Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>As discussed in <a href="https://www.smartkarma.com/insights/japan-m-a-denso-6902-reportedly-made-a-1-3trln-takeover-proposal-to-rohm-6963-light-iffy" target="_blank" data-smartkarma-citation="insights:225967" rel="noopener">[Japan M&amp;A] Denso (6902) Reportedly Made a ¥1.3trln Takeover Proposal to Rohm (6963). Light &amp; Iffy.</a>, the question is not Denso's desire but Rohm's willingness. </li>
<li>Denso may have a problem paying the right price to get Rohm, but Rohm may simply not wnat to be got. And I discussed the Toshiba angle. </li>
<li>Today the Nikkei reveals that Rohm and Toshiba are considering integrating their power semiconductor businesses. This is NOT a surprise. But it may feel like it. </li>
</ul>


As discussed in [Japan M&amp;A] Denso (6902) Reportedly Made a ¥1.3trln Takeover Proposal to Rohm (6963). Light &amp; Iffy., the question is not Denso's desire but Rohm's willingness. 
Denso may have a problem paying the right price to get Rohm, but Rohm may simply not wnat to be got. And I discussed the Toshiba angle. 
Today the Nikkei reveals that Rohm and Toshiba are considering integrating their power semiconductor businesses. This is NOT a surprise. But it may feel like it. 


[Japan M&A] Now Rohm (6963) And Toshiba Mulling Power Semis Integration, Thwarting Denso?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>Around noon on Friday, Nikkei reported that <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> was looking to acquire <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> for up to JPY 1.3 trillion (US$8.24bn).</li>
<li>
<a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> jumped and <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> dumped on the news. Interestingly, <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> also jumped on the news of the potential acquisition.</li>
<li>
<a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> is by far the highest ranked stock from the Technology sector and is a high probability replacement for <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM (6963 JP)</a> in the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 Index</a>.</li>
</ul>


Around noon on Friday, Nikkei reported that Denso Corp (6902 JP) was looking to acquire ROHM Co Ltd (6963 JP) for up to JPY 1.3 trillion (US$8.24bn).

ROHM Co Ltd (6963 JP) jumped and Denso Corp (6902 JP) dumped on the news. Interestingly, Kokusai Electric (6525 JP) also jumped on the news of the potential acquisition.

Kokusai Electric (6525 JP) is by far the highest ranked stock from the Technology sector and is a high probability replacement for ROHM (6963 JP) in the Nikkei 225 Index.


Denso (6902 JP)'s Offer for Rohm (6963 JP): Bump Likely & Potential Nikkei225 Replacement

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/nintendo-co-ltd" target="_blank" data-smartkarma-citation="entities:5415:1" rel="noopener">Nintendo (7974 JP)</a> placement; <a href="https://www.smartkarma.com/entities/ui-boustead-reit" target="_blank" data-smartkarma-citation="entities:47562:1" rel="noopener">UI Boustead REIT (UIBREIT SP)</a> and <a href="https://www.smartkarma.com/entities/paypay-corporation" target="_blank" data-smartkarma-citation="entities:35269:1" rel="noopener">PayPay (PAYP US)</a> IPOs.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a>, <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a>, <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>, <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a>, <a href="https://www.smartkarma.com/entities/qoria-ltd" target="_blank" data-smartkarma-citation="entities:30531:1" rel="noopener">Qoria (QOR AU)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Nintendo (7974 JP) placement; UI Boustead REIT (UIBREIT SP) and PayPay (PAYP US) IPOs.
Event-Driven developments: ROHM Co Ltd (6963 JP), Sankei Real Estate (2972 JP), Toyota Industries (6201 JP), Dongfeng Motor (489 HK), Qoria (QOR AU). 


Weekly Deals Digest (08 Mar) - ROHM, Sankei, Toyota Ind, Dongfeng, Qoria, Nintendo, PayPay, Boustead

<ul>
<li>Nikkei reported that <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> is considering a tender offer for <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> at a valuation of around JPY1.3 trillion.</li>
<li>If the rumoured valuation refers to market cap based on outstanding shares, it suggests an offer around JPY3,240, a 18.0% premium to the undisturbed price of JPY2,743.</li>
<li>While marginally below the 20-year high, the rumoured offer is light when accounting for the value of Rohm’s stake in Toshiba.  </li>
</ul>


Nikkei reported that Denso Corp (6902 JP) is considering a tender offer for ROHM Co Ltd (6963 JP) at a valuation of around JPY1.3 trillion.
If the rumoured valuation refers to market cap based on outstanding shares, it suggests an offer around JPY3,240, a 18.0% premium to the undisturbed price of JPY2,743.
While marginally below the 20-year high, the rumoured offer is light when accounting for the value of Rohm’s stake in Toshiba.  


ROHM (6963 JP): Denso's Rumoured Tender Offer Is Light

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company.</li>
<li>Top-Picks in China are <a href="https://www.smartkarma.com/entities/yadea-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22706:1" rel="noopener">Yadea Group Holdings (1585 HK)</a> , <a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a> , <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a> &amp; <a href="https://www.smartkarma.com/entities/gree-electric-appliances-inc-of-zhuhai" target="_blank" data-smartkarma-citation="entities:7622:1" rel="noopener">Gree Electric Appliances (000651 CH)</a>.</li>
<li>In Japan its <a href="https://www.smartkarma.com/entities/mazda-motor-corp" target="_blank" data-smartkarma-citation="entities:20528:1" rel="noopener">Mazda Motor (7261 JP)</a>,<a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki Motor (7269 JP)</a>,<a href="https://www.smartkarma.com/entities/aisin-corp" target="_blank" data-smartkarma-citation="entities:11809:1" rel="noopener">Aisin (7259 JP)</a> &amp; <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a>.India its is <a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a> &amp; <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> </li>
</ul>


We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company.
Top-Picks in China are Yadea Group Holdings (1585 HK) , Midea Group (300 HK) , Haier Smart Home (6690 HK) &amp; Gree Electric Appliances (000651 CH).
In Japan its Mazda Motor (7261 JP),Suzuki Motor (7269 JP),Aisin (7259 JP) &amp; ROHM Co Ltd (6963 JP).India its is Ashok Leyland (AL IN) &amp; Mahindra &amp; Mahindra (MM IN) 


Shortlist Of High Conviction Ideas Across China, Japan, India - January 2026

Japan

ROHM COMPANY LIMITED manufactures custom linear integrated circuits and semiconductor devices for use primarily in consumer electronics.  The Company has plants and sales offices worldwide.  Rohm's subsidiaries include Wako Electric and Apollo Electronics.

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ROHM Co Ltd (6963 JP)

[Japan M&A] Now Rohm (6963) And Toshiba Mulling Power Semis Integration, Thwarting Denso?

A Rohm-Toshiba story about integrating their power semiconductor businesses may not be an effort to thwart Denso's approach to Rohm, but it may...

Travis Lundy

Denso (6902 JP)'s Offer for Rohm (6963 JP): Bump Likely & Potential Nikkei225 Replacement

Following the rumors on Friday, Denso's stock dumped and Rohm jumped. Rohm could move limit up again today. Kokusai Electric could be added to the...

Brian Freitas

Weekly Deals Digest (08 Mar) - ROHM, Sankei, Toyota Ind, Dongfeng, Qoria, Nintendo, PayPay, Boustead

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, NZ, Singapore, Japan, Indonesia,...

Arun George

ROHM (6963 JP): Denso's Rumoured Tender Offer Is Light

While marginally below the 20-year high, the rumoured offer is light when accounting for the value of Rohm’s stake in Toshiba.

Arun George

Shortlist Of High Conviction Ideas Across China, Japan, India - January 2026

Selection of our top ideas in Japan, China, and India based on bottom-up triggers.These include Yadea,Midea,Haier, Gree Electric, Mazda Motor,...

Sreemant Dudhoria

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52-week Range

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[Japan M&A] Now Rohm (6963) And Toshiba Mulling Power Semis Integration, Thwarting Denso?

A Rohm-Toshiba story about integrating their power semiconductor businesses may not be an effort to thwart Denso's approach to Rohm, but it may...

Travis Lundy

Denso (6902 JP)'s Offer for Rohm (6963 JP): Bump Likely & Potential Nikkei225 Replacement

Following the rumors on Friday, Denso's stock dumped and Rohm jumped. Rohm could move limit up again today. Kokusai Electric could be added to the...

Brian Freitas

Weekly Deals Digest (08 Mar) - ROHM, Sankei, Toyota Ind, Dongfeng, Qoria, Nintendo, PayPay, Boustead

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, NZ, Singapore, Japan, Indonesia,...

Arun George

ROHM (6963 JP): Denso's Rumoured Tender Offer Is Light

While marginally below the 20-year high, the rumoured offer is light when accounting for the value of Rohm’s stake in Toshiba.

Arun George

Shortlist Of High Conviction Ideas Across China, Japan, India - January 2026

​Selection of our top ideas in Japan, China, and India based on bottom-up triggers.These include Yadea,Midea,Haier, Gree Electric, Mazda Motor,...

Sreemant Dudhoria

Selection of our top ideas in Japan, China, and India based on bottom-up triggers.These include Yadea,Midea,Haier, Gree Electric, Mazda Motor,...