Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

This is big news. 
Every now and then one finds a situation where a shareholder calls an EGM which is hostile to management of the company. Shareholders who hold a certain number/percentage of shares (300 trading units or 1% of shares) for a certain period of time. 
The background is that Oasis Management has, it claims, been a shareholder of <a href="https://www.smartkarma.com/entities/tokyo-dome-corp" target="_blank" data-smartkarma-citation="entities:6421:1" rel="noopener">Tokyo Dome Corp (9681 JP)</a> since 2018. They went "substantial" with a 5+% stake in December 2019, and then raised their stake to 9.6% by late January 2020, whereupon they published a website called <a href="https://www.abettertokyodome.com/a-better-tokyo-dome" target="_blank" rel="noopener">A Better Tokyo Dome</a> and posted a large <a href="https://static1.squarespace.com/static/5dd62b05f226644911c6d4e1/t/5efabd9b2d98f71482b79156/1593490878125/OASIS+-+A+Better+Tokyo+Dome+Presentation.pdf" target="_blank" rel="noopener">presentation</a> which is worthwhile reading. They called on better F&amp;B and improved digitalisation of signage. 
There was no movement on this in the public domain until July when Tokyo Dome put out a document promising a "better" Tokyo Dome (<a href="https://contents.xj-storage.jp/xcontents/AS01950/42158d25/3e80/408f/8966/4330ff2fd156/20200720165516344s.pdf" target="_blank" rel="noopener">Japanese</a>, <a href="https://contents.xj-storage.jp/xcontents/AS01950/8cc6746f/a7cd/4a57/bfd9/e1361a46e7f7/20200729135840184s.pdf" target="_blank" rel="noopener">English</a>) for watching games amid the covid-19 pandemic. That presentation included enhanced safety precautions/measures, more cleaning, re-designed flow of people in certain areas, and ALSO talked about improving F&amp;B and upgrading digital signage. 
In October, it was <a href="https://contents.xj-storage.jp/xcontents/AS01950/a500919b/8a12/4c0c/95dc/152de0c9fd48/20201020165058050s.pdf" target="_blank" rel="noopener">announced</a> that Oasis had demanded the company call an Extraordinary General Meeting of shareholders with the agenda item to remove three directors, including the President Tsutomu Nagaoka and external directors Nobuhiro Mori and Tomofumi Akiyama. A record date of 11 November was <a href="https://contents.xj-storage.jp/xcontents/AS01950/800a3884/9eaf/43f0/bdb9/f7dff0c28164/20201021100821979s.pdf" target="_blank" rel="noopener">set</a>. On the 11th of November, the date and location was <a href="https://contents.xj-storage.jp/xcontents/AS01950/71ce4fcb/5ddb/4ce2/aaa3/97cf60c5129c/20201111142946366s.pdf" target="_blank" rel="noopener">confirmed</a> and the Company <a href="https://contents.xj-storage.jp/xcontents/AS01950/1ea8dcbb/2f52/44de/8b79/8f2a723b3cbe/20201111144033325s.pdf" target="_blank" rel="noopener">filed</a> with the Tokyo District Court for the appointment of an inspector. On the 26th, the company sent out the <a href="https://contents.xj-storage.jp/xcontents/AS01950/5147f8e0/836d/4140/bc3c/752593ad0394/20201126092033012s.pdf" target="_blank" rel="noopener">Convocation Notice</a> including Oasis explanation of their demands. 
Last week, indeed the day after the convocation notice, it was announced that <a href="https://www.smartkarma.com/entities/mitsui-fudosan-co-ltd" target="_blank" data-smartkarma-citation="entities:565:1" rel="noopener">Mitsui Fudosan (8801 JP)</a> and Yomiuri Shinbun would launch a Tender Offer to take Tokyo Dome Corp private at JPY 1300/share. This is the same price that Oasis offered as a proposal to take Tokyo Dome private earlier this year - something disclosed in the Target Opinion Statement. 
The transaction would end up (post-transaction) with Mitsui Fudosan owning 80% and Yomiuri Shinbun - the closely-held owner of the Yomiuri Giants baseball team (and of course the paper) - owning 20%. 
Shares jumped through terms immediately, trading up to 10% through terms on the third day after announcement. 
<h2>Now there is NEW News</h2>
Shareholder proxy advisor ISS has released a report which suggests voting FOR the Oasis proposals to remove the three directors. 
This is big. It doesn't happen that often. 
The Company immediately released a <a href="https://contents.xj-storage.jp/xcontents/AS01950/94fc1d93/b2c0/42f1/8c5a/a01c2afd0d08/20201203143125720s.pdf" target="_blank" rel="noopener">document</a> called The Company’s Views Regarding ISS (Proxy-Advisory Firm)’s Recommendation of Supporting Proposed Agenda Items Submitted to the Company’s Extraordinary General Meeting of Shareholders (Shareholders’ Proposals). Shareholders should, of course read both documents. 
More discussion below the fold.

This is big news. 
Every now and then one finds a situation where a shareholder calls an EGM which is hostile to management of the company. Shareholders who hold a certain number/percentage of shares (300 trading units or 1% of shares) for a certain period of time. 
The background is that Oasis Management has, it claims, been a shareholder of Tokyo Dome Corp (9681 JP) since 2018. They went "substantial" with a 5+% stake in December 2019, and then raised their stake to 9.6% by late January 2020, whereupon they published a website called A Better Tokyo Dome and posted a large presentation which is worthwhile reading. They called on better F&amp;B and improved digitalisation of signage. 
There was no movement on this in the public domain until July when Tokyo Dome put out a document promising a "better" Tokyo Dome (Japanese, English) for watching games amid the covid-19 pandemic. That presentation included enhanced safety precautions/measures, more cleaning, re-designed flow of people in certain areas, and ALSO talked about improving F&amp;B and upgrading digital signage. 
In October, it was announced that Oasis had demanded the company call an Extraordinary General Meeting of shareholders with the agenda item to remove three directors, including the President Tsutomu Nagaoka and external directors Nobuhiro Mori and Tomofumi Akiyama. A record date of 11 November was set. On the 11th of November, the date and location was confirmed and the Company filed with the Tokyo District Court for the appointment of an inspector. On the 26th, the company sent out the Convocation Notice including Oasis explanation of their demands. 
Last week, indeed the day after the convocation notice, it was announced that Mitsui Fudosan (8801 JP) and Yomiuri Shinbun would launch a Tender Offer to take Tokyo Dome Corp private at JPY 1300/share. This is the same price that Oasis offered as a proposal to take Tokyo Dome private earlier this year - something disclosed in the Target Opinion Statement. 
The transaction would end up (post-transaction) with Mitsui Fudosan owning 80% and Yomiuri Shinbun - the closely-held owner of the Yomiuri Giants baseball team (and of course the paper) - owning 20%. 
Shares jumped through terms immediately, trading up to 10% through terms on the third day after announcement. 
Now there is NEW News
Shareholder proxy advisor ISS has released a report which suggests voting FOR the Oasis proposals to remove the three directors. 
This is big. It doesn't happen that often. 
The Company immediately released a document called The Company’s Views Regarding ISS (Proxy-Advisory Firm)’s Recommendation of Supporting Proposed Agenda Items Submitted to the Company’s Extraordinary General Meeting of Shareholders (Shareholders’ Proposals). Shareholders should, of course read both documents. 
More discussion below the fold. 

ISS Takes Umbrage with Tokyo Dome, Recommends Booting the CEO from the Board

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

We have examined the proposals made by Oasis in their A Better Tokyo Dome, one by one and generally find the suggestions to be a little one-sided, and in some cases a little optimistic about the ability to change typical Japanese customs around baseball. Nevertheless, on the opinion that Tokyo Dome could be noticeably better managed overall and that ¥1,300 looks exceedingly cheap, we wholeheartedly agree.

We have examined the proposals made by Oasis in their A Better Tokyo Dome, one by one and generally find the suggestions to be a little one-sided, and in some cases a little optimistic about the ability to change typical Japanese customs around baseball. Nevertheless, on the opinion that Tokyo Dome could be noticeably better managed overall and that ¥1,300 looks exceedingly cheap, we wholeheartedly agree.

Tokyo Dome – Assessing the Realism of Oasis Estimates

Friday morning, the Nikkei said there was a deal in the offing where Mitsui Fudosan would bid for <a href="https://www.smartkarma.com/entities/tokyo-dome-corp" target="_blank" data-smartkarma-citation="entities:6421:1" rel="noopener">Tokyo Dome Corp (9681 JP)</a>.  As someone concerned with the governance weakness shown too many times in Japanese takeover situations, I am almost automatically disappointed to see such headlines. It leads me to expect that later the same day I will be mumbling words at my monitor that I should not say aloud. 
I did Friday.
My constant question is HOW can independent directors of companies with unique and valuable assets deign to sell them at such inexpensive prices? Often those unique and valuable assets are uniquely valuable items such as cash, portfolios of listed securities, and land and property assets with an easily external valuation. 
Sometimes cash and securities get tossed into a DCF as being assets which need to be discounted 9-11% a year on their ability to throw off cash, never mind the fact that the equity holdings are purchased at cash flow yields of 2-3% and bonds are bought with yields of 0-1%. Real estate holdings are usually purchased at yields of 4-6%. So automatically, anything of any real value and inherently low cash-flow yield gets marked down for the friendly buyer. Extra cash is almost never dividended out, and there is never (with the one exception of the takeover of <a href="https://www.smartkarma.com/entities/asatsu-dk-inc" target="_blank" data-smartkarma-citation="entities:8715:1" rel="noopener">Asatsu Dk Inc (9747 JP)</a> a few years ago) any tally of what the non-operating assets are worth to create an Adjusted Enterprise Value. 
This time is no different. 
This is a big fat piece of land in central Tokyo, and a fair number of unique, quite unreplaceable assets and businesses which should command a moat. And earnings have been penalized for years by a total lack of effective maintenance and stewardship by management. 
Oasis proposed buying the company at ¥1300/share in January but said the stock was worth well over ¥2000/share in its public <a href="https://static1.squarespace.com/static/5dd62b05f226644911c6d4e1/t/5efabd9b2d98f71482b79156/1593490878125/OASIS+-+A+Better+Tokyo+Dome+Presentation.pdf" target="_blank" rel="noopener">presentation</a> at the same time. Mitsui Fudosan - a professional strategic owner of prime property assets - bid ¥1200/share earlier this month before being asked to bid ¥1350/share. They bid ¥1300/share.
I am not sure the conversation ends there.
My analysis continues below.

Friday morning, the Nikkei said there was a deal in the offing where Mitsui Fudosan would bid for Tokyo Dome Corp (9681 JP).  As someone concerned with the governance weakness shown too many times in Japanese takeover situations, I am almost automatically disappointed to see such headlines. It leads me to expect that later the same day I will be mumbling words at my monitor that I should not say aloud. 
I did Friday.
My constant question is HOW can independent directors of companies with unique and valuable assets deign to sell them at such inexpensive prices? Often those unique and valuable assets are uniquely valuable items such as cash, portfolios of listed securities, and land and property assets with an easily external valuation. 
Sometimes cash and securities get tossed into a DCF as being assets which need to be discounted 9-11% a year on their ability to throw off cash, never mind the fact that the equity holdings are purchased at cash flow yields of 2-3% and bonds are bought with yields of 0-1%. Real estate holdings are usually purchased at yields of 4-6%. So automatically, anything of any real value and inherently low cash-flow yield gets marked down for the friendly buyer. Extra cash is almost never dividended out, and there is never (with the one exception of the takeover of Asatsu Dk Inc (9747 JP) a few years ago) any tally of what the non-operating assets are worth to create an Adjusted Enterprise Value. 
This time is no different. 
This is a big fat piece of land in central Tokyo, and a fair number of unique, quite unreplaceable assets and businesses which should command a moat. And earnings have been penalized for years by a total lack of effective maintenance and stewardship by management. 
Oasis proposed buying the company at ¥1300/share in January but said the stock was worth well over ¥2000/share in its public presentation at the same time. Mitsui Fudosan - a professional strategic owner of prime property assets - bid ¥1200/share earlier this month before being asked to bid ¥1350/share. They bid ¥1300/share.
I am not sure the conversation ends there.
My analysis continues below.

Tokyo Dome Sells Itself For the Wrong Price

The Nikkei Asia <a href="https://asia.nikkei.com/Business/Business-deals/1bn-bid-for-Tokyo-Dome-planned-by-developer-Mitsui-Fudosan" target="_blank" rel="noopener">reported</a> this morning (Japanese article link <a href="https://www.nikkei.com/article/DGXMZO66704090X21C20A1MM8000" target="_blank" rel="noopener">here</a>) that <a href="https://www.smartkarma.com/entities/mitsui-fudosan-co-ltd" target="_blank" data-smartkarma-citation="entities:565:1" rel="noopener">Mitsui Fudosan (8801 JP)</a> intended to partner with someone to launch a Tender Offer to take private <a href="https://www.smartkarma.com/entities/tokyo-dome-corp" target="_blank" data-smartkarma-citation="entities:6421:1" rel="noopener">Tokyo Dome Corp (9681 JP)</a>, spending "more than ¥100bn" (vs the ¥85.9bn of yesterday's close) based on the idea that there would be a premium to market price. The Tender Offer could start before 2020 ends.The bigger story here, of course, is that hedge fund Oasis Management has been on the case, urging Tokyo Dome management to do more to improve value for shareholders. Oasis said earlier this month they had been trying to engage with Tokyo Dome since 2018. They went over 5% in December 2019 and according to filings lifted their stake to 9.71% in January 2020. Covid-19 later hit Japan and as a result, the number of events and therefore visitor count at the various features and venues within Tokyo Dome have slowed, and the company is on its back foot. Early this year, Oasis set up a website with a fair bit of material for their case at <a href="https://www.abettertokyodome.com/" target="_blank" rel="noopener">abettertokyodome.com</a>. There main presentation is linked <a href="https://static1.squarespace.com/static/5dd62b05f226644911c6d4e1/t/5efabd9b2d98f71482b79156/1593490878125/OASIS+-+A+Better+Tokyo+Dome+Presentation.pdf" target="_blank" rel="noopener">here</a>. The claims are clear, and frankly, anyone who has been to Tokyo Dome recently will know exactly what Oasis is pointing at in terms of efforts which could make Tokyo Dome a better place to visit and a better company. Among the proposals by Oasis, there are substantially improved digital signage to improve ad revenue, a naming rights agreement like seen at other major Japan venues which could bring in ¥500mm a year or more, overhauled technology to match other world-class venues, substantially improved F&amp;B strategy, etc.  The deck was really an informative read when presented in January of this year and the opportunity seemed clear to me. The onset of covid-19 was a highly unfortunate development in the timeline, and this has disrupted what might have been a much more lively activist discussion. As it is, in October, Oasis called for a shareholder meeting for Tokyo Dome, asking to replace three directors including President Tsutomu Nagaoka. On 10 November, Tokyo Dome held a press conference which saw some floundering, and Oasis <a href="https://www.businesswire.com/news/home/20201111005501/en/Oasis-Key-Messages-for-Tokyo-Dome-Shareholders-Regarding-the-EGM-on-December-17-2020" target="_blank" rel="noopener">responded</a> the day after. The shareholder meeting is now set for 17 December. It is somehow not surprising that Corporate Japan is circling the wagons. Tokyo Dome is indicated limit up at ¥1047 now. The past 15+ years looks like the below.<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/174/563/original/Screenshot%202020-11-27%20at%2010.27.27%20AM.png?1606444069" class="editor-image img-responsive" data-smartkarma-image-id="174563"></figure></section>As a reminder, the stock traded at ¥5000+ in the 1990s.The companies (<a href="https://www.mitsuifudosan.co.jp/corporate/ir/library/news/2020/pdf/news_201127.pdf" target="_blank" rel="noopener">Mitsui Fudosan</a>, <a href="https://contents.xj-storage.jp/xcontents/AS01950/1667e514/ffcc/4644/b6a6/6313ea0899ad/140120201127428865.pdf" target="_blank" rel="noopener">Tokyo Dome</a>) have both responded to the article first thing this morning saying that they will be holding board meetings to discuss this situation later today and will announce anything which needs to be announced as soon as possible thereafter.The old saying goes "Where there is smoke there is fire" but the question is whether it will be hot enough. As a pure tear-down project, the real estate and history of location/brand would likely be worth well more than ¥100bn. Word in the local press is that Mitsui's partner will be Yomiuri Shinbun, which is taking subsidiary/affiliate <a href="https://www.smartkarma.com/entities/yomiuri-land-co-ltd" target="_blank" data-smartkarma-citation="entities:12813:1" rel="noopener">Yomiuri Land (9671 JP)</a> private as discussed in <a href="https://www.smartkarma.com/insights/yomiuri-land-9671-takeover-probably-the-wrong-price-but-whaddya-gonna-do" target="_blank" data-smartkarma-citation="insights:45025" rel="noopener">Yomiuri Land (9671) Takeover - Probably The Wrong Price But Whaddya Gonna Do?</a>. Yomiuri Land is a cross-holder in Tokyo Dome.I expect I will be writing another episode of <a href="https://www.smartkarma.com/insights/japan-needs-more-cowbell" target="_blank" data-smartkarma-citation="insights:41191" rel="noopener">Japan Needs More Cowbell</a> shortly. It is depressing to me that one needs to write it so often, but needs, I expect, must.More on the situation and the potential valuation methodology/constraints below the fold.

The Nikkei Asia reported this morning (Japanese article link here) that Mitsui Fudosan (8801 JP) intended to partner with someone to launch a Tender Offer to take private Tokyo Dome Corp (9681 JP), spending "more than ¥100bn" (vs the ¥85.9bn of yesterday's close) based on the idea that there would be a premium to market price. The Tender Offer could start before 2020 ends.The bigger story here, of course, is that hedge fund Oasis Management has been on the case, urging Tokyo Dome management to do more to improve value for shareholders. Oasis said earlier this month they had been trying to engage with Tokyo Dome since 2018. They went over 5% in December 2019 and according to filings lifted their stake to 9.71% in January 2020. Covid-19 later hit Japan and as a result, the number of events and therefore visitor count at the various features and venues within Tokyo Dome have slowed, and the company is on its back foot. Early this year, Oasis set up a website with a fair bit of material for their case at abettertokyodome.com. There main presentation is linked here. The claims are clear, and frankly, anyone who has been to Tokyo Dome recently will know exactly what Oasis is pointing at in terms of efforts which could make Tokyo Dome a better place to visit and a better company. Among the proposals by Oasis, there are substantially improved digital signage to improve ad revenue, a naming rights agreement like seen at other major Japan venues which could bring in ¥500mm a year or more, overhauled technology to match other world-class venues, substantially improved F&amp;B strategy, etc.  The deck was really an informative read when presented in January of this year and the opportunity seemed clear to me. The onset of covid-19 was a highly unfortunate development in the timeline, and this has disrupted what might have been a much more lively activist discussion. As it is, in October, Oasis called for a shareholder meeting for Tokyo Dome, asking to replace three directors including President Tsutomu Nagaoka. On 10 November, Tokyo Dome held a press conference which saw some floundering, and Oasis responded the day after. The shareholder meeting is now set for 17 December. It is somehow not surprising that Corporate Japan is circling the wagons. Tokyo Dome is indicated limit up at ¥1047 now. The past 15+ years looks like the below.As a reminder, the stock traded at ¥5000+ in the 1990s.The companies (Mitsui Fudosan, Tokyo Dome) have both responded to the article first thing this morning saying that they will be holding board meetings to discuss this situation later today and will announce anything which needs to be announced as soon as possible thereafter.The old saying goes "Where there is smoke there is fire" but the question is whether it will be hot enough. As a pure tear-down project, the real estate and history of location/brand would likely be worth well more than ¥100bn. Word in the local press is that Mitsui's partner will be Yomiuri Shinbun, which is taking subsidiary/affiliate Yomiuri Land (9671 JP) private as discussed in Yomiuri Land (9671) Takeover - Probably The Wrong Price But Whaddya Gonna Do?. Yomiuri Land is a cross-holder in Tokyo Dome.I expect I will be writing another episode of Japan Needs More Cowbell shortly. It is depressing to me that one needs to write it so often, but needs, I expect, must.More on the situation and the potential valuation methodology/constraints below the fold.

Mitsui Fudosan Tender For Tokyo Dome (9681) Mooted

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div>The short notional in the market for the week ending 24 January is US$24.53bn (down by US$250mm) with the largest short positions in <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18448:1">Itochu Corp (8001 JP)</a>, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:73:1">Toyota Motor (7203 JP)</a>, <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 JP)</a>, <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:1:1">Canon Inc (7751 JP)</a> and <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:639:1">KDDI Corp (9433 JP)</a>. <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-financial-gr" target="_blank" rel="noopener" data-smartkarma-citation="entities:217:1"></a></div><div>Most shorted stocks as a percentage of free float are <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 JP)</a>, <a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:8244:1">Leopalace21 Corp (8848 JP)</a>, <a href="https://www.smartkarma.com/entities/tokai-carbon-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9145:1">Tokai Carbon (5301 JP)</a> and <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:3700:1">Anritsu Corp (6754 JP)</a> while the stocks with the highest days to cover are <a href="https://www.smartkarma.com/entities/vital-ksk-holdings-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:7398:1">Vital Ksk Holdings (3151 JP)</a>, <a href="https://www.smartkarma.com/entities/aruhi-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:26072:1"></a><a href="https://www.smartkarma.com/entities/katakura-industries-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:2007:1">Katakura Industries (3001 JP)</a>, <a href="https://www.smartkarma.com/entities/j-trust-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:20246:1">J Trust Co Ltd (8508 JP)</a> and <a href="https://www.smartkarma.com/entities/edion-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:14358:1">Edion Corp (2730 JP)</a>.  <a href="https://www.smartkarma.com/entities/dcm-holdings-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:13042:1"></a></div><div>The largest increases in short notional over the week were <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:751:1">Fast Retailing (9983 JP)</a>, <a href="https://www.smartkarma.com/entities/tokyo-dome-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:6421:1">Tokyo Dome Corp (9681 JP)</a>, <a href="https://www.smartkarma.com/entities/tokyo-electron-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:280:1">Tokyo Electron (8035 JP)</a> and <a href="https://www.smartkarma.com/entities/nabtesco-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:13176:1">Nabtesco Corp (6268 JP)</a> while shorts were covered in <a href="https://www.smartkarma.com/entities/yamaha-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:17841:1">Yamaha Corp (7951 JP)</a>, <a href="https://www.smartkarma.com/entities/ricoh-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:15359:1">Ricoh Co Ltd (7752 JP)</a>, <a href="https://www.smartkarma.com/entities/zozo-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:18379:1">ZOZO Inc (3092 JP)</a> and <a href="https://www.smartkarma.com/entities/dentsu-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:12434:1">Dentsu Inc (4324 JP)</a>.  </div><div>Sectorally, short positions were increased in Consumer Discretionary (US$339mm), Information Technology (US$86mm) and Industrials (US$79mm) while shorts were covered in Communication Services (US$71m) and Health Care (US$62m).</div>

The short notional in the market for the week ending 24 January is US$24.53bn (down by US$250mm) with the largest short positions in Itochu Corp (8001 JP), Toyota Motor (7203 JP), Taiyo Yuden (6976 JP), Canon Inc (7751 JP) and KDDI Corp (9433 JP). Most shorted stocks as a percentage of free float are Taiyo Yuden (6976 JP), Leopalace21 Corp (8848 JP), Tokai Carbon (5301 JP) and Anritsu Corp (6754 JP) while the stocks with the highest days to cover are Vital Ksk Holdings (3151 JP), Katakura Industries (3001 JP), J Trust Co Ltd (8508 JP) and Edion Corp (2730 JP).  The largest increases in short notional over the week were Fast Retailing (9983 JP), Tokyo Dome Corp (9681 JP), Tokyo Electron (8035 JP) and Nabtesco Corp (6268 JP) while shorts were covered in Yamaha Corp (7951 JP), Ricoh Co Ltd (7752 JP), ZOZO Inc (3092 JP) and Dentsu Inc (4324 JP).  Sectorally, short positions were increased in Consumer Discretionary (US$339mm), Information Technology (US$86mm) and Industrials (US$79mm) while shorts were covered in Communication Services (US$71m) and Health Care (US$62m).

Japan - Sharp Rise in Consumer Discretionary Shorts

Japan

TOKYO DOME CORPORATION operates an air dome-type baseball stadium and an urban amusement center.  The Company also sells sundry goods and operates financing, hotels, real estate, restaurants, and convention and exhibition halls.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Tokyo Dome Corp (9681 JP)

ISS Takes Umbrage with Tokyo Dome, Recommends Booting the CEO from the Board

ISS has sided with Oasis in its fight to remove somewhat non-independent and "over-ripe" nominally independent directors at this month's EGM. This...

Travis Lundy

Tokyo Dome – Assessing the Realism of Oasis Estimates

We assess the realism of Oasis' proposed NP improving measures to find a mixed picture, but not one which obfuscates the view of an asset that is...

Mio Kato

Tokyo Dome Sells Itself For the Wrong Price

Tokyo Dome is the subject of an activist effort to improve shareholder value for everyone with a stated target from improvements of 140+%. So Tokyo...

Travis Lundy

Mitsui Fudosan Tender For Tokyo Dome (9681) Mooted

It appears Mitsui Fudosan and Yomiuri Land will be bidding for Tokyo Dome in order to fend off the activism of 9.7% holder Oasis. That's a pity....

Travis Lundy

Japan - Sharp Rise in Consumer Discretionary Shorts

The short notional in the market for the week ending 24 January is US$24.53bn (down by US$250mm) with the largest short positions in Itochu Corp...

Brian Freitas

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