Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>At ¥17,340/share, <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener"><strong>Toyota Industries (6201 JP)</strong></a> is cheap. Corporate governance supporting this deal is shocking. In <a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a>'s words: "<em>Stay long. Buy more. And make some noise</em>."</li>
<li>Preceding my comments on Toyota are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


At ¥17,340/share, Toyota Industries (6201 JP) is cheap. Corporate governance supporting this deal is shocking. In Travis Lundy's words: "Stay long. Buy more. And make some noise."
Preceding my comments on Toyota are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Don't Sell Toyota Inds (6201 JP) - Buy More

Travis Lundy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aichi-steel-corp" target="_blank" data-smartkarma-citation="entities:4517:1" rel="noopener">Aichi Steel (5482 JP)</a> announced earnings on 25-April during market hours. Results were OK. Guidance was OK. The div was WAY up for Mar26. Shares fell. Then rose 26-April.</li>
<li>Aichi Steel is a Toyota Motors equity affiliate (26-27%), Toyota Industries, Toyota R.E., megabanks, the Kyoeikai, and Nippon Steel all have stakes. Nippon Steel recently reduced its position. </li>
<li>Activist Murakami has about 10% across two entities. This morning, the Company was to buy back 16%. WHO is selling? We don't know yet. Likely a mix. Details may matter.</li>
</ul>



Aichi Steel (5482 JP) announced earnings on 25-April during market hours. Results were OK. Guidance was OK. The div was WAY up for Mar26. Shares fell. Then rose 26-April.
Aichi Steel is a Toyota Motors equity affiliate (26-27%), Toyota Industries, Toyota R.E., megabanks, the Kyoeikai, and Nippon Steel all have stakes. Nippon Steel recently reduced its position. 
Activist Murakami has about 10% across two entities. This morning, the Company was to buy back 16%. WHO is selling? We don't know yet. Likely a mix. Details may matter.


[Japan Activism?] Toyota Group Equity Affiliate and Murakami Target Aichi Steel Does Large ToSTNeT-3

Japan

AICHI CORPORATION develops and manufactures special-purpose vehicles such as aerial-platform trucks used for construction and engineering projects.  The Company also sells parts and provides repair and maintenance services for its vehicles.

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Aichi Corp (6345 JP)

StubWorld: Don't Sell Toyota Inds (6201 JP) - Buy More

At ¥17,340/share, Toyota Industries is cheap. Corporate governance is shocking. Stay long. Buy more. This deal, as structured, is block-able, even...

David Blennerhassett

[Japan Activism?] Toyota Group Equity Affiliate and Murakami Target Aichi Steel Does Large ToSTNeT-3

Aichi Steel was a very low PBR stock a year ago. Murakami-san targeted it. It went up. Now the company did a large buyback at 0.7x book. Who sold?...

Travis Lundy

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