Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Several Japanese companies jumped onto the OBaaBM/TABaaBM (Own/Talk-About-Bitcoin-as-a-Business Model) last fall to this spring as <a href="https://www.smartkarma.com/entities/microstrategy-inc-cl-a" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Microstrategy Inc Cl A (MSTR US)</a> shares went up and bitcoin did too. </li>
<li>Yesterday, resin coating/injection molding product maker <a href="https://www.smartkarma.com/entities/ikuyo-co-ltd" target="_blank" data-smartkarma-citation="entities:6780:1" rel="noopener">Ikuyo Co Ltd (7273 JP)</a> announced an M&amp;A Policy, and a Shareholder Benefits Program where shareholders will "win" amounts of bitcoin by lottery.  </li>
<li>Ikuyo expects revenues +955% this year. Details are sparse. The shareholder structure has red flags. The CEO sold himself half the company in Feb for peanuts. Forewarned. But it's interesting.</li>
</ul>


Several Japanese companies jumped onto the OBaaBM/TABaaBM (Own/Talk-About-Bitcoin-as-a-Business Model) last fall to this spring as Microstrategy Inc Cl A (MSTR US) shares went up and bitcoin did too. 
Yesterday, resin coating/injection molding product maker Ikuyo Co Ltd (7273 JP) announced an M&amp;A Policy, and a Shareholder Benefits Program where shareholders will "win" amounts of bitcoin by lottery.  
Ikuyo expects revenues +955% this year. Details are sparse. The shareholder structure has red flags. The CEO sold himself half the company in Feb for peanuts. Forewarned. But it's interesting.


[Japan LolWut?] Ikuyo (7273) Says "Iku Yo!" - Bitcoin, M&A, Weirdness, More

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

<ul><li>Noritsu Koki is a prominent Japanese company in the DJ equipment and software industry</li><li>Recent market correction in Japan has caused stock to drop by 15%, presenting a potential investment opportunity</li><li>CEO's focus on niche businesses and upcoming earnings announcement seen as positive indicators for stock performance</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Noritsu Koki is a prominent Japanese company in the DJ equipment and software industryRecent market correction in Japan has caused stock to drop by 15%, presenting a potential investment opportunityCEO's focus on niche businesses and upcoming earnings announcement seen as positive indicators for stock performanceThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Noritsu Koki Co Ltd (7744) - Wednesday, Aug 7, 2024

<ul>
<li>Results for the <a href="https://www.smartkarma.com/entities/omron-corp" target="_blank" data-smartkarma-citation="entities:15904:1" rel="noopener">Omron Corp (6645 JP)</a> Partial Tender Offer for <a href="https://www.smartkarma.com/entities/jmdc-inc" target="_blank" data-smartkarma-citation="entities:28673:1" rel="noopener">JMDC (4483 JP)</a> are out. </li>
<li>The Pro-Ration was 51.63%, at the lower end of my initial estimate of 50-58% range, and at the higher end of my revised range (42-56%).</li>
<li>The pro-ration, the nature of the shapes (technical term) tendered, and what that suggests for Noritsu Koki's position suggests the back end could be more squeezy than not.</li>
</ul>


Results for the Omron Corp (6645 JP) Partial Tender Offer for JMDC (4483 JP) are out. 
The Pro-Ration was 51.63%, at the lower end of my initial estimate of 50-58% range, and at the higher end of my revised range (42-56%).
The pro-ration, the nature of the shapes (technical term) tendered, and what that suggests for Noritsu Koki's position suggests the back end could be more squeezy than not.


JMDC (4483) Partial Offer Results - Tough Tender, I'd Watch For "THE Block" (Maybe)

David Blennerhassett

<ul>
<li>The <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a>/ <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> ratio looks more attractive as JPB climbs with other banks as the possibility of Offering-induced retail overhang increases. </li>
<li>The ACCC has until 28 September 2023 to make its decision on <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797" rel="noopener">Origin Energy (ORG AU)</a>. Expect ACCC to be supportive - they haven't built a strong "against" case.</li>
<li>There should be more for the Kenedix REIT complex on a fundamental basis, a future equity capital raise accretion basis, and because of significant net buying for index purposes.</li>
</ul>


The Japan Post Holdings (6178 JP)/ Japan Post Bank (7182 JP) ratio looks more attractive as JPB climbs with other banks as the possibility of Offering-induced retail overhang increases. 
The ACCC has until 28 September 2023 to make its decision on Origin Energy (ORG AU). Expect ACCC to be supportive - they haven't built a strong "against" case.
There should be more for the Kenedix REIT complex on a fundamental basis, a future equity capital raise accretion basis, and because of significant net buying for index purposes.


Last Week in Event SPACE: Japan Post, Sun Hung Kai, LVS/Sands China, Kenedix REIT Complex, JFE

<ul>
<li>In February 2022, <a href="https://www.smartkarma.com/entities/noritsu-koki-co-ltd" target="_blank" data-smartkarma-citation="entities:3091:1" rel="noopener">Noritsu Koki (7744 JP)</a> sold a chunk of <a href="https://www.smartkarma.com/entities/jmdc-inc" target="_blank" data-smartkarma-citation="entities:28673:1" rel="noopener">JMDC (4483 JP)</a> to <a href="https://www.smartkarma.com/entities/omron-corp" target="_blank" data-smartkarma-citation="entities:15904:1" rel="noopener">Omron Corp (6645 JP)</a> for nearly US$1bn. 7mos later, Omron supported a primary offering.</li>
<li>Now Omron is going to 50+%, as Noritsu Koki is getting out. Other investors have to participate for this to succeed. </li>
<li>The question of pro-ration may be a question of Elmer vs Mr Partridge. But Elmer has a point here. </li>
</ul>


In February 2022, Noritsu Koki (7744 JP) sold a chunk of JMDC (4483 JP) to Omron Corp (6645 JP) for nearly US$1bn. 7mos later, Omron supported a primary offering.
Now Omron is going to 50+%, as Noritsu Koki is getting out. Other investors have to participate for this to succeed. 
The question of pro-ration may be a question of Elmer vs Mr Partridge. But Elmer has a point here. 


Omron Partial Offer for JMDC (4483) - The Engagement Is On! This Is the Script, This Is the Timing

Japan

Noritsu Koki Co., Ltd. manufactures various photo processors.  The Company specializes in high-speed mini-photo processing lab systems.  Noritsu Koki also produces OEM (original equipment manufacturer) supply for Kodak and Konica.

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Noritsu Koki (7744 JP)

[Japan LolWut?] Ikuyo (7273) Says "Iku Yo!" - Bitcoin, M&A, Weirdness, More

Ikuyo (7273) rallied after I wrote, briefly reaching ¥1,000+ but last Friday the stock fell very sharply when it they announced that the seller of...

Travis Lundy

Noritsu Koki Co Ltd (7744) - Wednesday, Aug 7, 2024

Noritsu Koki is a prominent Japanese company in the DJ equipment and software industry. Recent market correction in Japan has caused stock to drop...

Value Investors Club (VIC)

JMDC (4483) Partial Offer Results - Tough Tender, I'd Watch For "THE Block" (Maybe)

JMDC Partial Tender Offer Results are out at 51.63% fill ratio. That is "in-line" but suggests that certain people did not tender or lend. THAT...

Travis Lundy

Last Week in Event SPACE: Japan Post, Sun Hung Kai, LVS/Sands China, Kenedix REIT Complex, JFE

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Omron Partial Offer for JMDC (4483) - The Engagement Is On! This Is the Script, This Is the Timing

The Omron TOB for JMDC is designed to consolidate JMDC, and give both Noritsu Koki and minorities a chance to sell higher. We have an Elmer vs Mr...

Travis Lundy

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