Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>In April, <a href="https://www.smartkarma.com/entities/sekisui-jushi-corp" target="_blank" data-smartkarma-citation="entities:7654:1" rel="noopener">Sekisui Jushi (4212 JP)</a> announced lackluster earnings and unsurprising guidance after a year marked by higher costs. It also announced a small (2.5%) buyback, likely for cross-holdings.</li>
<li>Yesterday, the company announced Q1 results, and a revision to their buyback programme (to buy 20.2% of shares out). This morning their 22+% (#1) shareholder Sekisui Chemical sold 18%. </li>
<li>Forward PER dropped nearly 20%. The stock is still outrageously cash/securities-rich and if "re-levered" to zero net leverage would get a high 20s ROE. Hmmm...</li>
</ul>


In April, Sekisui Jushi (4212 JP) announced lackluster earnings and unsurprising guidance after a year marked by higher costs. It also announced a small (2.5%) buyback, likely for cross-holdings.
Yesterday, the company announced Q1 results, and a revision to their buyback programme (to buy 20.2% of shares out). This morning their 22+% (#1) shareholder Sekisui Chemical sold 18%. 
Forward PER dropped nearly 20%. The stock is still outrageously cash/securities-rich and if "re-levered" to zero net leverage would get a high 20s ROE. Hmmm...


Huge Change at Sekisui Jushi (4212) - 20% Buyback from Erstwhile Controlling Shareholder

Japan

Sekisui Jushi Corporation is a processor of plastics and other resin materials. The Company's main products used in road traffic-related products such as road signs and noise absorbing walls.  Sekisui Jushi is affiliated with Sekisui Chemical.

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Huge Change at Sekisui Jushi (4212) - 20% Buyback from Erstwhile Controlling Shareholder

Sekisui Jushi (4212) just bought back 18% of shares. Few cared. A look at the simplified balance sheet is worthwhile. de-cashed and re-levered to...

Travis Lundy