In today’s briefing:
- [Japan Partial Tender] AEON (8267) Tender for TSURUHA (3391) Trading Rich
- Sony Is Reinventing Gaming, Sensors, & Sports—How Far Can This Strategy Go?
- Asia-Pac M&A Weekly Wrap: Toyota Inds, Predictive Discovery, Jinke Smart Services, Meilan Airport
- Nippon Steel: Ambition Raised, Returns Deferred
[Japan Partial Tender] AEON (8267) Tender for TSURUHA (3391) Trading Rich
- Aeon Co Ltd (8267 JP)‘s Partial Offer for Tsuruha Holdings (3391 JP) discussed in [Japan Partial Tender] AEON (8267) Partial Offer for TSURUHA (3391) Announced at ¥2,900/Share is trading rich.
- The Conclusions/Trade section was clear on the near-term risks. There was good short-term upside. There may be less with the stock trading 0.5% away from the tender price.
- With the stock trading so close, it changes the calculus, in both directions.
Sony Is Reinventing Gaming, Sensors, & Sports—How Far Can This Strategy Go?
- Sony Group Corporation reported a strong financial performance for the latest quarter with record sales and operating income figures.
- Sales from continuing operations increased by 5% year-on-year to JPY 3,107.9 billion, with a 10% rise in operating income to JPY 429 billion.
- Net income rose by 7% to JPY 311.4 billion.
Asia-Pac M&A Weekly Wrap: Toyota Inds, Predictive Discovery, Jinke Smart Services, Meilan Airport
- I tally 38 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
- Just one new deal was discussed on Smartkarma this week: Raksul Inc (4384 JP).
- Key updates/news also took place on Toyota Industries (6201 JP),Predictive Discovery (PDI AU), Jinke Smart Services (9666 HK), Hainan Meilan International Airport (357 HK), and Digital Holdings (2389 JP).
Nippon Steel: Ambition Raised, Returns Deferred
- FY26–30 plan lifts scale ambitions, but ¥6 tn capex and U.S. Steel integration keep free cash flow negative through FY26.
- U.S. Steel synergies shift to FY27–28 amid labor, regulatory, and spread pressures, delaying ROCE recovery toward the 9–10% target.
- Look cheap on NTM multiples, but elevated leverage, FX sensitivity, and sub-8% forward ROCE limit near-term re-rating.
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