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Smartkarma Daily Briefs

Sep 30
0

Daily Brief Australia: Pacific Smiles, Ricegrowers Ltd and more

By | Australia, Daily Briefs

In today’s briefing:

  • Pacific Smiles: Key Shareholders Reject Genesis’ Terms
  • Ricegrowers Ltd – Moving valuation to FY25f consensus

Pacific Smiles: Key Shareholders Reject Genesis’ Terms

By David Blennerhassett

  • MA Financial (13.43% of shares out) and Alison Hughes (9.94%) said they will reject Genesis A$1.8675/share offer for Pacific Smiles (PSQ AU); therefore the 90% acceptance condition cannot be met.
  • Separately, PSQ’s board also rejected terms, as Genesis Offer is below NDC’s A$2.05/share Offer; plus terms are “opportunistic” as they do not account for PSQ’s recent strong financial improvement. 
  • What now? Genesis has the flexibility to bump. Expect that to occur. They won’t fold their tent in response to this latest development.

Ricegrowers Ltd – Moving valuation to FY25f consensus

By Research as a Service (RaaS)

  • RaaS has published an update report on agri-FMCG group Ricegrowers, trading as SunRice (ASX:SGLLV), updating our Sum of The Parts (SoTP) valuation as we move from FY24 estimates/consensus data to FY25.
  • In moving our consensus valuation year from FY24 to FY25, we look back on selected RaaS peer EPS growth trends over the past four years (FY23a-FY26f inclusive).
  • Only four stocks including SGLLV [the others (ASX:TWE), (ASX:RIC) and (SB:EBRO)] have not or are not forecast to have a down year during this period.

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Sep 30
0

Daily Brief South Korea: Shinsegae Eng & Construction, Wonik Ips and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Emart’s Tender Offer for Shinsegae Construction: Arb Trading Angles
  • FnGuide Semiconductor Top10 Index Rebalance Preview: Wonik IPS to Replace ISC
  • Tender Offer and Taking Private of Shinsegae E&C by E Mart

Emart’s Tender Offer for Shinsegae Construction: Arb Trading Angles

By Sanghyun Park

  • E Mart Inc is launching a tender offer for 27.33% of Shinsegae Eng & Construction, offering ₩18,300 per share, a 14% premium, from September 30 to October 29.
  • This tender’s got zero cancellation or proration risk since they’re all in to buy every share tendered. That makes it a prime event for close spread tracking and trading opportunities.
  • Emart needs 95% of Shinsegae Construction’s shares to delist, requiring 22% of the remaining 27%. If they can’t get it, a stock swap with Emart shares is likely.

FnGuide Semiconductor Top10 Index Rebalance Preview: Wonik IPS to Replace ISC

By Brian Freitas

Tender Offer and Taking Private of Shinsegae E&C by E Mart

By Douglas Kim

  • E Mart Inc (139480 KS) is conducting a tender offer of 27.33% of Shinsegae Eng & Construction (034300 KS) (2,126,611 shares) and trying to take the company private afterwards.
  • The tender offer price is 18,300 won, which is 14% higher than the closing price on Friday (27 September).
  • Tender offer is likely to result in higher price of Shinsegae E&C in the near term but it could be difficult for E Mart to take it private this year. 

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Sep 30
0

Daily Brief Indonesia: Medco Energi and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Morning Views Asia: Medco Energi

Morning Views Asia: Medco Energi

By Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

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Sep 30
0

Daily Brief United States: United States Steel and more

By | Daily Briefs, United States

In today’s briefing:

  • Nippon Steel/US Steel: Appealing Expected Value

Nippon Steel/US Steel: Appealing Expected Value

By Jesus Rodriguez Aguilar

  • On September 26, Nippon Steel’s president affirmed the company’s commitment to completing the United States Steel (X US) acquisition by year-end, despite the CFIUS review being extended until December.
  • U.S. Steel, with an expected value of $45.19/share offers 27% upside potential. This discount, driven by acquisition/fundamental value, supports a buy recommendation thus, I would be long U.S. Steel.
  • If the deal were to succeed, the likelihood of it closing before the end of 2024 is low, primarily due to the complexities surrounding the American presidential elections.

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Sep 30
0

Daily Brief India: NIFTY Index, Global Health (Medanta) and more

By | Daily Briefs, India

In today’s briefing:

  • EQD / NSE Vol Update / Vols Bogged Down by Holiday Shortened Week in Spite of Upcoming Event Risks
  • Global Health (MEDANTA IN): Margins Pressure To Continue; Possible Takeover Bid In Future

EQD / NSE Vol Update / Vols Bogged Down by Holiday Shortened Week in Spite of Upcoming Event Risks

By Sankalp Singh

  • Nifty50 IVs have finally cracked below 11.0% levels – in spite of upcoming event-risks. Moves lower have been exacerbated by the holiday shortened week.   
  • Vol-Regime Model has switched to “Low & Down” vol-state in Nifty50. Tactical implications:  Short Vega exposure less favourable going forward.
  • Risk premia selloff has driven Vol Term-Structure deeper into Contango. Smile & Skew characteristics have compressed in congruence with lower IVs.

Global Health (MEDANTA IN): Margins Pressure To Continue; Possible Takeover Bid In Future

By Tina Banerjee

  • Global Health (Medanta) (MEDANTA IN) reported double-digit growth in revenue in Q1FY25, while sluggish developing hospitals was a drag on the margins.
  • The company plans to add 1,000–1,500 beds in next 2–3 years, with most of the planned bed addition being at greenfield projects entailing higher capex per bed.
  • Medanta does offer synergy as a possible takeover candidate for a leading hospital operator.

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Sep 30
0

Daily Brief China: Canvest Environmental Protection Group, Tongcheng Travel Holdings , Shanghai Henlius Biotech , HKEX, China Resources Beverage, Pop Mart International Group L, PDD Holdings, Silergy Corp, Tencent Music and more

By | China, Daily Briefs

In today’s briefing:

  • Merger Arb Mondays (30 Sep) – Canvest, Henlius, CPMC, Xingda, Fuji Soft, Capitol, Dyna-Mac
  • BUY/SELL/HOLD: Hong Kong Stock Updates (September 28)
  • China Healthcare Weekly (Sep29)- Henlius Privatization Update, NHSA Fee Control, Hansoh Is Exception
  • HK Connect SOUTHBOUND Flows (To 27 Sep 2024); Everything Changed This Week
  • CR Beverage IPO: Less Diversification, Falling Growth Rates and Inferior Margins Compared to Peers
  • Weekly Consumer Tales: Pop Mart’s Unique Appeal-Miniso’s Yonghui Buy-China Stimulus-MTR’s Spicy IPO
  • China Consumption Weekly (30 Sep 2024): PDD, Meituan, BYD, Benz, Miniso, Yonghui
  • Silergy (6415.TT): Positive Optimistic Future Outlook
  • Tencent Music (TME): All Cheerful Data in Music, To Grow in Q3 After 3 Flat Years
  • ECM Weekly (30th Sep 2024) – Tokyo Metro, Rigaku, China Resources, K Bank, Mr DIY, Smartworks, IREDA

Merger Arb Mondays (30 Sep) – Canvest, Henlius, CPMC, Xingda, Fuji Soft, Capitol, Dyna-Mac

By Arun George

BUY/SELL/HOLD: Hong Kong Stock Updates (September 28)

By David Mudd

China Healthcare Weekly (Sep29)- Henlius Privatization Update, NHSA Fee Control, Hansoh Is Exception

By Xinyao (Criss) Wang

  • The medical insurance statistics reflected that medical insurance funds are facing increasing pressure. If income/expenditure maintain average growth rates in recent years, there would be a deficit state in 2024.
  • Due to increasing pressure on medical insurance fund, the entire process of innovative drug evaluation/NRDL negotiation this year will be more strictly enforced, but Hansoh (3692 HK) is an exception.
  • For Henlius’ privatization, completing Pre-Conditions in 24Q4 looks tight. Considering Chinese New Year holiday, the privatization may not be completed until at least mid-to-late February 2025.The deal will get up.

HK Connect SOUTHBOUND Flows (To 27 Sep 2024); Everything Changed This Week

By Travis Lundy

  • SOUTHBOUND was a net buyer this week. But who cares. They actually net sold US$2bn of everything which was not Alibaba Group Holding (9988 HK). 
  • Bigger news, of course, was China’s “Bazooka” which LOOKS exciting. Stocks are up 15-20% in four days. Lots of BIG numbers are being thrown around. Not everything is “real money.”
  • It takes a little sleuthing to figure out where the real money is. For that, I suggest reading China’s [Maybe] Biggish [Quasi?] Bazooka and more below.

CR Beverage IPO: Less Diversification, Falling Growth Rates and Inferior Margins Compared to Peers

By Shifara Samsudeen, ACMA, CGMA

  • The Chinese drinking water and beverage maker, China Resources Beverage (CRB HK) has filed for an IPO on the HKEx to raise around US$1.0bn.
  • The company’s operations are heavily concentrated towards drinking water products where the market competition is intensifying leading into a price war.
  • CR Beverage’s margins are inferior compared to peer Nongfu Spring (9633 HK) who has diversified into other beverage products from drinking water to grow its financials.

Weekly Consumer Tales: Pop Mart’s Unique Appeal-Miniso’s Yonghui Buy-China Stimulus-MTR’s Spicy IPO

By Devi Subhakesan

  • Welcome to Consumer Tales & Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.
  • Despite weak consumer spending in China, there are a few bright spots—an example is Pop Mart International Group (9992 HK)’s strong sales growth partly driven by the “red lipstick effect.”
  • Miniso (MNSO US)’s stock plunged early last week but quickly recovered, reinforcing our view that its deal with Yonghui Superstores Co., (601933 CH) has some promise.

China Consumption Weekly (30 Sep 2024): PDD, Meituan, BYD, Benz, Miniso, Yonghui

By Ming Lu

  • Temu as a subsidiary of PDD becomes the second largest global e-commerce website.
  • Meituan merges departments into fewer business units to cut expenses further.
  • Mercedes-Benz left the joint venture with BYD, as its high end products are not as popular as Tesla models.

Silergy (6415.TT): Positive Optimistic Future Outlook

By Patrick Liao

  • China’s central bank cuts rates and unveils new measures to combat economic slowdown, creating a more relaxed monetary policy environment to stimulate consumption and investment.
  • Silergy’s Automotive segment remains a driving force, especially with the addition of the Electric Vehicle ( EV) market.
  • While Silergy faced demand insufficiency previously, it has indicated that the end demand is expected to revive by the end of 2024 from the 4th quarter.

Tencent Music (TME): All Cheerful Data in Music, To Grow in Q3 After 3 Flat Years

By Ming Lu

  • The weak business, social entertainment, become insignificant in recent quarters.
  • All operating data in music is promising, including paying user base, ARPPU, and sublicensing revenue.
  • We set an upside of 20% and a price target of US$14.80 for the end of 2025.

ECM Weekly (30th Sep 2024) – Tokyo Metro, Rigaku, China Resources, K Bank, Mr DIY, Smartworks, IREDA

By Sumeet Singh

  • Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
  • On the IPO front,  it hasn’t been this busy for a while, with deals live in Japan and Korea, and possible launches in Hong Kong and India as well.
  • On the placements front, there were a few China ADR blocks and other placements across the region.

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Sep 30
0

Daily Brief Japan: Fuji Soft Inc, Kawasaki Heavy Industries, Tokyo Metro, TSE Tokyo Price Index TOPIX, Srg Takamiya and more

By | Daily Briefs, Japan

In today’s briefing:

  • FujiSoft (9749) – Somewhat Inexplicable Renewed Opinion of Fairness on KKR Tender
  • Best Outright and Pair Trades for an Ishiba-Led LDP
  • Tokyo Metro (9023 JP) IPO:  TPX Inclusion in November; Global Indices: One in October, One in Feb
  • Tokyo Metro IPO – Peer Comparison – Pre-COVID to 1Q25
  • Achieving the % of Female Board Members by Matching Numbers Doesn’t Achieve the Original Goal Either
  • Takamiya (2445 JP) – 1Q Follow-Up

FujiSoft (9749) – Somewhat Inexplicable Renewed Opinion of Fairness on KKR Tender

By Travis Lundy

  • On the 19th of September, KKR amended the terms and Scheme/Structure of its Tender Offer for Fuji Soft Inc (9749 JP). I thought the new terms coercive. 
  • On the 26th, FujiSoft decided there had been no change detrimental to general shareholders. On the 27th, KKR amended the Tender Offer Registration Statement to reflect FSI’s revised Opinion.
  • That means Bain needs to change FSI’s mind or come out with a big number before the end of the First Tender, leaving lots of stock for Round Two.

Best Outright and Pair Trades for an Ishiba-Led LDP

By Andrew Jackson

  • Expect continued buying in defense related, as well as banks and life insurance, renewable energy, rails, and medical IT plays with Shigeru Ishiba at the helm. 
  • The Market will be quick to rotate out of names which spiked into Friday’s close on expectation for a Sanae Takaichi win in the LDP election.  
  • Ishiba has been a vocal critic of Abenomics, and his potential policies aimed at higher taxes for investment incomes and capital gains are set to weigh on the Japanese market. 

Tokyo Metro (9023 JP) IPO:  TPX Inclusion in November; Global Indices: One in October, One in Feb

By Brian Freitas

  • Tokyo Metro (9023 JP)‘s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 23 October.
  • At the reported indicative IPO price of JPY 1100/share, Tokyo Metro (9023 JP) will be valued at JPY 639.1bn (US$4.49bn).
  • The stock should be added to one global index on 29 October, to the TOPIX INDEX on 28 November, while another global index inclusion will need to wait till February.

Tokyo Metro IPO – Peer Comparison – Pre-COVID to 1Q25

By Sumeet Singh

  • Tokyo Metro (9023 JP)‘s  shareholders aim to raise up to US$2.3bn in its Japan IPO.
  • Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
  • We have looked at the company’s past performance in our previous note. In this note, we will undertake a peer comparison.

Achieving the % of Female Board Members by Matching Numbers Doesn’t Achieve the Original Goal Either

By Aki Matsumoto

  • Since it’s difficult for all prime market companies to achieve the 30% female board members by 2030, the goal may be achieved by including non-statutory executive officers in board members.
  • Companies are stuck in matching numbers, and government is unwilling to address the fundamental issues. There’s risk that original objective of shifting to value-creating management through ensuring diversity is lost.
  • Policy changes to create environment where women don’t have to leave workforce for childbirth, childcare, etc., and to change people’s mindsets are impossible without the leadership of a non-diverse legislature.

Takamiya (2445 JP) – 1Q Follow-Up

By Sessa Investment Research

  • Takamiya (hereafter, the Company) reported its 1Q FY2025/3 sales of ¥9,745 mn (-1.5% YoY), operating profit of ¥262 mn (-35.8% YoY), ordinary profit of ¥344 mn (-44.1% YoY), and profit attributable to owners of parent (hereafter, net profit) of ¥195 mn (-53.2% YoY).
  • By segment, the Platform Business and Overseas Business saw increases in both sales and profit, while the Rental Business saw sales increase but profit decline, and the Sales Business saw declines in both sales and profit.

  • 1H 2025/3 and the full-year forecast remains unchanged from the initial forecast.

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Sep 30
0

Most Read: Shinsegae Eng & Construction, Fuji Soft Inc, Shin Kong Financial Holding, Kawasaki Heavy Industries, Kum Yang , Canvest Environmental Protection Group, Tokyo Metro, Wonik Ips, NIFTY Index and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Emart’s Tender Offer for Shinsegae Construction: Arb Trading Angles
  • FujiSoft (9749) – Somewhat Inexplicable Renewed Opinion of Fairness on KKR Tender
  • Shin Kong (2888 TT) Deal – Activism, Proxy Advice, Proxy Fight, Voting Risk, and Discounts
  • Best Outright and Pair Trades for an Ishiba-Led LDP
  • Kumyang’s Capital Raise Drop: Breaking It Down from an Arb Trading Play
  • Merger Arb Mondays (30 Sep) – Canvest, Henlius, CPMC, Xingda, Fuji Soft, Capitol, Dyna-Mac
  • Tokyo Metro (9023 JP) IPO:  TPX Inclusion in November; Global Indices: One in October, One in Feb
  • FnGuide Semiconductor Top10 Index Rebalance Preview: Wonik IPS to Replace ISC
  • Tender Offer and Taking Private of Shinsegae E&C by E Mart
  • EQD / NSE Vol Update / Vols Bogged Down by Holiday Shortened Week in Spite of Upcoming Event Risks

Emart’s Tender Offer for Shinsegae Construction: Arb Trading Angles

By Sanghyun Park

  • E Mart Inc is launching a tender offer for 27.33% of Shinsegae Eng & Construction, offering ₩18,300 per share, a 14% premium, from September 30 to October 29.
  • This tender’s got zero cancellation or proration risk since they’re all in to buy every share tendered. That makes it a prime event for close spread tracking and trading opportunities.
  • Emart needs 95% of Shinsegae Construction’s shares to delist, requiring 22% of the remaining 27%. If they can’t get it, a stock swap with Emart shares is likely.

FujiSoft (9749) – Somewhat Inexplicable Renewed Opinion of Fairness on KKR Tender

By Travis Lundy

  • On the 19th of September, KKR amended the terms and Scheme/Structure of its Tender Offer for Fuji Soft Inc (9749 JP). I thought the new terms coercive. 
  • On the 26th, FujiSoft decided there had been no change detrimental to general shareholders. On the 27th, KKR amended the Tender Offer Registration Statement to reflect FSI’s revised Opinion.
  • That means Bain needs to change FSI’s mind or come out with a big number before the end of the First Tender, leaving lots of stock for Round Two.

Shin Kong (2888 TT) Deal – Activism, Proxy Advice, Proxy Fight, Voting Risk, and Discounts

By Travis Lundy

Best Outright and Pair Trades for an Ishiba-Led LDP

By Andrew Jackson

  • Expect continued buying in defense related, as well as banks and life insurance, renewable energy, rails, and medical IT plays with Shigeru Ishiba at the helm. 
  • The Market will be quick to rotate out of names which spiked into Friday’s close on expectation for a Sanae Takaichi win in the LDP election.  
  • Ishiba has been a vocal critic of Abenomics, and his potential policies aimed at higher taxes for investment incomes and capital gains are set to weigh on the Japanese market. 

Kumyang’s Capital Raise Drop: Breaking It Down from an Arb Trading Play

By Sanghyun Park

  • Kumyang’s major shareholders are backing the capital raise, committing ₩160B of the ₩450B total. We’re also likely to see some robust price support for the stock rights in early phases.
  • Institutional investors still make up about 10% of the SO, with around 8% being active players. These guys could easily start dumping stock rights in bulk.
  • Retail holds nearly 50% of the SO, increasing volatility and boosting chances for arb spreads. Kumyang’s stock futures have solid liquidity, making it a prime arb trading setup.

Merger Arb Mondays (30 Sep) – Canvest, Henlius, CPMC, Xingda, Fuji Soft, Capitol, Dyna-Mac

By Arun George

Tokyo Metro (9023 JP) IPO:  TPX Inclusion in November; Global Indices: One in October, One in Feb

By Brian Freitas

  • Tokyo Metro (9023 JP)‘s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 23 October.
  • At the reported indicative IPO price of JPY 1100/share, Tokyo Metro (9023 JP) will be valued at JPY 639.1bn (US$4.49bn).
  • The stock should be added to one global index on 29 October, to the TOPIX INDEX on 28 November, while another global index inclusion will need to wait till February.

FnGuide Semiconductor Top10 Index Rebalance Preview: Wonik IPS to Replace ISC

By Brian Freitas

Tender Offer and Taking Private of Shinsegae E&C by E Mart

By Douglas Kim

  • E Mart Inc (139480 KS) is conducting a tender offer of 27.33% of Shinsegae Eng & Construction (034300 KS) (2,126,611 shares) and trying to take the company private afterwards.
  • The tender offer price is 18,300 won, which is 14% higher than the closing price on Friday (27 September).
  • Tender offer is likely to result in higher price of Shinsegae E&C in the near term but it could be difficult for E Mart to take it private this year. 

EQD / NSE Vol Update / Vols Bogged Down by Holiday Shortened Week in Spite of Upcoming Event Risks

By Sankalp Singh

  • Nifty50 IVs have finally cracked below 11.0% levels – in spite of upcoming event-risks. Moves lower have been exacerbated by the holiday shortened week.   
  • Vol-Regime Model has switched to “Low & Down” vol-state in Nifty50. Tactical implications:  Short Vega exposure less favourable going forward.
  • Risk premia selloff has driven Vol Term-Structure deeper into Contango. Smile & Skew characteristics have compressed in congruence with lower IVs.

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Sep 30
0

Daily Brief Industrials: Shinsegae Eng & Construction, Kawasaki Heavy Industries, Canvest Environmental Protection Group, Tokyo Metro, Srg Takamiya and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Emart’s Tender Offer for Shinsegae Construction: Arb Trading Angles
  • Best Outright and Pair Trades for an Ishiba-Led LDP
  • Merger Arb Mondays (30 Sep) – Canvest, Henlius, CPMC, Xingda, Fuji Soft, Capitol, Dyna-Mac
  • Tokyo Metro (9023 JP) IPO:  TPX Inclusion in November; Global Indices: One in October, One in Feb
  • Tender Offer and Taking Private of Shinsegae E&C by E Mart
  • Tokyo Metro IPO – Peer Comparison – Pre-COVID to 1Q25
  • Takamiya (2445 JP) – 1Q Follow-Up

Emart’s Tender Offer for Shinsegae Construction: Arb Trading Angles

By Sanghyun Park

  • E Mart Inc is launching a tender offer for 27.33% of Shinsegae Eng & Construction, offering ₩18,300 per share, a 14% premium, from September 30 to October 29.
  • This tender’s got zero cancellation or proration risk since they’re all in to buy every share tendered. That makes it a prime event for close spread tracking and trading opportunities.
  • Emart needs 95% of Shinsegae Construction’s shares to delist, requiring 22% of the remaining 27%. If they can’t get it, a stock swap with Emart shares is likely.

Best Outright and Pair Trades for an Ishiba-Led LDP

By Andrew Jackson

  • Expect continued buying in defense related, as well as banks and life insurance, renewable energy, rails, and medical IT plays with Shigeru Ishiba at the helm. 
  • The Market will be quick to rotate out of names which spiked into Friday’s close on expectation for a Sanae Takaichi win in the LDP election.  
  • Ishiba has been a vocal critic of Abenomics, and his potential policies aimed at higher taxes for investment incomes and capital gains are set to weigh on the Japanese market. 

Merger Arb Mondays (30 Sep) – Canvest, Henlius, CPMC, Xingda, Fuji Soft, Capitol, Dyna-Mac

By Arun George

Tokyo Metro (9023 JP) IPO:  TPX Inclusion in November; Global Indices: One in October, One in Feb

By Brian Freitas

  • Tokyo Metro (9023 JP)‘s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 23 October.
  • At the reported indicative IPO price of JPY 1100/share, Tokyo Metro (9023 JP) will be valued at JPY 639.1bn (US$4.49bn).
  • The stock should be added to one global index on 29 October, to the TOPIX INDEX on 28 November, while another global index inclusion will need to wait till February.

Tender Offer and Taking Private of Shinsegae E&C by E Mart

By Douglas Kim

  • E Mart Inc (139480 KS) is conducting a tender offer of 27.33% of Shinsegae Eng & Construction (034300 KS) (2,126,611 shares) and trying to take the company private afterwards.
  • The tender offer price is 18,300 won, which is 14% higher than the closing price on Friday (27 September).
  • Tender offer is likely to result in higher price of Shinsegae E&C in the near term but it could be difficult for E Mart to take it private this year. 

Tokyo Metro IPO – Peer Comparison – Pre-COVID to 1Q25

By Sumeet Singh

  • Tokyo Metro (9023 JP)‘s  shareholders aim to raise up to US$2.3bn in its Japan IPO.
  • Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
  • We have looked at the company’s past performance in our previous note. In this note, we will undertake a peer comparison.

Takamiya (2445 JP) – 1Q Follow-Up

By Sessa Investment Research

  • Takamiya (hereafter, the Company) reported its 1Q FY2025/3 sales of ¥9,745 mn (-1.5% YoY), operating profit of ¥262 mn (-35.8% YoY), ordinary profit of ¥344 mn (-44.1% YoY), and profit attributable to owners of parent (hereafter, net profit) of ¥195 mn (-53.2% YoY).
  • By segment, the Platform Business and Overseas Business saw increases in both sales and profit, while the Rental Business saw sales increase but profit decline, and the Sales Business saw declines in both sales and profit.

  • 1H 2025/3 and the full-year forecast remains unchanged from the initial forecast.

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The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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Sep 30
0

Daily Brief TMT/Internet: Fuji Soft Inc, Wonik Ips, Silergy Corp and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • FujiSoft (9749) – Somewhat Inexplicable Renewed Opinion of Fairness on KKR Tender
  • FnGuide Semiconductor Top10 Index Rebalance Preview: Wonik IPS to Replace ISC
  • Silergy (6415.TT): Positive Optimistic Future Outlook

FujiSoft (9749) – Somewhat Inexplicable Renewed Opinion of Fairness on KKR Tender

By Travis Lundy

  • On the 19th of September, KKR amended the terms and Scheme/Structure of its Tender Offer for Fuji Soft Inc (9749 JP). I thought the new terms coercive. 
  • On the 26th, FujiSoft decided there had been no change detrimental to general shareholders. On the 27th, KKR amended the Tender Offer Registration Statement to reflect FSI’s revised Opinion.
  • That means Bain needs to change FSI’s mind or come out with a big number before the end of the First Tender, leaving lots of stock for Round Two.

FnGuide Semiconductor Top10 Index Rebalance Preview: Wonik IPS to Replace ISC

By Brian Freitas

Silergy (6415.TT): Positive Optimistic Future Outlook

By Patrick Liao

  • China’s central bank cuts rates and unveils new measures to combat economic slowdown, creating a more relaxed monetary policy environment to stimulate consumption and investment.
  • Silergy’s Automotive segment remains a driving force, especially with the addition of the Electric Vehicle ( EV) market.
  • While Silergy faced demand insufficiency previously, it has indicated that the end demand is expected to revive by the end of 2024 from the 4th quarter.

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