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/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> has filed a solid response to SUNY RF’s lawsuit. SUNY RF will counter with a response by 13 March. </li>
<li>The response suggests that SUNY RF’s lawsuit will not be harmed if JIC proceeds with TOB, which is the strongest indication that JIC is comfortable taking on the litigation risk. </li>
<li>A media article stating that SAMR has allowed JIC to withdraw its merger control filing helps explain the current tight spread. However, the article needs to be treated with caution. </li>
</ul>



JSR Corp (4185 JP) has filed a solid response to SUNY RF’s lawsuit. SUNY RF will counter with a response by 13 March. 
The response suggests that SUNY RF’s lawsuit will not be harmed if JIC proceeds with TOB, which is the strongest indication that JIC is comfortable taking on the litigation risk. 
A media article stating that SAMR has allowed JIC to withdraw its merger control filing helps explain the current tight spread. However, the article needs to be treated with caution. 


JSR Corporation (4185 JP): Response to SUNY RF Lawsuit and Rumours of SAMR Approval

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>’s shares rose 4.8% due to a <a href="https://www.nikkan.co.jp/articles/view/00703806" target="_blank" rel="noopener">Nikkan Kogyo article</a> that states that JIC will start the tender within the month due to concluding negotiations with SAMR. </li>
<li>Caution is warranted as JSR has not provided a customary timeline update, no confirmatory disclosure from SAMR and JSR’s response to SUNY RF’s claims are yet to be filed.</li>
<li>Based on current information, there are five possible tender scenarios. In the worst case, the downside risk on a deal break should be muted due to the market re-rating. </li>
</ul>



JSR Corp (4185 JP)’s shares rose 4.8% due to a Nikkan Kogyo article that states that JIC will start the tender within the month due to concluding negotiations with SAMR. 
Caution is warranted as JSR has not provided a customary timeline update, no confirmatory disclosure from SAMR and JSR’s response to SUNY RF’s claims are yet to be filed.
Based on current information, there are five possible tender scenarios. In the worst case, the downside risk on a deal break should be muted due to the market re-rating. 


JSR Corporation (4185 JP): Something Is Brewing, but Nobody Knows Quite What

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>For the month of February 2024, 15 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$20bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in February was ~33%.</li>
<li>This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of February 2024, 15 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$20bn.
The average premium for the new transactions announced (or first discussed) in February was ~33%.
This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, Feb 2024: Lawson, Altium, CSR, TCM, Boral, APM, Roland DG, Ssangyong Cement

Travis Lundy

<ul>
<li>12 days ago, <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> announced that former research collaboration partner Research Foundation of the State University of New York had sued in an intellectual property ownership dispute.</li>
<li>I wrote about it <a href="https://www.smartkarma.com/insights/jsr-4185-possible-trouble-in-arb-land-as-suny-cnse-files-suit-against-jsr-sub-inpria" target="_blank" rel="noopener">here</a> to the extent I could. Since then, more information has become available, or available to me.  Some details on the case. Some on lawyers. </li>
<li>Since then JSR has reported earnings with unchanged forecast, and major pure play comp <a href="https://www.smartkarma.com/entities/tokyo-ohka-kogyo-co-ltd" target="_blank" data-smartkarma-citation="entities:4681:1" rel="noopener">Tokyo Ohka Kogyo (4186 JP)</a> today reported earnings; the stock popped 10+% to an all-time high.</li>
</ul>


12 days ago, JSR Corp (4185 JP) announced that former research collaboration partner Research Foundation of the State University of New York had sued in an intellectual property ownership dispute.
I wrote about it here to the extent I could. Since then, more information has become available, or available to me.  Some details on the case. Some on lawyers. 
Since then JSR has reported earnings with unchanged forecast, and major pure play comp Tokyo Ohka Kogyo (4186 JP) today reported earnings; the stock popped 10+% to an all-time high.


JSR (4185) - Updated Information in SUNY Lawsuit, and Other Developments

<ul>
<li>Originally, the MBO for <a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a> was expected to get launched end-January 2024. A late-ish filing with regard to the EU's Foreign Subsidies Regulation regime <a href="https://ssl4.eir-parts.net/doc/2427/tdnet/2386679/00.pdf" target="_blank" rel="noopener">prompted</a> a delay.</li>
<li>Yesterday Outsourcing <a href="https://ssl4.eir-parts.net/doc/2427/tdnet/2396485/00.pdf" target="_blank" rel="noopener">announced</a> a delay its earnings release by 3 business days, the delay "procedures related to impairment losses are continuing."</li>
<li>Outsourcing shares are down hard on this. -1.5% as I write. I examine.</li>
</ul>


Originally, the MBO for Outsourcing Inc (2427 JP) was expected to get launched end-January 2024. A late-ish filing with regard to the EU's Foreign Subsidies Regulation regime prompted a delay.
Yesterday Outsourcing announced a delay its earnings release by 3 business days, the delay "procedures related to impairment losses are continuing."
Outsourcing shares are down hard on this. -1.5% as I write. I examine.


Outsourcing (2427) - Earnings Delay Causes Consternation

Japan

TOKYO OHKA KOGYO CO., LTD. manufactures photoresist for semiconductors.  The Company also manufactures printing materials and semiconductor-assembling machines.

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Tokyo Ohka Kogyo (4186 JP)

JSR Corporation (4185 JP): Response to SUNY RF Lawsuit and Rumours of SAMR Approval

JSR has filed a solid response to SUNY RF’s lawsuit. Crucially, the response implies that JIC is comfortable taking on litigation risk. Separately,...

Arun George

JSR Corporation (4185 JP): Something Is Brewing, but Nobody Knows Quite What

While a tender start by March-end is possible, we would treat the news article cautiously. Based on current information, there are five possible...

Arun George

(Mostly) Asia M&A, Feb 2024: Lawson, Altium, CSR, TCM, Boral, APM, Roland DG, Ssangyong Cement

For the month of February, 20 new deals were discussed on Smartkarma with an overall deal size of ~US$20bn. The average premium for the new deals...

David Blennerhassett

JSR (4185) - Updated Information in SUNY Lawsuit, and Other Developments

JSR has traded lower since the RF SUNY patent ownership claims. But JSR has reported BTE earnings, and Tokyo Ohka Kogyo has seen its stock hit new...

Travis Lundy

Outsourcing (2427) - Earnings Delay Causes Consternation

Outsourcing (2427) delay in reporting earnings means uncertainty. Stock falls early, and rebounds. Still down. This may or may not be big. It may...

Travis Lundy

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