In today’s briefing:
- The Key to Revitalizing Existing TSE Growth Companies Is Whether They Can Expect Growth Through M&A
- Last Week In Event SPACE: Sony Corp/Sony Financial, Naspers/Prosus, Shandong Hi-Speed, Shift Inc
- (Mostly) Asia-Pac M&A: Kangji Medical, Jinke Smart Services, Soft99, Mandom, Paramount Bed
- MHI (7011 JP): Laser Power Transmission Positive, Political Support Unclear
The Key to Revitalizing Existing TSE Growth Companies Is Whether They Can Expect Growth Through M&A
- The reason why IPOs tend to become the goal is that many IPOs are conducted for purposes other than company growth after IPOs.
- In order to correct the notion that “IPO is the goal,” there are expectations for the revitalization of the market for trading unlisted shares and M&A of unlisted companies.
- With the entry of unlisted stock funds, trading in privately-held stocks will become active, and if M&A for growth and management changes take place, the quality of IPOs will improve.
Last Week In Event SPACE: Sony Corp/Sony Financial, Naspers/Prosus, Shandong Hi-Speed, Shift Inc
- Trading in Sony Corp (6758 JP) with Sony Financial Group (8729 JP) spin-off rights has passed. SFGI starts trading separately on 29 Sep. ¥150/share is good. ¥130-140/share is even better.
- Naspers (NPN SJ)‘s NAV is edging towards the low-end on a 12-month basis, However, the implied stub is out of whack as Prosus NV (PRX NA) outperforms.
- The Shandong Hi-Speed Holdings (412 HK) bubble has finally popped. Now what?
(Mostly) Asia-Pac M&A: Kangji Medical, Jinke Smart Services, Soft99, Mandom, Paramount Bed
- I tally 39 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
- One new deal was discussed on Smartkarma this week: Paramount Bed Holdings Co Lt (7817 JP).
- Key updates/news took place on PointsBet (PBH AU), Oneconnect (6638 HK), Kangji Medical Instrument (9997 HK), Jinke Smart Services (9666 HK), Soft99 Corp (4464 JP), and Mandom Corp (4917 JP).
MHI (7011 JP): Laser Power Transmission Positive, Political Support Unclear
- Laser wireless power transmission technology opens new defense, dual-use and civilian market opportunities.
- Japanese politicians inclined to spend more on defense, but worried about the national budget. Likely to split the difference between 2% of GDP and Trump’s demands.
- Aircraft, Defense & Space to drive sales and profit growth through 2030. Buy on dips for the long term.
💡 Before it’s here, it’s on Smartkarma
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