Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

<p>Together with its strong half-year earnings today, at the lunch break Zensho Holdings announced a share buyback and a share swap for the remaining shares in subsidiary Coco’s.</p><p>The company beat its half-year forecast by 9.8% at the OP continuing, announced that it would repurchase 1m shares (149.95m outstanding excluding treasury stock) and offered to swap 0.67 shares of its own stock (¥2,378 at the close of the morning session)  for each share of Coco’s Japan (¥1,413 at the close of the morning session). The premium was thus about 12.8% vs. the morning close or 10.8% vs. the previous close. This looks light to us and we expand on this below.</p>

Together with its strong half-year earnings today, at the lunch break Zensho Holdings announced a share buyback and a share swap for the remaining shares in subsidiary Coco’s.The company beat its half-year forecast by 9.8% at the OP continuing, announced that it would repurchase 1m shares (149.95m outstanding excluding treasury stock) and offered to swap 0.67 shares of its own stock (¥2,378 at the close of the morning session)  for each share of Coco’s Japan (¥1,413 at the close of the morning session). The premium was thus about 12.8% vs. the morning close or 10.8% vs. the previous close. This looks light to us and we expand on this below.

Zensho – Turning Coco’s Into a Wholly Owned Subsidiary Looks Opportunistic

Japan

COCO'S JAPAN CO., LTD. operates family restaurant chain "COCO'S" in Tohoku, Kanto, and Tokai regions.  The Company also operates barbecue restaurants "TAKARAJIMA".  Coco's Japan has licensing agreement with Coco's Restaurants Inc. (USA)

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Coco'S Japan (9943 JP)

Zensho – Turning Coco’s Into a Wholly Owned Subsidiary Looks Opportunistic

Together with its strong half-year earnings today, at the lunch break Zensho Holdings announced a share buyback and a share swap for the remaining...

Mio Kato

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52-week Range

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