Japan Specialist

Mark Chadwick

Equity Bottom-Up

Musashi Seimitsu Industry Co / Equity Bottom-Up

<ul>
<li>GMO takes a 5.1% stake in Musashi Seimitsu, targeting undervaluation and long-term upside from its supercapacitor business despite near-term margin pressure and auto sector weakness.</li>
<li>Simplex Capital backs Amiya, leveraging a Canon alliance and strong growth to accelerate expansion in Japan’s cybersecurity market through constructive activist engagement and operational support.</li>
<li>Silvercape Investments invests in Cyber Security Cloud, highlighting strong growth, market leadership in WAF, and valuation upside as operating leverage improves in Japan’s expanding cybersecurity sector.</li>
</ul>


GMO takes a 5.1% stake in Musashi Seimitsu, targeting undervaluation and long-term upside from its supercapacitor business despite near-term margin pressure and auto sector weakness.
Simplex Capital backs Amiya, leveraging a Canon alliance and strong growth to accelerate expansion in Japan’s cybersecurity market through constructive activist engagement and operational support.
Silvercape Investments invests in Cyber Security Cloud, highlighting strong growth, market leadership in WAF, and valuation upside as operating leverage improves in Japan’s expanding cybersecurity sector.


Japan Activism Briefs | Musashi Seimitsu, Amiya, Cyber Security

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yachiyo-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:6299:1" rel="noopener">Yachiyo Industry (7298 JP)</a> has recommended <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a>’s pre-conditional tender offer of JPY1,390 per share, a 17.5% premium to the undisturbed price.</li>
<li>Post-Completion, Honda will transfer a 81% stake to <a href="https://www.smrpbv.com/" target="_blank" rel="noopener">Samvardhana Motherson Automotive Systems Group BV</a>. The pre-conditions relate to various country approvals (China, the US, Brazil, and India).</li>
<li>The offer is expected to open in October. Achieving the 66.67% minimum ownership ratio requires a 32.6% minority acceptance rate which is doable as the offer is reasonable.   </li>
</ul>



Yachiyo Industry (7298 JP) has recommended Honda Motor (7267 JP)’s pre-conditional tender offer of JPY1,390 per share, a 17.5% premium to the undisturbed price.
Post-Completion, Honda will transfer a 81% stake to Samvardhana Motherson Automotive Systems Group BV. The pre-conditions relate to various country approvals (China, the US, Brazil, and India).
The offer is expected to open in October. Achieving the 66.67% minimum ownership ratio requires a 32.6% minority acceptance rate which is doable as the offer is reasonable.   


Yachiyo Industry (7298 JP): Honda’s Pre-Conditional Tender Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<p>At the end of April, Toyota group parts affiliate <a href="https://www.smartkarma.com/entities/12197" target="_blank" data-smartkarma-citation="entities:12197:1">JTEKT Corp (6473 JP)</a>, its affiliate <a href="https://www.smartkarma.com/entities/20550" target="_blank" data-smartkarma-citation="entities:20550:1">Fuji Kiko Co Ltd (7260 JP)</a>, and <a href="https://www.smartkarma.com/entities/17528" target="_blank" data-smartkarma-citation="entities:17528:1">Tachi S Co Ltd (7239 JP)</a> announced a deal whereby JTEKT would launch a tender offer to take out the 66.6% of shares in Fuji Kiko it does not currently own, and Tachi S would buy the seats business of Fuji Kiko and in return would tender their 24.8% stake in Fuji Kiko to JTEKT. Combined with the corporate crossholdings in Fuji Kiko, that would get JTEKT approximately 63.7% of…</p>

At the end of April, Toyota group parts affiliate JTEKT Corp (6473 JP), its affiliate Fuji Kiko Co Ltd (7260 JP), and Tachi S Co Ltd (7239 JP) announced a deal whereby JTEKT would launch a tender offer to take out the 66.6% of shares in Fuji Kiko it does not currently own, and Tachi S would buy the seats business of Fuji Kiko and in return would tender their 24.8% stake in Fuji Kiko to JTEKT. Combined with the corporate crossholdings in Fuji Kiko, that would get JTEKT approximately 63.7% of…

Fuji Kiko Tender Offer Launch Likely Next Week. Hmmm...

Japan

MUSASHI SEIMITSU INDUSTRY CO., LTD. manufactures automotive parts such as ball joints, camshafts, and gears.  The Company exports its products to North America South America, Asia, and Europe.  Musashi also produces parts for construction equipment.

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Musashi Seimitsu Industry Co (7220 JP)

Japan Activism Briefs | Musashi Seimitsu, Amiya, Cyber Security

GMO takes a 5.1% stake in Musashi Seimitsu Industry, targeting undervaluation and long-term upside from its supercapacitor business despite near...

Mark Chadwick

Yachiyo Industry (7298 JP): Honda’s Pre-Conditional Tender Offer

Achieving the 66.67% minimum ownership ratio requires a 32.6% minority acceptance rate which is doable as the offer is reasonable. At the last...

Arun George

Fuji Kiko Tender Offer Launch Likely Next Week. Hmmm...

At the end of April, Toyota group parts affiliate JTEKT Corp (6473 JP), its affiliate Fuji Kiko Co Ltd (7260 JP), and Tachi S Co Ltd (7239 JP)...

Travis Lundy

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