In today’s briefing:
- Merger Arb Mondays (14 Jul) – Shibaura, Topcon, Nissin, OneConnect, Insignia, PointsBet, ENN Energy
- Japan Activism Briefs | Casio, Nittoku
- Weekly Deals Digest (13 Jul) – Toyota Industries, OneConnect, Great Eastern, Johns Lyng, NTT DC REIT
- Hisamitsu Pharmaceutical (4530 JP): Guidance Reiterated Amid Seemingly Temporary Hiccup in Q1FY26
- Mani Inc (7730 JP): Dental Recalls Still a Pain Point, Guidance Revised Downwards
Merger Arb Mondays (14 Jul) – Shibaura, Topcon, Nissin, OneConnect, Insignia, PointsBet, ENN Energy
- I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
- Highest spreads: Mayne Pharma (MYX AU), Yichang HEC Changjiang Pharma (1558 HK), ENN Energy (2688 HK), Insignia Financial (IFL AU), Seven & I Holdings (3382 JP), Santos Ltd (STO AU).
- Lowest spreads: Bright Smart Securities (1428 HK), New World Resources (NWC AU), Humm Group (HUM AU), Hainan Meilan International Airport (357 HK), Avjennings Ltd (AVJ AU).
Japan Activism Briefs | Casio, Nittoku
- Oasis Management disclosed a 5.2% stake, increasing pressure on Casio to improve capital efficiency and strategic clarity.
- City Index disclosed a 5.1% stake, signalling intent to drive value at Nittoku via capital return and improved governance.
- 3D Investment continue to add to Square Enix position. 3D and Dalton likely to target weak margins, bloated cash, and capital inefficiency – lots to work with.
Weekly Deals Digest (13 Jul) – Toyota Industries, OneConnect, Great Eastern, Johns Lyng, NTT DC REIT
- 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: NTT DC REIT (NTTDCR SP) and NSDL (NSDL IN) IPOs.
- Event-Driven developments: Toyota Industries (6201 JP), OneConnect Financial Technology (OCFT US), Great Eastern Holdings (GE SP), Johns Lyng (JLG AU), New World Resources (NWC AU).
Hisamitsu Pharmaceutical (4530 JP): Guidance Reiterated Amid Seemingly Temporary Hiccup in Q1FY26
- Hisamitsu Pharmaceutical Co (4530 JP) Q1FY26 revenue of ¥34.7B down 3% YoY, mainly driven by subdued performance in Salonpas focused OTC pharmaceutical products.
- Rx business revenues grew 7% as Zicthoru, Apohide, Combipatch,Vivelle-Dot etc clocked healthy numbers excepting Mohrus product line.
- Hisamitsu reiterated FY26 guidance expecting revenue to be ¥165B with profits growth expected to decelerate on higher cost.
Mani Inc (7730 JP): Dental Recalls Still a Pain Point, Guidance Revised Downwards
- Mani Inc (7730 JP) 9MFY25 revenue increased 3% YoY to ¥22.3B mainly due to strong sales of Surgical products and Eyeless Needle products, while Dental segment sales dipped on recall.
- Operating margin deteriorated to 27.5% in 9MFY25, down 260bps. Segment wise, dental segment reported the worst operating margin decline from 19.6% to 10.4%.
- Management revised FY25 guidance downwards, now expecting revenue to be ¥29.6B (previous guidance ¥30.2B), up 3.8% YoY. Profits and margins also witnessed a downward revision.
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