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
- 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
- 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
- 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
- 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
- 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.