In today’s briefing:
- Nakano Refrigerators (6411 JP): Marunouchi Capital’s JPY7,900 Tender Offer
- Haitian Flavouring (3288 HK) & Sanhua (2050 HK): IPO Float Caps Limit Global Index Inclusion
- BGH Seeks To Steer Tourism Holdings (THL NZ) Out Of A Rut
- What’s News in Amsterdam – 16 June 2025 (PostNL)
- Oil Prices Rise as Israel Attacks Iran’s Nuclear Facilities – What We Do
- STI Banks Lead Weekly Buyback Consideration Tally
- Timee 2Q Results: Revenue Decline Is Only Temporary
- Hybridan Small Cap Feast: 09/06/2025
- Lifco AB: Niche Empire Thrives on Operational Discipline & Market Diversification!
Nakano Refrigerators (6411 JP): Marunouchi Capital’s JPY7,900 Tender Offer
- Nakano Refrigerators (6411 JP) has recommended a tender offer from Marunouchi Capital at JPY7,900, a 35.0% premium to the last close price.
- The offer is attractive as it represents an all-time high and is above the midpoint of the IFA DCF valuation range.
- An attractive offer and irrevocables (33.19% ownership ratio) pave the way for deal completion. The tender runs from 17 June to 29 July.
Haitian Flavouring (3288 HK) & Sanhua (2050 HK): IPO Float Caps Limit Global Index Inclusion
- Haitian Flavouring (3288 HK) and Sanhua (2050 HK) are forecasted to be added to Global All-World at the December 2025 review.
- Both securities are unlikely to meet the Global Standard float cap threshold before or after the lock-up expiry, based on the maximum offer price.
- Sanhua (2050 HK) has a better chance of inclusion to Global Standard at the February 2026 review following the lock-up expiry as its float cap is closer to the threshold.
BGH Seeks To Steer Tourism Holdings (THL NZ) Out Of A Rut
- Dual-Listed Tourism Holdings (THL NZ), the world’s largest commercial recreation vehicle (RV) rental operator, announced this morning an unsolicited NBIO from a consortium comprising BGH Capital and the Trouchet family.
- The consortium is offering, by way of a Scheme, NZ$2.30/share. THL traded higher thirteen months ago, before announcing a significant profit warning in May sent shares down 36%.
- BGH, now holding 19.9% (including the Trouchet’s family stake), is capitalising on a “sharp drop in interest for inbound travel to the US”, and “elevated cancellations of existing bookings“.
What’s News in Amsterdam – 16 June 2025 (PostNL)
- In this edition: • PostNL | total number of APMs in the Netherlands up 70% last year
Oil Prices Rise as Israel Attacks Iran’s Nuclear Facilities – What We Do
- YTD our absolute return strategy is up 12,0% Oil Prices Rise as Israel Attacks Iran’s Nuclear Facilities – What We Do Friday was marked by panic buying safe haven assets.
- Gold and Crude went up, risk assets went down. We’re now in a time of mass geopolitical uncertainty and related volatility.
- Therefore we think it is important to keep a cool head in such situations and don’t let headlines and breaking news change investment behavior.
STI Banks Lead Weekly Buyback Consideration Tally
- Institutions were net sellers of Singapore stocks with a net outflow of S$80 million from June 6-12.
- DBS Group Holdings, United Overseas Bank, and Oversea-Chinese Banking Corporation led share buybacks totaling S$66.8 million.
- Q & M Dental Group’s CEO increased his stake to 54.92% amid ongoing share buyback program since May 8.
Timee 2Q Results: Revenue Decline Is Only Temporary
- Timee Inc (215A JP) reported 2QFY10/2025 results on Thursday, 12th June. Revenues fell below consensus while OP beat consensus by a huge margin despite 2Q being a seasonally weak quarter.
- Top line was hit by unauthorized use of services which forced Timee to strengthen counter measures. End of client fiscal year in food industry also contributed to the decline.
- There are signs of recovery and the company’s share price moved up 7% on Friday on the back of strengthening profitability.
Hybridan Small Cap Feast: 09/06/2025
- On Friday 6 June, File Forge Technology PLC (to be renamed Amirose London Holdings PLC), announced the completion of its acquisition of Amirose London Ltd and the Admission to trading on the Access Segment of the Aquis Stock Exchange.
- Amirose provides contract manufacturing services in the personal care sector for global and boutique premium brands.
- Turnover for the year ended 30 March 2024 was £12.7m and profits of £38.8k.
Lifco AB: Niche Empire Thrives on Operational Discipline & Market Diversification!
- Lifco AB’s recent financial performance presents a nuanced picture, demonstrating both strengths and challenges within its diversified portfolio.
- In the latest quarter, Lifco recorded a 15% increase in sales, benefiting from approximately 8% organic growth and an equivalent growth from successful acquisitions.
- This growth trajectory, however, displays variability across its business segments, which provides a broad reflection of differing market conditions and strategic decisions in place.
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