Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>This morning, <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> bought back 61,213,800 shares (29.86% of TSO) in a ToSTNeT-3 buyback at ¥3,839 which was a tiny discount to end-Dec25 book value. </li>
<li>79mm shares were offered. Murakami+Dalton - the two major activists - owned 59mm shares. Another 20mm shares were offered in. That is an oddly large excess. Pro-ration ~76-77%.</li>
<li>That <em>may</em> leave activists with 10% of the new shares out. There's a lot of odd and interesting math to think about here. </li>
</ul>


This morning, Fuji Media Holdings (4676 JP) bought back 61,213,800 shares (29.86% of TSO) in a ToSTNeT-3 buyback at ¥3,839 which was a tiny discount to end-Dec25 book value. 
79mm shares were offered. Murakami+Dalton - the two major activists - owned 59mm shares. Another 20mm shares were offered in. That is an oddly large excess. Pro-ration ~76-77%.
That may leave activists with 10% of the new shares out. There's a lot of odd and interesting math to think about here. 


[Japan Activism?] Fuji Media (4676 JP) Buyback/Accretion Done, Now It's All About the Real Estate

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> ran into a scandal a year ago. It was scandalous before but it all got ugly a year ago. I discussed last year <a href="https://www.smartkarma.com/insights/japan-activism-the-upcoming-fuji-media-agm-stoush-foreigners-vs-voting-right-limits" target="_blank" rel="noopener">here</a>.</li>
<li>Last June, activist Dalton tried to spill the Board. It did not work. Incumbents and recommended got 81-86% support. Dalton's slate got 10-27%. No joy.</li>
<li>Activists are in big. Murakami at 17%. Dalton at 7+%. Last week, the Nikkei reported Dalton would push for a 10% of TSO buyback. Today, we got a bigger one.</li>
</ul>



Fuji Media Holdings (4676 JP) ran into a scandal a year ago. It was scandalous before but it all got ugly a year ago. I discussed last year here.
Last June, activist Dalton tried to spill the Board. It did not work. Incumbents and recommended got 81-86% support. Dalton's slate got 10-27%. No joy.
Activists are in big. Murakami at 17%. Dalton at 7+%. Last week, the Nikkei reported Dalton would push for a 10% of TSO buyback. Today, we got a bigger one.


[Japan Activism] Fuji Media (4676) Offers Activists a Possible Juicy Way Out

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul>
<li>Hale has finalized an $85 million acquisition of a Melbourne campus, the largest industrial deal of 2026.</li>
<li>Fuji Media Marketing in Japan is considering a property sale that could potentially reach $5 billion.</li>
<li>CapitaLand Investment has obtained a $1.9 billion mandate for income insurance in Singapore amid market changes.</li>
</ul>


Hale has finalized an $85 million acquisition of a Melbourne campus, the largest industrial deal of 2026.
Fuji Media Marketing in Japan is considering a property sale that could potentially reach $5 billion.
CapitaLand Investment has obtained a $1.9 billion mandate for income insurance in Singapore amid market changes.


Asia Real Estate Tracker (28-Apr-2026): Hale acquires $85M Melbourne campus in major deal.

<ul><li>CDL JV has made a significant bid of $557 million for a condominium site located in Singapore.</li><li>Bridge Data Centres has successfully acquired a site in Malaysia for $188 million, supported by Bain.</li><li>Fuji Media is contemplating the sale of a $3.9 billion real estate portfolio due to activist pressures.</li></ul>

CDL JV has made a significant bid of $557 million for a condominium site located in Singapore.Bridge Data Centres has successfully acquired a site in Malaysia for $188 million, supported by Bain.Fuji Media is contemplating the sale of a $3.9 billion real estate portfolio due to activist pressures.

Asia Real Estate Tracker (06-Feb-2026): CDL JV bids $557M for Singapore condo site.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Since late-February (2/25/25 Compass and 2/27/25 Int'l Compass) we expected an 8-10% pullback to provide a buying opportunity.</li>
<li>But that all changed last week (4/1/25 Compass and 4/3/25 Int'l Compass), when we downgraded our outlook to bearish/cautious, citing several concerning developments.</li>
<li>Despite the 90-day pause, we remain cautious and we continue to favor defensives as long as the S&amp;P 500 and ACWI-US are below their 200-day MAs.</li>
</ul>


Since late-February (2/25/25 Compass and 2/27/25 Int'l Compass) we expected an 8-10% pullback to provide a buying opportunity.
But that all changed last week (4/1/25 Compass and 4/3/25 Int'l Compass), when we downgraded our outlook to bearish/cautious, citing several concerning developments.
Despite the 90-day pause, we remain cautious and we continue to favor defensives as long as the S&amp;P 500 and ACWI-US are below their 200-day MAs.


Still Favor Defensives Until Market Dynamics Improve; EURO STOXX 50 Testing Crucial 5000 Level

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?] Fuji Media (4676 JP) Buyback/Accretion Done, Now It's All About the Real Estate

Fuji Media HD did a bigly buyback this AM - 30% of TSO. Now it is about selling the real estate and cross-holdings and fixing media. It's cheap...

Travis Lundy

[Japan Activism] Fuji Media (4676) Offers Activists a Possible Juicy Way Out

ToSTNeT-3 buyback announced. 61.214mm shs, ¥235bn. 5Feb 8:00-8:45AM JST. Murakami Group on 3 Feb "at the time" agreed to sell into "this...

Travis Lundy

Asia Real Estate Tracker (28-Apr-2026): Hale acquires $85M Melbourne campus in major deal.

Hale's $85M Melbourne campus acquisition leads APAC real estate in 2026, while Fuji Media considers a $5B sale, and CapitaLand secures a $1.9B...

Asia Real Estate Tracker

Asia Real Estate Tracker (06-Feb-2026): CDL JV bids $557M for Singapore condo site.

CDL JV bids $557M for a Singapore condo site, Bridge Data Centres buys a Malaysian site for $188M, while Fuji Media weighs selling a $3.9B...

Asia Real Estate Tracker

Still Favor Defensives Until Market Dynamics Improve; EURO STOXX 50 Testing Crucial 5000 Level

Still Favor Defensives Until Market Dynamics Improve; EURO $STOXX 50 Testing Crucial 5000 Level; Watch for Resistance at $105-$117.69 on $ACWI. Buy...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)