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 (17 May) - Kakaku, Paltac, Nippon Dry Chem, Shinko Shoji, Baoye, ENN, OOh!Media

Merger Arb Mondays (18 May) - ENN, Skyworth, Tohoku, Shinko Shoji, Kakaku, Taiyo, Qoria, OOh!media

Weekly Deals Digest (31 May) - Taiyo, Kodensha, Shinko Shoji, Atlas Arteria, Qoria, ENN, THL

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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/shinko-shoji-co-ltd" target="_blank" data-smartkarma-citation="entities:2322:1" rel="noopener">Shinko Shoji (8141 JP)</a> announced a tender offer from <a href="https://www.smartkarma.com/entities/kaga-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:14600:1" rel="noopener">Kaga Electronics (8154 JP)</a> at JPY1,580, a 3.6% premium to the last close and a 43.2% premium to the undisturbed price (24 March). </li>
<li>The offer is light due to the lack of an auction and a P/B of 0.89x, and it is below the midpoint of the target IFA DCF range. </li>
<li>While Murakami, the largest shareholder, has provided an irrevocable commitment, it retains the option to sell down, leaving the door open to an activist or a competing bid.</li>
</ul>



Shinko Shoji (8141 JP) announced a tender offer from Kaga Electronics (8154 JP) at JPY1,580, a 3.6% premium to the last close and a 43.2% premium to the undisturbed price (24 March). 
The offer is light due to the lack of an auction and a P/B of 0.89x, and it is below the midpoint of the target IFA DCF range. 
While Murakami, the largest shareholder, has provided an irrevocable commitment, it retains the option to sell down, leaving the door open to an activist or a competing bid.


Shinko Shoji (8141 JP): Kaga Electronics’ Tender Offer Could Attract an Activist or a Competing Bid