Japan/Asia Long-Short, LightStream Research

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Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

<p>Colowide, a company whose heavily leveraged nature we discussed earlier, has made a TOB for Ootoya, a traditional Japanese restaurant for those looking for reasonably priced, but freshly made food. It is hostile. The crux of the disagreement being Colowide’s desire to integrate Ootoya into its centralised kitchen network vs. Ootoya’s insistence on preparing food on-site as its founder intended. The initial salvo in this battle was Colowide moving to try and replace Ootoya’s management with the 19.16% stake it acquired from founding family members and built further in the market. This move which was roundly rejected by the retailer-heavily shareholder base of Ootoya. With that move unsuccessful, Colowide has moved forward with a tender offer at ¥3,081 (46% above the undisturbed Wednesday close and still 18% above today’s limit-up close). We examine Ootoya’s business and valuation below.</p>

Colowide, a company whose heavily leveraged nature we discussed earlier, has made a TOB for Ootoya, a traditional Japanese restaurant for those looking for reasonably priced, but freshly made food. It is hostile. The crux of the disagreement being Colowide’s desire to integrate Ootoya into its centralised kitchen network vs. Ootoya’s insistence on preparing food on-site as its founder intended. The initial salvo in this battle was Colowide moving to try and replace Ootoya’s management with the 19.16% stake it acquired from founding family members and built further in the market. This move which was roundly rejected by the retailer-heavily shareholder base of Ootoya. With that move unsuccessful, Colowide has moved forward with a tender offer at ¥3,081 (46% above the undisturbed Wednesday close and still 18% above today’s limit-up close). We examine Ootoya’s business and valuation below.

Ootoya – The Order May Be Delivered but It Could Leave a Bad Taste in Colowide’s Mouth

Japan

OOTOYA, Holdings Co., Ltd. operates a restaurant chain which serves Japanese set meals.  The Company operates its own restaurants based in Kanto.

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OOTOYA Holdings (2705 JP)

Ootoya – The Order May Be Delivered but It Could Leave a Bad Taste in Colowide’s Mouth

Colowide, a company whose heavily leveraged nature we discussed earlier, has made a TOB for Ootoya, a traditional Japanese restaurant for those...

Mio Kato

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