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 (08 Mar) - ROHM, Sankei, Toyota Ind, Dongfeng, Qoria, Nintendo, PayPay, Boustead

Rohm (6963 JP): Profit Rebound in the Price

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Event-Driven

<ul>
<li>Nikkei reported 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> is considering a tender offer 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> at a valuation of around JPY1.3 trillion.</li>
<li>If the rumoured valuation refers to market cap based on outstanding shares, it suggests an offer around JPY3,240, a 18.0% premium to the undisturbed price of JPY2,743.</li>
<li>While marginally below the 20-year high, the rumoured offer is light when accounting for the value of Rohm’s stake in Toshiba.  </li>
</ul>


Nikkei reported that Denso Corp (6902 JP) is considering a tender offer for ROHM Co Ltd (6963 JP) at a valuation of around JPY1.3 trillion.
If the rumoured valuation refers to market cap based on outstanding shares, it suggests an offer around JPY3,240, a 18.0% premium to the undisturbed price of JPY2,743.
While marginally below the 20-year high, the rumoured offer is light when accounting for the value of Rohm’s stake in Toshiba.  


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

SMIC (Semiconductor Manufacturing International Corp) (688981 CH)

SMIC (Semiconductor Manufacturing International Corp)

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