Japan Specialist

Mark Chadwick

Equity Bottom-Up

Infomart Corporation provides business to business (B2B) e-commerce services for food industry.  The Company offers ordering systems as well as database systems that contain detailed information about food ingredients.

<ul>
<li>INES (9742): AVI (10.1%) and Effissimo (15.8%) push for capital returns, utilizing ¥12.6bn net cash as municipal IT standardization shifts from build to recurring profit.</li>
<li>Shibaura Machine (6104): Oasis built 11.3% targeting balance sheet levers—¥26bn net cash and 1.0x P/B—expecting mid-cycle operational recovery and AGM proposals on capital allocation.</li>
<li>Foster Electric (6794): Axium (22.7%) and AVI (9.3%) drive "Project North Star," securing board seats to fix thin margins, improve ROE, and deploy ¥11.7bn cash.</li>
</ul>


INES (9742): AVI (10.1%) and Effissimo (15.8%) push for capital returns, utilizing ¥12.6bn net cash as municipal IT standardization shifts from build to recurring profit.
Shibaura Machine (6104): Oasis built 11.3% targeting balance sheet levers—¥26bn net cash and 1.0x P/B—expecting mid-cycle operational recovery and AGM proposals on capital allocation.
Foster Electric (6794): Axium (22.7%) and AVI (9.3%) drive "Project North Star," securing board seats to fix thin margins, improve ROE, and deploy ¥11.7bn cash.


Japan Activist Watch | Infomart, INES, Shibaura Machine, Foster Elec

AI Generated Content, Heteronomics

Heteronomics AI

AI Generated Content

Heteronomics

Heteronomics represents a different kind of economics. We believe analysis should delve into the details of what is really going on, rather than using overly simplistic assumptions to quick-sell stories. Independence from myopic institutional pressures allows us to focus on the realities underlying your asset allocation decisions, without the conflicts of the old market structures. Heteronomics targets the themes driving UK asset prices, offering the benefits of depth, independence and ultimately price.

UK-centric macro research

Macroeconomics

<ul>
<li>The Monetary Authority of Singapore held the S$NEER band’s slope, width and centre, surprising 17 of 20 economists who expected a steeper appreciation path.</li>
<li>The hold raises the bar for further tightening, but energy, food and AI-led wage pressures could still force a January move.</li>
<li>Easing inflation and a shrinking output gap favour an extended pause in the exchange-rate appreciation policy, albeit with risks skewed to another steepening in January.</li>
</ul>


The Monetary Authority of Singapore held the S$NEER band’s slope, width and centre, surprising 17 of 20 economists who expected a steeper appreciation path.
The hold raises the bar for further tightening, but energy, food and AI-led wage pressures could still force a January move.
Easing inflation and a shrinking output gap favour an extended pause in the exchange-rate appreciation policy, albeit with risks skewed to another steepening in January.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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

TSI Holdings Company Ltd. manufactures men's and women's clothing, and retails women's clothing.  The Company produces and sells coats, dresses, suits, sweaters, shirts, skirts, and pants.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tsi-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:19259:1" rel="noopener">Tsi Holdings (3608 JP)</a> and <a href="https://www.smartkarma.com/entities/world-co-ltd" target="_blank" data-smartkarma-citation="entities:27437:1" rel="noopener">World Co Ltd (3612 JP)</a> will merge into INFINITY UNITED via a joint share transfer, with TSI holders receiving 0.8 new shares each (a 4.0% premium).</li>
<li>The ratio is broadly fair to TSI shareholders but leaves value on the table; its fairness depends on confidence in TSI’s FY27–28 recovery plan.</li>
<li>Both EGMs on 24 December should pass. The trade is long 1 TSI and short 0.8 World, yielding roughly 20% annualised before borrowing costs.</li>
</ul>



Tsi Holdings (3608 JP) and World Co Ltd (3612 JP) will merge into INFINITY UNITED via a joint share transfer, with TSI holders receiving 0.8 new shares each (a 4.0% premium).
The ratio is broadly fair to TSI shareholders but leaves value on the table; its fairness depends on confidence in TSI’s FY27–28 recovery plan.
Both EGMs on 24 December should pass. The trade is long 1 TSI and short 0.8 World, yielding roughly 20% annualised before borrowing costs.


TSI (3608 JP) And World (3612 JP) To Merge: Broadly Fair Terms for TSI, but Value Left on the Table

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

KT Corporation provides telecommunication services including local, long distance, and international calling, satellite communication, data transmission, and wireless telephone services in South Korea.  The Company also offers network portal and high-speed Internet access services using asymmetric digital subscriber lines (ADSLs).

<ul>
<li>There is an important upcoming change in regulation for land value disclosures in Korea. </li>
<li>Starting December year end companies' financials, the "officially assessed land values" (공시지가) will become mandatory in the financial footnotes.</li>
<li>I provide a list of 30 companies that could be key beneficiaries of the change in regulation for land value disclosures in Korea. </li>
</ul>


There is an important upcoming change in regulation for land value disclosures in Korea. 
Starting December year end companies' financials, the "officially assessed land values" (공시지가) will become mandatory in the financial footnotes.
I provide a list of 30 companies that could be key beneficiaries of the change in regulation for land value disclosures in Korea. 


Change in Disclosure of Land Value in Korea (Officially Assessed Land Value): Top 30 Beneficiaries

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Fletcher Building Limited manufactures, distributes, and sells materials for the building industry including wood fiber-based products, cement and aggregates, plasterboard, laminates, lumber, and aluminium extrusion. The Company operates primarily in New Zealand and Australia.

<ul><li>Fletcher Building’s (FBU) 1Q27 volumes highlighted that activity has remained robust thus far in FY27.</li><li>Residential home sales were the lowlight, and FBU expects a minimal 1H27 earnings contribution.</li><li>We have adjusted our forecasts to reflect lower residential sales partly offset by better near-term materials volumes.</li></ul>

Fletcher Building’s (FBU) 1Q27 volumes highlighted that activity has remained robust thus far in FY27.Residential home sales were the lowlight, and FBU expects a minimal 1H27 earnings contribution.We have adjusted our forecasts to reflect lower residential sales partly offset by better near-term materials volumes.

Fletcher Building 1Q27 Volumes—Building Through the Noise

Asia (APAC)
Insights on Asia Pacific (APAC)

Japan Activist Watch | Infomart, INES, Shibaura Machine, Foster Elec

Activists like Oasis, AVI, and Axium are building major stakes in undervalued Japanese firms with heavy net cash and stagnant ROE.

Mark Chadwick

MAS Sets a Higher Bar

MAS’s surprise hold raises the bar for more tightening, but persistent energy, food or AI-led wage pressures could still force action in January.

Heteronomics AI

TSI (3608 JP) And World (3612 JP) To Merge: Broadly Fair Terms for TSI, but Value Left on the Table

TSI and World merge into INFINITY UNITED at 0.8x (4% premium). Terms are broadly fair to TSI; votes should pass. Long TSI/short 0.8 World yields...

Arun George

Change in Disclosure of Land Value in Korea (Officially Assessed Land Value): Top 30 Beneficiaries

I provide a list of 30 companies that could be key beneficiaries of the change in regulation for land value disclosures in Korea.

Douglas Kim

Fletcher Building 1Q27 Volumes—Building Through the Noise

Fletcher Building’s (FBU) 1Q27 volumes highlighted that activity has remained robust thus far in FY27. Residential home sales were the lowlight,...

Forsyth Barr