In today’s briefing:
- PointsBet (PBH AU): Mixi Bumps and Declares Offer Unconditional
- With Passive Funds Dominating Markets Today, Proxy Voting Tends to Be Limited to Formalities
- PG Electroplast: KMP Selling and Lowering Guidance
- PointsBet (PBH AU): Call It a Day as Mixi Shows Its Hand
- Toyota Motor (7203 JP) Tactical Outlook After $10B Profit Cut on Tariff Impact
- Bunge Global: Initiation Of Coverage- Soybean Operations in Brazil & Argentina Driving A Massive Margin Upside!
- Gamecard Joyco Holdings (6249 JP): Q1 FY03/26 flash update
- Happinet Corp (7552 JP): Q1 FY03/26 flash update
- G Tekt Corp (5970 JP): Q1 FY03/26 flash update
- Morinaga & (2201 JP): Q1 FY03/26 flash update
PointsBet (PBH AU): Mixi Bumps and Declares Offer Unconditional
- After betr Entertainment (BBT AU) bumped scrip terms for PointsBet (PBH AU), a logical course of action for Mixi (2121 JP) was to declare its Offer unconditional.
- Now Mixi has bumped terms to A$1.25/share, from A$1.20/share; and declared its Offer unconditional. FIRB gave its nod on the 5th August.
- Mixi has 28.2% of shares out, including 1.93% in the acceptance facility. “MIXI reserves the right to increase the offer price if it acquires more than 50% of PointsBet shares“.
With Passive Funds Dominating Markets Today, Proxy Voting Tends to Be Limited to Formalities
- For asset management companies that mainly use passive funds, it is difficult to have sufficient dialogue with all portfolio companies equally in the environment where AGMs are concentrated in June.
- As more companies focus on meeting formal voting guidelines, there is a risk that the goal of improving corporate value through management reforms will be put aside.
- Solving individual management issues will lead to increased corporate value. However, due to physical reasons, not many companies engage in dialogue regarding individual management issues.
PG Electroplast: KMP Selling and Lowering Guidance
- PG Electroplast (PGEL IN) is under limelight after the management cut its revenue guidance from 33% to 21-23%, within a single quarter.
- The management has also flagged concerns regarding RAC demand which has affected performance.
- Additionally, between Feb–Jun 2025, relatives of the CFO sold ~INR 376 mn worth of shares, mostly in June, shortly before the guidance cut, raising potential governance concerns.
PointsBet (PBH AU): Call It a Day as Mixi Shows Its Hand
- Mixi Inc (2121 JP) has bumped its PointsBet Holdings (PBH AU) offer from 4.2% from A$1.20 to A$1.25 per share. The offer has been declared unconditional and “best and final”.
- BETR Entertainment (BBT AU)’s offer remains 2.9% above Mixi’s revised offer, with limited options for a response. The priority is to open its offer by assuaging the Takeover Panel.
- The shares are trading 1.2% above Mixi’s offer due to the optionality of a bump if Mixi attains a controlling stake. With little upside remaining, head for the exit.
Toyota Motor (7203 JP) Tactical Outlook After $10B Profit Cut on Tariff Impact
- Toyota Motor (7203 JP) on Thursday announced it expected a profit hit of nearly $10 billion from US tariffs on cars imported into the USA.
- Toyota cut its full-year profit forecast by 16%, citing rising US tariffs on cars, parts, steel, aluminum, uncertainty in market outlook and supplier impacts.
- Our model does not see an overbought state at the moment and the stock was rallying on Friday, the forecast is: higher prices next week.
Bunge Global: Initiation Of Coverage- Soybean Operations in Brazil & Argentina Driving A Massive Margin Upside!
- Bunge Limited recently reported its second-quarter 2025 earnings, showcasing a blend of strategic advancements and operational challenges.
- The completion of its merger with Viterra marks a significant milestone, positioning Bunge as a premier agribusiness solutions provider.
- This merger is expected to yield cost savings and enhance commercial opportunities, reinforcing Bunge’s expanded global footprint in food, feed, and fuel markets.
Gamecard Joyco Holdings (6249 JP): Q1 FY03/26 flash update
- Sales decreased to JPY6.7 billion, a decline of 49.1% year-over-year.
- Operating profit fell to JPY1.7 billion, marking a 52.6% decrease from the previous year.
- Net income attributable to owners of the parent was JPY1.2 billion, down 53.9% year-over-year.
Happinet Corp (7552 JP): Q1 FY03/26 flash update
- Revenue reached JPY95.9bn (+16.5% YoY), with sales growth across all segments; gross profit was JPY11.8bn (+10.7% YoY).
- Operating profit increased to JPY3.9bn (+20.3% YoY), driven by Toys, Videogames, and Amusement segments; SG&A expenses rose 6.5%.
- Toys segment sales were JPY41.2bn (+8.8% YoY), supported by strong lottery product sales and hobby products.
G Tekt Corp (5970 JP): Q1 FY03/26 flash update
- Consolidated revenue decreased 10.9% YoY to JPY77.3bn, with declines in all regions except Asia, due to production cuts.
- Operating profit fell 14.8% YoY to JPY2.6bn, with OPM slipping 0.1pp YoY to 3.4%, despite effective cost control.
- Recurring profit decreased 38.1% YoY to JPY2.6bn, and net income attributable to owners declined 38.7% YoY to JPY1.9bn.
Morinaga & (2201 JP): Q1 FY03/26 flash update
- Revenue increased YoY across multiple segments, with notable growth in Confectionery & Foodstuffs and Frozen Desserts in Japan.
- Operating profit rose YoY despite rising raw material costs, driven by revenue growth and price revisions.
- Some segments experienced revenue declines due to unfavorable weather, private-label competition, and consumer price sensitivity.
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