In today’s briefing:
- [Japan M&A] Taisei Corp To Take Toyo Construction (1890 JP) Private – Governance Torture Ends
- [Japan CorpGov] TSE “Mgmt Conscious” Reports (Aug25), Changes to Code of Corporate Conduct
- Weekly Deals Digest (10 Aug) – Shibaura, Toyo Construction, Technopro, Ashimori, HKBN, Iress
- Weekly Update (LION, MAGN, NLOP, SONY)
- Terumo Corp (4543 JP): Record High Profits in Q1FY26; Tariff Impact Lowered; FY Guidance Reiterated
[Japan M&A] Taisei Corp To Take Toyo Construction (1890 JP) Private – Governance Torture Ends
- In March 2022, Infroneer bid ¥770. The Board said “too low” but then accepted. A month later, YFO offered ¥1,000. Too high, bad owner, not accepted.
- Summer 2023 after a year of palm to the face for YFO, the Board was partly spilled. YFO bid ¥1,255/share and the Board said the premium was too low.
- Now, the Board has accepted a bid from Taisei at a roughly similar premium. But the price is ¥1,850/share. Infroneer and YFO have agreed to sell. Minorities win… -ish
[Japan CorpGov] TSE “Mgmt Conscious” Reports (Aug25), Changes to Code of Corporate Conduct
- TSE-Listed companies are asked to file “Management Conscious of Capital Cost/Stock Price” awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.
- 783 new CGRs filed in July 2025 (after 1,389 in June). Our tools show every report, links to every document, and a diff-file tool. Input a name, see the changes.
- The JPX Council of Experts met on 9 July. The parent-sub changes are slow to come.
Weekly Deals Digest (10 Aug) – Shibaura, Toyo Construction, Technopro, Ashimori, HKBN, Iress
- 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: I have not covered anything notable this week.
- Event-Driven developments:Shibaura Electronics (6957 JP), Toyo Construction (1890 JP), Technopro Holdings (6028 JP), Ashimori Industry (3526 JP), HKBN Ltd (1310 HK), Iress Ltd (IRE AU), Infomedia Ltd (IFM AU).
Weekly Update (LION, MAGN, NLOP, SONY)
Sony Group Corporation (SONY) is planning to partially spin off its financial services division, Sony Financial Group Inc. (SFGI), in what would be Japan’s first major spin‑off with a direct listing in over two decades.
The company will divest 80% of its stake while retaining the remaining 20%, and the spin‑off is scheduled for September 29, 2025.
- This looks interesting to me as I see potential for indiscriminate selling. Sony Financial Service Group contributes ~13% of Company Net Income (¥1,067.4B).
Terumo Corp (4543 JP): Record High Profits in Q1FY26; Tariff Impact Lowered; FY Guidance Reiterated
- Terumo Corp (4543 JP) reported strong Q1FY26 result, with better-than-expected profitability. Despite of flat revenue, Q1FY26 operating and net profit increased 20%+, through pricing measures and continuous cost control.
- The company lowered FY26 tariff impact to ¥10B from ¥17B. Impact now is primarily expected in the second half (¥4 each for Q3 and Q4).
- Terumo reiterated FY26 guidance. Q1FY26 revenue, operating profit, and net profit represent progress rate of 25%, 29%, and 29%, respectively.
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