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

Kakaku.com (2371 JP): Bain/LY’s Latest Offer Is Playing a Dangerous Game

Kakaku.com (2371 JP): No Messing Around as EQT/DG Goes with a JPY3,680 Offer

Kakaku.com (2371 JP): EQT/DG's JPY1 Bump Puts the Onus on Bain/LY to Go Big

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>EQT/DG raised its <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a> offer by JPY1 to JPY3,682, extending the closing date to 28 October. The bump buys time as EQT/DG still lacks minimum acceptances.</li>
<li>Bain/LY's silence likely signals one decisive bump, ideally above JPY3,756 and towards the JPY3,923 DCF high end. But each idle extension gives Oasis and KDDI time to side with EQT/DG.</li>
<li>At JPY3,800, upside is limited (+2.2% to +3.2%) against a -3.1% base downside and a severe (low-probability) tail risk. Taking some money off the table is sensible.</li>
</ul>


EQT/DG raised its Kakaku.com Inc (2371 JP) offer by JPY1 to JPY3,682, extending the closing date to 28 October. The bump buys time as EQT/DG still lacks minimum acceptances.
Bain/LY's silence likely signals one decisive bump, ideally above JPY3,756 and towards the JPY3,923 DCF high end. But each idle extension gives Oasis and KDDI time to side with EQT/DG.
At JPY3,800, upside is limited (+2.2% to +3.2%) against a -3.1% base downside and a severe (low-probability) tail risk. Taking some money off the table is sensible.


Kakaku.com (2371 JP): Third JPY1 Bump, Same Stalemate, Limited Upside Left