In today’s briefing:
- Shibaura Electronics (6957 JP): Yageo Poised to Secure FEFTA Approval
- [Japan M&A] YAGEO Says It Expects FDI Clearance on Shibaura – Minebea Likely To Fold
- Metaplanet Offering: 555m New Shares to Accelerate BTC Treasury Growth
- Metaplanet Placement: US$1bn Punt; Dependent on Bitcoin Performance
- Shibaura Electronics (6590 JP) – Takeover Battle: Minebea Certainty Vs. YAGEO Premium
- Toyota (7203 JP // TM US) Hits Overbought: Rich Options for Tactical Shorts
- Tsubakimoto Kogyo (8052 JP) – Q1 FY2026/3 off to a Strong Start
- Medical Data Vision Co., Ltd (3902 JP): Research Update
Shibaura Electronics (6957 JP): Yageo Poised to Secure FEFTA Approval
- A day before the close of Minebea Mitsumi (6479 JP)’s offer, Yageo Corporation (2327 TT) has strategically stated that it expects to receive FEFTA approval by 10 September.
- Minebea had tried to convince shareholders that its lower offer provides an opportunity to monetise their shares quickly and with certainty. This line of reasoning is no longer credible.
- As Minebea will not increase its offer or extend the closing date, Shibaura Electronics (6957 JP)‘s Board will have to recommend Yageo’s offer.
[Japan M&A] YAGEO Says It Expects FDI Clearance on Shibaura – Minebea Likely To Fold
- Last weekend then post-close Monday, Yageo Corporation (2327 TT) raised its TOB Price for Shibaura Electronics (6957 JP) to ¥7,130 – a full 15% through Minebea’s proposed ¥6,200/share terms.
- Minebea was playing chicken with the result, closing its tender on 28 August, before Japan’s Foreign Direct Investment approval (FEFTA approval) was cleared, expected 1 Sep or later.
- Today post-close, YAGEO announced it had concluded discussions with METI, would make all required regulatory submissions today, and expects to obtain approval “no later than 10 September”
Metaplanet Offering: 555m New Shares to Accelerate BTC Treasury Growth
- Metaplanet launches international equity raise of up to 555m shares, potentially almost doubling share count, targeting approximately ¥130b in proceeds subject to pricing and demand.
- Proceeds earmarked primarily for Bitcoin purchases, potentially adding 4,800–26,800 BTC to treasury holdings, accelerating NAV growth and reinforcing positioning as a Bitcoin balance sheet company.
- Suspension of 20th–22nd series stock acquisition rights through September ensures offering stability and clears path for subsequent preferred share issuance capacity.
Metaplanet Placement: US$1bn Punt; Dependent on Bitcoin Performance
- Metaplanet (3350 JP) is looking to raise around US$1bn from a primary placement.
- The deal is a relatively small one, representing 4.4 days of the stock’s three month ADV, despite being 23.7% of total shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Shibaura Electronics (6590 JP) – Takeover Battle: Minebea Certainty Vs. YAGEO Premium
- Shibaura Electronics (6590 JP) is at the center of a takeover battle between MinebeaMitsumi and Taiwan’s YAGEO.
- Minebea has bid ¥6,200/share with 23% locked in and management support, while YAGEO counters at ¥7,130/share, pending FEFTA clearance.
- Financial investors may wait for FEFTA clarity and lean YAGEO for price, while risk‑averse or aligned holders favor Minebea’s certainty.
Toyota (7203 JP // TM US) Hits Overbought: Rich Options for Tactical Shorts
- Context: After three consecutive up weeks, Toyota (7203 JP) / Toyota ADR (TM US) now screens as overbought, with quantitative models signaling a high probability of a trend reversal.
- Trade Idea: Elevated implied volatility (82–83rd percentile) makes short call strategies attractive. Selling near-term calls captures rich premium while aligning with downside risk.
- Why Read: This Insight highlights a timely opportunity where technical overbought signals and historically rich IV converge — ideal for investors seeking a tactical setup.
Tsubakimoto Kogyo (8052 JP) – Q1 FY2026/3 off to a Strong Start
- Tsubakimoto Kogyo Co., Ltd., (hereafter, the Company) announced Q1 FY2026/3 result on July 25, 2025.
- The Company delivered a strong start to FY2026, posting double-digit sales growth and significant profit increase, supported by substantial order backlog.
- This marked a notable YoY rebound, as Q1 FY2025/3 temporarily declined due to reactionary effects from FY2024/3.
Medical Data Vision Co., Ltd (3902 JP): Research Update
- FY25 1H results summary Medical Data Vision [MDV] reported FY25 1H (Dec year-end) results with sales coming in largely in line with the firm’s guidance while reporting an operating loss in Q2, on higher costs [COGS and personnel] incurred to boost sales in 2H.
- MDV produced 1H gross profit [GP] of ¥2,126mil (+3.2% YoY) and an operating loss of -¥5mil (vs FY24 1H OP of ¥26mil) on sales of ¥3,034mil (+9.1% YoY).
- The topline increase was achieved thanks to improved sales in the Data Utilisation segment.
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