In today’s briefing:
- [Japan M&A] Nihon Chouzai (3341 JP) Gets the Deal Done – Nice Process, Nice Price
- Nihon Chouzai (3341 JP): Advantage Partners/LYFE Capital’s Attractive Tender Offer
- Ricoh (7752 JP): Potential Global Index Deletion in August
- (Mostly) Asia M&A, July 2025 Wrap: Pacific Industrial, Johns Lyon, TalkMed, DD Group, Hanil Cement
- Takeda Pharmaceutical (4502 JP): Guidance Reaffirmed; Positive Data Read Outs Pave Way for Filings
- Yellow Hat Ltd (9882 JP): Q1 FY03/26 flash update
- Chori Co Ltd (8014 JP): Q1 FY03/26 flash update
- Asahi Holdings (5857 JP): Q1 FY03/26 flash update
- Hakuto Co Ltd (7433 JP): Q1 FY03/26 flash update
- Fields Corp (2767 JP): Q1 FY03/26 flash update
[Japan M&A] Nihon Chouzai (3341 JP) Gets the Deal Done – Nice Process, Nice Price
- This family-owned dispensing pharmacy business saw the founding family decide to bail a year ago. So the company decided to set up a sales process.
- This process was a model for how this kind of sale process should be conducted. Multiple parties. Easy accommodation. Getting experts in.
- This should be a done deal because the family and cross-holders/insiders get them to the minimum.
Nihon Chouzai (3341 JP): Advantage Partners/LYFE Capital’s Attractive Tender Offer
- Nihon Chouzai (3341 JP) has recommended a tender offer from Advantage Partners and LYFE Capital at JPY3,927, a 163.6% premium to the undisturbed price of JPY1,490.
- The offer, which resulted from an auction, represents an all-time high and is above the mid-point of the IFA DCF valuation range.
- The significant irrevocables and low required tendering rate suggests a done deal. At the last close, the gross spread was 11.7%.
Ricoh (7752 JP): Potential Global Index Deletion in August
- The slide in Ricoh Company Ltd (7752 JP)‘s stock price over the last few months could lead to the deletion of the stock from a global index in August.
- Ricoh Company Ltd (7752 JP) has underperformed its peers over the last couple of months and trades cheaper than the average of its peers.
- There are indications of positioning in the stock. However, positioning is likely smaller than the estimated passive selling and there could be more downside for the stock near-term.
(Mostly) Asia M&A, July 2025 Wrap: Pacific Industrial, Johns Lyon, TalkMed, DD Group, Hanil Cement
- For July 2025, just six new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of only ~US$4bn.
- The average premium for the new transactions announced (or first discussed) in July was 45%, with a year-to-date average of 47%.
- The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%
Takeda Pharmaceutical (4502 JP): Guidance Reaffirmed; Positive Data Read Outs Pave Way for Filings
- Takeda Pharmaceutical (4502 JP) reported 1QFY26 revenue of ¥1,107B, down 8%, primarily attributable to unfavorable foreign exchange and lower sales of Vyvanse.
- Takeda reiterated its FY26 guidance of lower sales and higher margins, reflecting near term headwinds amid cost control.
- Positive Phase 3 data read outs for rusfertide (for Polycythemia Vera) and oveporexton (for narcolepsy type 1) is a step ahead towards filing in FY26 and likely approval thereafter.
Yellow Hat Ltd (9882 JP): Q1 FY03/26 flash update
- In Q1 FY03/26, Yellow Hat’s sales increased 16.2% YoY to JPY40.3bn, with operating profit up 12.4% YoY.
- The company opened four new Yellow Hat stores, resulting in a total of 919 domestic stores by end-Q1 FY03/26.
- Sales for a segment decreased by 0.5% YoY to JPY1.4bn, with operating profit declining by 6.3% YoY.
Chori Co Ltd (8014 JP): Q1 FY03/26 flash update
- Q1 FY03/26 sales were JPY71.6bn, a 7.0% YoY decrease, representing 21.7% of the full-year forecast.
- Operating profit declined 9.1% YoY to JPY3.3bn, with a 1.2pp YoY improvement in gross profit margin.
- Pre-tax profit fell 42.5% YoY to JPY3.2bn, impacted by the absence of prior one-off gains.
Asahi Holdings (5857 JP): Q1 FY03/26 flash update
- Revenue increased to JPY137.1bn, a 48.6% YoY growth, driven by higher recovery volumes and improved profitability.
- Operating profit rose to JPY5.9bn, a 63.9% YoY increase, with significant gains in electronics and dental sectors.
- Precious Metals business saw substantial YoY operating profit growth, despite declines in catalyst area recovery volume and profit.
Hakuto Co Ltd (7433 JP): Q1 FY03/26 flash update
- Q1 FY03/26 results showed a 4.8% YoY sales decrease, with operating profit dropping 49.9% YoY to JPY869mn.
- Sales in the Electronic Devices and Components segment fell 9.9% YoY, while Electronic and Electric Equipment sales grew 14.4% YoY.
- The full-year forecast for FY03/26 predicts a 1.6% YoY sales increase, with a 24.2% YoY decline in operating profit.
Fields Corp (2767 JP): Q1 FY03/26 flash update
- In Q1 FY03/26, sales were JPY55.6bn (+112.2% YoY), operating profit JPY7.8bn (+210.0% YoY), net income JPY5.6bn (+228.7% YoY).
- Tsuburaya Fields Holdings reported JPY3.5bn sales (-1.6% YoY) and JPY443mn operating profit (-57.7% YoY) in Content and Digital business.
- Amusement Equipment business posted JPY51.7bn sales (+132.0% YoY), JPY8.2bn operating profit (+297.5% YoY), selling 95,240 machines (+225.2% YoY).
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