Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>For the month of March 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$14bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in March was ~53%, with a year-to-date average also of 55%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31% .</li>
</ul>


For the month of March 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$14bn.
The average premium for the new transactions announced (or first discussed) in March was ~53%, with a year-to-date average also of 55%.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31% .


(Mostly) Asia M&A, Mar 2025 Wrap: ENN Energy, Gold Road, Spartan, Aeon Delight, Sinarmas, Topcon

Travis Lundy

<ul>
<li>On Friday 21 March, <a href="https://www.smartkarma.com/entities/ly-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">LY (4689 JP)</a> made an <a href="https://www.lycorp.co.jp/en/ir/news/auto_20250321598131/pdfFile.pdf" target="_blank" rel="noopener">announcement</a> it had received all the required approvals and would launch the Tender Offer on 24 March. </li>
<li>Some were upset about the price originally but unlike other deals, this one traded below terms for three months since original announcement. Three activish funds had pitched in their 30%.</li>
<li>This is now trading tight, and will continue to trade tight. If you own, whether you hold through early May depends on whether you are bullish or bearish the market.</li>
</ul>


On Friday 21 March, LY (4689 JP) made an announcement it had received all the required approvals and would launch the Tender Offer on 24 March. 
Some were upset about the price originally but unlike other deals, this one traded below terms for three months since original announcement. Three activish funds had pitched in their 30%.
This is now trading tight, and will continue to trade tight. If you own, whether you hold through early May depends on whether you are bullish or bearish the market.


LY Corp (4689) Launches Beenos (3328) Tender Offer at ¥4,000

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Equity Bottom-Up

<ul>
<li>Amazon’s growing lead in Japan’s e-commerce market looks increasingly inexorable. </li>
<li>While growth in Japan was slower than some other Amazon markets, it still outpaced Rakuten. LY Corp did better but partly in reaction to poor results the year before. </li>
<li>Meanwhile, a recent survey suggests growing interest in brand-operated online stores, particularly to read more in-depth content and use brand-based points.</li>
</ul>


Amazon’s growing lead in Japan’s e-commerce market looks increasingly inexorable. 
While growth in Japan was slower than some other Amazon markets, it still outpaced Rakuten. LY Corp did better but partly in reaction to poor results the year before. 
Meanwhile, a recent survey suggests growing interest in brand-operated online stores, particularly to read more in-depth content and use brand-based points.


The Big 3: Amazon’s Lead Grows as Rakuten Stumbles

<ul>
<li>For the month of February 2025, 14 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$5bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in February was ~55%, with a year-to-date average also of 56%. </li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31% .</li>
</ul>


For the month of February 2025, 14 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$5bn.
The average premium for the new transactions announced (or first discussed) in February was ~55%, with a year-to-date average also of 56%. 
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31% .


(Mostly) Asia M&A, Feb 2025 Wrap: Domain, Proto, Shibaura, Paragon REIT, Mayne Pharma, PointsBet

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.

<ul><li>In Q1 FY09/24, GMV decreased 0.2% YoY to JPY28.8bn, and revenue declined 40.9% YoY to JPY4.7bn.</li><li>In Q1 FY09/25, GMV grew due to increased active users and operational efficiency improvements from generative AI technology.</li><li>Groobee's merchandise sales increased, boosting GMV, while Lovisia's revenue rose with the new PokéPeace-themed facial mask.</li></ul>

In Q1 FY09/24, GMV decreased 0.2% YoY to JPY28.8bn, and revenue declined 40.9% YoY to JPY4.7bn.In Q1 FY09/25, GMV grew due to increased active users and operational efficiency improvements from generative AI technology.Groobee's merchandise sales increased, boosting GMV, while Lovisia's revenue rose with the new PokéPeace-themed facial mask.

Beenos Inc (3328 JP): Q1 FY09/25 flash update

Japan

Beenos Inc sells various type of merchandise using group-buying method through Internet. The Company's merchandises include fashion goods, brand goods, convenience goods, baby goods, and toiletry goods.

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Beenos Inc (3328 JP)

(Mostly) Asia M&A, Mar 2025 Wrap: ENN Energy, Gold Road, Spartan, Aeon Delight, Sinarmas, Topcon

For the month of March, 13 new deals were discussed on Smartkarma with an overall deal size of ~US$14bn. The average premium for the new deals...

David Blennerhassett

LY Corp (4689) Launches Beenos (3328) Tender Offer at ¥4,000

LY Corp now has all its anti-trust approvals and will launch its Tender Offer for Beenos at ¥4,000/share on Monday. It's basically a done deal and...

Travis Lundy

The Big 3: Amazon’s Lead Grows as Rakuten Stumbles

Amazon continues to dominate Japan's e-commerce market, outpacing Rakuten in growth despite slower progress compared to other markets.

Michael Causton

(Mostly) Asia M&A, Feb 2025 Wrap: Domain, Proto, Shibaura, Paragon REIT, Mayne Pharma, PointsBet

For the month of February, 14 new deals were discussed on Smartkarma with an overall deal size of ~US$5bn. The average premium for the new deals...

David Blennerhassett