In today’s briefing:
- [Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way
- [Japan Event] Seven Bank (8410) To Buy Back Up to 17.0% of Shares Out Tomorrow
- China Rare Earth (769 HK)’s Wild Price Movement. An Offer In The Wings?
- New World Resources (NWC AU): CAML Bumps. Shares To Be Placed. Kinterra Taps Takeover Panel
- How SEBI’s Expiry Day Overhaul Impacts NSE & BSE ?
- SPAC TACO: Potential Upside with Strong Sponsor and Meme Appeal in Crypto Treasury Bubble Theme
- Stora Enso: Hidden Forest Value Unlock With a Clean Break Catalyst
[Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way
- The NTT Data Corp (9613 JP) Tender Offer closed today. Results will come out tomorrow. I expect it will have been successful.
- That will mean some US$8bn+ of passive tracking flows to sell and $8bn+ to buy related to this event alone in the next 3 months.
- And there are some very interesting dynamics to consider in the meantime.
[Japan Event] Seven Bank (8410) To Buy Back Up to 17.0% of Shares Out Tomorrow
- Today after the close, Seven Bank Ltd (8410 JP) announced a MASSIVE ToSTNeT-3 transaction to buy back up to 200,000,000 shares (17.0% of shares out) for ¥52.4bn. Tomorrow AM.
- There is a complex iterative calculation on the part of Seven Eleven Japan to figure out how many shares they should put into the buyback.
- I see a minimum buyback of 10.8%. 17% would be great. But there is a potential issue on the back end of which investors should be aware.
China Rare Earth (769 HK)’s Wild Price Movement. An Offer In The Wings?
- China Rare Earth Holdings (769 HK), a processor and trader of rare earth oxides/metals, is suspended for reasons unknown.
- But not before gaining 79% month to date. On huge volume. And that gain is after giving back 23% from a recent high close.
- As discussed in Know Your Rare Earth Elements As China Restricts Exports, China recently escalated restrictions on the export of rare earths; although there has been some partial easing.
New World Resources (NWC AU): CAML Bumps. Shares To Be Placed. Kinterra Taps Takeover Panel
- Central Asia Metals (CAML LN) has bumped terms for New World Resources (NWC AU) to A$0.053/share, up from A$0.05/share initially. An off-market Offer is in parallel should the Scheme fail.
- Separately, NWC announced a A$10mn placement – funded by CAML! – to advance its Antler Project, “conditional on either no competing proposal being received by …. 4 July 2025“.
- Toronto-Based PE outfit Kinterra Capital, with a 11.99% stake, has now tapped the Takeovers Panel to declare the placement a frustrating tactic.
How SEBI’s Expiry Day Overhaul Impacts NSE & BSE ?
- Starting September 1, 2025, BSE will shift its weekly expiry to Thursday, while NSE’s weekly expiry will move to Tuesday, reducing overlap between the two major exchanges.
- The move aims to streamline operations, reduce volatility, and increase uniformity across exchanges, aligning with global standards and institutional preferences.
- BSE’s shift to Thursday expiry could benefit its market share, but NSE’s Tuesday expiry may help it regain some of the ground lost in recent months, intensifying competition.
SPAC TACO: Potential Upside with Strong Sponsor and Meme Appeal in Crypto Treasury Bubble Theme
- Berto Acquisition (TACO) is a SPAC that IPO’d in April 2025, led by Harry You, with a $300m IPO size.
- The SPAC’s current price is $10.53, slightly above its ~$10 trust value, indicating minimal cost for upside potential.
- TACO’s IPO was upsized from $250m to $261m, excluding the underwriter’s over-allotment, which is uncommon.
Stora Enso: Hidden Forest Value Unlock With a Clean Break Catalyst
- Forest spin-off could unlock €2.2bn in hidden NAV and enhance valuation transparency, but will not reduce debt as shares are distributed directly to shareholders.
- Industrial operations are undervalued vs peers, providing cyclical recovery upside.
- Sum-Of-The-Parts (SOTP) path simplification addresses conglomerate discount and improves investor transparency.
Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
The New Barbarians: AI Agent Edition and more
Unlock all research summaries