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/chuoh-pack-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:1360:1" rel="noopener">Chuoh Pack Industry (3952 JP)</a> has recommended <a href="https://www.smartkarma.com/entities/nikkon-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:17346:1" rel="noopener">Nikkon Holdings (9072 JP)</a>’s tender offer at JPY5,034, a 273.2% premium to the last close.</li>
<li>The extraordinary premium resulted from a competitive auction, enabling <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" rel="noopener">Toyota Motor (7203 JP)</a>, the largest shareholder, to sell most of its stake. </li>
<li>The offer is well above the target IFA’s DCF valuation range and more than double the all-time high. Stating the obvious, this is a done deal.   </li>
</ul>



Chuoh Pack Industry (3952 JP) has recommended Nikkon Holdings (9072 JP)’s tender offer at JPY5,034, a 273.2% premium to the last close.
The extraordinary premium resulted from a competitive auction, enabling Toyota Motor (7203 JP), the largest shareholder, to sell most of its stake. 
The offer is well above the target IFA’s DCF valuation range and more than double the all-time high. Stating the obvious, this is a done deal.   


Chuoh Pack Industry (3952 JP): NIKKON (9072 JP) Offer’s 273% Premium Results from an Auction

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Solar / In Depth: China’s ‘EV battery capital’ turns to solar In the span of four years</li><li>Davos /: Beijing’s influence could end Ukraine war, Finnish President says</li><li>Canal /: Panama starts audit of China-linked port operator amid Trump takeover threat</li></ul>

Solar / In Depth: China’s ‘EV battery capital’ turns to solar In the span of four yearsDavos /: Beijing’s influence could end Ukraine war, Finnish President saysCanal /: Panama starts audit of China-linked port operator amid Trump takeover threat

CX Daily: China’s ‘EV Battery Capital’ Turns to Solar 

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Quantitative Analysis

<ul>
<li>In this insight we analyze 3 major automotive companies stocks in Japan US and China/Hong Kong: <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> , <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla (TSLA US)</a> and <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> .</li>
<li>All the 3 stocks have been uptrending for the past 3-4 years, with TESLA being the most volatile, followed by BYD, and then Toyota (most stable).</li>
<li>This insight is designed to evaluate how these stocks could perform in the next few weeks, to help allocation or covering/selling.</li>
</ul>


In this insight we analyze 3 major automotive companies stocks in Japan US and China/Hong Kong: Toyota Motor (7203 JP) , Tesla (TSLA US) and BYD (1211 HK) .
All the 3 stocks have been uptrending for the past 3-4 years, with TESLA being the most volatile, followed by BYD, and then Toyota (most stable).
This insight is designed to evaluate how these stocks could perform in the next few weeks, to help allocation or covering/selling.


Toyota (7203 JP) Vs. TESLA (TSLA US) Vs. BYD (1211 HK): What to BUY, What to SELL

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

Murata Manufacturing / Equity Capital Markets

<ul>
<li>A group of shareholders aim to raise around US$900m via selling around 3% of <a href="https://www.smartkarma.com/entities/murata-manufacturing-co-ltd" target="_blank" data-smartkarma-citation="entities:11649:1" rel="noopener">Murata Manufacturing (6981 JP)</a>, in another cross-shareholding selldown.</li>
<li>The company’s shares haven’t done much over the past few years and recent share price performance as well hasn’t been the best</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


A group of shareholders aim to raise around US$900m via selling around 3% of Murata Manufacturing (6981 JP), in another cross-shareholding selldown.
The company’s shares haven’t done much over the past few years and recent share price performance as well hasn’t been the best
In this note, we will talk about the placement and run the deal through our ECM framework.


Murata Manufacturing Placement - Recent Momentum Isn’t Particularly Strong

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>There is a great opportunity for someone joining an advanced semiconductor manufacturing camp because there could be fewer players in the field.  </li>
<li>For a long time, TSMC production staff have won better bonuses in the company, meaning they might be able to overcome the difficulties in production.  </li>
<li>Rapidus might need another 5 years or more to become profitable if everything runs smoothly for 2nm technology. </li>
</ul>


There is a great opportunity for someone joining an advanced semiconductor manufacturing camp because there could be fewer players in the field.  
For a long time, TSMC production staff have won better bonuses in the company, meaning they might be able to overcome the difficulties in production.  
Rapidus might need another 5 years or more to become profitable if everything runs smoothly for 2nm technology. 


TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say.

Japan

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

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Toyota Motor Corp Spon Adr (TM US)

Chuoh Pack Industry (3952 JP): NIKKON (9072 JP) Offer’s 273% Premium Results from an Auction

The offer is well above the target IFA’s DCF valuation range and more than double the all-time high. Stating the obvious, this is a done deal.

Arun George

CX Daily: China’s ‘EV Battery Capital’ Turns to Solar

Solar / In Depth: China’s ‘EV battery capital’ turns to solar In the span of four years, Yibin went from a prefecture-level city known for coal...

Caixin Global

Toyota (7203 JP) Vs. TESLA (TSLA US) Vs. BYD (1211 HK): What to BUY, What to SELL

This quantitative comparative analysis of global automotive leaders Toyota, Tesla, and BYD shows which of these stocks are currently overbought...

Nico Rosti

Murata Manufacturing Placement - Recent Momentum Isn’t Particularly Strong

A group of shareholders aim to raise around US$900m via selling around 3% of Murata Manufacturing (6981 JP), in another cross-shareholding selldown.

Sumeet Singh

TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say.

Joining an advanced semi manufacturing camp could be a lucrative opportunity with fewer competitors, as Rapidus works on licensing IBM's 2nm GAA...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Chuoh Pack Industry (3952 JP): NIKKON (9072 JP) Offer’s 273% Premium Results from an Auction

The offer is well above the target IFA’s DCF valuation range and more than double the all-time high. Stating the obvious, this is a done deal.

Arun George

CX Daily: China’s ‘EV Battery Capital’ Turns to Solar

Solar / In Depth: China’s ‘EV battery capital’ turns to solar In the span of four years, Yibin went from a prefecture-level city known for coal...

Caixin Global

Toyota (7203 JP) Vs. TESLA (TSLA US) Vs. BYD (1211 HK): What to BUY, What to SELL

This quantitative comparative analysis of global automotive leaders Toyota, Tesla, and BYD shows which of these stocks are currently overbought...

Nico Rosti

Murata Manufacturing Placement - Recent Momentum Isn’t Particularly Strong

A group of shareholders aim to raise around US$900m via selling around 3% of Murata Manufacturing (6981 JP), in another cross-shareholding selldown.

Sumeet Singh

TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say.

​Joining an advanced semi manufacturing camp could be a lucrative opportunity with fewer competitors, as Rapidus works on licensing IBM's 2nm GAA...

Patrick Liao

Joining an advanced semi manufacturing camp could be a lucrative opportunity with fewer competitors, as Rapidus works on licensing IBM's 2nm GAA...