Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raysum-co-ltd" target="_blank" data-smartkarma-citation="entities:6084:1" rel="noopener">Raysum Co Ltd (8890 JP)</a> has been in a weird kind of limbo for well over a year. The Chairman/Founder resigned late last year for health reasons.</li>
<li>The company needed to take action to stay listed on TSE Standard. There was a plan to transfer 60+% of the shares to a foundation, through an odd arrangement.</li>
<li>Then a hedge fund stepped up and said "I'll have 64% of the company at a near life-time high." So now we have an interesting deal. And interesting potential future.</li>
</ul>



Raysum Co Ltd (8890 JP) has been in a weird kind of limbo for well over a year. The Chairman/Founder resigned late last year for health reasons.
The company needed to take action to stay listed on TSE Standard. There was a plan to transfer 60+% of the shares to a foundation, through an odd arrangement.
Then a hedge fund stepped up and said "I'll have 64% of the company at a near life-time high." So now we have an interesting deal. And interesting potential future.


Raysum (8890 JP) Mystery Bidder Is a Hedge Fund - And That Makes It More Interesting

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raysum-co-ltd" target="_blank" data-smartkarma-citation="entities:6084:1" rel="noopener">Raysum Co Ltd (8890 JP)</a> has recommended <a href="https://www.smartkarma.com/entities/hulic-co-ltd" target="_blank" data-smartkarma-citation="entities:388:1" rel="noopener">Hulic Co Ltd (3003 JP)</a>’s tender offer at JPY5,913, a 94.2% premium to the last close price of JPY3,045.</li>
<li>The tender offer runs from 17 September to 30 October (30 business days), with payment commencing from 7 November. The offer represents an all-time high. </li>
<li>This is a done deal, as the irrevocable (Oasis) represents a 63.88% ownership ratio. With a knockout offer, the required 7.7% minority acceptance rate is easily achieved.  </li>
</ul>



Raysum Co Ltd (8890 JP) has recommended Hulic Co Ltd (3003 JP)’s tender offer at JPY5,913, a 94.2% premium to the last close price of JPY3,045.
The tender offer runs from 17 September to 30 October (30 business days), with payment commencing from 7 November. The offer represents an all-time high. 
This is a done deal, as the irrevocable (Oasis) represents a 63.88% ownership ratio. With a knockout offer, the required 7.7% minority acceptance rate is easily achieved.  


Raysum (8890 JP): Hulic (3033 JP)’s Tender Offer a Done Deal

<ul>
<li>The change in control of <a href="https://www.smartkarma.com/entities/raysum-co-ltd" target="_blank" data-smartkarma-citation="entities:6084:1" rel="noopener">Raysum Co Ltd (8890 JP)</a> has a complex backstory. But one week shy of two years ago, Oasis launched a buyout to own 65%.</li>
<li>The company had a strong MTMP. Oasis paid ¥1,700/share to own 65%. The MTMP came through, there was an offering, and it stayed near ¥3,000/share. </li>
<li>Now <a href="https://www.smartkarma.com/entities/hulic-co-ltd" target="_blank" data-smartkarma-citation="entities:388:1" rel="noopener">Hulic Co Ltd (3003 JP)</a> has come out with a Tender Offer to buy the company for ¥5,913/share. That's a 94% premium and 3.5x what Oasis paid 2yrs ago.</li>
</ul>


The change in control of Raysum Co Ltd (8890 JP) has a complex backstory. But one week shy of two years ago, Oasis launched a buyout to own 65%.
The company had a strong MTMP. Oasis paid ¥1,700/share to own 65%. The MTMP came through, there was an offering, and it stayed near ¥3,000/share. 
Now Hulic Co Ltd (3003 JP) has come out with a Tender Offer to buy the company for ¥5,913/share. That's a 94% premium and 3.5x what Oasis paid 2yrs ago.


Hulic (3003) Launches TOB to Take Out Raysum (8890) - HUGE Win for Good Governance And Activism

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>Revenue: JPY15.6bn (-0.3% YoY); Operating profit: JPY1.4bn (-62.3% YoY); Recurring profit: JPY1.3bn (-64.9% YoY); Net income: JPY885mn (-64.1% YoY).</li><li>Asset Value Creation segment: Revenue decreased 3.5% YoY; Operating profit decreased 53.1% YoY; Operating profit margin fell 15.1pp YoY.</li><li>Future Value Creation segment: Revenue increased 34.2% YoY; Operating loss: JPY382mn; Operating loss widened slightly from Q1 FY03/24.</li></ul>

Revenue: JPY15.6bn (-0.3% YoY); Operating profit: JPY1.4bn (-62.3% YoY); Recurring profit: JPY1.3bn (-64.9% YoY); Net income: JPY885mn (-64.1% YoY).Asset Value Creation segment: Revenue decreased 3.5% YoY; Operating profit decreased 53.1% YoY; Operating profit margin fell 15.1pp YoY.Future Value Creation segment: Revenue increased 34.2% YoY; Operating loss: JPY382mn; Operating loss widened slightly from Q1 FY03/24.

Raysum Co Ltd (8890 JP): Q1 FY03/25 flash update

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Index Rebalance

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.</li>
<li>Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-May 2025.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-May 2025.


Quiddity JPX-Nikkei 400 Rebal 2025: End-May 2025 Ranks

Japan

Raysum Co., Ltd. provides building management, real estate investment, and advisory services as well as securitized real estate properties. The Company also investigates, purchases, and collects non-performing loans as a servicing agent.

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Raysum Co Ltd (8890 JP)

Raysum (8890 JP) Mystery Bidder Is a Hedge Fund - And That Makes It More Interesting

Raysum is a low-multiple R.E. dev business specialising in "upvalue" business. The founder owned 72% 6mos ago, sold some, was to transfer 64% to a...

Travis Lundy

Raysum (8890 JP): Hulic (3033 JP)’s Tender Offer a Done Deal

This is a done deal, as the irrevocable (Oasis) represents a 63.88% ownership ratio. With a knockout offer, the required 7.7% minority acceptance...

Arun George

Hulic (3003) Launches TOB to Take Out Raysum (8890) - HUGE Win for Good Governance And Activism

Hulic (3003) takes out Raysum Co (8890). Huge uplift in two years. Successful engagement activist exit. The very acquisitive Hulic acquires more....

Travis Lundy