Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In March, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a> agreed to be bought out by <a href="https://www.smartkarma.com/entities/infroneer-holdings-inc" target="_blank" data-smartkarma-citation="entities:35785:1" rel="noopener">INFRONEER Holdings (5076 JP)</a> for ¥770/share. One activist objected, and bought 28%. They then said they'd pay ¥1,000.</li>
<li>The Infroneer deal failure started an acrimonious back and forth. The hostility lessened over the summer, but despite activist Yamauchi Family Office's protestations of love, no deal as of November.</li>
<li>Today saw another press release, delaying things. The contents are 🌶🌶🌶.  NOW things are getting more interesting. Hostility is back. Medium-spicy. Three 🌶 out of five.</li>
</ul>


In March, Toyo Construction (1890 JP) agreed to be bought out by INFRONEER Holdings (5076 JP) for ¥770/share. One activist objected, and bought 28%. They then said they'd pay ¥1,000.
The Infroneer deal failure started an acrimonious back and forth. The hostility lessened over the summer, but despite activist Yamauchi Family Office's protestations of love, no deal as of November.
Today saw another press release, delaying things. The contents are 🌶🌶🌶.  NOW things are getting more interesting. Hostility is back. Medium-spicy. Three 🌶 out of five.


Toyo (1890) Says "We Reject". YFO Says "But We Didn't Talk". Medium-🌶🌶🌶 Hostile Activism To Ensue

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

<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>This insight is a follow-up to <a href="https://www.smartkarma.com/insights/topix-inclusions-who-is-ready-aug-2022" target="_blank" data-smartkarma-citation="insights:74615" rel="noopener">TOPIX Inclusions: Who Is Ready (Aug 2022)</a> </li>
<li>At present, there are 53 names that satisfy all of these conditions and there are more names that are close to being in that group.</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.
This insight is a follow-up to TOPIX Inclusions: Who Is Ready (Aug 2022) 
At present, there are 53 names that satisfy all of these conditions and there are more names that are close to being in that group.


TOPIX Inclusions: Who Is Ready (Oct 2022)

David Blennerhassett

<ul>
<li>The only way that noisy shareholders in <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> can be eliminated, allowing management and employees to focus on "making Toshiba stronger" is to arrange a privatisation. </li>
<li>
<a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> approached <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals Ltd (OZL AU)</a> with a bid of A$25/share. Oz very quickly rejected. There are hints now that A$30 may be the price.   </li>
<li>After 23 months of negotiations with various parties, culminating in a protracted on-again, off-again, negotiation with Dye &amp; Durham, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> is now without an Offer.</li>
</ul>


The only way that noisy shareholders in Toshiba Corp (6502 JP) can be eliminated, allowing management and employees to focus on "making Toshiba stronger" is to arrange a privatisation. 

BHP Group Ltd (BHP AU) approached OZ Minerals Ltd (OZL AU) with a bid of A$25/share. Oz very quickly rejected. There are hints now that A$30 may be the price.   
After 23 months of negotiations with various parties, culminating in a protracted on-again, off-again, negotiation with Dye &amp; Durham, Link Administration (LNK AU) is now without an Offer.


Last Week in Event SPACE: Toshiba, Oz Minerals, Link Admin, Sands China

<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

Today after the close, smallcap property developer/re-developer/manager <a href="https://www.smartkarma.com/entities/6084" target="_blank" data-smartkarma-citation="entities:6084:1">Raysum Co Ltd (8890 JP)</a> announced a tender offer to buy back its own shares. The announcement came along with Q1 earnings which look pretty spectacular in terms of year-on-year growth. Revenues +163% yoy for Q1, OP up 593%, and Recurring Profit up 984% to 1bn yen, and Net Profit +594% to 644mm yen for the quarter. However it is to note that revenues are expected up 58% this year, and OP +40% and Q1 is on average the weakest…

Today after the close, smallcap property developer/re-developer/manager Raysum Co Ltd (8890 JP) announced a tender offer to buy back its own shares. The announcement came along with Q1 earnings which look pretty spectacular in terms of year-on-year growth. Revenues +163% yoy for Q1, OP up 593%, and Recurring Profit up 984% to 1bn yen, and Net Profit +594% to 644mm yen for the quarter. However it is to note that revenues are expected up 58% this year, and OP +40% and Q1 is on average the weakest…

Raysum (8890 JP) Own Share Tender - Big Accretive Buyback

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)

Toyo (1890) Says "We Reject". YFO Says "But We Didn't Talk". Medium-🌶🌶🌶 Hostile Activism To Ensue

YFO release another Press Release on Toyo, who apparently told them "No Go". That makes Toyo look bad. YFO went directly to directors. We now have...

Travis Lundy

TOPIX Inclusions: Who Is Ready (Oct 2022)

Appier Group, ArtSpark Holdings, and Chubu Steel Plate are interesting TOPIX Inclusion Pre-event names that are worth tracking over the next few...

Janaghan Jeyakumar, CFA

Last Week in Event SPACE: Toshiba, Oz Minerals, Link Admin, Sands China

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

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

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Toyo (1890) Says "We Reject". YFO Says "But We Didn't Talk". Medium-🌶🌶🌶 Hostile Activism To Ensue

YFO release another Press Release on Toyo, who apparently told them "No Go". That makes Toyo look bad. YFO went directly to directors. We now have...

Travis Lundy

TOPIX Inclusions: Who Is Ready (Oct 2022)

Appier Group, ArtSpark Holdings, and Chubu Steel Plate are interesting TOPIX Inclusion Pre-event names that are worth tracking over the next few...

Janaghan Jeyakumar, CFA

Last Week in Event SPACE: Toshiba, Oz Minerals, Link Admin, Sands China

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

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) Own Share Tender - Big Accretive Buyback

Today after the close, smallcap property developer/re-developer/manager Raysum Co Ltd (8890 JP) announced a tender offer to buy back its own...

Travis Lundy