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 (06 Sep) - Nikkon, Kadoya, Ichibanya, Con Aero, Ausgold, Longsys, Ligent, GCash

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>The <a href="https://www.nikkei.com/article/DGXZQOUC268OL0W6A820C2000000/" target="_blank" rel="noopener">Nikkei</a> reported that <a href="https://www.smartkarma.com/entities/house-foods-group-inc" target="_blank" data-smartkarma-citation="entities:5964:1" rel="noopener">House Foods Group (2810 JP)</a> is considering selling its 51% stake in <a href="https://www.smartkarma.com/entities/ichibanya-co-ltd" target="_blank" data-smartkarma-citation="entities:2914:1" rel="noopener">Ichibanya (7630 JP)</a> by selecting a suitable bidder to privatise the Company.</li>
<li>The rumoured strong interest from several investment funds despite Ichibanya’s high multiples and downgraded forecasts signals deep underlying value.</li>
<li>My analysis suggests that an offer price range of JPY1,170 to JPY1,317 per share, a 7.2% to 20.8% premium to the last close.</li>
</ul>


The Nikkei reported that House Foods Group (2810 JP) is considering selling its 51% stake in Ichibanya (7630 JP) by selecting a suitable bidder to privatise the Company.
The rumoured strong interest from several investment funds despite Ichibanya’s high multiples and downgraded forecasts signals deep underlying value.
My analysis suggests that an offer price range of JPY1,170 to JPY1,317 per share, a 7.2% to 20.8% premium to the last close.


Ichibanya (7630 JP): House Foods (2810 JP) Potentially Exiting Through a Privatisation