In today’s briefing:
- Star Micronics (7718 JP): Taiyo Pacific’s Tender Offer at JPY2,210
- [Japan M&A] Taiyo Pacific Offers ¥2,210 for Star Micronics (7718) Completing the Shareholder Ripoff
- China A50 ETFs Rebalance Preview: Three Changes in December
- Quiddity Leaderboard BSE SENSEX Dec25: Final Expectations; Announcement Soon
- Quanta Services: Expansion into Power Generation, Renewable Energy Backlog Growth & Other Factors!
- Kyokuto Kaihatsu Kogyo Co (7226 JP): 1H FY03/26 flash update
- Toa Corp (1885 JP): 1H FY03/26 Flash Update
- Punch Industry (6165 JP): 1H FY03/26 flash update
- Republic Services: Strategic Acquisitions & A Robust M&A Pipeline for Sustained Expansion & Increased Operational Efficiency!
- Sbs Holdings (2384 JP): Q3 FY12/25 flash update
Star Micronics (7718 JP): Taiyo Pacific’s Tender Offer at JPY2,210
- Star Micronics (7718 JP) has recommended a tender offer from Taiyo Pacific Partners at JPY2,210, a 29.1% premium to the last close price.
- The offer is arguably light as it is marginally above book value (P/B of 1.09x) and 16% below the midpoint of the target IFA DCF valuation range.
- However, the offer is attractive as it represents an all-time high and is 42.4% above Taiyo’s placement price in May 2025. Unless an activist emerges, this is likely done.
[Japan M&A] Taiyo Pacific Offers ¥2,210 for Star Micronics (7718) Completing the Shareholder Ripoff
- Today after the close, well-known Japan engagement fund Taiyo Pacific Partners announced a deal to buy Star Micronics (7718 JP) for ¥2,210/share. They’ve been involved small-big-small for 20yrs.
- The company launched a new capital plan and MTMP in February. Cash-rich, it needed no money to grow aggressively. So TPP proposed buying a third of the company. Board agreed.
- Despite ActionsToImplementManagementConsciousOfSharePriceAndCostOfCapital announced February, in April-November the Board decided to sell the entire company to TPP at <1x book. This is borderline outrageous. It deserves notice and complaint.
China A50 ETFs Rebalance Preview: Three Changes in December
- Nearing the end of the review period for the December rebalance, there could be three changes for the iShares A50 China (2823 HK) / CSOP China A50 (HKD) (2822 HK).
- Sungrow Power Supply, CMOC Group and China CSSC Holdings could replace S.F. Holding, China Everbright Bank and Bank of Jiangsu in the ETF at the close on 19 December.
- The forecast adds have outperformed the forecast deletes over the last 3 months and it is not even close as the gap has kept getting wider
Quiddity Leaderboard BSE SENSEX Dec25: Final Expectations; Announcement Soon
- BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.
- In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.
- The official index changes could be announced publicly in the next few days.
Quanta Services: Expansion into Power Generation, Renewable Energy Backlog Growth & Other Factors!
- Quanta Services has released their third quarter 2025 results reporting impressive figures with record growth in several financial metrics, including double-digit increases in revenue, adjusted EBITDA, and adjusted EPS compared to the previous year.
- The company’s backlog reached a record $39.2 billion, indicating robust demand and a strong position going into 2026.
- This growth can be attributed to heightened activity in their Electric segment and the broader infrastructural needs driven by the transformation within the energy sector.
Kyokuto Kaihatsu Kogyo Co (7226 JP): 1H FY03/26 flash update
- Revenue increased by 15.9% YoY to JPY74.2bn, with all segments showing revenue growth and operating profit up 35.1% YoY.
- Extraordinary loss of JPY5.9bn related to the Antimonopoly Act led to a net loss of JPY1.5bn.
- Domestic demand remained firm, with revenue and profit rising YoY due to product price revisions and improved productivity.
Toa Corp (1885 JP): 1H FY03/26 Flash Update
- In 1H FY03/26, Toa reported a 7.3% YoY decrease in orders, but revenue increased by 10.0% YoY.
- The company revised its FY03/26 forecast, raising orders to JPY265.0bn and revenue to JPY342.0bn.
- Toa expects a 73.2% YoY decrease in overseas orders for FY03/26, with revenue increasing 21.7% YoY.
Punch Industry (6165 JP): 1H FY03/26 flash update
- Revenue reached JPY20.6bn (+2.9% YoY), with significant growth in China and declines in Japan due to restructuring.
- Operating profit rose 42.9% YoY to JPY989mn, driven by strong performance in China despite high costs in Japan.
- Full-year forecasts revised upward: revenue JPY41.7bn, operating profit JPY1.6bn, net income JPY570mn, dividend per share JPY9.41.
Republic Services: Strategic Acquisitions & A Robust M&A Pipeline for Sustained Expansion & Increased Operational Efficiency!
- Republic Services, Inc. reported its third-quarter 2025 financial results, showcasing both strengths and challenges within its business operations.
- The company registered a revenue increase of 3.3% and an adjusted EBITDA growth of 6.1%, which also involved an 80-basis point expansion in adjusted EBITDA margin.
- This indicates the company’s ability to capitalize on pricing strategies even in an environment of volatile economic cycles, specifically in the construction and manufacturing sectors where headwinds are prevalent.
Sbs Holdings (2384 JP): Q3 FY12/25 flash update
- Sales increased to JPY364.4bn (+10.3% YoY), with significant growth in Logistics and Property Management segments.
- Operating profit rose to JPY17.3bn (+31.1% YoY), driven by higher profits in Logistics and Property Management.
- Q3 sales and profit growth were influenced by new customer acquisition and a newly consolidated subsidiary.
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