Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Sanken benefits from the structural growth in EVs, which should underpin revenue growth and margin accretion. </li>
<li>DCF valuation suggests the stock is slightly undervalued. However, better-than-expected revenue trends could easily drive significant upside. </li>
<li>Almost 30% of shares are held by activist investors - there is an attractive 57% upside to a SOTP valuation that could be realised over time.</li>
</ul>


Sanken benefits from the structural growth in EVs, which should underpin revenue growth and margin accretion. 
DCF valuation suggests the stock is slightly undervalued. However, better-than-expected revenue trends could easily drive significant upside. 
Almost 30% of shares are held by activist investors - there is an attractive 57% upside to a SOTP valuation that could be realised over time.


Sanken (6707)| Attractive for Activists and Growth Investors

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Global renewable continue to outperform, although this is yet to be seen in Japan related names.</li>
<li>Very little read from the US with the market firmly in wait-and-see mode ahead of the Fed.</li>
<li>Kose sell-side meeting yesterday points to plans for global growth despite few specifics released for its new MTP set to be released in October.</li>
</ul>


Global renewable continue to outperform, although this is yet to be seen in Japan related names.
Very little read from the US with the market firmly in wait-and-see mode ahead of the Fed.
Kose sell-side meeting yesterday points to plans for global growth despite few specifics released for its new MTP set to be released in October.


Japan Morning Connection: Kose Aims for Global Growth

<ul>
<li>Tech laggards bought in the US showing many in the market scrambling to catch the upside after the rapid snapback from last weeks drop.</li>
<li>Server related strength after Cisco numbers may see sentiment for Nidec finally improving with its cooling modules business emerging as an earnings driver.</li>
<li>Strong numbers for Coherent confirm the positive trends for its optical transceiver business which points to continued upside for AI data center plays</li>
</ul>


Tech laggards bought in the US showing many in the market scrambling to catch the upside after the rapid snapback from last weeks drop.
Server related strength after Cisco numbers may see sentiment for Nidec finally improving with its cooling modules business emerging as an earnings driver.
Strong numbers for Coherent confirm the positive trends for its optical transceiver business which points to continued upside for AI data center plays


Japan Morning Connection: Sanken Electric, Nidec, Asahi Intecc

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>12 months on from the Tender Offer which changed the shape of the shareholder register, <a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a> is up small and its main asset Cellebrite is -10%.</li>
<li>The value of the rest of Sun Corp has probably increased to cover that 10% through new business earnings, but the main value is still Cellebrite. An exit still awaited.</li>
<li>Now Cellebrite is lower, and SunCorp is lower (but recently rising) and SunCorp has announced a buyback which accounts for a big chunk of Real World Float. Hmmm...</li>
</ul>


12 months on from the Tender Offer which changed the shape of the shareholder register, Sun Corp (6736 JP) is up small and its main asset Cellebrite is -10%.
The value of the rest of Sun Corp has probably increased to cover that 10% through new business earnings, but the main value is still Cellebrite. An exit still awaited.
Now Cellebrite is lower, and SunCorp is lower (but recently rising) and SunCorp has announced a buyback which accounts for a big chunk of Real World Float. Hmmm...


Sun Corp (6736) - CLBT Has Round-Tripped, But Now Better ParentCo and a Buyback so Set-Up Is Better

<ul>
<li>Oracle order for millions of homes worth of power consumption sends DC and server related higher.</li>
<li>Power semis also up as analysts continue to take a more constructive view.</li>
<li>Gaming names may bounce after yesterdays dip given they are seen as 'tariff proof' ahead of deadline.</li>
</ul>


Oracle order for millions of homes worth of power consumption sends DC and server related higher.
Power semis also up as analysts continue to take a more constructive view.
Gaming names may bounce after yesterdays dip given they are seen as 'tariff proof' ahead of deadline.


Japan Morning Connection: AI and Tech Snaps Back with SOX at Recent Highs

Japan

Sanken Electric Co., Ltd. manufactures and sells discrete semiconductors such as diodes and transistors, and analog integrated circuits.  The Company also manufactures various kinds of adapters and surge/transient protectors.

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Sanken Electric (6707 JP)

Sanken (6707)| Attractive for Activists and Growth Investors

Sanken is an attractive investment for activists and growth investors alike. There is an attractive 57% upside to a SOTP valuation that could be...

Mark Chadwick

Japan Morning Connection: Kose Aims for Global Growth

Global renewable sector continues to outperform, but Japan is lagging behind. US market is cautious ahead of the Fed meeting. Kose plans for...

Andrew Jackson

Japan Morning Connection: Sanken Electric, Nidec, Asahi Intecc

US tech laggards are now catching up after a rapid rebound, server-related strength boosts Nidec's sentiment, and Coherent's strong numbers...

Andrew Jackson

Sun Corp (6736) - CLBT Has Round-Tripped, But Now Better ParentCo and a Buyback so Set-Up Is Better

Since I wrote 3 weeks ago, CLBT is up 20%, Sun Corp is up 10%, the discount is wider. US domestic political stress will only increase the demand...

Travis Lundy

Japan Morning Connection: AI and Tech Snaps Back with SOX at Recent Highs

DC and server-related stocks boosted by Oracle's deal, while power semiconductors rise with positive outlook. Gaming stocks may rebound after a...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sanken (6707)| Attractive for Activists and Growth Investors

Sanken is an attractive investment for activists and growth investors alike. There is an attractive 57% upside to a SOTP valuation that could be...

Mark Chadwick

Japan Morning Connection: Kose Aims for Global Growth

​Global renewable sector continues to outperform, but Japan is lagging behind. US market is cautious ahead of the Fed meeting. Kose plans for...

Andrew Jackson

Japan Morning Connection: Sanken Electric, Nidec, Asahi Intecc

​US tech laggards are now catching up after a rapid rebound, server-related strength boosts Nidec's sentiment, and Coherent's strong numbers...

Andrew Jackson

Sun Corp (6736) - CLBT Has Round-Tripped, But Now Better ParentCo and a Buyback so Set-Up Is Better

Since I wrote 3 weeks ago, CLBT is up 20%, Sun Corp is up 10%, the discount is wider. US domestic political stress will only increase the demand...

Travis Lundy

Japan Morning Connection: AI and Tech Snaps Back with SOX at Recent Highs

DC and server-related stocks boosted by Oracle's deal, while power semiconductors rise with positive outlook. Gaming stocks may rebound after a...

Andrew Jackson

Global renewable sector continues to outperform, but Japan is lagging behind. US market is cautious ahead of the Fed meeting. Kose plans for...

US tech laggards are now catching up after a rapid rebound, server-related strength boosts Nidec's sentiment, and Coherent's strong numbers...