Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Casino Business Review LLC

Extensive experience in marketing and development in the Asian gaming market

Global Gaming and Casinos Industry

Equity Bottom-Up

Universal Entertainment / Equity Bottom-Up

<ul>
<li>26 Capital, a US hedge fund that has crafted an innovative spac deal to bring the leading Manila casino property into an IPO by this fall has stalled.</li>
<li>The overall tone of recovery in Philippine gaming in this early post-covid era is speeding up and expected to meet or surpass baseline 1919 growth easily.</li>
<li>We see an attractive entry point for Okada's owner, Tokyo traded Universal Entertainment, based both on its strong performance and the ultimate success of the IPO.</li>
</ul>


26 Capital, a US hedge fund that has crafted an innovative spac deal to bring the leading Manila casino property into an IPO by this fall has stalled.
The overall tone of recovery in Philippine gaming in this early post-covid era is speeding up and expected to meet or surpass baseline 1919 growth easily.
We see an attractive entry point for Okada's owner, Tokyo traded Universal Entertainment, based both on its strong performance and the ultimate success of the IPO.


Okada Casino Momentum Signals an Entry Point Despite Legal Woes with Its Spac Hedge Fund Deal

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>In the last two months, <a href="https://www.smartkarma.com/entities/amvis-holdings-inc" target="_blank" data-smartkarma-citation="entities:31511:1" rel="noopener">Amvis Holdings Inc (7071 JP)</a>, <a href="https://www.smartkarma.com/entities/axxzia-inc" target="_blank" data-smartkarma-citation="entities:31482:1" rel="noopener">AXXZIA Inc (4936 JP)</a>, and <a href="https://www.smartkarma.com/entities/sosei-group-corp" target="_blank" data-smartkarma-citation="entities:770:1" rel="noopener">Sosei Group (4565 JP)</a> have confirmed their moves to the Prime Market.</li>
<li>These names appeared in our lists (A or B) of candidates with high "readiness" for TOPIX Inclusions in our recent insights.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
In the last two months, Amvis Holdings Inc (7071 JP), AXXZIA Inc (4936 JP), and Sosei Group (4565 JP) have confirmed their moves to the Prime Market.
These names appeared in our lists (A or B) of candidates with high "readiness" for TOPIX Inclusions in our recent insights.


TOPIX Inclusions: Who Is Ready (Apr 2023)

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>In February, names which appeared in our "B" list such as <a href="https://www.smartkarma.com/entities/amvis-holdings-inc" target="_blank" data-smartkarma-citation="entities:31511:1" rel="noopener">Amvis Holdings Inc (7071 JP)</a> and <a href="https://www.smartkarma.com/entities/axxzia-inc" target="_blank" data-smartkarma-citation="entities:31482:1" rel="noopener">AXXZIA Inc (4936 JP)</a> announced they would be moving to the Prime Market.</li>
<li>In this insight, we take a look at updated lists, the price performance history of those baskets, and other interesting trades in the TOPIX index space.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
In February, names which appeared in our "B" list such as Amvis Holdings Inc (7071 JP) and AXXZIA Inc (4936 JP) announced they would be moving to the Prime Market.
In this insight, we take a look at updated lists, the price performance history of those baskets, and other interesting trades in the TOPIX index space.


TOPIX Inclusions: Who Is Ready (Mar 2023)

<ul>
<li>The long, twisted trail of Universal Entertainment's Okada Manila casino spinoff faces yet another legal obstacle announced last week.</li>
<li>The extension of Universal's/ 26 Capital Spac deal for one year could see the debut of the IPO during an increasingly higher growth industry revenue recovery arc.</li>
<li>26 Capital valuation of Okada at US$2.5 bill with a $10 per share offer price could run up quickly as market momentum turns positive sentiment higher.</li>
</ul>


The long, twisted trail of Universal Entertainment's Okada Manila casino spinoff faces yet another legal obstacle announced last week.
The extension of Universal's/ 26 Capital Spac deal for one year could see the debut of the IPO during an increasingly higher growth industry revenue recovery arc.
26 Capital valuation of Okada at US$2.5 bill with a $10 per share offer price could run up quickly as market momentum turns positive sentiment higher.


Okada Manila IPO: Ironically, Delay Could Raise Market Sentiments Higher as Philippine GGR Rises

<ul>
<li>The long, tortured legal mess between Universal and its ousted founder over control of its lucrative Manila integrated casino resort now has a clear path to its spin off IPO.</li>
<li>The Okada Manila resort is among the sector leaders in the burgeoning Philippines gaming market now ramping rapidly toward full GGR recovery.</li>
<li>At UE's current price of 2,347jpy, the stock bears a built in premium of a Spac IPO now appearing to be pointed to debut this year.</li>
</ul>


The long, tortured legal mess between Universal and its ousted founder over control of its lucrative Manila integrated casino resort now has a clear path to its spin off IPO.
The Okada Manila resort is among the sector leaders in the burgeoning Philippines gaming market now ramping rapidly toward full GGR recovery.
At UE's current price of 2,347jpy, the stock bears a built in premium of a Spac IPO now appearing to be pointed to debut this year.


Universal Entertainment of Japan: IPO for Its Manila Casino Draws Closer

Japan

Universal Entertainment Corporation develops, manufactures, and sells pachinko, pachinko slot machines, amusement equipments & casino equipments designed for overseas use.  The Company also engages in casino hotel management.

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Universal Entertainment (6425 JP)

Okada Casino Momentum Signals an Entry Point Despite Legal Woes with Its Spac Hedge Fund Deal

Universal Entertainment of Japan performance is strong, expected even better for May 10-15 earnings call. Okada Manila subsidiary producing...

Howard J Klein

TOPIX Inclusions: Who Is Ready (Apr 2023)

Amvis and Sosei will have TOPIX Inclusion events at the end of April 2023. Celsys has gained slightly and is close to being fully ready. There is...

Janaghan Jeyakumar, CFA

TOPIX Inclusions: Who Is Ready (Mar 2023)

The recent price decline of pre-event candidate CELSYS could be seen as a new buying opportunity. Amvis and Axxzia will have their TOPIX Inclusion...

Janaghan Jeyakumar, CFA

Okada Manila IPO: Ironically, Delay Could Raise Market Sentiments Higher as Philippine GGR Rises

A lawsuit filed last week may delay Okada's IPO, but if it debuts later this year, it will do so in a very bullish revenue recovery outlook for the...

Howard J Klein

Universal Entertainment of Japan: IPO for Its Manila Casino Draws Closer

Japan's Universal Entertainment's plans to take its successful manila resort public now are past obstructions and appear ready for a spac IPO...

Howard J Klein

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