Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-dry-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:13528:1" rel="noopener">Nippon Dry Chemical (1909 JP)</a> is an obvious bolt-on for ALSOK. There's probably no better buyer. They are also cash-rich, and they're buying this at 10+x EBITDA. That's probably OK.</li>
<li>
<a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison (1 HK)</a> is reportedly exploring a dual-listing of AS Watson (Hong Kong &amp; London), amid ongoing asset (ports/telcos/supermarket (?)) sales. </li>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-limited" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a> goes all in - and in a new direction - with a A$2.45bn bid for I-MED Radiology Network.</li>
</ul>



Nippon Dry Chemical (1909 JP) is an obvious bolt-on for ALSOK. There's probably no better buyer. They are also cash-rich, and they're buying this at 10+x EBITDA. That's probably OK.

CK Hutchison (1 HK) is reportedly exploring a dual-listing of AS Watson (Hong Kong &amp; London), amid ongoing asset (ports/telcos/supermarket (?)) sales. 

Jardine Matheson (JM SP) goes all in - and in a new direction - with a A$2.45bn bid for I-MED Radiology Network.


Last Week In Event SPACE: Nippon Dry Chemical, CK Hutch, Jardine Matheson, Qoria, EOFlow

Travis Lundy

<ul>
<li>Today after the close, Japan's biggest electrical equipment construction co <a href="https://www.smartkarma.com/entities/kinden-corp" target="_blank" data-smartkarma-citation="entities:20620:1" rel="noopener">Kinden Corp (1944 JP)</a> announced a deal to take over a smaller electrical equipment construction co <a href="https://www.smartkarma.com/entities/kodensha-co-ltd-the" target="_blank" data-smartkarma-citation="entities:2741:1" rel="noopener">Kodensha Co (1948 JP)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/mitsubishi-electric-corp" target="_blank" data-smartkarma-citation="entities:11171:1" rel="noopener">Mitsubishi Electric (6503 JP)</a> owns 51%. Other corporates own 7%. A few banks own a bit under 2%, then retail owns everything else. As of Mar2025, foreign investors held &lt;1%.</li>
<li>Shares rose sharply last year, and apparently a Nikkei article in January suggested they'd sell the asset. Shares popped on that. Well-flagged. (Inexplicably?) HUGE price. Big win for retail.</li>
</ul>


Today after the close, Japan's biggest electrical equipment construction co Kinden Corp (1944 JP) announced a deal to take over a smaller electrical equipment construction co Kodensha Co (1948 JP). 

Mitsubishi Electric (6503 JP) owns 51%. Other corporates own 7%. A few banks own a bit under 2%, then retail owns everything else. As of Mar2025, foreign investors held &lt;1%.
Shares rose sharply last year, and apparently a Nikkei article in January suggested they'd sell the asset. Shares popped on that. Well-flagged. (Inexplicably?) HUGE price. Big win for retail.


[Japan M&A] Kinden (1944) To Take Over Kodensha (1948) At HUGE UNBELIEVABLE AMAZING Price (¥11,501)

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kodensha-co-ltd-the" target="_blank" data-smartkarma-citation="entities:2741:1" rel="noopener">Kodensha Co (1948 JP)</a> announced a tender offer from <a href="https://www.smartkarma.com/entities/kinden-corp" target="_blank" data-smartkarma-citation="entities:20620:1" rel="noopener">Kinden Corp (1944 JP)</a> at JPY11,501, a 50.3% premium to the last close and a 198% premium to the undisturbed price.  </li>
<li>The offer is attractive due to the high takeover premium, which represents an all-time high and is materially above the high end of the target IFA DCF valuation range.</li>
<li>While <a href="https://www.smartkarma.com/entities/mitsubishi-electric-corp" target="_blank" data-smartkarma-citation="entities:11171:1" rel="noopener">Mitsubishi Electric (6503 JP)</a>'s irrevocable has a competing-offer clause, a higher offer is unlikely, as Kinden’s offer was the highest at the auction. This is a done deal.</li>
</ul>



Kodensha Co (1948 JP) announced a tender offer from Kinden Corp (1944 JP) at JPY11,501, a 50.3% premium to the last close and a 198% premium to the undisturbed price.  
The offer is attractive due to the high takeover premium, which represents an all-time high and is materially above the high end of the target IFA DCF valuation range.
While Mitsubishi Electric (6503 JP)'s irrevocable has a competing-offer clause, a higher offer is unlikely, as Kinden’s offer was the highest at the auction. This is a done deal.


Kodensha (1948 JP): Kinden (1944 JP)’s Knockout Tender Offer

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<ul class=""><li>Refrigeration appliances grow 3% in volume terms to reach 1.7 million units in 2017</li><li>Innovation drives sales and technology drives retail price</li><li>Freezers record the highest volume growth of 4% in 2017</li><li>The average unit price of refrigeration appliances declines slightly in 2017</li><li>Toshiba Thailand Co Ltd maintains its lead position with a 22% volume share in 2017</li><li>Refrigeration appliances are expected to record a volume CAGR of 4% over the forecast period to reach 2.0 million units in 2022</li></ul>

Refrigeration appliances grow 3% in volume terms to reach 1.7 million units in 2017Innovation drives sales and technology drives retail priceFreezers record the highest volume growth of 4% in 2017The average unit price of refrigeration appliances declines slightly in 2017Toshiba Thailand Co Ltd maintains its lead position with a 22% volume share in 2017Refrigeration appliances are expected to record a volume CAGR of 4% over the forecast period to reach 2.0 million units in 2022

Sector Capsule: Refrigeration Appliances in Thailand

<ul><li>LCD TVs records a 4% retail volume increase in 2017 as sales reach 5.6 million units</li><li>4K TVs gain further share in LCD TVs</li><li>BD players declines by 2% in retail volume terms in 2017 as sales fall to 538,000 units</li><li>Japanese brands including Sony launch OLED TVs during 2017</li><li>LCD TVs is set to increase in retail volume at a CAGR of 4% over the forecast period, with sales set to reach 6.8 million units in 2022</li></ul>

LCD TVs records a 4% retail volume increase in 2017 as sales reach 5.6 million units4K TVs gain further share in LCD TVsBD players declines by 2% in retail volume terms in 2017 as sales fall to 538,000 unitsJapanese brands including Sony launch OLED TVs during 2017LCD TVs is set to increase in retail volume at a CAGR of 4% over the forecast period, with sales set to reach 6.8 million units in 2022

Japan

Mitsubishi Electric Corporation develops, manufactures, and markets electronic equipment.  The Company's products include industrial machinery, heavy electric machinery, data communications systems, electronic devices, and consumer electronics.

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Mitsubishi Electric (6503 JP)

Last Week In Event SPACE: Nippon Dry Chemical, CK Hutch, Jardine Matheson, Qoria, EOFlow

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

[Japan M&A] Kinden (1944) To Take Over Kodensha (1948) At HUGE UNBELIEVABLE AMAZING Price (¥11,501)

Large electrical equipment construction co Kinden is buying smaller 'rival' owned by an industrial electric co. This was flagged to the market and...

Travis Lundy

Kodensha (1948 JP): Kinden (1944 JP)’s Knockout Tender Offer

The offer is attractive due to the high takeover premium, which represents an all-time high and is materially above the high end of the target IFA...

Arun George

Sector Capsule: Refrigeration Appliances in Thailand

Refrigeration appliances grow 3% in volume terms to reach 1.7 million units in 2017 Innovation drives sales and technology drives retail...

Euromonitor International Ltd.

Sector Capsule: Home Video in Japan

LCD TVs records a 4% retail volume increase in 2017 as sales reach 5.6 million units 4K TVs gain further share in LCD TVs BD players declines by...

Euromonitor International Ltd.

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