Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Equity Bottom-Up

<ul><li>Summary & Conclusions Is the Market Missing a Hidden Catalyst?</li><li>A renewed strategic proposal has introduced an unexpected dimension to the investment case for AkzoNobel just weeks before shareholders vote on one of the sector's most consequential transactions.</li><li> While market attention remains focused on the proposed combination with Axalta, recent developments raise broader questions around value realisation, capital allocation and the board's strategic flexibility.</li></ul>

Summary & Conclusions Is the Market Missing a Hidden Catalyst?A renewed strategic proposal has introduced an unexpected dimension to the investment case for AkzoNobel just weeks before shareholders vote on one of the sector's most consequential transactions. While market attention remains focused on the proposed combination with Axalta, recent developments raise broader questions around value realisation, capital allocation and the board's strategic flexibility.

AkzoNobel Nippon Paint’s proposed offer just added a fresh coat of value

Analyst

Steve

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-paint-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:7387:1" rel="noopener">Nippon Paint Holdings (4612 JP)</a> is a branded decorative paint player.  China made up nearly 40% of the operating profit of the company. </li>
<li>
<a href="https://www.smartkarma.com/entities/saizeriya-co-ltd" target="_blank" data-smartkarma-citation="entities:14362:1" rel="noopener">Saizeriya (7581 JP)</a> is a Japanese restaurant chain of fast casual Italian food, with currently the majority of operating profit and growth coming from China.</li>
<li>
<a href="https://www.smartkarma.com/entities/shiseido-co-ltd" target="_blank" data-smartkarma-citation="entities:5718:1" rel="noopener">Shiseido Company (4911 JP)</a> is a Japanese beauty company that relies heavily on China. </li>
</ul>



Nippon Paint Holdings (4612 JP) is a branded decorative paint player.  China made up nearly 40% of the operating profit of the company. 

Saizeriya (7581 JP) is a Japanese restaurant chain of fast casual Italian food, with currently the majority of operating profit and growth coming from China.

Shiseido Company (4911 JP) is a Japanese beauty company that relies heavily on China. 


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>With <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota (7203 JP)</a> having sold some of its stake in <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso</a>, <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI</a> and <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive</a> this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.</li>
<li>Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


With Toyota (7203 JP) having sold some of its stake in Denso, KDDI and Harmonic Drive this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.
Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

<ul><li>AkzoNobel: Evaluating Strategic Options in a Consolidating Industry AkzoNobel’s boards have unanimously rejected a conditional cash proposal from Nippon Paint Holdings.</li><li>At the same time, management continues to recommend the proposed merger of equals with Axalta, citing stronger long-term industrial benefits.</li><li> The situation reflects broader consolidation themes in the global coatings sector, with additional interest from Sherwin-Williams in select businesses forming part of the backdrop.</li></ul>

AkzoNobel: Evaluating Strategic Options in a Consolidating Industry AkzoNobel’s boards have unanimously rejected a conditional cash proposal from Nippon Paint Holdings.At the same time, management continues to recommend the proposed merger of equals with Axalta, citing stronger long-term industrial benefits. The situation reflects broader consolidation themes in the global coatings sector, with additional interest from Sherwin-Williams in select businesses forming part of the backdrop.

Nippon Paint Holdings Co Ltd - Research Alert: AkzoNobel | The Axalta deal just lost its gloss

Axalta Coating Systems / Equity Bottom-Up

<ul><li>In this edition: • AkzoNobel | agreement to sell SE Asian Deco business to Nippon Paints • Ziggo Group | Antwerp court tightens rules around Telenet’s “fiber” marketing • Corporate agenda | week 41 - 46</li></ul>

In this edition: • AkzoNobel | agreement to sell SE Asian Deco business to Nippon Paints • Ziggo Group | Antwerp court tightens rules around Telenet’s “fiber” marketing • Corporate agenda | week 41 - 46

AXTA US - What's News in Amsterdam - 5 October (AkzoNobel | Ziggo Group | Corporate agenda)

Japan

NIPPON PAINT HOLDINGS CO., LTD. produces paints for automobiles, ships, and other industrial paints.  The Company also manufactures fine chemicals such as finishing agents and adhesives.

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Nippon Paint Holdings (4612 JP)

AkzoNobel Nippon Paint’s proposed offer just added a fresh coat of value

Summary & Conclusions Is the Market Missing a Hidden Catalyst? A renewed strategic proposal has introduced an unexpected dimension to the...

The IDEA!

China Consumer Plays Listed In Japan

In this insight, we look at three Japan listed China consumer plays, which I have written before. They are Nippon Paint, Saizeriya, and Shiseido.

Steve

Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Toyota, Toyota Industries and Denso are tag teaming to unwind some of their stake in Aisin, in a deal worth over US$1bn. While the timing of the...

Sumeet Singh

Nippon Paint Holdings Co Ltd - Research Alert: AkzoNobel | The Axalta deal just lost its gloss

AkzoNobel: Evaluating Strategic Options in a Consolidating Industry AkzoNobel’s boards have unanimously rejected a conditional cash proposal from...

The IDEA!

AXTA US - What's News in Amsterdam - 5 October (AkzoNobel | Ziggo Group | Corporate agenda)

In this edition: • AkzoNobel | agreement to sell SE Asian Deco business to Nippon Paints • Ziggo Group | Antwerp court tightens rules around...

The IDEA!

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