Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Tokyo Dome, ESR/Sabana, NTT Docomo, Evergrande, LG Corp, China Resources

Travis Lundy

<p>The Nikkei Asia <a href="https://asia.nikkei.com/Business/Business-deals/1bn-bid-for-Tokyo-Dome-planned-by-developer-Mitsui-Fudosan" target="_blank" rel="noopener">reported</a> this morning (Japanese article link <a href="https://www.nikkei.com/article/DGXMZO66704090X21C20A1MM8000" target="_blank" rel="noopener">here</a>) that <a href="https://www.smartkarma.com/entities/mitsui-fudosan-co-ltd" target="_blank" data-smartkarma-citation="entities:565:1" rel="noopener">Mitsui Fudosan (8801 JP)</a> intended to partner with someone to launch a Tender Offer to take private <a href="https://www.smartkarma.com/entities/tokyo-dome-corp" target="_blank" data-smartkarma-citation="entities:6421:1" rel="noopener">Tokyo Dome Corp (9681 JP)</a>, spending "more than ¥100bn" (vs the ¥85.9bn of yesterday's close) based on the idea that there would be a premium to market price. The Tender Offer could start before 2020 ends.</p><p>The bigger story here, of course, is that hedge fund Oasis Management has been on the case, urging Tokyo Dome management to do more to improve value for shareholders. Oasis said earlier this month they had been trying to engage with Tokyo Dome since 2018. They went over 5% in December 2019 and according to filings lifted their stake to 9.71% in January 2020. Covid-19 later hit Japan and as a result, the number of events and therefore visitor count at the various features and venues within Tokyo Dome have slowed, and the company is on its back foot. </p><p>Early this year, Oasis set up a website with a fair bit of material for their case at <a href="https://www.abettertokyodome.com/" target="_blank" rel="noopener">abettertokyodome.com</a>. There main presentation is linked <a href="https://static1.squarespace.com/static/5dd62b05f226644911c6d4e1/t/5efabd9b2d98f71482b79156/1593490878125/OASIS+-+A+Better+Tokyo+Dome+Presentation.pdf" target="_blank" rel="noopener">here</a>. The claims are clear, and frankly, anyone who has been to Tokyo Dome recently will know <em>exactly</em> what Oasis is pointing at in terms of efforts which could make Tokyo Dome a better place to visit and a better company. </p><p>Among the proposals by Oasis, there are substantially improved digital signage to improve ad revenue, a naming rights agreement like seen at other major Japan venues which could bring in ¥500mm a year or more, overhauled technology to match other world-class venues, substantially improved F&amp;B strategy, etc.  </p><p>The deck was really an informative read when presented in January of this year and the opportunity seemed clear to me. The onset of covid-19 was a highly unfortunate development in the timeline, and this has disrupted what might have been a much more lively activist discussion. As it is, in October, Oasis called for a shareholder meeting for Tokyo Dome, asking to replace three directors including President Tsutomu Nagaoka. On 10 November, Tokyo Dome held a press conference which saw some floundering, and Oasis <a href="https://www.businesswire.com/news/home/20201111005501/en/Oasis-Key-Messages-for-Tokyo-Dome-Shareholders-Regarding-the-EGM-on-December-17-2020" target="_blank" rel="noopener">responded</a> the day after. The shareholder meeting is now set for 17 December. </p><p>It is somehow not surprising that Corporate Japan is circling the wagons. </p><p>Tokyo Dome is indicated limit up at ¥1047 now. The past 15+ years looks like the below.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/174/563/original/Screenshot%202020-11-27%20at%2010.27.27%20AM.png?1606444069" class="editor-image img-responsive" data-smartkarma-image-id="174563"></figure></section><p>As a reminder, the stock traded at ¥5000+ in the 1990s.</p><p>The companies (<a href="https://www.mitsuifudosan.co.jp/corporate/ir/library/news/2020/pdf/news_201127.pdf" target="_blank" rel="noopener">Mitsui Fudosan</a>, <a href="https://contents.xj-storage.jp/xcontents/AS01950/1667e514/ffcc/4644/b6a6/6313ea0899ad/140120201127428865.pdf" target="_blank" rel="noopener">Tokyo Dome</a>) have both responded to the article first thing this morning saying that they will be holding board meetings to discuss this situation later today and will announce anything which needs to be announced as soon as possible thereafter.</p><p>The old saying goes "Where there is smoke there is fire" but the question is whether it will be hot enough. As a pure tear-down project, the real estate and history of location/brand would likely be worth well more than ¥100bn. </p><p>Word in the local press is that Mitsui's partner will be Yomiuri Shinbun, which is taking subsidiary/affiliate <a href="https://www.smartkarma.com/entities/yomiuri-land-co-ltd" target="_blank" data-smartkarma-citation="entities:12813:1" rel="noopener">Yomiuri Land (9671 JP)</a> private as discussed in <em><a href="https://www.smartkarma.com/insights/yomiuri-land-9671-takeover-probably-the-wrong-price-but-whaddya-gonna-do" target="_blank" data-smartkarma-citation="insights:45025" rel="noopener">Yomiuri Land (9671) Takeover - Probably The Wrong Price But Whaddya Gonna Do?</a></em>. Yomiuri Land is a cross-holder in Tokyo Dome.</p><p>I expect I will be writing another episode of <em><a href="https://www.smartkarma.com/insights/japan-needs-more-cowbell" target="_blank" data-smartkarma-citation="insights:41191" rel="noopener">Japan Needs More Cowbell</a></em> shortly. It is depressing to me that one needs to write it so often, but needs, I expect, must.</p><p>More on the situation and the potential valuation methodology/constraints below the fold.</p>

The Nikkei Asia reported this morning (Japanese article link here) that Mitsui Fudosan (8801 JP) intended to partner with someone to launch a Tender Offer to take private Tokyo Dome Corp (9681 JP), spending "more than ¥100bn" (vs the ¥85.9bn of yesterday's close) based on the idea that there would be a premium to market price. The Tender Offer could start before 2020 ends.The bigger story here, of course, is that hedge fund Oasis Management has been on the case, urging Tokyo Dome management to do more to improve value for shareholders. Oasis said earlier this month they had been trying to engage with Tokyo Dome since 2018. They went over 5% in December 2019 and according to filings lifted their stake to 9.71% in January 2020. Covid-19 later hit Japan and as a result, the number of events and therefore visitor count at the various features and venues within Tokyo Dome have slowed, and the company is on its back foot. Early this year, Oasis set up a website with a fair bit of material for their case at abettertokyodome.com. There main presentation is linked here. The claims are clear, and frankly, anyone who has been to Tokyo Dome recently will know exactly what Oasis is pointing at in terms of efforts which could make Tokyo Dome a better place to visit and a better company. Among the proposals by Oasis, there are substantially improved digital signage to improve ad revenue, a naming rights agreement like seen at other major Japan venues which could bring in ¥500mm a year or more, overhauled technology to match other world-class venues, substantially improved F&amp;B strategy, etc.  The deck was really an informative read when presented in January of this year and the opportunity seemed clear to me. The onset of covid-19 was a highly unfortunate development in the timeline, and this has disrupted what might have been a much more lively activist discussion. As it is, in October, Oasis called for a shareholder meeting for Tokyo Dome, asking to replace three directors including President Tsutomu Nagaoka. On 10 November, Tokyo Dome held a press conference which saw some floundering, and Oasis responded the day after. The shareholder meeting is now set for 17 December. It is somehow not surprising that Corporate Japan is circling the wagons. Tokyo Dome is indicated limit up at ¥1047 now. The past 15+ years looks like the below.As a reminder, the stock traded at ¥5000+ in the 1990s.The companies (Mitsui Fudosan, Tokyo Dome) have both responded to the article first thing this morning saying that they will be holding board meetings to discuss this situation later today and will announce anything which needs to be announced as soon as possible thereafter.The old saying goes "Where there is smoke there is fire" but the question is whether it will be hot enough. As a pure tear-down project, the real estate and history of location/brand would likely be worth well more than ¥100bn. Word in the local press is that Mitsui's partner will be Yomiuri Shinbun, which is taking subsidiary/affiliate Yomiuri Land (9671 JP) private as discussed in Yomiuri Land (9671) Takeover - Probably The Wrong Price But Whaddya Gonna Do?. Yomiuri Land is a cross-holder in Tokyo Dome.I expect I will be writing another episode of Japan Needs More Cowbell shortly. It is depressing to me that one needs to write it so often, but needs, I expect, must.More on the situation and the potential valuation methodology/constraints below the fold.

Mitsui Fudosan Tender For Tokyo Dome (9681) Mooted

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/172/203/original/2020-11-17_12-24-48.png?1605583510" class="editor-image img-responsive" data-smartkarma-image-id="172203"></figure><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div>
<p><strong>BRIGHTER, LATER</strong> - Forecast Aggregate Net Income for the universe of Japanese listed companies ended the quarter, higher than three months ago by ¥1.2 trillion. As a result, the market's forward multiple is unchanged at 31 times, despite a 7% rise in market capitalisation. Although this 'season' was the best in two years in terms of forecast profits, trailing earnings are still falling, by almost ¥3 trillion in the case of operating income. Much of the market optimism rests on a Japan experiencing a mild COVID winter and the impact of the incoming Biden administration's policy pronouncements on the US dollar. </p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/172/219/original/2020-11-17_13-33-54.png?1605587647" class="editor-image img-responsive" data-smartkarma-image-id="172219"></figure></section><p><strong>5.2% TTM OPERATING MARGINS</strong> - Aggregate Operating Income has declined by a third year-on-year on a 10% decline in revenues. The good news is that the pace of decline is slowing. Nevertheless, all of the Abe-era gains in earnings have now been unwound.</p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/172/230/original/2020-11-17_13-47-49.png?1605588488" class="editor-image img-responsive" data-smartkarma-image-id="172230"></figure><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/172/394/original/2020-11-18_07-24-55.png?1605651921" class="editor-image img-responsive" data-smartkarma-image-id="172394"></figure></section><p><strong>4.8% FORECAST OPERATING MARGINS</strong> - Operating margins are forecast to contract further over the next five months to 4.8%. Forecast revenues and operating income are both 3% lower than three months ago, the slowest rate of attrition in three quarters. The current market euphoria, which has taken total capitalisation to within 3% of the pre-COVID high is implying that the next 'print' of this data series, will be positive.    </p></section><section class="figure"></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/172/256/original/2020-11-17_14-22-29.png?1605590564" class="editor-image img-responsive" data-smartkarma-image-id="172256"></figure></section><p><strong>POSITIVE MOMENTUM</strong> - The sharp recovery in earnings momentum, which the market has been discounting is now materialising. Our Forecast/Revision Score has returned to March levels while the trailing Results Score has bottomed out well above the low of 2009. </p>
<section class="figure"><section class="figure"></section><div class="content-highlight"><p>In the <strong>DETAIL</strong> section below, we shall review the actual results and initial and revised forecasts by Sector and highlight the best and worst-performing companies by one-quarter revenue and margin changes. </p></div></section></section>

Source for all charts &amp; tables: Japan Analytics
BRIGHTER, LATER - Forecast Aggregate Net Income for the universe of Japanese listed companies ended the quarter, higher than three months ago by ¥1.2 trillion. As a result, the market's forward multiple is unchanged at 31 times, despite a 7% rise in market capitalisation. Although this 'season' was the best in two years in terms of forecast profits, trailing earnings are still falling, by almost ¥3 trillion in the case of operating income. Much of the market optimism rests on a Japan experiencing a mild COVID winter and the impact of the incoming Biden administration's policy pronouncements on the US dollar. 
5.2% TTM OPERATING MARGINS - Aggregate Operating Income has declined by a third year-on-year on a 10% decline in revenues. The good news is that the pace of decline is slowing. Nevertheless, all of the Abe-era gains in earnings have now been unwound.
4.8% FORECAST OPERATING MARGINS - Operating margins are forecast to contract further over the next five months to 4.8%. Forecast revenues and operating income are both 3% lower than three months ago, the slowest rate of attrition in three quarters. The current market euphoria, which has taken total capitalisation to within 3% of the pre-COVID high is implying that the next 'print' of this data series, will be positive.    POSITIVE MOMENTUM - The sharp recovery in earnings momentum, which the market has been discounting is now materialising. Our Forecast/Revision Score has returned to March levels while the trailing Results Score has bottomed out well above the low of 2009. 
In the DETAIL section below, we shall review the actual results and initial and revised forecasts by Sector and highlight the best and worst-performing companies by one-quarter revenue and margin changes. 

🇯🇵 JAPAN • IT’S A WRAP - Autumn 2020 Results & Revisions Review

<div><p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p></div><div>
<p style="text-align: left;">Wednesday's best and worst pairing is from the same corporate grouping - <a href="https://www.smartkarma.com/entities/gmo-payment-gateway-inc" target="_blank" data-smartkarma-citation="entities:1492:1" rel="noopener">GMO Payment Gateway (3769 JP)</a> and <a href="https://www.smartkarma.com/entities/gmo-internet-inc" target="_blank" data-smartkarma-citation="entities:13631:1" rel="noopener">GMO Internet (9449 JP)</a> and highlights the risks of investing in the latter to 'access' growth in the former.</p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/170/925/original/2020-11-12_06-02-15.png?1605128549" class="editor-image img-responsive" data-smartkarma-image-id="170925"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/170/926/original/2020-11-12_06-02-54.png?1605128586" class="editor-image img-responsive" data-smartkarma-image-id="170926"></figure></section><div style="text-align: center;"><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div></div>
<hr>
<div style="text-align: center;"><p><strong>DAILY STATS</strong></p></div>
<hr>
<div style="text-align: center;"><p><strong>227 Quarterly Results</strong></p></div>
<div style="text-align: center;"><ul style="list-style-type: disc;">
<li><p style="text-align: left;"><strong>Results Score:</strong> 42% Positive / 11% Neutral / 47% Negative</p></li>
<li><p style="text-align: left;"><strong>Average Results Score Change:</strong> -1.0 points</p></li>
<li><p style="text-align: left;"><strong>Average % Change in Revenue:</strong> -7.6% Quarter YoY / -5.0% Rolling TTM YoY </p></li>
<li><p style="text-align: left;"><strong>Average Operating Profit Margin Change:</strong> -1.3 ppt</p></li>
<li><p style="text-align: left;"><strong>Percentage Making Quarterly Losses:</strong> 20%</p></li>
</ul></div>
<hr>
<div><p style="text-align: center;"><strong>107 Annual • 18 Interim Forecasts/Revisions</strong></p></div>
<div><ul style="list-style-type: disc;">
<li><p><strong>Annual Forecast/Revision Score:</strong> 43% Positive / 9% Neutral / 48% Negative</p></li>
<li><p><strong>Interim Forecast/Revision Score Change:</strong> 50% Positive / 6% Neutral / 44% Negative</p></li>
<li><p><strong>Average Forecast/Revision Score Change:</strong> -1.5 points</p></li>
</ul></div>
</div>

• BEST &amp; WORST •
Wednesday's best and worst pairing is from the same corporate grouping - GMO Payment Gateway (3769 JP) and GMO Internet (9449 JP) and highlights the risks of investing in the latter to 'access' growth in the former.
Source for all charts &amp; tables: Japan Analytics

DAILY STATS

227 Quarterly Results

Results Score: 42% Positive / 11% Neutral / 47% Negative
Average Results Score Change: -1.0 points
Average % Change in Revenue: -7.6% Quarter YoY / -5.0% Rolling TTM YoY 
Average Operating Profit Margin Change: -1.3 ppt
Percentage Making Quarterly Losses: 20%


107 Annual • 18 Interim Forecasts/Revisions

Annual Forecast/Revision Score: 43% Positive / 9% Neutral / 48% Negative
Interim Forecast/Revision Score Change: 50% Positive / 6% Neutral / 44% Negative
Average Forecast/Revision Score Change: -1.5 points



🇯🇵 JAPAN • Results & Revisions 11/​​​​​​​​​​​​​​​​​​​​​​​​​​11 - Mitsubishi Estate, Toshiba, GMOs

<div><p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p></div><p>Thursday's best and worst pairing is herbal medicine specialist <a href="https://www.smartkarma.com/entities/tsumura-co" target="_blank" data-smartkarma-citation="entities:8042:1" rel="noopener">Tsumura (4540 JP)</a> and our'Suga Short' recommendation <a href="https://www.smartkarma.com/entities/mitsui-fudosan-co-ltd" target="_blank" data-smartkarma-citation="entities:565:1" rel="noopener">Mitsui Fudosan (8801 JP)</a>. </p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/169/602/original/2020-11-04_06-51-11.png?1604607954" class="editor-image img-responsive" data-smartkarma-image-id="169602"></figure><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/169/603/original/2020-11-06_05-26-57.png?1604608032" class="editor-image img-responsive" data-smartkarma-image-id="169603"></figure></section><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div></section><hr><p style="text-align: center;"><strong>DAILY STATS</strong></p><hr><p style="text-align: center;"><strong>198 Quarterly Results</strong></p><ul style="list-style-type: disc;">
<li><p><strong>Results Score:</strong> 43% Positive / 10% Neutral / 47% Negative</p></li>
<li><p><strong>Average Results Score Change:</strong> -0.7 points</p></li>
<li><p><strong>Average % Change in Revenue:</strong> -9.0% Quarter YoY / -7.0% Rolling TTM YoY </p></li>
<li><p>A<strong>verage Operating Profit Margin Change:</strong> -1.9ppt</p></li>
<li><p><strong>Percentage Making Quarterly Losses:</strong> 22%</p></li>
</ul><hr><p style="text-align: center;"><strong>109 Annual • 29 Interim Forecasts/Revisions</strong></p><ul style="list-style-type: disc;">
<li><p><strong>Annual Forecast/Revision Score:</strong> 46% Positive / 5% Neutral / 49% Negative</p></li>
<li><p><strong>Interim Forecast/Revision Score Change:</strong> 38% Positive / 7% Neutral / 55% Negative</p></li>
<li><p>Aver<strong>age Forecast/Revision Score Change:</strong> -1.8 points</p></li>
</ul>

• BEST &amp; WORST •Thursday's best and worst pairing is herbal medicine specialist Tsumura (4540 JP) and our'Suga Short' recommendation Mitsui Fudosan (8801 JP). Source for all charts &amp; tables: Japan AnalyticsDAILY STATS198 Quarterly Results
Results Score: 43% Positive / 10% Neutral / 47% Negative
Average Results Score Change: -0.7 points
Average % Change in Revenue: -9.0% Quarter YoY / -7.0% Rolling TTM YoY 
Average Operating Profit Margin Change: -1.9ppt
Percentage Making Quarterly Losses: 22%
109 Annual • 29 Interim Forecasts/Revisions
Annual Forecast/Revision Score: 46% Positive / 5% Neutral / 49% Negative
Interim Forecast/Revision Score Change: 38% Positive / 7% Neutral / 55% Negative
Average Forecast/Revision Score Change: -1.8 points


🇯🇵 JAPAN • Results & Revisions 11/​​​​​​​​​​​​​​​​​​​​​​​05 Tsumura, Sysmex, Terumo, Nintendo, MRE

Japan

Mitsui Fudosan Co., Ltd. provides overall real estate services such as leasing, subdivision, construction, sales, and maintenance of office buildings and residential houses.  The Company also manufactures building materials, operates commercial facilities including hotels and golf places, and provides financial services such as securitization of real estate properties.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Mitsui Fudosan (8801 JP)

Last Week in Event SPACE: Tokyo Dome, ESR/Sabana, NTT Docomo, Evergrande, LG Corp, China Resources

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Mitsui Fudosan Tender For Tokyo Dome (9681) Mooted

It appears Mitsui Fudosan and Yomiuri Land will be bidding for Tokyo Dome in order to fend off the activism of 9.7% holder Oasis. That's a pity....

Travis Lundy

🇯🇵 JAPAN • IT’S A WRAP - Autumn 2020 Results & Revisions Review

BRIGHTER, LATER - Forecast Aggregate Net Income for the universe of Japanese listed companies ended the quarter, higher than three months ago by...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 11/11 - Mitsubishi Estate, Toshiba, GMOs

Wednesday's best and worst pairing is from the same corporate grouping - GMO PG and GMO Internet and highlights the risks of investing in the...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 11/05 Tsumura, Sysmex, Terumo, Nintendo, MRE

• BEST & WORST • Thursday's best and worst pairing is herbal medicine specialist Tsumura (4540 JP) and our'Suga Short' recommendation Mitsui...

Campbell Gunn

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Last Week in Event SPACE: Tokyo Dome, ESR/Sabana, NTT Docomo, Evergrande, LG Corp, China Resources

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Mitsui Fudosan Tender For Tokyo Dome (9681) Mooted

It appears Mitsui Fudosan and Yomiuri Land will be bidding for Tokyo Dome in order to fend off the activism of 9.7% holder Oasis. That's a pity....

Travis Lundy

🇯🇵 JAPAN • IT’S A WRAP - Autumn 2020 Results & Revisions Review

BRIGHTER, LATER - Forecast Aggregate Net Income for the universe of Japanese listed companies ended the quarter, higher than three months ago by...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 11/​​​​​​​​​​​​​​​​​​​​​​​​​​11 - Mitsubishi Estate, Toshiba, GMOs

Wednesday's best and worst pairing is from the same corporate grouping - GMO PG and GMO Internet and highlights the risks of investing in the...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 11/​​​​​​​​​​​​​​​​​​​​​​​05 Tsumura, Sysmex, Terumo, Nintendo, MRE

• BEST & WORST • Thursday's best and worst pairing is herbal medicine specialist Tsumura (4540 JP) and our'Suga Short' recommendation Mitsui...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 11/11 - Mitsubishi Estate, Toshiba, GMOs

🇯🇵 JAPAN • Results & Revisions 11/05 Tsumura, Sysmex, Terumo, Nintendo, MRE