Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There is a <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> EGM next week for shareholders to vote on the company's Separation Plan, with a shareholder proposal to re-engage take-private buyers.</li>
<li>Four+ weeks ago, the Board unanimously supported the first, and unanimously opposed the second, and shareholders and major proxy advisors came out against the first.</li>
<li>Now Independent Director Raymond Zage, originally from one of the dissenting shareholders, has written a letter stating he has voted FOR the shareholder proposal the board rejected. OOPS! 🤭</li>
</ul>


There is a Toshiba Corp (6502 JP) EGM next week for shareholders to vote on the company's Separation Plan, with a shareholder proposal to re-engage take-private buyers.
Four+ weeks ago, the Board unanimously supported the first, and unanimously opposed the second, and shareholders and major proxy advisors came out against the first.
Now Independent Director Raymond Zage, originally from one of the dissenting shareholders, has written a letter stating he has voted FOR the shareholder proposal the board rejected. OOPS! 🤭


Toshiba Board Ructions as Independent Director Goes Rogue

Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

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.

Equity Bottom-Up

<ul>
<li>Geared to rising demand for semiconductor and other industrial polishing services in general and rapid growth in the production of advanced power semiconductors in particular.</li>
<li>Sales and operating profit could double over the next 5 years, but dilution from capital raising might hold EPS growth to 50%.</li>
<li>Selling at 9.2x EPS guidance for FY Mar-22. 10x potential EPS implies 65% upside. Risks include small market cap and potentially volatile quarterly earnings.</li>
</ul>


Geared to rising demand for semiconductor and other industrial polishing services in general and rapid growth in the production of advanced power semiconductors in particular.
Sales and operating profit could double over the next 5 years, but dilution from capital raising might hold EPS growth to 50%.
Selling at 9.2x EPS guidance for FY Mar-22. 10x potential EPS implies 65% upside. Risks include small market cap and potentially volatile quarterly earnings.


Mipox (5381 JP): Participation in Power Semiconductor Consortium a Growth Driver

David Blennerhassett

<ul>
<li>With many cash grain/agri prices touching record highs amid war in Ukraine, boasting an upstream supply is not a bad thing. Yet <a href="https://www.smartkarma.com/entities/olam-international-ltd" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam (OLAM SP)</a> is a tricky beast to analyze.</li>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-kyoto" target="_blank" data-smartkarma-citation="entities:5248:1" rel="noopener">Bank of Kyoto (8369 JP)</a> would be a screaming buy vs its basket a bit lower. As it is, it's the same level after the bank changed its payout ratio. </li>
<li>The duo of Brookfield and Atlassian/Australian billionaire Mike Cannon-Brookes has lobbed a higher offer for <a href="https://www.smartkarma.com/entities/agl-energy-ltd" target="_blank" data-smartkarma-citation="entities:554:1" rel="noopener">AGL Energy Ltd (AGL AU)</a> and AGL has rejected it.</li>
</ul>


With many cash grain/agri prices touching record highs amid war in Ukraine, boasting an upstream supply is not a bad thing. Yet Olam (OLAM SP) is a tricky beast to analyze.

Bank of Kyoto (8369 JP) would be a screaming buy vs its basket a bit lower. As it is, it's the same level after the bank changed its payout ratio. 
The duo of Brookfield and Atlassian/Australian billionaire Mike Cannon-Brookes has lobbed a higher offer for AGL Energy Ltd (AGL AU) and AGL has rejected it.


Last Week in Event SPACE: Olam, Bank of Kyoto, AGL Energy, Jardine Matheson, Toshiba

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

<ul>
<li>This morning Institutional Shareholder Services recommended against both Toshiba’s break up plan and 3D’s alternative proposal. </li>
<li>Both proposals looked uncertain and with ISS coming out against them it now appears more likely that both will be rejected. </li>
<li>That leaves Toshiba in limbo once again and we aren’t convinced the exit will be a privatisation.</li>
</ul>


This morning Institutional Shareholder Services recommended against both Toshiba’s break up plan and 3D’s alternative proposal. 
Both proposals looked uncertain and with ISS coming out against them it now appears more likely that both will be rejected. 
That leaves Toshiba in limbo once again and we aren’t convinced the exit will be a privatisation.


Toshiba – ISS Advises Against Breakup Plan

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/international-business-machines-corp" target="_blank" data-smartkarma-citation="entities:1064:1" rel="noopener">International Business Machines (IBM US)</a>, <a href="https://www.smartkarma.com/entities/alphabet-inc-cl-c" target="_blank" data-smartkarma-citation="entities:11369:1" rel="noopener">Alphabet Inc Cl C (GOOG US)</a><a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple Inc (AAPL US)</a>, <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a>, and <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> are the top five AI innovators.</li>
<li>Top "non-tech" companies include medical diagnostic/surgical players like <a href="https://www.smartkarma.com/entities/johnson-johnson" target="_blank" data-smartkarma-citation="entities:1132:1" rel="noopener">Johnson &amp; Johnson (JNJ US)</a>, <a href="https://www.smartkarma.com/entities/medtronic-plc" target="_blank" data-smartkarma-citation="entities:14982:1" rel="noopener">Medtronic Plc (MDT US)</a>, and financials like State Farm Mutual, and <a href="https://www.smartkarma.com/entities/capital-one-financial-corp" target="_blank" data-smartkarma-citation="entities:255:1" rel="noopener">Capital One Financial (COF US)</a>
</li>
<li>Since AI technology includes integrating several areas of technology, we have data-mined from multiple technological areas that we think are fundamental to AI, We have detailed these in the report.</li>
</ul>



International Business Machines (IBM US), Alphabet Inc Cl C (GOOG US)Apple Inc (AAPL US), Amazon.com Inc (AMZN US), and Samsung Electronics (005930 KS) are the top five AI innovators.
Top "non-tech" companies include medical diagnostic/surgical players like Johnson &amp; Johnson (JNJ US), Medtronic Plc (MDT US), and financials like State Farm Mutual, and Capital One Financial (COF US)

Since AI technology includes integrating several areas of technology, we have data-mined from multiple technological areas that we think are fundamental to AI, We have detailed these in the report.


Insights from Data Mining Technical Publications - A Look into Artificial Intelligence

Japan

Toshiba Corporation manufactures and markets electrical and electronic products. The Company's products include digital products such as PCs and televisions, NAND flash memories, and system LSIs (large-scale integrated), as well as social infrastructures such as power generators, medical equipment, and home appliances.

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Toshiba Corp (6502 JP)

Toshiba Board Ructions as Independent Director Goes Rogue

Toshiba's Board unanimously supported the SRC's Separation Plan last fall, and for next week's EGM, unanimously opposing 3D Investment's proposals....

Travis Lundy

Mipox (5381 JP): Participation in Power Semiconductor Consortium a Growth Driver

Participation in NEDO power semiconductor consortium could support 2X sales and 50% EPS growth. Potentially volatile small cap, but selling at 9x...

Scott Foster

Last Week in Event SPACE: Olam, Bank of Kyoto, AGL Energy, Jardine Matheson, Toshiba

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Toshiba – ISS Advises Against Breakup Plan

This morning Institutional Shareholder Services recommended against both Toshiba’s break up plan and 3D’s alternative proposal leaving Toshiba in...

Mio Kato

Insights from Data Mining Technical Publications - A Look into Artificial Intelligence

The global artificial intelligence (AI) market is forecast to grow rapidly in the coming years. In this report, we data-mine publications to rank...

Pyari Menon

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