In today’s briefing:
- [Japan M&A] Taisei Corp To Take Toyo Construction (1890 JP) Private – Governance Torture Ends
- COSCO Shipping Ports (1199 HK): Potential Involvement in CKH’s Port Sale
[Japan M&A] Taisei Corp To Take Toyo Construction (1890 JP) Private – Governance Torture Ends
- In March 2022, Infroneer bid ¥770. The Board said “too low” but then accepted. A month later, YFO offered ¥1,000. Too high, bad owner, not accepted.
- Summer 2023 after a year of palm to the face for YFO, the Board was partly spilled. YFO bid ¥1,255/share and the Board said the premium was too low.
- Now, the Board has accepted a bid from Taisei at a roughly similar premium. But the price is ¥1,850/share. Infroneer and YFO have agreed to sell. Minorities win… -ish
COSCO Shipping Ports (1199 HK): Potential Involvement in CKH’s Port Sale
- Cosco Shipping Ports (1199 HK) is a major beneficiary of its parent’s potential 20-30% stake in the consortium to acquire CK Hutchison Holdings (1 HK)‘s port portfolio.
- A potential injection of such assets from its parent will enhance its profitability, diversify its throughput mix, and expand its geographical coverage in the future.
- Its 8.3x PER and 0.43x P/B are not expensive relative to earnings outlook and ROE. The strong 1Q25 and upcoming 1H25 results mean earnings upgrade potential.
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