Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The TSE's case studies and study groups proceed apace. Sometimes I fear they are missing the forest for the trees. But there is some good material in...</li>
<li>...Study Group to review Minority Shareholder Protection and other Framework of Quasi-Controlled Listed Companies TSE Explanatory Material (2) (Status of Protection of Minority Shareholders in Cases of Privatization, etc.) (<a href="https://www.jpx.co.jp/english/equities/follow-up/b5b4pj000004yqcc-att/vk0khi000000tpap.pdf" target="_blank" rel="noopener">link</a>)</li>
<li>In any case, we still always show the Corp Gov name and shame lists with details and links to every Corporate Governance Report out there. 144 new ones in February.</li>
</ul>


The TSE's case studies and study groups proceed apace. Sometimes I fear they are missing the forest for the trees. But there is some good material in...
...Study Group to review Minority Shareholder Protection and other Framework of Quasi-Controlled Listed Companies TSE Explanatory Material (2) (Status of Protection of Minority Shareholders in Cases of Privatization, etc.) (link)
In any case, we still always show the Corp Gov name and shame lists with details and links to every Corporate Governance Report out there. 144 new ones in February.


[Japan CorpGov] TSE "Mgmt Conscious" Reports (Mar26) - Disappointing Case Studies, Weak Study Group

<ul>
<li>On Friday, <a href="https://www.smartkarma.com/entities/nintendo-co-ltd" target="_blank" data-smartkarma-citation="entities:5415:1" rel="noopener">Nintendo (7974 JP)</a> announced 3 banks and <a href="https://www.smartkarma.com/entities/dena-co-ltd" target="_blank" data-smartkarma-citation="entities:747:1" rel="noopener">DeNA (2432 JP)</a> would sell Nintendo shares in a secondary offering. </li>
<li>DeNA simultaneously announced an update to <em>"Action to Implement Management that is Conscious of Cost of Capital and Stock Price"</em> (10Nov25). AND announced a BIG buyback and DOE policy.</li>
<li>The buyback is big, but long-term, not big enough. They need more. Can do more. Shareholder structure is odd so buyback dynamics quirky. This alone is worth looking into. </li>
</ul>


On Friday, Nintendo (7974 JP) announced 3 banks and DeNA (2432 JP) would sell Nintendo shares in a secondary offering. 
DeNA simultaneously announced an update to "Action to Implement Management that is Conscious of Cost of Capital and Stock Price" (10Nov25). AND announced a BIG buyback and DOE policy.
The buyback is big, but long-term, not big enough. They need more. Can do more. Shareholder structure is odd so buyback dynamics quirky. This alone is worth looking into. 


[Japan Event] DeNA (2432 JP) - BIG Buyback After Asset Sale, Commits to Better Capital Allocation

Equity Bottom-Up

<ul>
<li>On 20 October, Murakami Group reported they'd gone over 5% in cash/asset-rich <a href="https://www.smartkarma.com/entities/dena-co-ltd" target="_blank" data-smartkarma-citation="entities:747:1" rel="noopener">DeNA (2432 JP)</a>. Not easy with insiders+Crossholders at 39%, passive at 24%. But not impossible. </li>
<li>On 30 October, they reported they'd gone to 6.31% on 23 October (four days before they reported the 5%. </li>
<li>As reported here before, Murakami-san sometimes does what might charitably be called a headfake, less charitably a Pump 'n Dump. </li>
</ul>


On 20 October, Murakami Group reported they'd gone over 5% in cash/asset-rich DeNA (2432 JP). Not easy with insiders+Crossholders at 39%, passive at 24%. But not impossible. 
On 30 October, they reported they'd gone to 6.31% on 23 October (four days before they reported the 5%. 
As reported here before, Murakami-san sometimes does what might charitably be called a headfake, less charitably a Pump 'n Dump. 


[Japan Pump 'n Dump] Murakami Group Starts Selling The Day After Reporting 5%

<ul>
<li>Last week, "Murakami Group" (a group of investors who jointly file large shareholder filings) announced a 5+% stake in <a href="https://www.smartkarma.com/entities/dena-co-ltd" target="_blank" data-smartkarma-citation="entities:747:1" rel="noopener">DeNA (2432 JP)</a>. The stock popped. Then they filed again.</li>
<li>This was not surprising. It has long been known as a "value" name (and has the requisite short balance to prove it). The question is how much value IS there</li>
<li>The question is how much value IS there. And to whom? It's an interesting question which deserves a look, so we take a look.  </li>
</ul>


Last week, "Murakami Group" (a group of investors who jointly file large shareholder filings) announced a 5+% stake in DeNA (2432 JP). The stock popped. Then they filed again.
This was not surprising. It has long been known as a "value" name (and has the requisite short balance to prove it). The question is how much value IS there
The question is how much value IS there. And to whom? It's an interesting question which deserves a look, so we take a look.  


[Japan Activism] DeNA Attracts Murakami Group - Potentially Squeezable With Reason

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIKKEI 225 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Advantest, Kioxia, Fujikura, Tokyo Electron, TDK, ARCHION, Nippon Yusen Kabushiki Kaisha, Mitsubishi Materials.</li>
</ul>


We analysed the earning revision of component stocks of NIKKEI 225 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Advantest, Kioxia, Fujikura, Tokyo Electron, TDK, ARCHION, Nippon Yusen Kabushiki Kaisha, Mitsubishi Materials.


NIKKEI 225 Index Earning Revision (Sep): Advantest, Kioxia, Fujikura, Tokyo Electron, TDK, ARCHION

Japan

DeNA Co., Ltd. operates social media site, auction and shopping web site such as Mobage-town and Bidders.  DeNA also provides mobile-related services such as mobile game and community site.

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DeNA (2432 JP)

[Japan CorpGov] TSE "Mgmt Conscious" Reports (Mar26) - Disappointing Case Studies, Weak Study Group

This month saw 144 new Corporate Governance Reports (after 146 in Jan) and about 15 new Action to Implement" announcements which haven't yet...

Travis Lundy

[Japan Event] DeNA (2432 JP) - BIG Buyback After Asset Sale, Commits to Better Capital Allocation

DeNA announced a sale of Nintendo shares Friday (in an offering) and a ¥50bn buyback (15% of TSO) to improve capital allocation. Likely more behind...

Travis Lundy

[Japan Pump 'n Dump] Murakami Group Starts Selling The Day After Reporting 5%

It looks like the buying by Murakami Group on DeNA (2432) in September and October was indeed a pump-and-dump. That is somewhat unfortunate, but...

Travis Lundy

[Japan Activism] DeNA Attracts Murakami Group - Potentially Squeezable With Reason

Activist Murakami-san has bought a position in heavily-shorted and perpetually under-levered (and cheap) DeNA. The company has not covered itself...

Travis Lundy

NIKKEI 225 Index Earning Revision (Sep): Advantest, Kioxia, Fujikura, Tokyo Electron, TDK, ARCHION

We analyzed NIKKEI 225's consensus for Sep 2026 and highlighted changes of EPS in Advantest, Kioxia, Fujikura, Tokyo Electron, TDK, ARCHION, Nippon...

Ke Yan, CFA, FRM

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