Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Stick with restaurant group <a href="https://www.smartkarma.com/entities/colowide-co-ltd" target="_blank" data-smartkarma-citation="entities:13967:1" rel="noopener">Colowide Co Ltd (7616 JP)</a>, despite the elevated implied stub and NAV discount. And <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a> craters on rights issue plan.</li>
<li>Preceding my comments on Colowide and Genting 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>


Stick with restaurant group Colowide Co Ltd (7616 JP), despite the elevated implied stub and NAV discount. And Genting Bhd (GENT MK) craters on rights issue plan.
Preceding my comments on Colowide and Genting 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: Stay With Colowide (7616 JP); Bullet Dodged On Genting (GENT MK)

<ul>
<li>A double of dose of StubWorld this week: restaurant group <a href="https://www.smartkarma.com/entities/colowide-co-ltd" target="_blank" data-smartkarma-citation="entities:13967:1" rel="noopener">Colowide Co Ltd (7616 JP)</a>'s implied stub and NAV discount are elevated; but it's not that simple.</li>
<li>Preceding my comments on Colowide 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>


A double of dose of StubWorld this week: restaurant group Colowide Co Ltd (7616 JP)'s implied stub and NAV discount are elevated; but it's not that simple.
Preceding my comments on Colowide 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: Colowide Appears Stretched As Problem Child ATOM Underperforms

Travis Lundy

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/colowide-co-ltd" target="_blank" data-smartkarma-citation="entities:13967:1" rel="noopener">Colowide Co Ltd (7616 JP)</a> is an industrial fastish-food operator in Japan. They sell several dozen kinds of cuisine under several dozen brands, owned and franchised in Japan and overseas.</li>
<li>The company "philosophy" is "Everything we do is for our customers and employees." The stock is up 30% in 10yrs. It pays no dividend, but it pays a big yutairimawari.</li>
<li>This means Real World Float is 100% owned by retail who want restaurant coupons. This offering will be bought by index, short covers, and another 20-30k coupon holders.</li>
</ul>



Colowide Co Ltd (7616 JP) is an industrial fastish-food operator in Japan. They sell several dozen kinds of cuisine under several dozen brands, owned and franchised in Japan and overseas.
The company "philosophy" is "Everything we do is for our customers and employees." The stock is up 30% in 10yrs. It pays no dividend, but it pays a big yutairimawari.
This means Real World Float is 100% owned by retail who want restaurant coupons. This offering will be bought by index, short covers, and another 20-30k coupon holders.


COLOWIDE (7616) - UGLY Register On Expensive Co Needs a Capital Construct Upgrade, Won't Get It Here

<ul>
<li>On 28 Feb, the Nikkei <a href="https://asia.nikkei.com/Business/Business-deals/Mitsubishi-readies-sale-of-stake-in-KFC-restaurant-chain-in-Japan" target="_blank" rel="noopener">reported</a> (an article I missed) <a href="https://www.smartkarma.com/entities/mitsubishi-corp" target="_blank" data-smartkarma-citation="entities:20668:1" rel="noopener">Mitsubishi Corp (8058 JP)</a> would seek to unload its 35% stake in <a href="https://www.smartkarma.com/entities/kfc-holdings-japan-ltd" target="_blank" data-smartkarma-citation="entities:12358:1" rel="noopener">Kfc Holdings Japan (9873 JP)</a> </li>
<li>The stock popped, then continued to rise further. After the close Friday, the Nikkei <a href="https://asia.nikkei.com/Business/Business-deals/Carlyle-nears-deal-to-buy-KFC-Japan-s-shares-from-Mitsubishi-Corp" target="_blank" rel="noopener">reported</a> MitCorp was close to a deal with Carlyle. A deal is apparently expected imminently.</li>
<li>I expect this could be a "Split Price Deal" (like Hitachi Transport and Pasona).</li>
</ul>


On 28 Feb, the Nikkei reported (an article I missed) Mitsubishi Corp (8058 JP) would seek to unload its 35% stake in Kfc Holdings Japan (9873 JP) 
The stock popped, then continued to rise further. After the close Friday, the Nikkei reported MitCorp was close to a deal with Carlyle. A deal is apparently expected imminently.
I expect this could be a "Split Price Deal" (like Hitachi Transport and Pasona).


Carlyle Reportedly To Buy KFC Japan (9873) From MitCorp (8058) - Deal Likely Imminent

Hanwha Machinery & Service Holdings / Event-Driven

Hanwha Machinery & Service Holdings (0220W0 KS)

<ul>
<li>In August this year, <a href="https://www.smartkarma.com/entities/hanwha-corporation" target="_blank" data-smartkarma-citation="entities:10619:1" rel="noopener">Hanwha Corporation (000880 KS)</a> spun off its its distribution, hotel, and food businesses, and robotics and semiconductor equipment businesses, under <a href="https://www.smartkarma.com/entities/hanwha-machinery-service-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:58718:1" rel="noopener">Hanwha Machinery &amp; Service (0220W0 KS)</a>.</li>
<li>The Kim family firmly controls HMSH via various entities, the largest stake held via Hanwha Energy (23.69%).</li>
<li>Now Kim Dong-seon (third son of Hanwha Group Chairman Kim Seung-youn) has launched a Tender Offer for 19% in HMSH, elevating his stake to 24.81%. The current spread is attractive.</li>
</ul>


In August this year, Hanwha Corporation (000880 KS) spun off its its distribution, hotel, and food businesses, and robotics and semiconductor equipment businesses, under Hanwha Machinery &amp; Service (0220W0 KS).
The Kim family firmly controls HMSH via various entities, the largest stake held via Hanwha Energy (23.69%).
Now Kim Dong-seon (third son of Hanwha Group Chairman Kim Seung-youn) has launched a Tender Offer for 19% in HMSH, elevating his stake to 24.81%. The current spread is attractive.


Hanwha Machinery & Service (0220W0 KS): Kim's Partial Is Worth A Second Look

Japan

COLOWIDE CO., LTD. manages, as a holding company, its group companies that operate Japanese style pub restaurant chain named Kantaro and Italian restaurant chain named Itameshiya La Pausa primarily in Tokyo.  The Company also operates KARAOKE business.

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Colowide Co Ltd (7616 JP)

StubWorld: Stay With Colowide (7616 JP); Bullet Dodged On Genting (GENT MK)

I might simply be inclined to (still) go outright long in Colowide here. And I would (still) be disinclined to set up the Genting stub here.

David Blennerhassett

StubWorld: Colowide Appears Stretched As Problem Child ATOM Underperforms

I might simply be inclined to go outright long in Colowide here. It is trading below its five-year averages and to a basket of peers. And the FY26...

David Blennerhassett

COLOWIDE (7616) - UGLY Register On Expensive Co Needs a Capital Construct Upgrade, Won't Get It Here

Colowide is the owner of a host of restaurant brands/chains in Japan and abroad. It is expensive. I find it badly-run, with bad governance. Now an...

Travis Lundy

Carlyle Reportedly To Buy KFC Japan (9873) From MitCorp (8058) - Deal Likely Imminent

The Nikkei reported two months ago that MitCorp would sell its 35% KFC Japan (9873) stake. Two months later, we may have a deal imminent.

Travis Lundy

Hanwha Machinery & Service (0220W0 KS): Kim's Partial Is Worth A Second Look

HMSH had fallen nearly 40% since its listing, promulgated by foreign investors exiting. Kim Seung-youn is taking advantage of that weakness. I'd...

David Blennerhassett

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