Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Plastic household goods maker <a href="https://www.smartkarma.com/entities/tenma-corp" target="_blank" data-smartkarma-citation="entities:11900:1" rel="noopener">Tenma Corp (7958 JP)</a> has been "undervalued" for decades. A variety of activish/activist holders have come and gone. Dalton went substantial in 2016, is 18% now.</li>
<li>The family has always controlled the company, and in the last decade, the company has bought back shares, raising the family stake. Now they are buying out minorities. </li>
<li>The deal is at 4.1x Adjusted EV/EBITDA for March 2026 (adjusted for securities sales, etc) and 0.82x book for the non-cash/securities portion of the business. But Dalton has thrown in.</li>
</ul>


Plastic household goods maker Tenma Corp (7958 JP) has been "undervalued" for decades. A variety of activish/activist holders have come and gone. Dalton went substantial in 2016, is 18% now.
The family has always controlled the company, and in the last decade, the company has bought back shares, raising the family stake. Now they are buying out minorities. 
The deal is at 4.1x Adjusted EV/EBITDA for March 2026 (adjusted for securities sales, etc) and 0.82x book for the non-cash/securities portion of the business. But Dalton has thrown in.


Tenma (7958 JP) MBO at ¥3,580 - Finally (Wipes Brow), An Exit. ATH But Not Yet PBR1.

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

Independent Leading Corporate Governance Research

Metrical Inc

METRICAL INC. is an independent leading Corporate Governance research firm in Japan where Corporate Governance is increasingly recognized as an important element on corporate management in these days. Thus, CG research and solutions would become an essential component of global capital markets and play important to contribute to transparency of the markets and maximize shareholders’ value in Japan. 

METRICAL INC. provides Corporate Governance research and analysis including rating services, and  also offers investment research and IR services with solutions and customized profound research on CG and IR issues.

<ul>
<li>My previous article discussed one of the reasons why scandal-ridden companies repeat scandals is because organizations tend to fall into "groupthink," where objectively strange decisions and judgments are sometimes made.</li>
<li>The AGM after the scandal of the alleged bribery of Tenma, which I discussed in this issue, led to a proxy fight, and there are still governance challenges.</li>
<li>This is the first time Tenma has held an analyst meeting, and there are a lot of challenges but there are signs of improvement in governance since the scandal.</li>
</ul>


My previous article discussed one of the reasons why scandal-ridden companies repeat scandals is because organizations tend to fall into "groupthink," where objectively strange decisions and judgments are sometimes made.
The AGM after the scandal of the alleged bribery of Tenma, which I discussed in this issue, led to a proxy fight, and there are still governance challenges.
This is the first time Tenma has held an analyst meeting, and there are a lot of challenges but there are signs of improvement in governance since the scandal.


Japan's Governance: Rebuilding from the Scandal and Holding the First-Ever Analyst Meeting: Tenma

Japan

TENMA CORPORATION manufactures and markets molded resin products.  The Company's products are used in housewares and industrial products such as automobile and electronic equipment.  Tenma has wholly-owned marketing subsidiaries in UK and China.

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Tenma Corp (7958 JP)

Tenma (7958 JP) MBO at ¥3,580 - Finally (Wipes Brow), An Exit. ATH But Not Yet PBR1.

Tenma - a family-owned/run purveyor of plastic household goods across Asia - is finally going private at an ATH. Various activists have been...

Travis Lundy

Japan's Governance: Rebuilding from the Scandal and Holding the First-Ever Analyst Meeting: Tenma

Once a company has been scandalized, it could be scandalized again, and the post-scandal efforts will be examined in the case of Tenma (7958).

Metrical Inc

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