IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Weekly Deals Digest (10 Aug) - Shibaura, Toyo Construction, Technopro, Ashimori, HKBN, Iress

Ashimori Industry (3526 JP): Potential Endgames as Murakami Builds a Stake

Weekly Deals Digest (31 Aug) - ENN Energy, Shengjing, Ashimori, Carenet, Shibaura, Mayne, Aux

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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/ashimori-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:13918:1" rel="noopener">Ashimori Industry (3526 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/toyoda-gosei-co-ltd" target="_blank" data-smartkarma-citation="entities:20125:1" rel="noopener">Toyoda Gosei (7282 JP)</a> at JPY4,140, a 43.8% premium to the last close.</li>
<li>The offer is attractive as it represents a ten-year high, implies a P/B of 1.00x and above the mid-point of the target IFA DCF valuation range. </li>
<li>Despite the lack of irrevocables, the shareholder register facilitates deal completion. The tender runs from 12 August to 24 September, with payment from 30 September.</li>
</ul>



Ashimori Industry (3526 JP) has recommended a tender offer from Toyoda Gosei (7282 JP) at JPY4,140, a 43.8% premium to the last close.
The offer is attractive as it represents a ten-year high, implies a P/B of 1.00x and above the mid-point of the target IFA DCF valuation range. 
Despite the lack of irrevocables, the shareholder register facilitates deal completion. The tender runs from 12 August to 24 September, with payment from 30 September.


Ashimori Industry (3526 JP): Toyoda Gosei (7282 JP)’s Tender Offer at JPY4,140