Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Keisei Electric Railway Co / Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a></strong> gained 13.8% yesterday on news that activist investor Murakami-san had acquired a stake.</li>
<li>Preceding my comments on Keisei Electric are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Keisei Electric Railway Co (9009 JP) gained 13.8% yesterday on news that activist investor Murakami-san had acquired a stake.
Preceding my comments on Keisei Electric are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Keisei Electric's Big Gain On Activist Stake News

Travis Lundy

<ul>
<li>13mos ago, activist investor Palliser Capital spoke at a conference about the value offered by <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> due to its large stake in Oriental Land (4661). </li>
<li>Keisei outperformed OLC by 30% over 3.5mos. Then it fell all the way back, and more, over the next five months. Asset sale, buyback, AGM proposals. Meh. </li>
<li>Nov 25th, Toyo Keizai <a href="https://toyokeizai.net/articles/-/842158" target="_blank" rel="noopener">wrote</a> activist Murakami-san had acquired stakes of &lt;5% in <a href="https://www.smartkarma.com/entities/keikyu-corp" target="_blank" data-smartkarma-citation="entities:3371:1" rel="noopener">Keikyu Corp (9006 JP)</a> and &lt;1% in <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a>. Shares in both jumped.</li>
</ul>


13mos ago, activist investor Palliser Capital spoke at a conference about the value offered by Keisei Electric Railway Co (9009 JP) due to its large stake in Oriental Land (4661). 
Keisei outperformed OLC by 30% over 3.5mos. Then it fell all the way back, and more, over the next five months. Asset sale, buyback, AGM proposals. Meh. 
Nov 25th, Toyo Keizai wrote activist Murakami-san had acquired stakes of &lt;5% in Keikyu Corp (9006 JP) and &lt;1% in Keisei Electric Railway Co (9009 JP). Shares in both jumped.


[JAPAN ACTIVISM] Keisei Elec (9009) - Murakami Stake Causes Pop But the Oppty Is Still Unconvincing

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Tech strong despite market rotating out of NVDA, with EV related gaining on Cali plan.</li>
<li>Home builders surge on Bessent's nomination; expect a strong follow through for JP related plays.</li>
<li>Activists are on the hunt in Japan - how long before someone starts building a stake in Kyocera?</li>
</ul>


Tech strong despite market rotating out of NVDA, with EV related gaining on Cali plan.
Home builders surge on Bessent's nomination; expect a strong follow through for JP related plays.
Activists are on the hunt in Japan - how long before someone starts building a stake in Kyocera?


Japan Morning Connection: Time to Revisit the Most Bungled Conglomerate Left Standing?

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> rose 14% after reports that a fund linked to activist investor Murakami bought a stake, while Oriental Land also gained 2.9% in a volatile market.</li>
<li>Down 50% since February 2024, Keisei Electric seems to have limited downside risks. We believe its valuation could increase if Murakami’s stake leads to activism.</li>
<li>The long Keisei Electric, short <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a> trade could work well too, especially if Murakami’s activism and the risks to Oriental Land’s guidance materialize.</li>
</ul>



Keisei Electric Railway Co (9009 JP) rose 14% after reports that a fund linked to activist investor Murakami bought a stake, while Oriental Land also gained 2.9% in a volatile market.
Down 50% since February 2024, Keisei Electric seems to have limited downside risks. We believe its valuation could increase if Murakami’s stake leads to activism.
The long Keisei Electric, short Oriental Land (4661 JP) trade could work well too, especially if Murakami’s activism and the risks to Oriental Land’s guidance materialize.


Keisei Electric Jumps 14% on Reports of Murakami Stake

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>'s shareholders raised around US$2.4bn in its Japan IPO. </li>
<li>Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Tokyo Metro (9023 JP)'s shareholders raised around US$2.4bn in its Japan IPO. 
Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Tokyo Metro IPO Trading - Robust Demand for Quality Asset

Japan

Keikyu Corporation provides rail and bus mass transit services in Tokyo, Yokohama, and the Miura Peninsula.  The Company also has non-transportation interests including real estate development, hotel operation, leisure facilities and supermarket chain operation in the vicinity of its railway system.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Keikyu Corp (9006 JP)

StubWorld: Keisei Electric's Big Gain On Activist Stake News

Oriental Land (4661 JP) has announced a ToSTNeT-3 buyback of 18mm shares (0.99% of shares out),. Keisei will sell, yet will keep OLC as an equity...

David Blennerhassett

[JAPAN ACTIVISM] Keisei Elec (9009) - Murakami Stake Causes Pop But the Oppty Is Still Unconvincing

Toyo Keizai put out an article on Keisei based on a quote from a "market insider". Keisei shares popped 16% in 2 days. There's value, but less than...

Travis Lundy

Japan Morning Connection: Time to Revisit the Most Bungled Conglomerate Left Standing?

Tech strong despite market shift away from NVDA,. Home builders surge on Bessent's nomination, Kyocera ripe for activist involvement.

Andrew Jackson

Keisei Electric Jumps 14% on Reports of Murakami Stake

Activist investor Murakami's stake in Keisei Electric Railway leads to a 14% rise in share price, with potential for multiples to expand due to...

Oshadhi Kumarasiri

Tokyo Metro IPO Trading - Robust Demand for Quality Asset

Tokyo Metro (9023 JP)'s shareholders raised around US$2.4bn in its Japan IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

StubWorld: Keisei Electric's Big Gain On Activist Stake News

Oriental Land (4661 JP) has announced a ToSTNeT-3 buyback of 18mm shares (0.99% of shares out),. Keisei will sell, yet will keep OLC as an equity...

David Blennerhassett

[JAPAN ACTIVISM] Keisei Elec (9009) - Murakami Stake Causes Pop But the Oppty Is Still Unconvincing

Toyo Keizai put out an article on Keisei based on a quote from a "market insider". Keisei shares popped 16% in 2 days. There's value, but less than...

Travis Lundy

Japan Morning Connection: Time to Revisit the Most Bungled Conglomerate Left Standing?

​Tech strong despite market shift away from NVDA,. Home builders surge on Bessent's nomination, Kyocera ripe for activist involvement.

Andrew Jackson

Keisei Electric Jumps 14% on Reports of Murakami Stake

​Activist investor Murakami's stake in Keisei Electric Railway leads to a 14% rise in share price, with potential for multiples to expand due to...

Oshadhi Kumarasiri

Tokyo Metro IPO Trading - Robust Demand for Quality Asset

Tokyo Metro (9023 JP)'s shareholders raised around US$2.4bn in its Japan IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Tech strong despite market shift away from NVDA,. Home builders surge on Bessent's nomination, Kyocera ripe for activist involvement.

Activist investor Murakami's stake in Keisei Electric Railway leads to a 14% rise in share price, with potential for multiples to expand due to...