Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Buybacks are a central part of Corporate Japan's effort to improve corporate/capital governance. Lots of cross-holders want/need to sell. Lots of companies want to reduce excess equity.</li>
<li>This earnings season has seen a LOT of new buybacks announced. ¥7.3trln in the last month and that doesn't even include the biggest buybacks extant by March-end companies.</li>
<li>We are experimenting with new ways of displaying data/analytics for buybacks in Japan. To that end, we have a new tool. We hope users find it useful. We invite feedback.</li>
</ul>


Buybacks are a central part of Corporate Japan's effort to improve corporate/capital governance. Lots of cross-holders want/need to sell. Lots of companies want to reduce excess equity.
This earnings season has seen a LOT of new buybacks announced. ¥7.3trln in the last month and that doesn't even include the biggest buybacks extant by March-end companies.
We are experimenting with new ways of displaying data/analytics for buybacks in Japan. To that end, we have a new tool. We hope users find it useful. We invite feedback.


[Japan Buybacks] ¥7.3trln of Buybacks Announced In the Last Month - Data on Each, Plus History

<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

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a> has announced a secondary offering of 91.7 million shares, worth around US$1.9 billion.</li>
<li>The selling shareholder is <a href="https://www.smartkarma.com/entities/gmo-internet-group-inc" target="_blank" data-smartkarma-citation="entities:13631:1" rel="noopener">GMO Internet Group (9449 JP)</a>. The secondary offering aims to increase the tradable share ratio to satisfy the TSE Prime Market's continued listing criteria.</li>
<li>The offering represents 239.4 days of the 1-year ADV, the highest compared to the recent large Japanese placements. Pricing is likely to be on 5 June.</li>
</ul>



GMO Internet (4784 JP) has announced a secondary offering of 91.7 million shares, worth around US$1.9 billion.
The selling shareholder is GMO Internet Group (9449 JP). The secondary offering aims to increase the tradable share ratio to satisfy the TSE Prime Market's continued listing criteria.
The offering represents 239.4 days of the 1-year ADV, the highest compared to the recent large Japanese placements. Pricing is likely to be on 5 June.


GMO Internet (4784 JP): A Huge US$1.9 Billion Secondary Offering

David Blennerhassett

<ul>
<li>
Toyota Chair TOYODA made a proposal to take over <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>, not because he loves forklifts etc; but an opportunistic way to buy a large block of Toyota.</li>
<li>
<a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> shareholders voted down Palliser's proposal to review its dual-company structure. That was the right outcome.</li>
<li>
<a href="https://www.smartkarma.com/entities/hainan-meilan-international-airport-company-limited" target="_blank" data-smartkarma-citation="entities:12545:1" rel="noopener">Hainan Meilan (357 HK)</a>'s H-share Offer price of HK$10.62/share is not compelling; but it's not meant to be, as the SPA Buyer and Seller are ultimately controlled by Hainan SASAC.</li>
</ul>



Toyota Chair TOYODA made a proposal to take over Toyota Industries (6201 JP), not because he loves forklifts etc; but an opportunistic way to buy a large block of Toyota.

Rio Tinto Ltd (RIO AU) shareholders voted down Palliser's proposal to review its dual-company structure. That was the right outcome.

Hainan Meilan (357 HK)'s H-share Offer price of HK$10.62/share is not compelling; but it's not meant to be, as the SPA Buyer and Seller are ultimately controlled by Hainan SASAC.


Last Week in Event SPACE: Toyota, Rio Tinto, Hainan Meilan, Fujitsu General

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>The Nikkei 225 surged 2.7% over the week, reclaiming the 35,000 level as easing U.S.-China trade tensions and a softer yen bolstered investor sentiment.</li>
<li>Tokyo core CPI jumped to 3.4% in April 2025 (highest in two years), driven by reduced energy subsidies and April food price increases.</li>
<li>The weaker yen supported export-dependent sectors, such as machinery, auto parts and tech hardware. For individual stocks, it is all about results and capital policies. </li>
</ul>


The Nikkei 225 surged 2.7% over the week, reclaiming the 35,000 level as easing U.S.-China trade tensions and a softer yen bolstered investor sentiment.
Tokyo core CPI jumped to 3.4% in April 2025 (highest in two years), driven by reduced energy subsidies and April food price increases.
The weaker yen supported export-dependent sectors, such as machinery, auto parts and tech hardware. For individual stocks, it is all about results and capital policies. 


Japan Strategy Weekly | Stocks Strong on Trade Optimism and Weaker Yen

Japan

Aisin Corporation manufactures and distributes motor vehicle parts. The Company produces drive train, transmissions, clutches, disc brakes, anti-skid brake system, suspensions, oil pumps, power windows, power door locks, and more. Aisin operates sales and production subsidiaries worldwide.

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Aisin (7259 JP)

[Japan Buybacks] ¥7.3trln of Buybacks Announced In the Last Month - Data on Each, Plus History

Japan saw ¥7.3trln of buybacks announced in the March-end earnings season. Here we offer a tool to see them all, and past buyback patterns of each...

Travis Lundy

[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

GMO Internet (4784 JP): A Huge US$1.9 Billion Secondary Offering

The offering is enormous, representing 239.4 days of the 1-year ADV, the highest compared to the recent large Japanese placements. Along with a...

Arun George

Last Week in Event SPACE: Toyota, Rio Tinto, Hainan Meilan, Fujitsu General

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Japan Strategy Weekly | Stocks Strong on Trade Optimism and Weaker Yen

Nikkei 225 climbs on easing trade tensions and weaker yen, Tokyo core CPI at 3.4% driven by reduced subsidies and food prices, export-dependent...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Japan Buybacks] ¥7.3trln of Buybacks Announced In the Last Month - Data on Each, Plus History

Japan saw ¥7.3trln of buybacks announced in the March-end earnings season. Here we offer a tool to see them all, and past buyback patterns of each...

Travis Lundy

[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

GMO Internet (4784 JP): A Huge US$1.9 Billion Secondary Offering

The offering is enormous, representing 239.4 days of the 1-year ADV, the highest compared to the recent large Japanese placements. Along with a...

Arun George

Last Week in Event SPACE: Toyota, Rio Tinto, Hainan Meilan, Fujitsu General

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Japan Strategy Weekly | Stocks Strong on Trade Optimism and Weaker Yen

​Nikkei 225 climbs on easing trade tensions and weaker yen, Tokyo core CPI at 3.4% driven by reduced subsidies and food prices, export-dependent...

Mark Chadwick

Nikkei 225 climbs on easing trade tensions and weaker yen, Tokyo core CPI at 3.4% driven by reduced subsidies and food prices, export-dependent...