Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>In late January, <a href="https://www.smartkarma.com/entities/daihatsu-diesel-mfg-co-ltd" target="_blank" data-smartkarma-citation="entities:12455:1" rel="noopener">Daihatsu Diesel Mfg (6023 JP)</a> announced its once/former parent would sell all its shares; in part to a private company in the industry and a 20% buyback.</li>
<li>The buyback - a below-market own-share tender offer - was priced low enough to be a big win. Accretion added to that. </li>
<li>Buyback Tender Results and External Changes signal overhang and opportunity. Either way, it's cheap, but good governance could make it even cheaper.</li>
</ul>


In late January, Daihatsu Diesel Mfg (6023 JP) announced its once/former parent would sell all its shares; in part to a private company in the industry and a 20% buyback.
The buyback - a below-market own-share tender offer - was priced low enough to be a big win. Accretion added to that. 
Buyback Tender Results and External Changes signal overhang and opportunity. Either way, it's cheap, but good governance could make it even cheaper.


Daihatsu Diesel (6023) Buyback Tender Results Signal Overhang and Opportunity

<ul>
<li>Yesterday, <a href="https://www.smartkarma.com/entities/daihatsu-diesel-mfg-co-ltd" target="_blank" data-smartkarma-citation="entities:12455:1" rel="noopener">Daihatsu Diesel Mfg (6023 JP)</a> announced that it would buy back shares in a Tender Offer and that its controlling "parent" would also sell shares to a private company.</li>
<li>The accretion is significant, and the shareholder structure changes significantly. It is not quite an Exedy-like situation though. The register changes but it doesn't clear. </li>
<li>But the backdrop is considerably different than the MTMP, and that means this smallcap is worth a closer look.</li>
</ul>


Yesterday, Daihatsu Diesel Mfg (6023 JP) announced that it would buy back shares in a Tender Offer and that its controlling "parent" would also sell shares to a private company.
The accretion is significant, and the shareholder structure changes significantly. It is not quite an Exedy-like situation though. The register changes but it doesn't clear. 
But the backdrop is considerably different than the MTMP, and that means this smallcap is worth a closer look.


Daihatsu Diesel's (6023) Big Buyback and Quasi Change of Control

Japan

Daihatsu Diesel Manufacturing Co., Ltd. manufactures marine-use propulsion and auxiliary diesel engines, stationary diesel engines, and industrial products such as aluminum wheels and automatic door closers for train cars. The Company also manages real estate leasing with properties ranging from office buildings to parking garages.

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Daihatsu Diesel Mfg (6023 JP)

Daihatsu Diesel (6023) Buyback Tender Results Signal Overhang and Opportunity

The Daihatsu Diesel tender offer is complete. There has been a pop on the idea of a US tax break for ship building which probably means little, but...

Travis Lundy

Daihatsu Diesel's (6023) Big Buyback and Quasi Change of Control

Since the announcement of a Tender to buy back nearly 20% of shares out at a discount, reducing net cash, and upping EPS by 25%, Daihatsu Diesel...

Travis Lundy

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