Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Reportedly buyout firms are "vying for" <a href="https://www.smartkarma.com/entities/trend-micro-inc" target="_blank" data-smartkarma-citation="entities:13172:1" rel="noopener">Trend Micro Inc (4704 JP)</a>. The stock went limit up today. Again. The stock is now getting to the expensive side.</li>
<li>
<a href="https://www.smartkarma.com/entities/furukawa-co-ltd" target="_blank" data-smartkarma-citation="entities:19521:1" rel="noopener">Furukawa (5715 JP)</a> has changed their capital allocation policy for the third time. The company is a cyclical, and will likely always suffer the indignity of a cyclical multiple.</li>
<li>While it often pays to follows where the family invests when assessing holdco structures, <a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco International (200 HK)</a>'s NAV discount is simply too narrow for a simple holding company structure.</li>
</ul>


Reportedly buyout firms are "vying for" Trend Micro Inc (4704 JP). The stock went limit up today. Again. The stock is now getting to the expensive side.

Furukawa (5715 JP) has changed their capital allocation policy for the third time. The company is a cyclical, and will likely always suffer the indignity of a cyclical multiple.
While it often pays to follows where the family invests when assessing holdco structures, Melco International (200 HK)'s NAV discount is simply too narrow for a simple holding company structure.


Last Week in Event SPACE: Trend Micro, Furukawa, Melco, Ingenia/Lifestyle

<ul>
<li>I tally 59 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deals discussed this week: <a href="https://www.smartkarma.com/entities/paragon-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">Paragon REIT (PGNREIT SP)</a> and <a href="https://www.smartkarma.com/entities/kaonavi-inc" target="_blank" data-smartkarma-citation="entities:29703:1" rel="noopener">Kaonavi Inc (4435 JP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/arcadium-lithium-plc" target="_blank" data-smartkarma-citation="entities:40438:1" rel="noopener">Arcadium Lithium (LTM AU)</a>, <a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art Retail (6808 HK)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, and <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>.</li>
</ul>


I tally 59 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Two new deals discussed this week: Paragon REIT (PGNREIT SP) and Kaonavi Inc (4435 JP).
Key updates/news took place on: Arcadium Lithium (LTM AU), Sun Art Retail (6808 HK), HKBN Ltd (1310 HK), and Seven &amp; I Holdings (3382 JP).


(Mostly) Asia-Pac M&A: Paragon REIT, Kaonavi, Arcadium Lithium, Sun Art Retail, HKBN, and Seven & I

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Equity Bottom-Up

<ul>
<li>On Monday, I had the great pleasure to speak to Kaonavi’s (4435 JP - US$131 million) CFO, Kimitaka Hashimoto.</li>
<li>He provided color on Kaonavi’s second-quarter earnings result, which were released on 13 November and led to a negative reaction from the market.</li>
<li>In short, Kaonavi is a Japanese developer of talent management software. It helps companies manage their employees by solving staffing problems, designing their organizational structure, performance reviews, surveys, training, internal recruitment, etc.</li>
</ul>


On Monday, I had the great pleasure to speak to Kaonavi’s (4435 JP - US$131 million) CFO, Kimitaka Hashimoto.
He provided color on Kaonavi’s second-quarter earnings result, which were released on 13 November and led to a negative reaction from the market.
In short, Kaonavi is a Japanese developer of talent management software. It helps companies manage their employees by solving staffing problems, designing their organizational structure, performance reviews, surveys, training, internal recruitment, etc.


Has the Kaonavi Story Changed? (4435 JP )

Japan Specialist

Mark Chadwick

<div><a href="https://www.smartkarma.com/entities/kaonavi-inc" target="_blank" data-smartkarma-citation="entities:29703:1" rel="noopener">Kaonavi Inc (4435 JP)</a>  operates a cloud-based Human Capital Management (HCM) service that helps companies manage their HR talent from Recruitment to Onboarding, Training to Communication, and Performance reviews to Promotion.  </div><div>The company released its 2Q20 results on Friday 13th, which may be unlucky for some, but not for Kaonavi which reported 30% sales growth.  </div><div>This note will look at the core trends in Q2. For a more in-depth view of the company, please refer to the previous note: <a href="https://www.smartkarma.com/insights/small-cap-growth-kaonavi-4435-turning-talent-into-teams" target="_blank" data-smartkarma-citation="insights:44415" rel="noopener">Small Cap Growth: Kaonavi (4435) – Turning Talent into Teams</a> </div>

Kaonavi Inc (4435 JP)  operates a cloud-based Human Capital Management (HCM) service that helps companies manage their HR talent from Recruitment to Onboarding, Training to Communication, and Performance reviews to Promotion.  The company released its 2Q20 results on Friday 13th, which may be unlucky for some, but not for Kaonavi which reported 30% sales growth.  This note will look at the core trends in Q2. For a more in-depth view of the company, please refer to the previous note: Small Cap Growth: Kaonavi (4435) – Turning Talent into Teams 

Small Cap Growth – Kaonavi (4435) - Talent Factory

A wrong hire, skills mismatch, and inadequate training equals low efficiency and lost productivity. Companies pay a significant price for not correctly managing talent. It does not stop there. Low transparency, missed opportunities, and weak management lead to frustration and dissatisfaction for employees. The result is a lack of motivation and employee exits. Both companies and employees suffer when talent is not adequately managed. Companies can scarcely afford to lose or misallocate the right people as the costs are enormous - lost productivity, lost business, and a dysfunctional environment that hurts from the top to bottom line. Talent management plays a critical role in the modern company, and in many cases, it can mean the difference between a successful culture and going out of business. Enter <a href="https://www.smartkarma.com/entities/kaonavi-inc" target="_blank" data-smartkarma-citation="entities:29703:1" rel="noopener">Kaonavi Inc (4435 JP)</a> 
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/166/617/original/image_9811369031603321138858.png?1603321148" class="editor-image img-responsive" data-smartkarma-image-id="166617"></figure>

A wrong hire, skills mismatch, and inadequate training equals low efficiency and lost productivity. Companies pay a significant price for not correctly managing talent. It does not stop there. Low transparency, missed opportunities, and weak management lead to frustration and dissatisfaction for employees. The result is a lack of motivation and employee exits. Both companies and employees suffer when talent is not adequately managed. Companies can scarcely afford to lose or misallocate the right people as the costs are enormous - lost productivity, lost business, and a dysfunctional environment that hurts from the top to bottom line. Talent management plays a critical role in the modern company, and in many cases, it can mean the difference between a successful culture and going out of business. Enter Kaonavi Inc (4435 JP) 


Small Cap Growth: Kaonavi (4435) – Turning Talent into Teams

Japan

kaonavi,inc. provides human resources management cloud services. The Company offers talent database, organization tree diagram, employee list and questionnaire, and evaluation workflow, as well as employee data graph and information sort, application programming interface cooperation, and other services. kaonavi serves clients across Japan.

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Kaonavi Inc (4435 JP)

Last Week in Event SPACE: Trend Micro, Furukawa, Melco, Ingenia/Lifestyle

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Has the Kaonavi Story Changed? (4435 JP )

Its 2QFY2025 result shocked the market. Estimated reading time: 10 minutes. On Monday, I had the great pleasure to speak to Kaonavi’s (4435 JP -...

Asian Century Stocks

Small Cap Growth – Kaonavi (4435) - Talent Factory

Kaonavi operates a cloud-based Human Capital Management service that helps companies manage their HR talent. Talent management is growing rapidly...

Mark Chadwick

Small Cap Growth: Kaonavi (4435) – Turning Talent into Teams

Talent management plays a critical role in the modern company, and in many cases, it can mean the difference between a successful culture and going...

Mark Chadwick

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