Japan Specialist

Mark Chadwick

Equity Bottom-Up

Teikoku Sen-i Co., Ltd. / Equity Bottom-Up

<ul>
<li>Teikoku, a stable disaster equipment leader, is undervalued due to excessive cash and cross-holdings.  </li>
<li>Regulatory pressure, industry trends, and potential Hulic asset sales create an opportunity to unlock hidden value.</li>
<li>Despite fair current pricing, potential share repurchases and improved capital allocation offer up to 40% upside.</li>
</ul>


Teikoku, a stable disaster equipment leader, is undervalued due to excessive cash and cross-holdings.  
Regulatory pressure, industry trends, and potential Hulic asset sales create an opportunity to unlock hidden value.
Despite fair current pricing, potential share repurchases and improved capital allocation offer up to 40% upside.


Hidden Value in Plain Sight: Teikoku's (3302) Potential Unlock

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Friday, mid-cap specialist elevator maker (in the top ten globally) <a href="https://www.smartkarma.com/entities/fujitec-co-ltd" target="_blank" data-smartkarma-citation="entities:11686:1" rel="noopener">Fujitec Co Ltd (6406 JP)</a> announced a <a href="https://www.fujitec.com/common/fjhp/doc/top_global/document/irnews/2139/20201204_Fujitec%20Co.,%20Ltd.%20Announces%20Future%20Strategic%20Direction%20Plan.pdf" target="_blank" rel="noopener">Future Strategy Direction Plan</a> which focused on "priority business areas in the medium-and-long-term, the Company's medium- and long-term strategic targets, and measures aimed at strengthening its governance structure. This sounds kind of jargon-y. Some of it certainly is. But there is actually more than that under the cover, and it is designed to mollify activists who have pursued the company for years. The stock has hardly reacted. Some details clearly kick the can but there is a timer set for summer 2022. More below the fold.

Last Friday, mid-cap specialist elevator maker (in the top ten globally) Fujitec Co Ltd (6406 JP) announced a Future Strategy Direction Plan which focused on "priority business areas in the medium-and-long-term, the Company's medium- and long-term strategic targets, and measures aimed at strengthening its governance structure. This sounds kind of jargon-y. Some of it certainly is. But there is actually more than that under the cover, and it is designed to mollify activists who have pursued the company for years. The stock has hardly reacted. Some details clearly kick the can but there is a timer set for summer 2022. More below the fold. 

Activist Pressure FINALLY Works on Fujitec (6406)- Going Up? (Albeit Slowly)

Japan

TEIKOKU SEN-I Co., Ltd. produces flame-retardant and heat-resistant synthetic fibers.  The Company uses its technologies to make disaster-prevention equipment such as fire hoses, firefighter's uniforms, and rescue vehicles.  Teikoku Sen-i also manufactures and sells linen yarns and textile products made from linen synthetic fibers.

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Teikoku Sen-i Co., Ltd. (3302 JP)

Hidden Value in Plain Sight: Teikoku's (3302) Potential Unlock

Teikoku, a disaster equipment leader, is undervalued due to excess cash and cross-holdings. Regulatory pressure and potential asset sales could...

Mark Chadwick

Activist Pressure FINALLY Works on Fujitec (6406)- Going Up? (Albeit Slowly)

Fujitec activist pressure finally seems to have shown results as the company buckles, and undertakes to pursue some activist demands. A small win....

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hidden Value in Plain Sight: Teikoku's (3302) Potential Unlock

​Teikoku, a disaster equipment leader, is undervalued due to excess cash and cross-holdings. Regulatory pressure and potential asset sales could...

Mark Chadwick

Activist Pressure FINALLY Works on Fujitec (6406)- Going Up? (Albeit Slowly)

Fujitec activist pressure finally seems to have shown results as the company buckles, and undertakes to pursue some activist demands. A small win....

Travis Lundy

Teikoku, a disaster equipment leader, is undervalued due to excess cash and cross-holdings. Regulatory pressure and potential asset sales could...