Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>Sales rose 13.2% YoY to JPY67.8bn, with operating profit up 22.2% YoY to JPY15.2bn.</li><li>Electronics segment sales reached JPY46.3bn (+8.9% YoY), with a segment profit increase of 14.5% YoY.</li><li>Medical and Pharmaceuticals segment sales were JPY18.5bn (+22.4% YoY), segment profit surged 160.6% YoY.</li></ul>

Sales rose 13.2% YoY to JPY67.8bn, with operating profit up 22.2% YoY to JPY15.2bn.Electronics segment sales reached JPY46.3bn (+8.9% YoY), with a segment profit increase of 14.5% YoY.Medical and Pharmaceuticals segment sales were JPY18.5bn (+22.4% YoY), segment profit surged 160.6% YoY.

Taiyo Holdings (4626 JP): 1H FY03/26 flash update

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiyo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15154:1" rel="noopener">Taiyo Holdings (4626 JP)</a> shares were up 19.1% based on a <a href="https://news.bloombergtax.com/private-equity/taiyo-holdings-gets-buyout-proposals-from-firms-including-kkr" target="_blank" rel="noopener">Bloomberg report</a> that it received privatisation proposals from KKR and Nippon Sangyo Suishin Kiko. </li>
<li>Taiyo confirmed that it has received privatisation offers. The Board would view privatisation as a solution to rid itself of Oasis, which has recently waged an <a href="https://www.corpgovfortaiyo.com/taiyo-corp-gov" target="_blank" rel="noopener">activist campaign</a>. </li>
<li>At the last close price of JPY6,230, Oasis would be up 45.9% on its highest price of JPY4,720. My analysis suggests that an offer around JPY7,000 can be justified.</li>
</ul>



Taiyo Holdings (4626 JP) shares were up 19.1% based on a Bloomberg report that it received privatisation proposals from KKR and Nippon Sangyo Suishin Kiko. 
Taiyo confirmed that it has received privatisation offers. The Board would view privatisation as a solution to rid itself of Oasis, which has recently waged an activist campaign. 
At the last close price of JPY6,230, Oasis would be up 45.9% on its highest price of JPY4,720. My analysis suggests that an offer around JPY7,000 can be justified.


Taiyo Holdings (4626 JP): Privatisation Interest as Oasis Agitates

<ul><li>Sales increased 7.5% YoY in Q1 FY03/26, with Electronics and Medical segments reporting growth of 3.6% and 14.0% respectively.</li><li>The Electronics segment's profit rose 1.9% YoY, affected by yen appreciation and decreased sales of high value-added films.</li><li>The Medical and Pharmaceuticals segment's profit surged 138.0% YoY, driven by contract manufacturing business growth.</li></ul>

Sales increased 7.5% YoY in Q1 FY03/26, with Electronics and Medical segments reporting growth of 3.6% and 14.0% respectively.The Electronics segment's profit rose 1.9% YoY, affected by yen appreciation and decreased sales of high value-added films.The Medical and Pharmaceuticals segment's profit surged 138.0% YoY, driven by contract manufacturing business growth.

Taiyo Holdings (4626 JP): Q1 FY03/26 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiyo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15154:1" rel="noopener">Taiyo Holdings (4626 JP)</a> has an interesting background, embroiled in a separate activist event via its equity affiliate sponsor <a href="https://www.smartkarma.com/entities/dic-corp" target="_blank" data-smartkarma-citation="entities:7343:1" rel="noopener">Dic Corp (4631 JP)</a>, and recently an activist target itself. </li>
<li>Today a Bloomberg article said KKR and one other PE fund had made acquisition proposals via TOB. Taiyo <a href="https://www.taiyo-hd.co.jp/_cms/wp-content/uploads/2025/05/en20250528_10.pdf" target="_blank" rel="noopener">confirmed</a>, establishing a Special Committee. A deal is months away, at earliest.</li>
<li>Shares shot up to limit up, opened briefly, then resumed at limit up. The question here and now is valuation. </li>
</ul>



Taiyo Holdings (4626 JP) has an interesting background, embroiled in a separate activist event via its equity affiliate sponsor Dic Corp (4631 JP), and recently an activist target itself. 
Today a Bloomberg article said KKR and one other PE fund had made acquisition proposals via TOB. Taiyo confirmed, establishing a Special Committee. A deal is months away, at earliest.
Shares shot up to limit up, opened briefly, then resumed at limit up. The question here and now is valuation. 


[Japan Activism/M&A] Taiyo Holdings (4626) Now an MBO Target? KKR and One More Bidding

<ul><li>Sales increased 13.6% YoY to JPY119.0bn, with Electronics segment sales rising 14.4% YoY to JPY81.7bn.</li><li>Operating profit grew 21.2% YoY to JPY22.1bn, driven by high-value-added products and yen depreciation benefits.</li><li>Medical and Pharmaceuticals segment profit declined 36.9% YoY due to increased costs and impairment loss.</li></ul>

Sales increased 13.6% YoY to JPY119.0bn, with Electronics segment sales rising 14.4% YoY to JPY81.7bn.Operating profit grew 21.2% YoY to JPY22.1bn, driven by high-value-added products and yen depreciation benefits.Medical and Pharmaceuticals segment profit declined 36.9% YoY due to increased costs and impairment loss.

Taiyo Holdings (4626 JP): Full-year FY03/25 flash update

Japan

TAIYO HOLDINGS CO., LTD. manufactures and sells resist inks for printed circuit boards.  The Company markets the products overseas through its sales and manufacturing subsidiaries in US, Taiwan, Korea, Singapore, and China.

Price Gauge
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Taiyo Holdings (4626 JP)