Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Ezaki Glico (2206): NAVF pushing for aggressive capital reform and governance changes; excess cash and low ROE offer scope for buybacks and re-rating despite near-term earnings pressure.</li>
<li>SMS (2175): Oasis stake plus CEO transition may refocus strategy on margins and capital efficiency; valuation undemanding versus peers, though founder ownership limits activist optionality.</li>
<li>NS United Kaiun (9110): Strong freight markets driving near-term earnings; Zennor stake likely passive, with cyclical upside and future shareholder exits the longer-term catalyst.</li>
</ul>


Ezaki Glico (2206): NAVF pushing for aggressive capital reform and governance changes; excess cash and low ROE offer scope for buybacks and re-rating despite near-term earnings pressure.
SMS (2175): Oasis stake plus CEO transition may refocus strategy on margins and capital efficiency; valuation undemanding versus peers, though founder ownership limits activist optionality.
NS United Kaiun (9110): Strong freight markets driving near-term earnings; Zennor stake likely passive, with cyclical upside and future shareholder exits the longer-term catalyst.


Japan Activism Briefs | Ezaki Glico, SMS, NS United

Japan

NS United Kaiun Kaisha, Ltd. operates specialized carriers and tramps to ship iron ore, steel, coal, crude oil, and gas. The Company is affiliated with Nippon Yusen. The Company also has close ties with Nippon Steel.

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Ns United Kaiun Kaisha (9110 JP)

Japan Activism Briefs | Ezaki Glico, SMS, NS United

NAVF pushing for capital reform & governance changes, SMS may refocus strategy on margins, NS United Kaiun benefiting from strong freight markets.

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Activism Briefs | Ezaki Glico, SMS, NS United

​NAVF pushing for capital reform & governance changes, SMS may refocus strategy on margins, NS United Kaiun benefiting from strong freight markets.

Mark Chadwick

NAVF pushing for capital reform & governance changes, SMS may refocus strategy on margins, NS United Kaiun benefiting from strong freight markets.