Daily BriefsJapan

Japan: Shinsei Bank, Sony Corp and more

In today’s briefing:

  • Flash Webinar | SBI’s Hostile Tender to Control Shinsei Bank
  • Shinsei Bank – Valuations
  • Conviction Call Sony – PlayStation Showcase Underlines Strength of Pipeline

Flash Webinar | SBI’s Hostile Tender to Control Shinsei Bank

By Smartkarma Research

In today’s flash webinar, Travis Lundy will discuss the hostile tender offer for Shinsei Bank (8303 JP) from SBI Holdings (8473 JP). Travis will go over the background and opportunities:

  • SBI has been building positions in regional banks with an apparent goal of creating a Super-Regional to compete with the big boys.
  • After creeping up to near 10% of Shinsei by end 2020 (having proposed an alliance the year before), and then from 10% to 20% in Q1 2021, SBI tried to oust 4 Shinsei directors in June. What started with guarded talks have become no talks, and SBI has launched a bid to own up to 48% of Shinsei.
  • Shinsei has options, but not great ones.
  • And this would change everything for shareholders.

The webinar will be hosted on Friday, 10/Sep/2021, 3.00pm SGT/HKT. It will be moderated by Lee Mitchell.


Shinsei Bank – Valuations

By Mio Kato

As SBI goes hostile on Shinsei Bank, Travis has covered the details on the tender here. In order to examine the potential resting place of Shinsei Bank shares after SBI Holdings’ tender concludes, we provide below a valuation comparison vs. a variety of peers.


Conviction Call Sony – PlayStation Showcase Underlines Strength of Pipeline

By Mio Kato

Overnight Sony held a PlayStation Showcase event which surprised to the upside in terms of the number and quality of titles on display. It further cemented Sony’s commitment to rolling out its own games on PC and the strategic implications for its first party studios also look intriguing.


Before it’s here, it’s on Smartkarma