In today’s briefing:
- Mori Hills REIT (3234) – Large Sponsor Buy in Market as % of Max Real World Float
- Soft99 Corp (4464 JP): Effissimo Sheds More Light on Its Hostile Offer
- TOTO (5332 JP) | Beyond China
- Ohba (9765 Jp) – Q4 Follow-Up
- Poletowin Pitcrew Holdings: 1H FY01/26 flash update and revision of full-year earnings forecasts
- Torex Semiconductor (6616 Jp) – September 12, 2025
Mori Hills REIT (3234) – Large Sponsor Buy in Market as % of Max Real World Float
- In the past 24 months, J-REIT sponsors have bought units in their REITs at sharp discounts to PNAV to raise PNAV and reduce overhang pressure.
- The goal is, basically transparently, to get PNAV to a level at which the REIT can buy more properties from the sponsor, who carries them at a much higher WACC.
- Mori Building has announced a 4.99% buy on Mori Hills REIT Investment Corporation (3234 JP) which is a Very Big portion of Max Real World Float. This should influence price.
Soft99 Corp (4464 JP): Effissimo Sheds More Light on Its Hostile Offer
- Effissimo has formally launched its hostile tender offer for Soft99 Corp (4464 JP) at JPY4,100, which is 66.3% higher than the MBO price of JPY2,465.
- The Board stonewalled Effissimo’s attempts to negotiate a friendly offer. The huge premium of Effissimo’s offer relies on lower WACC assumptions compared to the target/special committee IFA.
- Management’s initial approach will be to rely on the Board to oppose the Effissimo offer. There is a good chance that Soft99 will remain listed with two large shareholders.
TOTO (5332 JP) | Beyond China
- Toto stock price -16% over past year vs index +24% as China growth story collapses. Restructuring China ops; targeting breakeven FY3/27
- New growth drivers: US capacity buildout underpins Americas sales growth, while electrostatic chucks beneficiary of SPE spend
- Stock trading at 30% discount to historical average and deep discount to global peers
Ohba (9765 Jp) – Q4 Follow-Up
- Q4 FY2025/5 Results | On July 10, 2025, OHBA (hereinafter, “the Company”) announced its Q4 FY2025/5 results. The full year figures saw an increase in both sales and profits.
- In the three-month period of Q4, orders recovered mainly in the design field, with a steady accumulation of orders in the core construction consulting business.
- Although the Company projects lower sales in FY2026/5 due to the absence of one-off projects from a year earlier, it plans to report its 15th consecutive year of operating profit growth, underpinned by improved profitability.
Poletowin Pitcrew Holdings: 1H FY01/26 flash update and revision of full-year earnings forecasts
- FY01/26 revenue reached 91.3% of forecast, with losses at all profit levels due to Media Contents withdrawal.
- Revised FY01/26 forecast predicts JPY49.7bn revenue, JPY1.1bn operating profit, and JPY316mn net income.
- Domestic Solutions revenue rose 5.0% YoY; Overseas Solutions increased 8.0% YoY; Media Contents declined 31.9% YoY.
Torex Semiconductor (6616 Jp) – September 12, 2025
- As can be seen from the exhibit below, as of May 31, 2025, TOREX had 1 unmet criterion out of the criteria required to maintain listing on the TSE prime market.
- Market capitalization of tradable shares of JPY 8.12bn was below the requirement of JPY 10.0bn or more. The number of tradable shares subtracts: 1) the number of shares held by major shareholders who individually own 10% or more of the number of listed shares (however the number of shares held by investment trusts or pension trusts are included), 2) the number of shares held by officers, etc., 3) the number of treasury shares, and 4) the number of shares held by common banks, insurance companies and business corporations in Japan.
- The tradable shares ratio is the number of tradable shares ÷ the number of listed shares. Tradable market capitalization is the tradable shares ratio × market capitalization.
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