In today’s briefing:
- Tekscend Photomask (429A JP) IPO: TPX Add in Nov; Global Index: One in Feb; One in June
- [Japan M&A] Mitsubishi Logisnext (7105) – This Deal Looks Mighty Bad
- [Japan Event] Sony Financial (8729 JP) Overhang Hangs Over, Company Buys Back, ADR Selldown Awaits?
- Metaplanet (3350) | When the Bitcoin Flywheel Stops Spinning
- LG Chem: Announces a PRS Worth 2 Trillion Won Using Its Shares in LG Energy Solution as Base Asset
- Jardine Matheson (JML SP): Additional Office Recycling Speculated
- Quiddity JPX-Nikkei 400 Rebal 2026: End-Sep 2025 Ranks
- Korean Holdcos Vs Opcos Gap Trading Opportunities in 4Q 2025
- Soft99 Corp (4464 JP): Hope and Despair as the MBO Close Extended
- LG Electronics India IPO: Big Market Cap, Small Float -> Small Passive Flows
Tekscend Photomask (429A JP) IPO: TPX Add in Nov; Global Index: One in Feb; One in June
- Tekscend Photomask (429A JP)‘s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 16 October.
- At the top end of the IPO range at JPY 3000/share, Tekscend Photomask (429A JP) will be valued at JPY 298bn (US$2bn).
- The stock should be added to the TOPIX INDEX at the close on 27 November while inclusion in global indices should take place in February and June.
[Japan M&A] Mitsubishi Logisnext (7105) – This Deal Looks Mighty Bad
- JIP and MitHeavy have announced a takeunder to buy out MitHeavy sub Mitsubishi Logisnext Co., Ltd. (7105 JP) at a weighted average price 42% lower than Target Advisor DCF range midpoint.
- No/Minimal transparency. A sales process interrupted by Trump tariffs, leaving one low-ball bidder. And the sellers goes ahead with it BUT gets to reinvest on the back end. You don’t.
- The Board “supports” the Tender Offer, but leaves it to the opinion of the shareholders as to whether they tender. MitHeavy has 64.4% already so that basically gets done. But…
[Japan Event] Sony Financial (8729 JP) Overhang Hangs Over, Company Buys Back, ADR Selldown Awaits?
- Sony Financial Group (8729 JP) listed on Monday with a “Reference Price of ¥150. It opened at ¥205, quickly running to ¥210, then fell to ¥198 by lunch. Close? ¥173.8.
- That got a big ToSTNeT-3 buyback at ¥173.8. It traded lower on Day 2, closing at ¥164. Then lower still on Weds with another TN-3 buyback now ¥159.4.
- Neither buyback was full. SFGI has bought back 124mm shares. But the stock has fallen hard. ADRs/ADSs start trading Tuesday. That could see more selling.
Metaplanet (3350) | When the Bitcoin Flywheel Stops Spinning
- Equity-Funded Bitcoin accumulation stalls, as Metaplanet’s share price and mNAV collapse, closing the window for reflexive BTC yield growth
- BIG trading desk delivers outsized returns, but sustainability remains uncertain amid falling Bitcoin volatility and rising funding obligations.
- Phase II pivots toward platform ambitions, signalling a shift from accumulation to architecture, and potentially, from treasury to Bitcoin bank.
LG Chem: Announces a PRS Worth 2 Trillion Won Using Its Shares in LG Energy Solution as Base Asset
- LG Chem announced that it plans to complete a price return swap worth about 2 trillion won (US$1.4 billion) using its stake in LG Energy Solution as the base asset.
- This 2 trillion won PRS is likely to have a slightly positive impact on LG Chem and slightly negative impact on LG Energy Solution.
- Our NAV valuation of LG Chem suggests implied NAV per share of 369,187 won, which is 31% higher than current levels.
Jardine Matheson (JML SP): Additional Office Recycling Speculated
- The prior MO for the Jardines group was never sell your commercial buildings. This year marks a paradigm shift in that line of thinking.
- First Hongkong Land (HKL SP) sold nine floors of One Exchange Square to HKEX (388 HK). The first such sale since 1988.
- Now Mandarin Oriental (MAND SP) is negotiating the sale of “certain office space” at One Causeway Bay. Jardine Matheson (JM SP)‘s NAV discount and implied stub are at 12-month lows/highs.
Quiddity JPX-Nikkei 400 Rebal 2026: End-Sep 2025 Ranks
- JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
- The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
- Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2026 based on trading data as of end-September 2025.
Korean Holdcos Vs Opcos Gap Trading Opportunities in 4Q 2025
- In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 4Q 2025.
- This was a STRONG REVERSAL of the relative share price performances of these 38 pairs in 3Q 2025 versus in 2Q 2025.
- We provide four holdco/opco pairs that have experienced noticeable divergence in the past three months and we expect closing of their gaps could occur in the next several weeks
Soft99 Corp (4464 JP): Hope and Despair as the MBO Close Extended
- Soft99 Corp (4464 JP) announced that the close of the MBO offer period has been extended from 2 to 17 October. There are two key takeaways from the announcement.
- First, KeePer has not yet tendered its shares, despite providing an irrevocable. Second, the non-KeePer acceptances have increased from 6,108,200 shares on September 18 to 6,598,149 shares on October 2.
- The chances that KeePer accepts the Effissimo offer have increased. However, the current non-KeePer acceptances of the MBO make it highly challenging for Effissimo to succeed. Take profits.
LG Electronics India IPO: Big Market Cap, Small Float -> Small Passive Flows
- LG Electronics India (123D IN) is looking to list on the exchanges by selling 101.8m shares at a valuation of US$8.7bn and raising around US$1.3bn in its IPO.
- The new valuation is around 24% lower than the rumoured valuation at the time of the DRHP filing last December.
- The stock will not get Fast Entry to global indices. Inclusion at regular rebalances will commence in June 2026 but flow will be small given the low float.
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