Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Yesterday after the close, well-known Japanese activist Murakami-san's preferred entity City Index Eleventh filed a Large Shareholder Report. </li>
<li>The blast across Bloomberg was "<strong>*AOZORA 5.4% STAKE REPORTED BY CITY INDEX ELEVENTH.</strong>" Sounds exciting after the shares dropped 34% in two days earlier this month after reporting big writedowns. </li>
<li>But there has to be a question here. Why? And Why this way? And what kind of activism would be possible? </li>
</ul>


Yesterday after the close, well-known Japanese activist Murakami-san's preferred entity City Index Eleventh filed a Large Shareholder Report. 
The blast across Bloomberg was "*AOZORA 5.4% STAKE REPORTED BY CITY INDEX ELEVENTH." Sounds exciting after the shares dropped 34% in two days earlier this month after reporting big writedowns. 
But there has to be a question here. Why? And Why this way? And what kind of activism would be possible? 


JAPAN ACTIVISM:  Is Murakami-San Going To Do A PacMetals Rug Pull on Aozora? Or Is This For Real?

<ul>
<li>This past week, nearly 150 companies in Japan announced buyback programmes totalling ¥2.1trln. 3 Tenders, 26 ToSTNeT-3 buybacks (including at least 5 delayed starts). </li>
<li>The median on-market buyback was 2.40% of shares, the average 2.9% (both measured as practical maxima at announcement. Median/Average % of ADV was 7.6/9.2%. </li>
<li>My prediction that this will be a record year for stock buybacks still stands.</li>
</ul>


This past week, nearly 150 companies in Japan announced buyback programmes totalling ¥2.1trln. 3 Tenders, 26 ToSTNeT-3 buybacks (including at least 5 delayed starts). 
The median on-market buyback was 2.40% of shares, the average 2.9% (both measured as practical maxima at announcement. Median/Average % of ADV was 7.6/9.2%. 
My prediction that this will be a record year for stock buybacks still stands.


<ul>
<li>Toa Corp (1885) is a niche infrastructure construction play with a decent growing business and a recent change in shareholder return policy. </li>
<li>They bought back back 6% of shares in 2019. Then launched another 6% buyback in 2021. And now have announced another 6% buyback for 2022.</li>
<li>The shareholder structure and the return profile bear closer investigation.</li>
</ul>


Toa Corp (1885) is a niche infrastructure construction play with a decent growing business and a recent change in shareholder return policy. 
They bought back back 6% of shares in 2019. Then launched another 6% buyback in 2021. And now have announced another 6% buyback for 2022.
The shareholder structure and the return profile bear closer investigation.


Toa Corp (1885 JP) - Another Big Buyback for a Murakami Company

Japan

TOA CORPORATION is a general contractor operating nationwide and overseas. The Company performs waterfront and land civil engineering works for harbor facilities.  Toa provides dredging, reclamation, and land improvement works. The Company also builds commercial, residential, and institutional buildings. Additionally, Toa operates real estate businesses.

Toa Corp (1885 JP)

JAPAN ACTIVISM: Is Murakami-San Going To Do A PacMetals Rug Pull on Aozora? Or Is This For Real?

Murakami-san's daughter bought 5.4% of Aozora Bank. It could be activism or it could be another pump'n'dump like Pacific Metals. It is tough to...

Travis Lundy

JAPAN BUYBACKS: A Very Big Week

Almost ¥2.2trln of buybacks were announced this past week. Several large ones but 120+ different companies in total. This is the push higher for a...

Travis Lundy

Toa Corp (1885 JP) - Another Big Buyback for a Murakami Company

Toa Corp (1885 JP) has announced another big buyback. This one could be done off-market or on-market. But good results and higher dividend support...

Travis Lundy