Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fuji-media-holdings-inc" target="_blank" data-smartkarma-citation="entities:3191:1" rel="noopener">Fuji Media Holdings (4676 JP)</a> has for years been "undervalued" and owned by value-oriented actively-managed fund managers. Under-used real estate and IP assets. Lack of governance regarding capital. </li>
<li>A Shukan Bunshun article in Dec-2024 reported a former boy band SMAP member and Fuji TV regular made a big payment to an unidentified woman after a June 2023 "incident."</li>
<li>Fuji TV hemmed and hawed about its involvement. Advertisers bolted. Activists activisted. The chairman resigned. Now Major Activist Dalton has a director slate for the AGM. What Next?</li>
</ul>



Fuji Media Holdings (4676 JP) has for years been "undervalued" and owned by value-oriented actively-managed fund managers. Under-used real estate and IP assets. Lack of governance regarding capital. 
A Shukan Bunshun article in Dec-2024 reported a former boy band SMAP member and Fuji TV regular made a big payment to an unidentified woman after a June 2023 "incident."
Fuji TV hemmed and hawed about its involvement. Advertisers bolted. Activists activisted. The chairman resigned. Now Major Activist Dalton has a director slate for the AGM. What Next?


[Japan Activism] The Upcoming Fuji Media AGM Stoush - Foreigners Vs Voting Right Limits

Japan Petroleum Exploration / Event-Driven

<ul>
<li>Japanese companies are buying back more stock than ever before, and recent moves by the TSE and METI are effectively pushing for more.</li>
<li>The new goal is to lift PBR and ROE. The easiest way to lift ROE is reduce E. Low-PBR Cos with excess assets and cross-holdings (outbound and inbound) are targets.</li>
<li>In this insight I look at several possible rankings for potential large buyback targets.</li>
</ul>


Japanese companies are buying back more stock than ever before, and recent moves by the TSE and METI are effectively pushing for more.
The new goal is to lift PBR and ROE. The easiest way to lift ROE is reduce E. Low-PBR Cos with excess assets and cross-holdings (outbound and inbound) are targets.
In this insight I look at several possible rankings for potential large buyback targets.


JAPAN GOVERNANCE CHANGES II - Who Could Surprise on Buybacks? Quant Rankings

Equity Capital Markets

<ul>
<li>In Feb 2024, I wrote <a href="https://www.smartkarma.com/insights/toei-animation-4816-jp-this-offering-could-be-heavy-the-next-offering-is-more-interesting" target="_blank" data-smartkarma-citation="insights:131170" rel="noopener">Toei Animation (4816 JP) - This Offering Could Be Heavy; the NEXT Offering Is More Interesting</a>. </li>
<li>Today, the company announced another offering where <a href="https://www.smartkarma.com/entities/fuji-media-holdings-inc" target="_blank" data-smartkarma-citation="entities:3191:1" rel="noopener">Fuji Media Holdings (4676 JP)</a> is selling 10.575mm shares in an overseas offering priced likely tomorrow. </li>
<li>It is not as interesting as I had expected. But it means the NEXT offering could be more interesting. But there is index buying long-term anyway. </li>
</ul>


In Feb 2024, I wrote Toei Animation (4816 JP) - This Offering Could Be Heavy; the NEXT Offering Is More Interesting. 
Today, the company announced another offering where Fuji Media Holdings (4676 JP) is selling 10.575mm shares in an overseas offering priced likely tomorrow. 
It is not as interesting as I had expected. But it means the NEXT offering could be more interesting. But there is index buying long-term anyway. 


[Japan ECM] Toei Animation (4816) Not as Interesting An Offering As It Could Have Been

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toei-animation-co-ltd" target="_blank" data-smartkarma-citation="entities:18641:1" rel="noopener">Toei Animation (4816 JP)</a> ’s shareholder, Fuji Media, is looking to raise around US$210m from a secondary placement.</li>
<li>The deal is a large one to digest, representing 41.7 days of the stock’s three month ADV and 4.9% of the shares outstanding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Toei Animation (4816 JP) ’s shareholder, Fuji Media, is looking to raise around US$210m from a secondary placement.
The deal is a large one to digest, representing 41.7 days of the stock’s three month ADV and 4.9% of the shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.


Toei Animation Placement: Expensive, but Owns Valuable IP

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jul 11th. The aggregated net margin trading position is USD17,320m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Fast Retailing, Disco, Mitsubishi Heavy Industries, Sanrio, Lasertec, Kawasaki Heavy Industries, Ntt Data, Fujikura, Nintendo, Tokyo Electric Power Company.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jul 11th. The aggregated net margin trading position is USD17,320m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Fast Retailing, Disco, Mitsubishi Heavy Industries, Sanrio, Lasertec, Kawasaki Heavy Industries, Ntt Data, Fujikura, Nintendo, Tokyo Electric Power Company.


JPX Margin Trading Weekly (Jul 11th): Fast Retailing, Disco, Mitsubishi Heavy Industries, Sanrio

Japan

FUJI MEDIA HOLDINGS, INC., a member of the Fuji-Sankei Group, produces and broadcasts a variety of television programs and sells commercial spots through a network system.  The Company is advancing into digital satellite broadcasting.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Fuji Media Holdings (4676 JP)

[Japan Activism] The Upcoming Fuji Media AGM Stoush - Foreigners Vs Voting Right Limits

Scandal and bad response means Fuji Media faces AGM activist pressure. Activists hold 25-30%. But cross-holders probably support management, and...

Travis Lundy

JAPAN GOVERNANCE CHANGES II - Who Could Surprise on Buybacks? Quant Rankings

JAPAN GOVERNANCE: There is a buyback story coming. It will be big. Bigger than the past year or two, and it will continue. What to buy?

Travis Lundy

[Japan ECM] Toei Animation (4816) Not as Interesting An Offering As It Could Have Been

Last year;s offering did badly. This year's offering starts lower, but the stock is fundamentally not volatile. One can buy big dips. This deal...

Travis Lundy

Toei Animation Placement: Expensive, but Owns Valuable IP

Toei Animation’s shareholder, Fuji Media, is looking to raise around US$210m from a secondary placement. In this note, we will talk about the...

Nicholas Tan

JPX Margin Trading Weekly (Jul 11th): Fast Retailing, Disco, Mitsubishi Heavy Industries, Sanrio

We analyzed JPX margin trading positions report for the past week and highlighted Fast Retailing (9983 JP), Disco (6146 JP), Mitsubishi Heavy...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)