TT)</a>/<a href="https://www.smartkarma.com/entities/taishin-financial-holding" target="_blank" data-smartkarma-citation="entities:715:1" rel="noopener">Taishin  (2887 TT)</a>.</li>
</ul>


I tally 61 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Six new deals! Australia's SelfWealth (SWF AU), and Japan's Shibaura Electronics (6957 JP), Tohto Suisan (8038 JP), Tecnos Japan (3666 JP), Proto (4298 JP), &amp; Toyo Sugar Refining (2107 JP).
Key updates/news took place on: Insignia Financial (IFL AU) , Fosun Tourism (1992 HK) , Fuji Soft (9749 JP), Suntec REIT (SUN SP), and Shin Kong (2888 TT)/Taishin  (2887 TT).


(Mostly) Asia-Pac M&A: Shibaura, Tecnos, Insignia Fin., Fosun Tourism, Fuji Soft, Shin Kong/Taishin

Travis Lundy

<ul>
<li>4+ years ago Aso Corp launched a Tender Offer to buy 33.4% or up to 100% of marine products wholesaler <a href="https://www.smartkarma.com/entities/tohto-suisan-co-ltd" target="_blank" data-smartkarma-citation="entities:7524:1" rel="noopener">Tohto Suisan (8038 JP)</a>. They got just over a third. </li>
<li>Then it became a zombie as I warned <a href="https://www.smartkarma.com/insights/tohto-suisan-partial-tender-offer-a-weird-tender-which-leads-to-listed-zombie-ism" target="_blank" data-smartkarma-citation="insights:45116" rel="noopener">Tohto Suisan Partial Tender Offer - A Weird Tender Which Leads To Listed Zombie-Ism</a>. But it moved around. </li>
<li>Today, Aso announces a tender to take out minorities, almost all of whom are other corporate holders. It's at a 39% premium and 1.2x book. It should get done.</li>
</ul>


4+ years ago Aso Corp launched a Tender Offer to buy 33.4% or up to 100% of marine products wholesaler Tohto Suisan (8038 JP). They got just over a third. 
Then it became a zombie as I warned Tohto Suisan Partial Tender Offer - A Weird Tender Which Leads To Listed Zombie-Ism. But it moved around. 
Today, Aso announces a tender to take out minorities, almost all of whom are other corporate holders. It's at a 39% premium and 1.2x book. It should get done.


Tohto Suisan (8038 JP) - Aso Corp To Launch Tender Offer at ¥7,500/Share

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tohto-suisan-co-ltd" target="_blank" rel="noopener">Tohto Suisan (8038 JP)</a>'s tender offer from Aso Corp is JPY7,500, a 39.1% premium to the last close. Tohto Suisan is currently in breach of the tradable share ratio.</li>
<li>Unusually, the offer has no lower or upper limit. If the required ownership ratio is secured, Aso will implement squeeze-out procedures. </li>
<li>While supportive, the Board has left the decision to accept or reject the offer at the shareholders' discretion. The offer is attractive and represents an all-time high.</li>
</ul>



Tohto Suisan (8038 JP)'s tender offer from Aso Corp is JPY7,500, a 39.1% premium to the last close. Tohto Suisan is currently in breach of the tradable share ratio.
Unusually, the offer has no lower or upper limit. If the required ownership ratio is secured, Aso will implement squeeze-out procedures. 
While supportive, the Board has left the decision to accept or reject the offer at the shareholders' discretion. The offer is attractive and represents an all-time high.


Tohto Suisan (8038 JP): Aso’s Unusual Tender Offer

Japan

TOHTO SUISAN CO., LTD., is a wholesaler of seafood products.  The Company treats fresh and frozen fish, shellfish, and processed seafood products.  Tohto Suisan receives consignments from Nichiro Corp. and operates refrigerated warehouses and rental buildings.

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Tohto Suisan (8038 JP)

Weekly Deals Digest (09 Feb) - Guming, Hexaware, Shibaura, Fuji Soft, Proto, Tohto, Pentamaster

Last week, notable developments occurred in Event-Driven (Shibaura Electronics, Fuji Soft, Proto, Tohto Suisan, Tecnos Japan, Pentamaster, ...

Arun George

Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

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

(Mostly) Asia-Pac M&A: Shibaura, Tecnos, Insignia Fin., Fosun Tourism, Fuji Soft, Shin Kong/Taishin

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett