Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>Recent IPO exit multiples of invested capital above long-term averages</li>
<li>The domestic exits highlight the value in the domestic investment portfolio</li>
<li>Capital Management enhanced by the start of interim dividends and expanding stock compensation scheme</li>
</ul>


Recent IPO exit multiples of invested capital above long-term averages
The domestic exits highlight the value in the domestic investment portfolio
Capital Management enhanced by the start of interim dividends and expanding stock compensation scheme


Jafco- Recent Results Highlight the Upside Case Going Forward

Cross Asset Strategy

<ul>
<li>Act II  of the drama begins  and continues from where it left off in early August</li>
<li>Sentiment has changed - bad news really  is  bad news</li>
<li>With &gt;100 basis points of cuts already priced in before year end...</li>
</ul>


Act II  of the drama begins  and continues from where it left off in early August
Sentiment has changed - bad news really  is  bad news
With &gt;100 basis points of cuts already priced in before year end...


Tactical Trading – Time to Sell Japan Again

<ul>
<li>Its portfolio of Japanese investments should benefit from the change in investor focus to domestic names.</li>
<li>Has shown strong outperformance since the sell-off presaging future relative strength</li>
<li>The business itself progressing as planned for increased shareholder returns</li>
</ul>


Its portfolio of Japanese investments should benefit from the change in investor focus to domestic names.
Has shown strong outperformance since the sell-off presaging future relative strength
The business itself progressing as planned for increased shareholder returns


Back to Jafco- Continues to Be in the Right Place and at the Right Time

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>Revenue increased to JPY5.1bn (+7.3% YoY), with operating profit at JPY1.6bn (+171.7% YoY) and net income at JPY1.1bn (+32.6% YoY).</li><li>Capital gains reached JPY2.5bn (+33.2% YoY), with JPY570mn from listed shares and JPY1.9bn from unlisted shares.</li><li>Total investment in Q1 FY03/25 was JPY9.9bn, with JPY5.7bn for domestic VC investments and JPY4.2bn for the US.</li></ul>

Revenue increased to JPY5.1bn (+7.3% YoY), with operating profit at JPY1.6bn (+171.7% YoY) and net income at JPY1.1bn (+32.6% YoY).Capital gains reached JPY2.5bn (+33.2% YoY), with JPY570mn from listed shares and JPY1.9bn from unlisted shares.Total investment in Q1 FY03/25 was JPY9.9bn, with JPY5.7bn for domestic VC investments and JPY4.2bn for the US.

Jafco Co Ltd (8595 JP): Q1 FY03/25 flash update

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/mitsui-matsushima-co-ltd" target="_blank" data-smartkarma-citation="entities:13569:1" rel="noopener">Mitsui Matsushima (1518 JP)</a> was a coal company starting over 100yrs ago. A bunch of years ago it started a solar energy business and then started M&amp;A to diversify.</li>
<li>Coal closed last year and since, MMH has become an investment holdco for "basic businesses" (drinking straws, conveyor system chains, document shredders, weighing machines, crystal measuring devices, mask blanks, etc).</li>
<li>Murakami Group accumulated 4.98% in five weeks, then the next 14.9% in five days. Pump &amp; Dump like Pacific Metals? Activism like JAFCO? Or something else more interesting?</li>
</ul>



Mitsui Matsushima (1518 JP) was a coal company starting over 100yrs ago. A bunch of years ago it started a solar energy business and then started M&amp;A to diversify.
Coal closed last year and since, MMH has become an investment holdco for "basic businesses" (drinking straws, conveyor system chains, document shredders, weighing machines, crystal measuring devices, mask blanks, etc).
Murakami Group accumulated 4.98% in five weeks, then the next 14.9% in five days. Pump &amp; Dump like Pacific Metals? Activism like JAFCO? Or something else more interesting?


JAPAN ACTIVISM: Murakami-Related Buyers Go from 5% to 20% of Mitsui Matsushima (1518) In 5 Days. Hmm

Japan

JAFCO Co., Ltd. forms venture capital groups to invest primarily in domestic and foreign private companies with high potential for future growth.  The Company also provides management services to the groups, makes loans and offers consultation services to the invested companies.

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Jafco Co Ltd (8595 JP)

Jafco- Recent Results Highlight the Upside Case Going Forward

Recent IPO exits show strong returns , highlighting value in their portfolio. Capital management improved with interim dividends and stock...

Rikki Malik

Tactical Trading – Time to Sell Japan Again

Act II of the drama continues with a shift in sentiment towards bad news, as over 100 basis points of cuts are already priced in before year end.

Rikki Malik

Back to Jafco- Continues to Be in the Right Place and at the Right Time

Jafco's outperformance during the recent market turmoil bodes well for the future. Business performance and macro trends on track to boost...

Rikki Malik