Daily BriefsEvent-Driven

Daily Brief Event-Driven: Aisin (7259) – Executing the Capital Policy Side of Its MTMP – Big ¥120bn (8.8%) Buyback and more

In today’s briefing:

  • Aisin (7259) – Executing the Capital Policy Side of Its MTMP – Big ¥120bn (8.8%) Buyback
  • Soundwill Holdings (878 HK): Wide Spread Ahead of the 23 May Scheme Vote
  • (Mostly) Asia M&A, Apr 2025 Wrap: Toyota, Abacus Storage, Bright Smart, Fujitsu General, Topcon
  • Prime Delivery: Amazon’s Route to Outbid DoorDash for Deliveroo
  • Woongjin Is Buying Preed Life (Largest Funeral Service Company in Korea) Using LBO


Aisin (7259) – Executing the Capital Policy Side of Its MTMP – Big ¥120bn (8.8%) Buyback

By Travis Lundy

  • Last Friday during market hours, Toyota Group member Aisin (7259 JP) announced earnings, guidance, its MTMP progress update, and a buyback. 
  • Earnings were OK, all things considered. Guidance was disappointing, but tariff impact is real. The buyback headlines are huge (17%); reality is about half that given the stock price.
  • If they execute via TN-3 near-term, it just sets up the next one, but they may do 2/3 TN=3 and 1/3 market. There may be Toyota Industries factors involved.

Soundwill Holdings (878 HK): Wide Spread Ahead of the 23 May Scheme Vote

By Arun George

  • Soundwill Holdings (878 HK)’s IFA opines that the Foo family’s HK$8.50 offer is fair and reasonable. The vote is on 23 May. 
  • Key conditions include approval by at least 75% of independent shareholders (<10% of independent shareholders’ rejection) and a headcount test. No shareholder holds a blocking stake. 
  • The offer is attractive compared to historical trading ranges. The vote risk is low. At the current price and for a June 11 payment, the gross/annualised spread is 4.3%/44.0%. 

(Mostly) Asia M&A, Apr 2025 Wrap: Toyota, Abacus Storage, Bright Smart, Fujitsu General, Topcon

By David Blennerhassett

  • For April 2025, 9 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6bn. Not including Toyota Industries (6201 JP)‘s potential Offer.
  • The average premium for the new transactions announced (or first discussed) in April was ~46%, with a year-to-date average of 53%.
  • The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.

Prime Delivery: Amazon’s Route to Outbid DoorDash for Deliveroo

By Jesus Rodriguez Aguilar

  • Amazon is positioned to outbid DoorDash with a 200–222p/share offer, implying a valuation based on 12.8–14.0x EV/NTM EBITDA, aligning with trade buyer precedent multiples.
  • While Amazon’s strategic fit is stronger, regulatory scrutiny from the UK CMA presents material timing and execution risks, likely pushing deal closure into Q1–Q2 2026.
  • Deliveroo shareholders face a trade-off: faster liquidity at 180p via DoorDash, or 10–23% upside with Amazon at the cost of longer timelines and political uncertainty. Long ROO LN.

Woongjin Is Buying Preed Life (Largest Funeral Service Company in Korea) Using LBO

By Douglas Kim

  • Woongjin Co Ltd (016880 KS) (through its subsidiary WJ Life Holdings) is buying the controlling interest in Preed Life (largest funeral service company in Korea) using LBO (leveraged buyout).
  • Preed Life is the number one player in the funeral service provider industry in Korea. It has excellent financials and it has done an excellent job of consolidating this industry.
  • All in all, we like this acquisition of Preed Life by Woongjin using LBO. Preed Life has stable cash flow generation and strong growth in sales and profits.

💡 Before it’s here, it’s on Smartkarma

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