Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On 12 March 2025, a minor Twitter account @nanahoshiuk started in January announced a website <a href="https://shiftnissantokyo.com/" target="_blank" rel="noopener">shiftnissantokyo.com</a> where they point out the value proposition in <a href="https://www.smartkarma.com/entities/nissan-tokyo-sales-holdings" target="_blank" data-smartkarma-citation="entities:1800:1" rel="noopener">Nissan Tokyo Sales (8291 JP)</a>. </li>
<li>The writeup is by a UK company led by a young man with an equity-investing career, some experience at an activist shop, who now runs a "Shareholder Activism Outsourcing Service."</li>
<li>The content sounds familiar to <a href="https://www.smartkarma.com/insights/nissan-tokyo-sales-holdings-8291-jp-large-offering-on-tiny-cap-with-deep-value" target="_blank" rel="noopener">my piece in December</a>, has a few unpolished edges, but clearly points out the value proposition. The stock deserves a re-visit. My comments are below.</li>
</ul>


On 12 March 2025, a minor Twitter account @nanahoshiuk started in January announced a website shiftnissantokyo.com where they point out the value proposition in Nissan Tokyo Sales (8291 JP). 
The writeup is by a UK company led by a young man with an equity-investing career, some experience at an activist shop, who now runs a "Shareholder Activism Outsourcing Service."
The content sounds familiar to my piece in December, has a few unpolished edges, but clearly points out the value proposition. The stock deserves a re-visit. My comments are below.


[Activism Japan] Nissan Tokyo Sales (8291) Gets An 'Outsourced Activist' but the Value Prop Remains

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nissan-tokyo-sales-holdings" target="_blank" data-smartkarma-citation="entities:1800:1" rel="noopener">Nissan Tokyo Sales (8291 JP)</a> is a network of 120 dealerships with revenue from sales and repairs of about US$1bn a year. Nissan owns 34%. P&amp;C insurers own 21%.</li>
<li>The P&amp;C insurers will sell their 21%, to an offering and a ToSTNeT-3 buyback. Expect the net offering to be 10.5%, which is still 60+ days of ADV.</li>
<li>But it has net cash, securities, more securities, and landholdings. It trades at &lt;0.5x book and a very large part of book is finance-able. This looks like an MBO candidate.</li>
</ul>



Nissan Tokyo Sales (8291 JP) is a network of 120 dealerships with revenue from sales and repairs of about US$1bn a year. Nissan owns 34%. P&amp;C insurers own 21%.
The P&amp;C insurers will sell their 21%, to an offering and a ToSTNeT-3 buyback. Expect the net offering to be 10.5%, which is still 60+ days of ADV.
But it has net cash, securities, more securities, and landholdings. It trades at &lt;0.5x book and a very large part of book is finance-able. This looks like an MBO candidate.


Nissan Tokyo Sales Holdings (8291 JP) - Large Offering on Tiny Cap With Deep Value

David Blennerhassett

<ul>
<li>An independent appraisal repot supports <a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> unifying its dual-listed structure. Shareholders will get their say on the 3rd April. </li>
<li>
<a href="https://www.smartkarma.com/entities/proto-corp" target="_blank" data-smartkarma-citation="entities:2511:1" rel="noopener">Proto Corp (4298 JP)</a>'s MBO is the wrong price. The solution here is a really bump or a broken deal if investors keep the share price above the TOB price.</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 Holdings (1 HK)</a>gives back some of the recent gains as pro-Beijing media said CK Hutch “should think twice about which side it wants to stand with”.</li>
</ul>


An independent appraisal repot supports Rio Tinto Ltd (RIO AU) unifying its dual-listed structure. Shareholders will get their say on the 3rd April. 

Proto Corp (4298 JP)'s MBO is the wrong price. The solution here is a really bump or a broken deal if investors keep the share price above the TOB price.

CK Hutchison Holdings (1 HK)gives back some of the recent gains as pro-Beijing media said CK Hutch “should think twice about which side it wants to stand with”.


Last Week in Event SPACE: Rio Tinto, Proto, CK Hutch, Silk Logistics, HKBN

<ul>
<li>Reportedly, Ito Junro's MBO for <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> includes a US assets IPO to help pay down MBO debt to Japanese banks.  Possible strategic mistake by Ito-san here.</li>
<li>Starwood/Warburg Pincus' firm Offer for <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a> secures support from 30.79% of the register.</li>
<li>We may be wrong on <a href="https://www.smartkarma.com/entities/sanrio-co-ltd" target="_blank" data-smartkarma-citation="entities:16476:1" rel="noopener">Sanrio (8136 JP)</a> by a big factor but the multiple and the concentration risk of momentum factor means you are in an illiquid stock.</li>
</ul>


Reportedly, Ito Junro's MBO for Seven &amp; I (3382 JP) includes a US assets IPO to help pay down MBO debt to Japanese banks.  Possible strategic mistake by Ito-san here.
Starwood/Warburg Pincus' firm Offer for ESR Group (1821 HK) secures support from 30.79% of the register.
We may be wrong on Sanrio (8136 JP) by a big factor but the multiple and the concentration risk of momentum factor means you are in an illiquid stock.


Last Week in Event SPACE: Seven & I Holdings, ESR Group, Sanrio, HKBN

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.

<ul>
<li>One year ago we looked at the arrangement between <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan (7201 JP)</a> and <a href="https://www.smartkarma.com/entities/renault-sa" target="_blank" data-smartkarma-citation="entities:21536:1" rel="noopener">Renault (RNO FP)</a> regarding their relationship, which left Renault with a 28% Nissan stake to be sold.</li>
<li>Since then, Renault has undertaken one selldown but its recent announcement of Ampere’s listing cancellation once again raises the possibility of a further selldown of Nissan’s stake by Renault.</li>
<li>In this note, we talk about the updates since our previous note and the impact of the Ampere listing delay.</li>
</ul>


One year ago we looked at the arrangement between Nissan (7201 JP) and Renault (RNO FP) regarding their relationship, which left Renault with a 28% Nissan stake to be sold.
Since then, Renault has undertaken one selldown but its recent announcement of Ampere’s listing cancellation once again raises the possibility of a further selldown of Nissan’s stake by Renault.
In this note, we talk about the updates since our previous note and the impact of the Ampere listing delay.


Nissan’s Renault Led Selldown Updates - Lack of Ampere Listing Brings Back the US$4bn Overhang

Japan

NISSAN TOKYO SALES HOLDINGS CO., LTD sells new and pre-owned passenger cars and commercialvehicles produced by Nissan Motor mainly in central Tokyo area. The Company also sells car parts and provides maintenance service. NISSAN TOKYO SALES HOLDINGS also operates office building rental, car leasing service, and insurance service.  The Company's subsidiaries sell Jaguar and Renault cars.

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Nissan Tokyo Sales (8291 JP)

[Activism Japan] Nissan Tokyo Sales (8291) Gets An 'Outsourced Activist' but the Value Prop Remains

Nissan Tokyo Sales Hldgs saw insurers sell 21% of the company in December and the company bought back half. That upped BVPS and EPS and the shares...

Travis Lundy

Nissan Tokyo Sales Holdings (8291 JP) - Large Offering on Tiny Cap With Deep Value

Nissan Tokyo Sales Hdlgs (8291) is an auto dealership and repair business. Microcap. 34% owned by Nissan. 21% by P&C insurers who will sell in an...

Travis Lundy

Last Week in Event SPACE: Rio Tinto, Proto, CK Hutch, Silk Logistics, HKBN

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

Last Week in Event SPACE: Seven & I Holdings, ESR Group, Sanrio, HKBN

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

Nissan’s Renault Led Selldown Updates - Lack of Ampere Listing Brings Back the US$4bn Overhang

A year ago we looked at the arrangement between Nissan and Renault regarding their relationship, which left Renault with a 28% Nissan stake to be...

Sumeet Singh

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