In today’s briefing:
- [Japan Event] Seven Bank (8410) To Buy Back Up to 17.0% of Shares Out Tomorrow
- Shortlist of High Conviction Philippines Equity Ideas – June 2025
- Nippon Building Fund Placement – Small Deal but Lacks Accretion
- How SEBI’s Expiry Day Overhaul Impacts NSE & BSE ?
- SPAC TACO: Potential Upside with Strong Sponsor and Meme Appeal in Crypto Treasury Bubble Theme
- Knowledge Realty Trust Pre-IPO – The Negatives – Not All Assets Have Been Doing Well
- KRI: Jagger Zone Drill Results Continue to Impress
[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.
Shortlist of High Conviction Philippines Equity Ideas – June 2025
- We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
- We established metrics focusing on high ROCE, sustainable growth of 10-15% year-over-year, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.
- We update our readers on developments in Asian Terminals (ATI PM) and Philippine Stock Exchange (PSE PM)
Nippon Building Fund Placement – Small Deal but Lacks Accretion
- Nippon Building Fund (8951 JP) is looking to raise around US$122m in its Primary Offering, to fund the acquisition of Frontier Musashikosugi N Building and S Building.
- Unusually for Japan, the acquisition was announced at the end of last month, while the raising has only been announced today.
- In this note, we talk about the deal dynamics and run the deal through our ECM framework.
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.
Knowledge Realty Trust Pre-IPO – The Negatives – Not All Assets Have Been Doing Well
- Knowledge Realty Trust (258259D IN) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.
- Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India’s office supply and gross absorption between FY16-9M24, as per the CBRE report.
- In this note, we talk about the not-so-positive aspects of the deal.
KRI: Jagger Zone Drill Results Continue to Impress
- What you need to know: • Kobo announced drill results from the ongoing 2025 exploration campaign at its Kossou Gold Project in Côte d’Ivoire.
- • Seven holes were reported from the Jagger Zone which returned multiple high grade gold intercepts, including three holes over broad intervals of 20m+ (1.41 g/t Au over 20.0m & 1.14 g/t Au over 21.5m).
- • The 2025 program will consist of between 20,000-30,000m of drilling.
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