Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Buy dips on the possibility that 3DIP would not agree to Bain. Otherwise, at ¥9,000 <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft (9749 JP)</a> is a buy, and at ¥9,500, it's probably a sell near-term.</li>
<li>Drilling down into its balance sheet uncovers additional value for <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a>; but not enough to move the needle</li>
<li>
<a href="https://www.smartkarma.com/entities/exedy-corp" target="_blank" data-smartkarma-citation="entities:6516:1" rel="noopener">Exedy Corp (7278 JP)</a> completed its buyback. Murakami Group bought more. The stock (pro-forma) is at 0.62x book, 0.54x book for the non-cash portion. There's LOTS of cash left.</li>
</ul>


Buy dips on the possibility that 3DIP would not agree to Bain. Otherwise, at ¥9,000 Fuji Soft (9749 JP) is a buy, and at ¥9,500, it's probably a sell near-term.
Drilling down into its balance sheet uncovers additional value for Jardine Matheson Holdings (JM SP); but not enough to move the needle

Exedy Corp (7278 JP) completed its buyback. Murakami Group bought more. The stock (pro-forma) is at 0.62x book, 0.54x book for the non-cash portion. There's LOTS of cash left.


Last Week in Event SPACE: Fuji Soft, Jardine Matheson, Exedy, Henderson

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>Murakami's entities, City Index Eleventh and Aya Nomura, reported a 5.06% position in <a href="https://www.smartkarma.com/entities/iriso-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:2801:1" rel="noopener">Iriso Electronics (6908 JP)</a>. The purchases were from 25 July to 13 August.</li>
<li>Murakami's average buy-in price over the last 60 days was JPY2,378.90 per share, a 7.8% discount to the last close price.</li>
<li>Murakami's disclosure suggests two possibilities: the start of an activist campaign or a short-term pump-and-dump play. The former is likely as Iriso is cash-rich with a P/B less than 1x.</li>
</ul>


Murakami's entities, City Index Eleventh and Aya Nomura, reported a 5.06% position in Iriso Electronics (6908 JP). The purchases were from 25 July to 13 August.
Murakami's average buy-in price over the last 60 days was JPY2,378.90 per share, a 7.8% discount to the last close price.
Murakami's disclosure suggests two possibilities: the start of an activist campaign or a short-term pump-and-dump play. The former is likely as Iriso is cash-rich with a P/B less than 1x.


Iriso Electronics (6908 JP): Murakami Becomes a Substantial Shareholder

<ul>
<li>Murakami's entities, City Index Eleventh and City Index Third, reported a 5.05% position in <a href="https://www.smartkarma.com/entities/piolax-inc" target="_blank" data-smartkarma-citation="entities:7637:1" rel="noopener">Piolax Inc (5988 JP)</a>. The purchases were from 11 June to 6 August over 60 days.</li>
<li>Murakami's average buy-in price over the last 60 days was JPY2,286.61 per share, a 0.7% discount to the last close price.</li>
<li>Murakami's disclosure suggests two possibilities: the start of an activist campaign or a short-term pump-and-dump play. The former is likely as Piolax is cash-rich with a P/B less than 1x.</li>
</ul>


Murakami's entities, City Index Eleventh and City Index Third, reported a 5.05% position in Piolax Inc (5988 JP). The purchases were from 11 June to 6 August over 60 days.
Murakami's average buy-in price over the last 60 days was JPY2,286.61 per share, a 0.7% discount to the last close price.
Murakami's disclosure suggests two possibilities: the start of an activist campaign or a short-term pump-and-dump play. The former is likely as Piolax is cash-rich with a P/B less than 1x.


Piolax (5988 JP): Murakami Becomes a Substantial Shareholder

<ul>
<li>Murakami's entity, City Index Eleventh, and daughter <a href="https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100U45I.pdf?sv=2020-08-04&amp;st=2024-07-29T08%3A22%3A26Z&amp;se=2029-07-30T15%3A00%3A00Z&amp;sr=b&amp;sp=rl&amp;sig=X40vp7lhAgBEyEZOwezOlfvKZ1e%2FyjZkQLMnZs1gx%2FI%3D" target="_blank" rel="noopener">reported</a> a 5.05% position in <a href="https://www.smartkarma.com/entities/heiwa-real-estate-co-ltd" target="_blank" data-smartkarma-citation="entities:749:1" rel="noopener">Heiwa Real Estate (8803 JP)</a>. The shares were purchased from 24 May to 22 July.</li>
<li>Murakami's average buy-in price is JPY3,907.38, a 6.7% discount to the last close price. Recently, Simplex (the previous largest shareholder) sold its entire stake to <a href="https://www.smartkarma.com/entities/taisei-co-ltd-aichi" target="_blank" data-smartkarma-citation="entities:3079:1" rel="noopener">Taisei Co Ltd (4649 JP)</a>.</li>
<li>Murakami's disclosure suggests two possibilities: the start of an activist campaign or a short-term pump-and-dump play. Recent precedents indicate the latter.</li>
</ul>


Murakami's entity, City Index Eleventh, and daughter reported a 5.05% position in Heiwa Real Estate (8803 JP). The shares were purchased from 24 May to 22 July.
Murakami's average buy-in price is JPY3,907.38, a 6.7% discount to the last close price. Recently, Simplex (the previous largest shareholder) sold its entire stake to Taisei Co Ltd (4649 JP).
Murakami's disclosure suggests two possibilities: the start of an activist campaign or a short-term pump-and-dump play. Recent precedents indicate the latter.


Heiwa Real Estate (8803 JP): Murakami Becomes a Substantial Shareholder

Travis Lundy

<ul>
<li>An interview in the <a href="https://www.nikkei.com/article/DGXZQOUC05BL30V00C24A7000000/" target="_blank" rel="noopener">Nikkei</a> of <a href="https://www.smartkarma.com/entities/koito-manufacturing-co-ltd" target="_blank" data-smartkarma-citation="entities:15841:1" rel="noopener">Koito Manufacturing (7276 JP)</a> CFO Takahito OTAKE offered the comment that Koito Mfg expected a shareholder return of 130% a year through March 2029.</li>
<li>The stock popped 19% after lunch on that comment, then fell back to end up 5.0%.</li>
<li>This is the same pop as we saw end-March. Then it was +24.6% and it stayed up the next day. Same reason for the pop. This was an echo.</li>
</ul>


An interview in the Nikkei of Koito Manufacturing (7276 JP) CFO Takahito OTAKE offered the comment that Koito Mfg expected a shareholder return of 130% a year through March 2029.
The stock popped 19% after lunch on that comment, then fell back to end up 5.0%.
This is the same pop as we saw end-March. Then it was +24.6% and it stayed up the next day. Same reason for the pop. This was an echo.


Koito Mfg (7276) Bounces The Same as It Bounced in March On the Same News - An Echo? Meh Again.

Japan

EXEDY Corporation manufactures drivetrain products for automobiles, industrial vehicles, and construction machinery.  The Company's products include manual clutches, torque converters, power shift transmissions, and hydraulic clutches. Exedy has its subsidiaries in South Korea, Australia, the US and the UK.

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Exedy Corp (7278 JP)

Last Week in Event SPACE: Fuji Soft, Jardine Matheson, Exedy, Henderson

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Iriso Electronics (6908 JP): Murakami Becomes a Substantial Shareholder

Murakami's disclosure suggests two possibilities: the start of an activist campaign or a short-term pump-and-dump play. The former is likely as...

Arun George

Piolax (5988 JP): Murakami Becomes a Substantial Shareholder

Murakami's disclosure suggests two possibilities: the start of an activist campaign or a short-term pump-and-dump play. The former is likely as...

Arun George

Heiwa Real Estate (8803 JP): Murakami Becomes a Substantial Shareholder

Murakami's disclosure suggests two possibilities: the start of an activist campaign or a short-term pump-and-dump play. Recent precedents indicate...

Arun George

Koito Mfg (7276) Bounces The Same as It Bounced in March On the Same News - An Echo? Meh Again.

Koito Mfg popped 19% today on an interview with the CFO showing as a headline in the Nikkei. The contents? The MTMP from 9 weeks ago and the end...

Travis Lundy

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