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/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/tosei-corp" target="_blank" data-smartkarma-citation="entities:11224:1" rel="noopener">Tosei Corp (8923 JP)</a> and GIC at JPY125,000, a 20.9% premium to the last close price.</li>
<li>The offer is attractive because it represents an all-time high, above book value (P/NAV of 1.15x) and above the midpoint of the IFA’s DDM and adjusted book valuation range.</li>
<li>The one blemish is that the lower limit (53.00% ownership ratio) relies on passives to pass the EGM vote on share consolidation. </li>
</ul>



Sankei Real Estate (2972 JP) has recommended a tender offer from Tosei Corp (8923 JP) and GIC at JPY125,000, a 20.9% premium to the last close price.
The offer is attractive because it represents an all-time high, above book value (P/NAV of 1.15x) and above the midpoint of the IFA’s DDM and adjusted book valuation range.
The one blemish is that the lower limit (53.00% ownership ratio) relies on passives to pass the EGM vote on share consolidation. 


Sankei Real Estate (2972 JP): Tosei/GIC Tender Offer at JPY125,000

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Nov 28th. The aggregated net margin trading position is USD19,551m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec, Fujikura, Toyoda Gosei, Mitsubishi Electric, Mitsui E&amp;S, Daihen, Sbi, Advantest, Furukawa Electric, Mizuho Financial.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Nov 28th. The aggregated net margin trading position is USD19,551m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec, Fujikura, Toyoda Gosei, Mitsubishi Electric, Mitsui E&amp;S, Daihen, Sbi, Advantest, Furukawa Electric, Mizuho Financial.


JPX Margin Trading Weekly (Nov 28th): SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Equity Bottom-Up

<ul><li>Warburg Pincus partners with Eastgate to acquire Tokyo office as part of Life Sciences joint venture, expanding their investment portfolio.</li><li>Greystar purchases GIC-Wee Hur Aussie student housing for $1B, solidifying their presence in the Australian real estate market.</li><li>Iron Mountain makes strategic move by acquiring Web Werks, an Indian data center group, enhancing their capabilities in the data management sector.</li></ul>

Warburg Pincus partners with Eastgate to acquire Tokyo office as part of Life Sciences joint venture, expanding their investment portfolio.Greystar purchases GIC-Wee Hur Aussie student housing for $1B, solidifying their presence in the Australian real estate market.Iron Mountain makes strategic move by acquiring Web Werks, an Indian data center group, enhancing their capabilities in the data management sector.

Asia Real Estate Tracker (03-Apr-2025): Warburg Pincus buys Tokyo office in life sciences JV.

Japan Specialist

Mark Chadwick

<ul>
<li>Tosei achieved record revenue and profit, driven by robust growth in its fund management business and a balanced portfolio of stable and sales-driven operations.</li>
<li>Activist investor Dalton acquired a 5.02% stake, highlighting concerns over recent governance decisions and potential Board independence dilution due to the Nagoya Railroad alliance.</li>
<li>Dalton's involvement ensures heightened scrutiny, promising better governance, and potentially favorable outcomes for minority shareholders amid Tosei's continued strong business performance.</li>
</ul>


Tosei achieved record revenue and profit, driven by robust growth in its fund management business and a balanced portfolio of stable and sales-driven operations.
Activist investor Dalton acquired a 5.02% stake, highlighting concerns over recent governance decisions and potential Board independence dilution due to the Nagoya Railroad alliance.
Dalton's involvement ensures heightened scrutiny, promising better governance, and potentially favorable outcomes for minority shareholders amid Tosei's continued strong business performance.


Tosei (8923) | Strong Performance with Dalton’s Governance Watch

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Although Japan is not out of the woods in terms of COVID-19 and the vaccine is not yet found, let alone distributed, investors have rushed to own <a href="https://www.smartkarma.com/entities/tkp-corp" target="_blank" data-smartkarma-citation="entities:28305:1" rel="noopener"> TKP Corporation (3479 JP)</a> as it was seemingly cheap in terms of PBR. The reality was that COVID-19 economic impact caused a weak earning and a secondary offering that boosted the book value has made the company's PBR looks cheap. TKP is the only one with negative earnings compared to its peers, underlining the economic reality that the company is more exposed to.
TKP's share price has risen more than doubled to some of its peers amidst the tough business outlook. Its peers such as <a href="https://www.smartkarma.com/entities/kenedix-inc" target="_blank" data-smartkarma-citation="entities:11321:1" rel="noopener">Kenedix Inc (4321 JP)</a> and <a href="https://www.smartkarma.com/entities/katitas-co-ltd" target="_blank" data-smartkarma-citation="entities:26073:1" rel="noopener">Katitas Co Ltd (8919 JP)</a> share price rose almost double but their business remains profitable during COVID-19 while TKP's earnings have turned negative. Turned Bearish on TKP on slow business condition improvement and the meteoric share price increase.

Although Japan is not out of the woods in terms of COVID-19 and the vaccine is not yet found, let alone distributed, investors have rushed to own  TKP Corporation (3479 JP) as it was seemingly cheap in terms of PBR. The reality was that COVID-19 economic impact caused a weak earning and a secondary offering that boosted the book value has made the company's PBR looks cheap. TKP is the only one with negative earnings compared to its peers, underlining the economic reality that the company is more exposed to.
TKP's share price has risen more than doubled to some of its peers amidst the tough business outlook. Its peers such as Kenedix Inc (4321 JP) and Katitas Co Ltd (8919 JP) share price rose almost double but their business remains profitable during COVID-19 while TKP's earnings have turned negative. Turned Bearish on TKP on slow business condition improvement and the meteoric share price increase. 

TKP (3479): Slow Recovery yet Share Price Has More than Doubled?

Japan

TOSEI CORPORATION develops and sells residential properties and leases office facilities in central Tokyo.  The Company also invests in real estate and manages investment trust funds such as the Argo Fund.

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Tosei Corp (8923 JP)

Sankei Real Estate (2972 JP): Tosei/GIC Tender Offer at JPY125,000

The offer is attractive because it represents an all-time high, above book value (P/NAV of 1.15x) and above the midpoint of the IFA’s DDM and...

Arun George

JPX Margin Trading Weekly (Nov 28th): SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted SBI (8473 JP), Advantest (6857 JP), Furukawa Electric (5801 JP),...

Ke Yan, CFA, FRM

Asia Real Estate Tracker (03-Apr-2025): Warburg Pincus buys Tokyo office in life sciences JV.

Warburg Pincus makes multiple acquisitions in Japan and India, while Greystar acquires Australian student housing in billion-dollar deals.

Asia Real Estate Tracker

Tosei (8923) | Strong Performance with Dalton’s Governance Watch

Tosei sees record revenue and profit, but activist investor Dalton's stake highlights governance concerns and promises better oversight for...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sankei Real Estate (2972 JP): Tosei/GIC Tender Offer at JPY125,000

The offer is attractive because it represents an all-time high, above book value (P/NAV of 1.15x) and above the midpoint of the IFA’s DDM and...

Arun George

JPX Margin Trading Weekly (Nov 28th): SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted SBI (8473 JP), Advantest (6857 JP), Furukawa Electric (5801 JP),...

Ke Yan, CFA, FRM

Asia Real Estate Tracker (03-Apr-2025): Warburg Pincus buys Tokyo office in life sciences JV.

Warburg Pincus makes multiple acquisitions in Japan and India, while Greystar acquires Australian student housing in billion-dollar deals.

Asia Real Estate Tracker

Tosei (8923) | Strong Performance with Dalton’s Governance Watch

​Tosei sees record revenue and profit, but activist investor Dalton's stake highlights governance concerns and promises better oversight for...

Mark Chadwick

TKP (3479): Slow Recovery yet Share Price Has More than Doubled?

TKP's share price has risen doubled compared to some of its peers amidst the tough business outlook. Turned Bearish on TKP on slow business...

Henry Soediarko

Tosei sees record revenue and profit, but activist investor Dalton's stake highlights governance concerns and promises better oversight for...