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

Rohm (6963 JP): Profit Rebound in the Price

ROHM (6963 JP): Denso's Rumoured Tender Offer Is Light

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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>The <a href="https://asia.nikkei.com/business/business-deals/toyota-supplier-denso-to-withdraw-proposal-to-take-over-rohm" target="_blank" rel="noopener">Nikkei reports</a> that <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> will withdraw its proposal for <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> as the two sides were “<em>unable to see eye-to-eye on an offer.</em>” </li>
<li>Several factors, such as an unattractive offer, significant peer re-rating, and Rohm's preference for the standalone path (MoU with Toshiba/Mitsubishi Electric), likely contributed to Denso’s withdrawal. </li>
<li>The shares will be under pressure due to the deal break (estimated decline of around 10%). A re-rating in the medium term depends on execution, starting with the Toshiba MoU. </li>
</ul>


The Nikkei reports that Denso Corp (6902 JP) will withdraw its proposal for ROHM Co Ltd (6963 JP) as the two sides were “unable to see eye-to-eye on an offer.” 
Several factors, such as an unattractive offer, significant peer re-rating, and Rohm's preference for the standalone path (MoU with Toshiba/Mitsubishi Electric), likely contributed to Denso’s withdrawal. 
The shares will be under pressure due to the deal break (estimated decline of around 10%). A re-rating in the medium term depends on execution, starting with the Toshiba MoU. 


Hangzhou Silan Microelectronics Co., Ltd (600460 CH)

ROHM Co Ltd

ROHM (6963 JP): Denso Pulls the Plug