In today’s briefing:
- Japan Post Bank (7182 JP) – Not Cheap Enough Vs Others, or Holdings
- Seven & I Holdings: Mega Share Buyback Plan and IPO of North American CVS Unit to Boost Share Price
- (Mostly) Asia-Pac M&A: Oneconnect, Snt, Aeon Delight, AEON Mall, Insignia, 7&I, Sun Art
- Eisai (4523 JP): 3L Drive 9MFY25 Result; FY25 Guidance Reaffirmed; Leqembi at an Inflection Point
Japan Post Bank (7182 JP) – Not Cheap Enough Vs Others, or Holdings
- The Offering of Japan Post Bank (7182 JP) is not taking place the way “the right pattern” would suggest, but last time was kind of special. This time is different.
- Last time was a “second IPO” and coincided with a US regional bank crisis. This time the offering is smaller outright, and much smaller as a portion of float.
- Pricing is Monday. It hasn’t moved much vs JPH. It needs to move more to be attractive. And there is still a bit of overhang to come.
Seven & I Holdings: Mega Share Buyback Plan and IPO of North American CVS Unit to Boost Share Price
- If indeed the company proceeds with 2 trillion yen buyback over five years, this would represent buyback of about 7.3% of its shares per year (37% of market cap).
- Seven & I Holdings’ plans to massively buyback shares and IPO its North American CVS business are major catalysts that should have positive impact both near and long term.
- Certainly, the company’s action plan to sell its non-core assets (including supermarket, restaurant, and specialty stores) to Bain Capital for $5.5 billion is a step in the right direction.
(Mostly) Asia-Pac M&A: Oneconnect, Snt, Aeon Delight, AEON Mall, Insignia, 7&I, Sun Art
- I tally 55 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma.
- Three news new deals discussed this week:Soundwill Holdings (878 HK), Oneconnect Financial Technology (6638 HK), Snt Corp (6319 JP), Aeon Delight (9787 JP), and AEON Mall (8905 JP).
- Key updates/news took place on: Insignia Financial (IFL AU), Seven & I Holdings (3382 JP), Sun Art Retail (6808 HK), and Macromill, Inc (3978 JP).
Eisai (4523 JP): 3L Drive 9MFY25 Result; FY25 Guidance Reaffirmed; Leqembi at an Inflection Point
- In 9MFY25, Eisai Co Ltd (4523 JP) reported 9% YoY growth in revenue, driven by 3Ls. Operating profit rose 48% YoY and net profit climbed 56% YoY to ¥45.5B.
- Eisai kept its FY25 total revenue guidance unchanged, implying a weaker Q4FY25 with a probable loss on the cards.
- Lenvima growth stabilizes on indication expansion, Leqembi awaiting approvals and untangling safety concerns in a bid to reach its full market potential.
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