Daily Brief TMT/Internet: Koei Tecmo Holdings, Shibaura Electronics, Xiaomi, Samsung Electronics, SmartRent, Team17 Group PLC, Team Internet Group and more

• In December 2021, Koei Tecmo Holdings (3635 JP) announced a complex but lower-impact move to increase float share count in order to stay listed on TSE Prime.
• Scheme: buyback from two holders plus CB issuance. Unfortunately, shares did not rise enough to convert the CBs so as of March 2025, the tradable share criteria was not met.
• So now the two main holders are selling more shares and the company is diluting holders with new issuance to get float/tradable shares up with a US$280mm offering.

• Koei Tecmo Holdings (3635 JP) is looking to raise around US$270m from a primary and secondary placement.
• The deal is a large one to digest, representing 37.6 days of the stock’s three month ADV and 6.1% of the shares outstanding.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Yageo Corporation (2327 TT) has finally secured FEFTA approval for its JPY7,130 offer for Shibaura Electronics (6957 JP). The close of the tender offer has been extended to 18 September.
• The Board has opposed the Yageo offer due to synergies, dis-synergies and cultural differences. However, on 29 August, the Board’s update suggested a possible pathway to recommend Yageo’s offer.
• Despite Minebea Mitsumi (6479 JP)’s tendency to go against its declarations and increase its offer on several occasions, this time it is different. Minebea is likely to exit.

• In 2Q25, total revenue grew strongly by 30% YoY and the operating margin continued to improve.
• The market focuses on car deliveries, but IoT is the largest contributor to gross profits.
• We believe the stock has an upside of 45% for the year end 2026. Buy.

• In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in July and August 2025.
• We provide a list of 29 companies in the Korean stock market that have announced share buyback programs in July and August 2025.
• There were three companies with more than 1 trillion won in market cap that announced share buybacks in the past two months with at least 1% of outstanding shares.

Key points (machine generated)

• SmartRent, Inc. specializes in smart home automation for the rental housing industry and went public in August 2021 through a $2.2 billion merger.
• The company has expanded its product offerings and serves 15 of the top 20 multifamily property owners in the U.S.
• Despite growth, SmartRent’s stock has declined approximately 75% since a critical analysis published on January 30, 2024.

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