Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 47 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deal were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>'s Scheme, and Tender Offers for <a href="https://www.smartkarma.com/entities/fuji-corp-miyagi" target="_blank" data-smartkarma-citation="entities:20243:1" rel="noopener">Fuji Corp (7605 JP)</a>, <a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">TRYT (9164 JP)</a>, and <a href="https://www.smartkarma.com/entities/shinsung-tongsang-co-ltd" target="_blank" data-smartkarma-citation="entities:4107:1" rel="noopener">Shinsung Tongsang (005390 KS)</a>.</li>
<li>Fer.Key updates/news took place on: <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a>, and <a href="https://www.smartkarma.com/entities/mitsubishi-shokuhin-co-ltd" target="_blank" data-smartkarma-citation="entities:19778:1" rel="noopener">Mitsubishi Shokuhin (7451 JP)</a>.</li>
</ul>


I tally 47 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Three new deal were discussed on Smartkarma this week: New World Resources (NWC AU)'s Scheme, and Tender Offers for Fuji Corp (7605 JP), TRYT (9164 JP), and Shinsung Tongsang (005390 KS).
Fer.Key updates/news took place on: Austal Ltd (ASB AU), HKBN Ltd (1310 HK), Shandong Fengxiang (9977 HK), and Mitsubishi Shokuhin (7451 JP).


(Mostly) Asia-Pac M&A: New World Res., Fuji Corp, TRYT, Shinsung Tongsang, Austal, Mitsu. Shokuhin

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>With Japan’s policy rate at 0.5% and the last hike in January 2025, markets are closely watching the BoJ’s next move on June 17.</li>
<li>Historical data shows limited market impact from anticipated rate decisions—but rare surprises, like the July 2025 hike, have triggered outsized index reactions.</li>
<li>While historical data and current option pricing suggest the June BoJ decision is unlikely to move markets significantly, investors should be aware of low-probability tail risk when positioning.</li>
</ul>


With Japan’s policy rate at 0.5% and the last hike in January 2025, markets are closely watching the BoJ’s next move on June 17.
Historical data shows limited market impact from anticipated rate decisions—but rare surprises, like the July 2025 hike, have triggered outsized index reactions.
While historical data and current option pricing suggest the June BoJ decision is unlikely to move markets significantly, investors should be aware of low-probability tail risk when positioning.


Bank of Japan's June Policy Decision: A Non-Event for Markets?

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>
Cross-Holding Overhang Easing:<a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> accelerates exit from Toyota Industries stake via tender offer, unlocking capital and aligning with capital efficiency and governance reforms.</li>
<li>
Profitability Set to Improve: FY2026 profit outlook strong, driven by reduced quality-related costs, better operating leverage, and ongoing cost controls post fuel pump recall.</li>
<li>
Valuation Comfort with Growth Drivers: Stock trades below historical average P/E; SDV, electrification, and semiconductor focus positions Denso well for re-rating amid sector tailwinds.</li>
</ul>



Cross-Holding Overhang Easing:Denso Corp (6902 JP) accelerates exit from Toyota Industries stake via tender offer, unlocking capital and aligning with capital efficiency and governance reforms.

Profitability Set to Improve: FY2026 profit outlook strong, driven by reduced quality-related costs, better operating leverage, and ongoing cost controls post fuel pump recall.

Valuation Comfort with Growth Drivers: Stock trades below historical average P/E; SDV, electrification, and semiconductor focus positions Denso well for re-rating amid sector tailwinds.


Denso Corp(6902 JP)–Value Zone, Upgraded Growth Outlook, Sooner Resolution of Cross-Holding Overhang

Travis Lundy

<ul>
<li>On the 10th of June, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> subsidiary <a href="https://www.smartkarma.com/entities/hino-motors-ltd" target="_blank" data-smartkarma-citation="entities:2144:1" rel="noopener">Hino Motors Ltd (7205 JP)</a> and Mitsubishi-Fuso Truck &amp; Bus Company announced their long-awaited integration plans. We have a deal.</li>
<li>An agreement was signed in 2023, but Hino got in big trouble for falsifying testing data on gasoline engine emissions/efficiency. Hino took a hit in 2023, then 2025. Talks advanced. </li>
<li>The deal announced suggests Toyota has thrown itself and Hino minorities under the proverbial Fuso bus. It's VERY odd. But... it deserves a look because 2026 will see a re-IPO.
</li>
</ul>


On the 10th of June, Toyota Motor (7203 JP) subsidiary Hino Motors Ltd (7205 JP) and Mitsubishi-Fuso Truck &amp; Bus Company announced their long-awaited integration plans. We have a deal.
An agreement was signed in 2023, but Hino got in big trouble for falsifying testing data on gasoline engine emissions/efficiency. Hino took a hit in 2023, then 2025. Talks advanced. 
The deal announced suggests Toyota has thrown itself and Hino minorities under the proverbial Fuso bus. It's VERY odd. But... it deserves a look because 2026 will see a re-IPO.



[Japan M&A] Hino & Mitsubishi-Fuso Truck to Join; Bagholding Ugly for Minorities, and a Re-IPO

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>Several investors have sharply criticised <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>’s preconditional tender offer from Toyota Fudosan. Oasis is pushing for a higher offer. </li>
<li>The offer has several issues that are detrimental to minorities' interests. The key grievance is that it is below TICO’s intrinsic value.</li>
<li>Due to TICO’s varied business units, SoTP valuation is the most appropriate methodology. My analysis suggests a base case intrinsic value of around JPY19,000.</li>
</ul>


Several investors have sharply criticised Toyota Industries (6201 JP)’s preconditional tender offer from Toyota Fudosan. Oasis is pushing for a higher offer. 
The offer has several issues that are detrimental to minorities' interests. The key grievance is that it is below TICO’s intrinsic value.
Due to TICO’s varied business units, SoTP valuation is the most appropriate methodology. My analysis suggests a base case intrinsic value of around JPY19,000.


Toyota Industries (6201 JP): Thoughts on Intrinsic Value

Japan

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

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Toyota Motor Corp Spon Adr (TM US)

(Mostly) Asia-Pac M&A: New World Res., Fuji Corp, TRYT, Shinsung Tongsang, Austal, Mitsu. Shokuhin

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Bank of Japan's June Policy Decision: A Non-Event for Markets?

Stay ahead of potential tail risks: with the Bank of Japan's crucial rate decision just two days away, this analysis reveals why the June 17...

Gaudenz Schneider

Denso Corp(6902 JP)–Value Zone, Upgraded Growth Outlook, Sooner Resolution of Cross-Holding Overhang

Denso Corp accelerates exit from Toyota Industries stake, improving profitability and positioning for re-rating. Stock is trades below historical...

Sreemant Dudhoria,CFA

[Japan M&A] Hino & Mitsubishi-Fuso Truck to Join; Bagholding Ugly for Minorities, and a Re-IPO

Hino and Mitsubishi-Fuso have announced integration terms. They make some big assumptions which I don't get. looks bad for Hino. The dilution means...

Travis Lundy

Toyota Industries (6201 JP): Thoughts on Intrinsic Value

The offer has several issues that are detrimental to minorities' interests. My analysis suggests a base case intrinsic value of around JPY19,000.

Arun George

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(Mostly) Asia-Pac M&A: New World Res., Fuji Corp, TRYT, Shinsung Tongsang, Austal, Mitsu. Shokuhin

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Bank of Japan's June Policy Decision: A Non-Event for Markets?

Stay ahead of potential tail risks: with the Bank of Japan's crucial rate decision just two days away, this analysis reveals why the June 17...

Gaudenz Schneider

Denso Corp(6902 JP)–Value Zone, Upgraded Growth Outlook, Sooner Resolution of Cross-Holding Overhang

​Denso Corp accelerates exit from Toyota Industries stake, improving profitability and positioning for re-rating. Stock is trades below historical...

Sreemant Dudhoria,CFA

[Japan M&A] Hino & Mitsubishi-Fuso Truck to Join; Bagholding Ugly for Minorities, and a Re-IPO

Hino and Mitsubishi-Fuso have announced integration terms. They make some big assumptions which I don't get. looks bad for Hino. The dilution means...

Travis Lundy

Toyota Industries (6201 JP): Thoughts on Intrinsic Value

The offer has several issues that are detrimental to minorities' interests. My analysis suggests a base case intrinsic value of around JPY19,000.

Arun George

Denso Corp accelerates exit from Toyota Industries stake, improving profitability and positioning for re-rating. Stock is trades below historical...