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.

Equity Bottom-Up

<ul><li>Revenue decreased by 18.7% YoY to JPY60.1bn, impacted by the exclusion of Shimadaya's Food segment revenue.</li><li>Operating profit increased by 84.4% YoY to JPY5.5bn, with a rise in operating profit margin to 9.2%.</li><li>Buffalo revised its full-year earnings forecast, achieving 53.7% revenue and 72.1% operating profit progress in 1H.</li></ul>

Revenue decreased by 18.7% YoY to JPY60.1bn, impacted by the exclusion of Shimadaya's Food segment revenue.Operating profit increased by 84.4% YoY to JPY5.5bn, with a rise in operating profit margin to 9.2%.Buffalo revised its full-year earnings forecast, achieving 53.7% revenue and 72.1% operating profit progress in 1H.

Melco Holdings (6676 JP): 1H FY03/26 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On Friday quite late, <a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a> and <a href="https://www.smartkarma.com/entities/sbi-holdings-inc" target="_blank" data-smartkarma-citation="entities:10928:1" rel="noopener">SBI Holdings (8473 JP)</a> announced a Business and Capital Alliance whereby SBI would buy 20% in a partial offer at ¥340/share.</li>
<li>I think that's too low given the history of the shares, the fact that Activist-ish-y Wealthy Guy Hiroyuki MAKI offered ¥407/share a year ago and got far fewer shares. </li>
<li>Since then, revenues and earnings were revised upwards, and guidance this year is for strong growth. I would not be surprised to see.... um.... interference.</li>
</ul>


On Friday quite late, BASE Inc (4477 JP) and SBI Holdings (8473 JP) announced a Business and Capital Alliance whereby SBI would buy 20% in a partial offer at ¥340/share.
I think that's too low given the history of the shares, the fact that Activist-ish-y Wealthy Guy Hiroyuki MAKI offered ¥407/share a year ago and got far fewer shares. 
Since then, revenues and earnings were revised upwards, and guidance this year is for strong growth. I would not be surprised to see.... um.... interference.


[Japan Partial Tender] SBI Launches Partial Offer for 20% of BASE (4477 JP) At ¥340 - Needs More

<ul>
<li>
<a href="https://www.smartkarma.com/entities/melco-holdings-inc" target="_blank" data-smartkarma-citation="entities:6597:1" rel="noopener">Melco Holdings (6676 JP)</a> chairman Hiroyuki MAKI bought up a 14% stake in <a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a> in just under two weeks. It was done quite transparently. He announced daily.</li>
<li>He wants to get to 30% in a Tender Offer. The method, approach, lack of transparency, and similarity to previous situations where he invested has the company wary. </li>
<li>This looks like a Poison Pill case in the offing. It WAS a cheap stock. It is not expensive now. But it is not clear what the endgame is here.</li>
</ul>



Melco Holdings (6676 JP) chairman Hiroyuki MAKI bought up a 14% stake in BASE Inc (4477 JP) in just under two weeks. It was done quite transparently. He announced daily.
He wants to get to 30% in a Tender Offer. The method, approach, lack of transparency, and similarity to previous situations where he invested has the company wary. 
This looks like a Poison Pill case in the offing. It WAS a cheap stock. It is not expensive now. But it is not clear what the endgame is here.


Boss Maki Goes Hard on Base (4477) - Interesting Situation

<ul><li>Revenue decreased by 1.8% YoY to JPY143.2bn, with IT business revenue up 13.6% and Food business down 43.9%.</li><li>Operating profit increased by 242.7% YoY to JPY8.9bn, driven by IT segment's OPM rise and cost ratio decline.</li><li>Dividend per share for FY03/25 remained JPY120, with a total payout ratio of 117.7% including treasury stock repurchase.</li></ul>

Revenue decreased by 1.8% YoY to JPY143.2bn, with IT business revenue up 13.6% and Food business down 43.9%.Operating profit increased by 242.7% YoY to JPY8.9bn, driven by IT segment's OPM rise and cost ratio decline.Dividend per share for FY03/25 remained JPY120, with a total payout ratio of 117.7% including treasury stock repurchase.

Melco Holdings (6676 JP): Full-year FY03/25 flash update

David Blennerhassett

<ul>
<li>If you don't think <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 (3382 JP)</a>'s Standalone Plan has legs to go north of here, or ACT gets its act together,  then you should sell into strength.</li>
<li>
<a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a>'s cash and scrip (into a unlisted H-share-equivalent entity) Offer was not what the doctor ordered.</li>
<li>
<a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a> is cheap to its holding in <a href="https://www.smartkarma.com/entities/cellebrite-di-ltd" target="_blank" data-smartkarma-citation="entities:37102:1" rel="noopener">Cellebrite DI (CLBT US)</a>. How cheap depends on the form and structure of its eventual exit.</li>
</ul>


If you don't think Seven &amp; I (3382 JP)'s Standalone Plan has legs to go north of here, or ACT gets its act together,  then you should sell into strength.

ENN Energy (2688 HK)'s cash and scrip (into a unlisted H-share-equivalent entity) Offer was not what the doctor ordered.

Sun Corp (6736 JP) is cheap to its holding in Cellebrite DI (CLBT US). How cheap depends on the form and structure of its eventual exit.


Last Week in Event SPACE: Seven & I, ENN Energy, Sun Corp, Great Eastern Holdings

Japan

MELCO HOLDINGS INC. is a holding company which manages computer peripheral equipment manufacturing subsidiaries.  The Company's subsidiaries develop and produce memory and storage devices and network equipment.

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Melco Holdings (6676 JP)