In today’s briefing:
- HUGE Wacoal (3591) Buyback – Buyback Structure Unknown But Interesting Possibilities Exist
- 1 Main Capital Partners Q1 2022 Fund Letter
- Polen International Growth Q1 2022 Portfolio Manager Commentary
- ECM Weekly (15th May 22) – LIC, ThaiBev, Delhivery, One Store, Yunkang, VistaREIT, Ngern Tid Lor
HUGE Wacoal (3591) Buyback – Buyback Structure Unknown But Interesting Possibilities Exist
- On Friday, Wacoal Holdings (3591 JP) announced earnings, adoption of IFRS this year (US GAAP til now), dividends, a div hike and higher earnings this year, and a HUGE buyback.
- The buyback is for up to 5.5mm share (8.95% of shares) spending up to ¥10bn.
- Given the structure of the shareholder base, this opens up interesting possibilities.
1 Main Capital Partners Q1 2022 Fund Letter
- For the first quarter, 1 Main Capital Partners, L.P.
- (the “Fund’s) returned (11.4)% net of fees and expenses, according to the “Fund’s” quarterly results.
- The first quarter of the first year, the fund returned 11.
Polen International Growth Q1 2022 Portfolio Manager Commentary
- Polen International Growth Composite Portfolio returned -13.94% gross and -14.17% net of fees, respectively, versus the -5.45% return of the MSCI All Country World ex-USA Index.
- The most significant detractors from performance included ICON, Evolution AB, and Sage Group.
ECM Weekly (15th May 22) – LIC, ThaiBev, Delhivery, One Store, Yunkang, VistaREIT, Ngern Tid Lor
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- On the IPOs front, LIC’s lists tomorrow, while Delhivery’s bookbuild wasn’t great.
- There were no major placements this week, with even Air New Zealand failing to hold its deal price.
Before it’s here, it’s on Smartkarma
