Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

FUJI SOFT INCORPORATED is an independent software developer, specializing in communications and machine control software, business application software for bank and insurance companies, and operating system software.  Fuji Soft also installs, manages, and maintains computer systems.  The Company develops and sells word processing packaged software and also provides internet service.

<ul>
<li>On Friday 15 November, KKR <a href="https://media.kkr.com/news-details/?news_id=26de0602-31f5-4d37-9fd2-719e850dbe91&amp;type=1" target="_blank" rel="noopener">announced</a> it would launch KKR Tender2 to buy the rest of FujiSoft not purchased in KKR Tender1. Their new price is ¥1 higher than Bain's.</li>
<li>
<a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a> announced (J) it <a href="https://www.fsi.co.jp/company/news/2024/20241115_1.pdf" target="_blank" rel="noopener">supported the KKR2 Tender</a> and rejected the Bain TOB Proposal. KKR1 shareholders are "made whole" at ¥9,451/share. Minimum is 53.22%.</li>
<li>The document, however, is a Governance Disaster - an absolute shambles, effectively gaslighting investors at every turn. And now investors can see it was problematic from the start.</li>
</ul>


On Friday 15 November, KKR announced it would launch KKR Tender2 to buy the rest of FujiSoft not purchased in KKR Tender1. Their new price is ¥1 higher than Bain's.

Fuji Soft Inc (9749 JP) announced (J) it supported the KKR2 Tender and rejected the Bain TOB Proposal. KKR1 shareholders are "made whole" at ¥9,451/share. Minimum is 53.22%.
The document, however, is a Governance Disaster - an absolute shambles, effectively gaslighting investors at every turn. And now investors can see it was problematic from the start.


Fuji Soft (9749): KKR To Launch at ¥9,451, Fuji Soft REJECTS Bain's Bid - Governance in Shambles

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mnc-solution" target="_blank" data-smartkarma-citation="entities:44082:1" rel="noopener">MNC Solution (MNC KS)</a> MNC Solutions is looking to raise US$200m in its upcoming Korea IPO.</li>
<li>MNC Solutions (MNC) supplies high-precision control components for maritime and aviation weaponry, and travel devices for stabilization to the defense industry.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



MNC Solution (MNC KS) MNC Solutions is looking to raise US$200m in its upcoming Korea IPO.
MNC Solutions (MNC) supplies high-precision control components for maritime and aviation weaponry, and travel devices for stabilization to the defense industry.
In this note, we look at the firm’s past performance.


MNC Solutions Pre-IPO - Momentum Has Been Very Strong, Although Some Corp Gov Issues to Watch For

MS&AD Insurance Group Holdings, Inc. is a holding company established through reorganization of Mitsui Sumitomo Insurance Company, Limited.  The Group writes marine, fire, casualty, automobile, life, and allied insurance policies. MS&AD Insurance Group also operates financial services and agencies.

<ul>
<li>TSE-Listed companies are asked to file "Management Conscious of Capital Cost/Stock Price" awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.</li>
<li>Our tools show every report, links to every document, and now a new diff file tool. input a name, see the difference between the Old/New Reports. We hope it helps.</li>
<li>This tool is designed to be a shelf reference. We update it once a month, and every CorpGovReport and new "Management Conscious" report updated since a CGR update is here.</li>
</ul>


TSE-Listed companies are asked to file "Management Conscious of Capital Cost/Stock Price" awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.
Our tools show every report, links to every document, and now a new diff file tool. input a name, see the difference between the Old/New Reports. We hope it helps.
This tool is designed to be a shelf reference. We update it once a month, and every CorpGovReport and new "Management Conscious" report updated since a CGR update is here.


Japan CorpGovReport Details: TSE "Mgmt Conscious of Capital Cost/Stock Price" Details (Nov24)

Research on International Stock Ideas, Value Punks

Value Punks

Research on International Stock Ideas

Value Punks’ mission is to deliver institutional-grade research on international stock ideas in a digestible, reader-friendly format.

At Value Punks, we blend our background in traditional value-investing with an openness to embrace a constantly and rapidly evolving investment and business landscape.

Institutional-Grade Research

Equity Bottom-Up

The Walt Disney Company is an entertainment company that conducts operations in media networks, studio entertainment, theme parks and resorts, consumer products, and interactive media. The Company produces motion pictures, television programs, and musical recordings, as well as books and magazines.

<ul><li>A lot has happened since we published our Disney thesis back in February.</li><li>On the corporate front, Disney emerged victorious from its proxy battle with Nelson Peltz and managed to patch things up with Florida Governor Ron DeSantis.</li><li>In media, Disney posted its first streaming profit—ahead of schedule—and secured the NBA’s coveted “A Package,” though it came with a hefty price tag.</li></ul>

A lot has happened since we published our Disney thesis back in February.On the corporate front, Disney emerged victorious from its proxy battle with Nelson Peltz and managed to patch things up with Florida Governor Ron DeSantis.In media, Disney posted its first streaming profit—ahead of schedule—and secured the NBA’s coveted “A Package,” though it came with a hefty price tag.

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>PFC and BEML Sign MoU for Defence and Infrastructure Projects</li>
<li>Zee Entertainment Seeks Settlement with SEBI Over the Governance Issues</li>
<li>ONGC and BPCL Search for Global Partners to Build Greenfield Refineries</li>
</ul>


PFC and BEML Sign MoU for Defence and Infrastructure Projects
Zee Entertainment Seeks Settlement with SEBI Over the Governance Issues
ONGC and BPCL Search for Global Partners to Build Greenfield Refineries


# 66 India Insight: Power Finance & BEML MOU Zee Entertainment Governance Issue, ONGC & BPCL MOU

Corporate Governance
The slippery slope

Fuji Soft (9749): KKR To Launch at ¥9,451, Fuji Soft REJECTS Bain's Bid - Governance in Shambles

Fuji Soft announced Friday that it had accepted KKR's new bid at ¥9,451. They didn't ask Bain. Then they rejected Bain's bid as being "coercive"...

Travis Lundy

MNC Solutions Pre-IPO - Momentum Has Been Very Strong, Although Some Corp Gov Issues to Watch For

MNC Solution (MNC KS) MNC Solutions is looking to raise US$200m in its upcoming Korea IPO. In this note, we look at the firm’s past performance.

Clarence Chu

Japan CorpGovReport Details: TSE "Mgmt Conscious of Capital Cost/Stock Price" Details (Nov24)

The November Update to the TSE Name and Shame (they don't actually shame) list of Corporate Governance Disclosure on "Management Awareness of...

Travis Lundy

Revisiting the Disney Thesis

On the corporate front, Disney emerged victorious from its proxy battle with Nelson Peltz and managed to patch things up with Florida Governor Ron...

Value Punks

# 66 India Insight: Power Finance & BEML MOU Zee Entertainment Governance Issue, ONGC & BPCL MOU

Indian companies PFC, BEML, Zee Entertainment, ONGC, and BPCL are making strategic moves in defense, infrastructure, governance, and green energy...

Sudarshan Bhandari

Fuji Soft (9749): KKR To Launch at ¥9,451, Fuji Soft REJECTS Bain's Bid - Governance in Shambles

Fuji Soft announced Friday that it had accepted KKR's new bid at ¥9,451. They didn't ask Bain. Then they rejected Bain's bid as being "coercive"...

Travis Lundy

MNC Solutions Pre-IPO - Momentum Has Been Very Strong, Although Some Corp Gov Issues to Watch For

MNC Solution (MNC KS) MNC Solutions is looking to raise US$200m in its upcoming Korea IPO. In this note, we look at the firm’s past performance.

Clarence Chu

Japan CorpGovReport Details: TSE "Mgmt Conscious of Capital Cost/Stock Price" Details (Nov24)

The November Update to the TSE Name and Shame (they don't actually shame) list of Corporate Governance Disclosure on "Management Awareness of...

Travis Lundy

Revisiting the Disney Thesis

On the corporate front, Disney emerged victorious from its proxy battle with Nelson Peltz and managed to patch things up with Florida Governor Ron...

Value Punks

# 66 India Insight: Power Finance & BEML MOU Zee Entertainment Governance Issue, ONGC & BPCL MOU

​Indian companies PFC, BEML, Zee Entertainment, ONGC, and BPCL are making strategic moves in defense, infrastructure, governance, and green energy...

Sudarshan Bhandari

Indian companies PFC, BEML, Zee Entertainment, ONGC, and BPCL are making strategic moves in defense, infrastructure, governance, and green energy...