In today’s briefing:
- Marubeni Corporation (TSE: 8002) – Copper Torque, Platform Pivot, and Cash Returns
- ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery
- Weekly Deals Digest (07 Sep) – Pacific Industrial, Ashimori, Shibaura, Kangji Medical, Chery, Hesai
- [Japan M&A] Pacific Industrial (7250) The MBO Is Extended After Effissimo Buys Above Terms
- Will Change to Annual Securities Report Improve in % of Female Managers and Gender Wage Gap?
Marubeni Corporation (TSE: 8002) – Copper Torque, Platform Pivot, and Cash Returns
- Marubeni is a top-five Japanese trading house, diversified across resources, food, leasing, power, and chemicals.
- Management is deploying ~¥1.2tn capex through FY30, tilted toward copper expansion in Chile and renewables growth.
- Shares trade at ~11x P/E and 7–8% FCF yield with ~5% cash return yield, offering value on dips below ¥3,000.
ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, a few US$1bn+ IPOs are said to be looking to launch later this month, across regions.
- On the placements front, deals continue to flow through as the market remains receptive.
Weekly Deals Digest (07 Sep) – Pacific Industrial, Ashimori, Shibaura, Kangji Medical, Chery, Hesai
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: Chery Automobile (CH3456 CH) and Tata Capital Limited (TATACAP IN) IPOs. Hesai Group (HSAI US) H Share listing.
- Event-Driven developments: Pacific Industrial (7250 JP), Ashimori Industry (3526 JP), Shibaura Electronics (6957 JP), Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK), Johns Lyng (JLG AU), RPMGlobal.
[Japan M&A] Pacific Industrial (7250) The MBO Is Extended After Effissimo Buys Above Terms
- Activist-Ish-Y investor Effissimo reported Friday they had a 6.68% stake as of the end of August.
- Their average price is ¥2,253 which is 10% through the price the family Bidco was bidding (¥2,050).
- As this hasn’t traded below terms at any point since announcement, an extension was likely. This morning, we got one. We’ll get another one before it’s done, BUT…
Will Change to Annual Securities Report Improve in % of Female Managers and Gender Wage Gap?
- Information regarding ％ of female managers and gender wage gap, which were previously required to be disclosed in annual securities reports, will move to the “Sustainability Philosophy and Initiatives” section.
- This change in description will make issues such as % of female managers and gender wage gap more clear, thereby improving the inconsistencies with the company’s goals and policies.
- Since disclosure of compensation incentives for employees other than board members will be required, this may encourage more companies to introduce compensation incentives for non-board members employees.
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