In today’s briefing:
- [Japan M&A/Activism] The Nagging Little Detail In the Soft99 MBO Extension Target Doc
- Chery Auto IPO Valuation Analysis
- Health & Happiness (H&H 1112HK): After the Pain, Is It Finally Time for Gain?
- Elon Musk Buys $1 Billion In Tesla Shares — Is It Enough To Reignite Investor Optimism?
- What’s New(S) In Amsterdam – 18 September (Wolters Kluwer | B&S Group | Sif Holding | Triodos Bank)
[Japan M&A/Activism] The Nagging Little Detail In the Soft99 MBO Extension Target Doc
- Yesterday, Soft99 Corp (4464 JP) announced a slight change in its “Target Opinion Document” after the MBO Bidco extended its TOB by 8 days the day before.
- The detail was not in the MBO Bidco extension. It was just revealed in an added note on p3 of the Target Opinion.
- That details matters A LOT to people looking at the Effissimo Overbid. The company’s Board has some serious work ahead.
Chery Auto IPO Valuation Analysis
- Our base case valuation of Chery Auto is target price of HKD 40.6 which is 32% higher than the high end of the IPO price range.
- Our base case valuation is based on EV/EBITDA of 5.9x our estimated EBITDA of 37.1 billion RMB in 2026. Our target multiple is 30% premium to the comps’ average multiple.
- We have chosen to use a premium valuation multiple mainly due to Chery Auto’s higher ROE, sales growth, and net margins vs the comps.
Health & Happiness (H&H 1112HK): After the Pain, Is It Finally Time for Gain?
- After sinking to 10-year lows in January, Health And Happiness (H&H) ’s stock has rebounded more than 75%, raising the question of whether operations are finally turning the corner.
- With signs of stabilizing growth and improving returns across product categories, 1H2025 results seem to signal the end of years of investor agony.
- Nutritional supplements now contribute to 65% of H&H’s revenue – Swisse’s strong positioning in the fast-growing anti-aging category underpins future growth.
Elon Musk Buys $1 Billion In Tesla Shares — Is It Enough To Reignite Investor Optimism?
- In a bold and highly publicized move, Tesla CEO Elon Musk recently purchased $1 billion worth of Tesla shares, raising questions about whether this insider action can restore near-term investor confidence in the electric vehicle giant.
- Coming on the heels of a tumultuous few quarters marked by falling regulatory credit revenue, inflationary cost pressures from tariffs, and increased capital expenditures for AI and energy storage initiatives, the purchase is being framed as a powerful show of confidence in Tesla’s long-term vision.
- At the same time, Tesla’s recent Q2 2025 results showcased significant advancements including the rollout of robotaxis in Austin, substantial progress on Optimus humanoid robots, and growing traction for FSD software.
What’s New(S) In Amsterdam – 18 September (Wolters Kluwer | B&S Group | Sif Holding | Triodos Bank)
- Wolters Kluwer announced it will accelerate its EUR 1bn 2025 share buyback program while reiterating its full-year outlook.
- The company’s Executive Board decided to bring forward the program’s completion to November 3, 2025, two months earlier than planned, citing recent share price developments and confidence in long-term growth.
- Management emphasized that this move underlines its commitment to creating sustainable shareholder value.
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