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 (09 Nov) - Toyota Industries, Mandom, Pacific Industrial, Saint-Care, ANE, Mayne

Toyota Industries (6201 JP): Elliott Ramps up the Pressure

Merger Arb Mondays (15 Dec) - Toyota Ind, Makino, Raksul, Pacific Ind, Jinke, Meilan Airport, NSR

Toyota Industries (6201 JP): Vocal Activism Gathering Pace

Toyota Industries (6201 JP): After a High, Comes the Low of a Takeunder

Toyota Industries (6201 JP): Thoughts on Intrinsic Value

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>Last month, nearly two dozen global asset managers, through ACGA, <a href="https://www.acga-asia.org//pdf/tico-tmc-letter-english-public-version" target="_blank" rel="noopener">submitted a joint letter</a> to the boards of <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a> and Toyota Motor regarding the tender offer.</li>
<li>The letter outlined five issues, which distilled down to concerns about a low-balled offer. Their cause is increasingly supported by market movements, which support the case for the bump.</li>
<li>Recent activism against several low-balled tenders signals that TICO, despite its size, is not immune. My SoTP valuation is JPY19,607, which is 20.3% above the offer price.</li>
</ul>


Last month, nearly two dozen global asset managers, through ACGA, submitted a joint letter to the boards of Toyota Industries (6201 JP) and Toyota Motor regarding the tender offer.
The letter outlined five issues, which distilled down to concerns about a low-balled offer. Their cause is increasingly supported by market movements, which support the case for the bump.
Recent activism against several low-balled tenders signals that TICO, despite its size, is not immune. My SoTP valuation is JPY19,607, which is 20.3% above the offer price.


Toyota Industries (6201 JP): Market Movements Support the Case of a Higher Offer