Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Yesterday after the close, <a href="https://www.smartkarma.com/entities/nissin-corp" target="_blank" data-smartkarma-citation="entities:12749:1" rel="noopener">Nissin Corp (9066 JP)</a> announced earnings (down vs last year), guidance (back up partway to last year), and a sale of securities to raise ¥6+bn.</li>
<li>Nissin also announced an employee share incentive plan (¥900mm) and an adjustment to its MTMP from Apr24 to Mar27. Much lower revenues. Same OP. Higher net. Higher Div Payout ratio.</li>
<li>They also announced a really big buyback which should be done by the time people read this. It is really big.</li>
</ul>


Yesterday after the close, Nissin Corp (9066 JP) announced earnings (down vs last year), guidance (back up partway to last year), and a sale of securities to raise ¥6+bn.
Nissin also announced an employee share incentive plan (¥900mm) and an adjustment to its MTMP from Apr24 to Mar27. Much lower revenues. Same OP. Higher net. Higher Div Payout ratio.
They also announced a really big buyback which should be done by the time people read this. It is really big.


Nissin (9066) - Super Big Buyback Race-Walks the Governance Walk - Super Cheap Logistics Biz

David Blennerhassett

<ul>
<li>I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three new deals discussed this week: <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl (4921 JP)</a>'s Tender offer, <a href="https://www.smartkarma.com/entities/a8-new-media-group-ltd" target="_blank" data-smartkarma-citation="entities:3444:1" rel="noopener">A8 New Media (800 HK)</a>'s Scheme, and <a href="https://www.smartkarma.com/entities/jeisys-medical-inc" target="_blank" data-smartkarma-citation="entities:36766:1" rel="noopener">Jeisys Medical (287410 KS)</a>'s delisting offer. Bain also approached <a href="https://www.smartkarma.com/entities/bapcor-ltd" target="_blank" data-smartkarma-citation="entities:8433:1" rel="noopener">Bapcor (BAP AU)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina (AWC AU)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, <a href="https://www.smartkarma.com/entities/helios-techno-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:13934:1" rel="noopener">Helios Techno (6927 JP)</a>, and <a href="https://www.smartkarma.com/entities/tatsuta-electric-wire-cable-co-ltd" target="_blank" data-smartkarma-citation="entities:12509:1" rel="noopener">Tatsuta Electric Wire &amp; Cable (5809 JP)</a>.</li>
</ul>


I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals discussed this week: Fancl (4921 JP)'s Tender offer, A8 New Media (800 HK)'s Scheme, and Jeisys Medical (287410 KS)'s delisting offer. Bain also approached Bapcor (BAP AU).
Key updates took place on: Sigma Healthcare (SIG AU), Alumina (AWC AU), Greatview Aseptic Packaging (468 HK), Helios Techno (6927 JP), and Tatsuta Electric Wire &amp; Cable (5809 JP).


(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

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/nikkon-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:17346:1" rel="noopener">Nikkon Holdings (9072 JP)</a>'s take-private auction has gone quiet. Today's 13% share-price drop suggests a bidder has walked away or that activists are blocking the deal.</li>
<li>With no publicly available news to explain the fall, the key issue may be that bidders cannot finance an offer meeting the activists’ asking price.</li>
<li>Downside if the deal breaks: The base case is flat to −7% (JPY4,150–4,570) from JPY4,459. The bear case, −18% to −26%, would need an activist exit or weak results.</li>
</ul>



Nikkon Holdings (9072 JP)'s take-private auction has gone quiet. Today's 13% share-price drop suggests a bidder has walked away or that activists are blocking the deal.
With no publicly available news to explain the fall, the key issue may be that bidders cannot finance an offer meeting the activists’ asking price.
Downside if the deal breaks: The base case is flat to −7% (JPY4,150–4,570) from JPY4,459. The bear case, −18% to −26%, would need an activist exit or weak results.


NIKKON Holdings (9072 JP): Sell-Off Signals a Stalled Auction, but Downside Looks Limited

<ul>
<li>
<a href="https://www.bloomberg.com/news/articles/2026-09-02/bain-lone-star-plan-second-round-bids-to-take-nikkon-private" target="_blank" rel="noopener">Bloomberg</a> reported that Bain and Lone Star have advanced to the second round of bidding for <a href="https://www.smartkarma.com/entities/nikkon-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:17346:1" rel="noopener">Nikkon Holdings (9072 JP)</a>, which will commence in early September.</li>
<li>Bloomberg also noted that a takeunder is possible. At first glance, the argument for a takeunder looks compelling, particularly as Nikkon shares have materially outperformed peers YTD. </li>
<li>However, a takeunder is unlikely for several reasons and is largely a ruse to dampen expectations. An offer around JPY6,000 remains justifiable.  </li>
</ul>



Bloomberg reported that Bain and Lone Star have advanced to the second round of bidding for Nikkon Holdings (9072 JP), which will commence in early September.
Bloomberg also noted that a takeunder is possible. At first glance, the argument for a takeunder looks compelling, particularly as Nikkon shares have materially outperformed peers YTD. 
However, a takeunder is unlikely for several reasons and is largely a ruse to dampen expectations. An offer around JPY6,000 remains justifiable.  


NIKKON Holdings (9072 JP): Two Bidders in the Second Round with Suggestions of a Takeunder

<ul>
<li>On 20 May, Bloomberg <a href="https://www.bloomberg.com/news/articles/2026-05-20/japan-s-nikkon-said-to-weigh-going-private-with-us-funds-to-bid?embedded-checkout=true" target="_blank" rel="noopener">reported</a> that <a href="https://www.smartkarma.com/entities/nikkon-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:17346:1" rel="noopener">Nikkon Holdings (9072 JP)</a> is considering going private and preparing to hold a first-round bidding round in early June. </li>
<li>The shareholder structure is conducive to a privatisation bid as two activists (Farallon and Oasis) hold 51.6 million shares (44.23% ownership ratio). </li>
<li>Bain Capital, Warburg Pincus and Blackstone are expected to take part in the auction. My analysis suggests an offer price of at least 6,200 (7.4% above the last close).</li>
</ul>


On 20 May, Bloomberg reported that Nikkon Holdings (9072 JP) is considering going private and preparing to hold a first-round bidding round in early June. 
The shareholder structure is conducive to a privatisation bid as two activists (Farallon and Oasis) hold 51.6 million shares (44.23% ownership ratio). 
Bain Capital, Warburg Pincus and Blackstone are expected to take part in the auction. My analysis suggests an offer price of at least 6,200 (7.4% above the last close).


NIKKON Holdings (9072 JP): Thoughts on a Potential Privatisation Offer

Japan

ALPS LOGISTICS CO., LTD., a subsidiary of Alps Electric Co., Ltd., is a trucking and courier transportation company that works closely with Alps Electric. The Company also provides warehousing and storage services,  Alps Logistics distributes and sells various personal care goods and packaging materials as well.

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Alps Logistics (9055 JP)

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Travis Lundy

(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

NIKKON Holdings (9072 JP): Sell-Off Signals a Stalled Auction, but Downside Looks Limited

Nikkon's 13% drop on no publicly available news suggests Bain or Lone Star walked, or bidders can't fund the activists' price. Deal-break downside:...

Arun George

NIKKON Holdings (9072 JP): Two Bidders in the Second Round with Suggestions of a Takeunder

Despite suggestions of a potential takeunder, it is unlikely for several reasons and is largely a ruse to dampen expectations. An offer around...

Arun George

NIKKON Holdings (9072 JP): Thoughts on a Potential Privatisation Offer

Bloomberg reported that Nikkon is considering going private and preparing to hold a first-round bidding round in early June. My analysis suggests...

Arun George

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