In today’s briefing:
- To Attract Long-Term Investors to Japanese Equities, Documents Disclosed in English Must Be Expanded
- LG Electronics India IPO: Updates Support the Bull Case
- Last Week In Event SPACE: MINISO, Sony Financial, Zijin Mining/Gold, Jardines/Mandarin Oriental
- (Mostly) Asia-Pac M&A: Soft99, Seven West Media, ReNew Energy Global, Spindex Industries
To Attract Long-Term Investors to Japanese Equities, Documents Disclosed in English Must Be Expanded
- While 95% of companies now disclose mandatory documents in English, concerns remain that when only partial disclosure is made in English, important information may not be disclosed in English.
- The simultaneous disclosure of Japanese and English versions of previously delayed disclosure materials has been well received by overseas investors.
- Companies’ attitudes differ significantly between documents mandated by the TSE and those that are not. Documents not subject to mandatory requirements are left to the company’s discretion.
LG Electronics India IPO: Updates Support the Bull Case
- LG Electronics India (123D IN)/LGEIL, a subsidiary of LG Electronics (066570 KS), aims to raise up to US$1.3 billion through a secondary offering.
- I previously discussed the IPO in LG Electronics India IPO: The Bull Case and LG Electronics India IPO: The Bear Case.
- In this note, I look at the recent updates outlined in the RHP. Overall, the RHP updates are supportive of the bull case.
Last Week In Event SPACE: MINISO, Sony Financial, Zijin Mining/Gold, Jardines/Mandarin Oriental
- The Labubu craze has resulted in a ~200% increase in Pop Mart (9992 HK)’s shares YTD. MINISO (9896 HK)‘s TOP TOY will be wanting to cash in on this exuberance.
- Those who want to buy Sony Financial (8729 JP) may wait until earnings. If shares stayed flat for a month until earnings came out, don’t short the eve of earnings.
- Zijin Mining Group (2899 HK) is fully valued as Zijin Gold (2259 HK) trades at a 100% premium to peers on forward PER and EV/EBITDA multiples.
(Mostly) Asia-Pac M&A: Soft99, Seven West Media, ReNew Energy Global, Spindex Industries
- I tally 40 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
- Three new deals were discussed on Smartkarma this week: Seven West Media (SWM AU)‘s, Mitsubishi Logisnext Co., Ltd. (7105 JP), and Spindex Industries (SPE SP).
- Key updates/news took place on ReNew Energy Global (RNW US), Soft99 Corp (4464 JP), and Carenet Inc (2150 JP).
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