In today’s briefing:
- [Japan M&A] Yutaka Giken (7229 JP) TOB – Possibly the Most Offensively Low TOB Price I’ve Ever Seen
- ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery
- Silver in Focus: Global Deficits, Japan’s Reliance, and Dowa’s Hidden Leverage
- Olympus Corp (7733 JP): Concerns Remain; Green Shoots Appear; Better To Wait and Watch
[Japan M&A] Yutaka Giken (7229 JP) TOB – Possibly the Most Offensively Low TOB Price I’ve Ever Seen
- Honda Motor (7267 JP) and Samvardhana Motherson International Ltd (MOTHERSO IN) have arranged to buy Honda’s 69.7%-owned subsidiary Yutaka Giken (7229 JP) in a Tender Offer.
- The transaction structure means Motherson buys Yutaka for less than net cash but even assuming Motherson pay minority TOB price for everything, TOB ex-net cash = 0.05x PBR, <1x EBITDA.
- But they are paying less. They are paying ¥12.4bn less than net cash, and getting the other ¥58bn of net assets (¥23bn inventory, the rest in hard assets) for free.
ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, a number of company’s appear to be lining up to launch their IPOs in the coming month.
- On the placements front, there were a number of large deals across the region.
Silver in Focus: Global Deficits, Japan’s Reliance, and Dowa’s Hidden Leverage
- Silver has rallied nearly 40% over the past year, outpacing other precious metals on the back of record industrial demand and renewed investor flows.
- Persistent structural deficits, led by solar PV and EVs, point to a supportive multi-year backdrop even if investment flows remain volatile.
- For Japan, Dowa Holdings’ 30% stake in Los Gatos offers the only meaningful listed exposure to primary silver mining, with earnings leverage that is underappreciated by the market.
Olympus Corp (7733 JP): Concerns Remain; Green Shoots Appear; Better To Wait and Watch
- Olympus Corp (7733 JP) witnessed revenue decline of 12% YoY to ¥206.5B (down 7% on Fx neutral) in Q1FY26 due to a high base effect coupled with delayed purchase decisions.
- The company revised full-year forecasts mainly due to the impact of the U.S. tariffs and FDA import alerts.
- Olympus entered into an agreement with Revival Healthcare Capital forming a joint venture company named Swan EndoSurgical, dedicated to developing an innovative endoluminal robotic system for less invasive therapeutic treatments.
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