Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Integrated Design & Engineering Holdings / Event-Driven

<ul>
<li>In 2023, <a href="https://www.smartkarma.com/entities/integrated-design-engineering-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44096:1" rel="noopener">Integrated Design &amp; Engineering Holdings (9161 JP)</a> was created as a technical listing, succeeding <a href="https://www.smartkarma.com/entities/nippon-koei-co-ltd" target="_blank" data-smartkarma-citation="entities:1549:1" rel="noopener">Nippon Koei (1954 JP)</a>. It has been listed for decades. </li>
<li>On Tuesday 19 November, <a href="https://www.smartkarma.com/entities/tokio-marine-holdings-inc" target="_blank" data-smartkarma-citation="entities:7591:1" rel="noopener">Tokio Marine Holdings (8766 JP)</a> announced an agreed/supported deal to buy out <a href="https://www.smartkarma.com/entities/integrated-design-engineering-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44096:1" rel="noopener">Integrated Design &amp; Engineering Holdings (9161 JP)</a>. The register is open. Should be easy. </li>
<li>It's a nice high price for a boring stock, but it is cheap. They are NOT overpaying, but I don't see who would want to run interference on this.</li>
</ul>


In 2023, Integrated Design &amp; Engineering Holdings (9161 JP) was created as a technical listing, succeeding Nippon Koei (1954 JP). It has been listed for decades. 
On Tuesday 19 November, Tokio Marine Holdings (8766 JP) announced an agreed/supported deal to buy out Integrated Design &amp; Engineering Holdings (9161 JP). The register is open. Should be easy. 
It's a nice high price for a boring stock, but it is cheap. They are NOT overpaying, but I don't see who would want to run interference on this.


I D & E Holdings (9161 JP) Gets a TOB Offer from Tokio Marine at +63% (¥6,500) - Probably Done

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/integrated-design-engineering-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44096:1" rel="noopener">Integrated Design &amp; Engineering Holdings (9161 JP)</a> has recommended <a href="https://www.smartkarma.com/entities/tokio-marine-holdings-inc" target="_blank" data-smartkarma-citation="entities:7591:1" rel="noopener">Tokio Marine Holdings (8766 JP)</a>’s tender offer at JPY6,500 per share, a 63.3% premium to the last close.</li>
<li>The offer is attractive as it represents an all-time high, above NAV (including latent real estate gains) and above the midpoint of the IFA DCF valuation range. </li>
<li>Despite the high required minority acceptance rate, an attractive offer facilitates deal completion. The tender runs from 20 November to 15 January 2025 (35 business days).</li>
</ul>



Integrated Design &amp; Engineering Holdings (9161 JP) has recommended Tokio Marine Holdings (8766 JP)’s tender offer at JPY6,500 per share, a 63.3% premium to the last close.
The offer is attractive as it represents an all-time high, above NAV (including latent real estate gains) and above the midpoint of the IFA DCF valuation range. 
Despite the high required minority acceptance rate, an attractive offer facilitates deal completion. The tender runs from 20 November to 15 January 2025 (35 business days).


Integrated Design & Engineering (9161 JP): Tokio Marine (8766 JP) Tender Offer at JPY6,500

<ul>
<li>TSE-Listed companies are asked to file "Management Conscious of Capital Cost/Stock Price" awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.</li>
<li>Our tools show every report, links to every document, and now a new diff file tool. input a name, see the difference between the Old/New Reports. We hope it helps.</li>
<li>This tool is designed to be a shelf reference. We update it once a month, and every CorpGovReport and new "Management Conscious" report updated since a CGR update is here.</li>
</ul>


TSE-Listed companies are asked to file "Management Conscious of Capital Cost/Stock Price" awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.
Our tools show every report, links to every document, and now a new diff file tool. input a name, see the difference between the Old/New Reports. We hope it helps.
This tool is designed to be a shelf reference. We update it once a month, and every CorpGovReport and new "Management Conscious" report updated since a CGR update is here.


Japan CorpGovReport Details: TSE "Mgmt Conscious of Capital Cost/Stock Price" Details (Nov24)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>'s shareholders raised around US$2.4bn in its Japan IPO. </li>
<li>Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Tokyo Metro (9023 JP)'s shareholders raised around US$2.4bn in its Japan IPO. 
Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Tokyo Metro IPO Trading - Robust Demand for Quality Asset

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>TSMC gains largely failed to buoy the US SPE names, with many continuing to drop setting a similar tone for Japan peers.</li>
<li>Travelers +9% on better than expected earnings and less Hurricane impact will continue to help the JP non-life.</li>
<li>Sumitomo Forestry has corrected significantly and now looks ready to rebound and join its US peers hovering close to their all-time highs.</li>
</ul>


TSMC gains largely failed to buoy the US SPE names, with many continuing to drop setting a similar tone for Japan peers.
Travelers +9% on better than expected earnings and less Hurricane impact will continue to help the JP non-life.
Sumitomo Forestry has corrected significantly and now looks ready to rebound and join its US peers hovering close to their all-time highs.


Japan Morning Connection: Mixed Reaction to TSMC Gains, Sumitomo Forestry Ready to Rebound

Japan

Tokio Marine Holdings, Inc., through subsidiaries, offers property, casualty and life insurance, and asset management services.

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Tokio Marine Holdings (8766 JP)

I D & E Holdings (9161 JP) Gets a TOB Offer from Tokio Marine at +63% (¥6,500) - Probably Done

Tokio Marine Holdings has announced a takeover of construction/infra/energyinfra engineering consultant ID&E. Very nice premium, not much...

Travis Lundy

Integrated Design & Engineering (9161 JP): Tokio Marine (8766 JP) Tender Offer at JPY6,500

The offer is attractive as it represents an all-time high, above NAV (including latent real estate gains) and above the midpoint of the IFA DCF...

Arun George

Japan CorpGovReport Details: TSE "Mgmt Conscious of Capital Cost/Stock Price" Details (Nov24)

The November Update to the TSE Name and Shame (they don't actually shame) list of Corporate Governance Disclosure on "Management Awareness of...

Travis Lundy

Tokyo Metro IPO Trading - Robust Demand for Quality Asset

Tokyo Metro (9023 JP)'s shareholders raised around US$2.4bn in its Japan IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Japan Morning Connection: Mixed Reaction to TSMC Gains, Sumitomo Forestry Ready to Rebound

TSMC gains failed to buoy SPE names. Travelers up 9% on better than expected earnings, continuing to help non-life. Sumitomo Forestry looks ready...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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I D & E Holdings (9161 JP) Gets a TOB Offer from Tokio Marine at +63% (¥6,500) - Probably Done

Tokio Marine Holdings has announced a takeover of construction/infra/energyinfra engineering consultant ID&E. Very nice premium, not much...

Travis Lundy

Integrated Design & Engineering (9161 JP): Tokio Marine (8766 JP) Tender Offer at JPY6,500

The offer is attractive as it represents an all-time high, above NAV (including latent real estate gains) and above the midpoint of the IFA DCF...

Arun George

Japan CorpGovReport Details: TSE "Mgmt Conscious of Capital Cost/Stock Price" Details (Nov24)

The November Update to the TSE Name and Shame (they don't actually shame) list of Corporate Governance Disclosure on "Management Awareness of...

Travis Lundy

Tokyo Metro IPO Trading - Robust Demand for Quality Asset

Tokyo Metro (9023 JP)'s shareholders raised around US$2.4bn in its Japan IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Japan Morning Connection: Mixed Reaction to TSMC Gains, Sumitomo Forestry Ready to Rebound

​TSMC gains failed to buoy SPE names. Travelers up 9% on better than expected earnings, continuing to help non-life. Sumitomo Forestry looks ready...

Andrew Jackson

TSMC gains failed to buoy SPE names. Travelers up 9% on better than expected earnings, continuing to help non-life. Sumitomo Forestry looks ready...