Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>You could label <a href="https://www.smartkarma.com/entities/kyocera-corp" target="_blank" data-smartkarma-citation="entities:753:1" rel="noopener">Kyocera Corp (6971 JP)</a>"BULLISH" because the stock goes up rather than down; but you could easily label this BEARISH because the prospects aren't exciting.</li>
<li>
<a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a>spins off <a href="https://www.smartkarma.com/entities/smithfield-foods-inc" target="_blank" data-smartkarma-citation="entities:44251:1" rel="noopener">Smithfield Foods (SFD US)</a> - below the prior expected price range.  Pricing looks full here.</li>
<li>As <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">China National Building Material (3323 HK)</a>'s Partial Offer heads towards the pointy end, do you buy, and/or borrow, and tender; short outright; or short tender?</li>
</ul>


You could label Kyocera Corp (6971 JP)"BULLISH" because the stock goes up rather than down; but you could easily label this BEARISH because the prospects aren't exciting.

WH Group (288 HK)spins off Smithfield Foods (SFD US) - below the prior expected price range.  Pricing looks full here.
As China National Building Material (3323 HK)'s Partial Offer heads towards the pointy end, do you buy, and/or borrow, and tender; short outright; or short tender?


Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

Travis Lundy

<ul>
<li>Today, in conjunction with the release of Q3 earnings, <a href="https://www.smartkarma.com/entities/kyocera-corp" target="_blank" data-smartkarma-citation="entities:753:1" rel="noopener">Kyocera Corp (6971 JP)</a> announced a change in its Corporate Governance Code doc, a change in Cross-holding Policy, and Buyback Policy.</li>
<li>Full-Year earnings guidance revision was non-salutary. Revs -1%, OP -69%, Net Profit -72% vs previous predictions from 30 October (those were -1.5%, -38.2%, -36.6% vs April guidance at the time). </li>
<li>Based on this disappointment, they announced they would speed up the sale of crossholdings and buy back shares this year and over the following three years.</li>
</ul>


Today, in conjunction with the release of Q3 earnings, Kyocera Corp (6971 JP) announced a change in its Corporate Governance Code doc, a change in Cross-holding Policy, and Buyback Policy.
Full-Year earnings guidance revision was non-salutary. Revs -1%, OP -69%, Net Profit -72% vs previous predictions from 30 October (those were -1.5%, -38.2%, -36.6% vs April guidance at the time). 
Based on this disappointment, they announced they would speed up the sale of crossholdings and buy back shares this year and over the following three years.


Kyocera (6971) - Changes Policies - Will Sell KDDI Faster and Buy Back Shares

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>EV price cuts in Europe impact used car market, while US industry faces tariffs</li><li>Kyocera to sell $1.27 billion in non-core business due to declining profits</li><li>Toyota and Nvidia collaborate at CES 2025 for AI alliance towards autonomous future</li></ul>

EV price cuts in Europe impact used car market, while US industry faces tariffsKyocera to sell $1.27 billion in non-core business due to declining profitsToyota and Nvidia collaborate at CES 2025 for AI alliance towards autonomous future

Tech Supply Chain Tracker (09-Jan-2025): 2025 used car markets: EU EV prices drop, US tariffs rise.

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

<ul><li>The range of ideas is broad. The smallest market cap is a $15MM Canadian micro-cap that is trading below its net cash, and the largest is an $25BN market cap online travel company that is gobbling up its own shares.</li><li>We have ideas profiled from Poland, Canada, India, Austria, Argentina, Italy, and of course, the United States.</li><li>The report will start with my personal favorite idea and then cover the additional ideas in alphabetical order.</li></ul>

The range of ideas is broad. The smallest market cap is a $15MM Canadian micro-cap that is trading below its net cash, and the largest is an $25BN market cap online travel company that is gobbling up its own shares.We have ideas profiled from Poland, Canada, India, Austria, Argentina, Italy, and of course, the United States.The report will start with my personal favorite idea and then cover the additional ideas in alphabetical order.

Japanese Turnaround Situations, Short-Ideas, Azabu Research

Michael Allen

Japanese Turnaround Situations, Short-Ideas

Azabu Research

Azabu Research is a publishing and consulting firm focused on distressed equities in the Japanese market. We specialize in turnaround strategies, corporate combinations, divestitures, and restructuring.

Publisher of the Tokyo Turnaround Letter, which conducts the most thorough research possible of publicly available information, including forensic tests for fraudulent overstatement of assets and understatement of liabilities, as well as rigorous market and industry analysis to assess the underlying strengths of the company’s products or services, the appropriateness of the company’s turnaround strategy, and the skill of its current management team. The average length of a report exceeds 25 pages of text and tables, excluding any disclosures or executive summaries.

We have more than 30 years of experience in applying this process to distressed equities in Japan. Additionally, subscribers have free access to detailed, yet easily navigated earnings models for the target company as well as the top five comparable companies, and unlimited access to the analyst for follow-up questions.

Azabu Research also conducts be-spoke research on a project basis, and provides consulting services to companies looking to restructure, divest, make acquisitions, go public, or improve investor sentiment toward their stock.

Independent Research and Consulting Firm

<ul>
<li>2025 will start with more attractive turnaround opportunities than we have seen in a long time. </li>
<li>An uptick in TOBs, MBOs and merger discussions makes it suddenly no longer safe to short low-PBR companies indiscriminately.</li>
<li>Investors are noticing. More than two-dozen large- and medium-cap stocks with deep discounts to the benchmark began to bounce off well-defined support levels in late December.</li>
</ul>


2025 will start with more attractive turnaround opportunities than we have seen in a long time. 
An uptick in TOBs, MBOs and merger discussions makes it suddenly no longer safe to short low-PBR companies indiscriminately.
Investors are noticing. More than two-dozen large- and medium-cap stocks with deep discounts to the benchmark began to bounce off well-defined support levels in late December.


Unloved Japan Round Up Jan. 3: Set Up for A Banner Year?

Japan

Kyocera Corporation manufacturers electronic equipment and components. The Company's products include telecommunication equipment, information equipment, optical equipment, ceramic products, semiconductor parts, chips, hybrid integrated circuits, thermal printheads, image sensors, liquid crystal displays, and connectors. Kyocera operates worldwide.

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Kyocera Corp (6971 JP)

Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Kyocera (6971) - Changes Policies - Will Sell KDDI Faster and Buy Back Shares

Yesterday, Kyocera announced it would accelerate plans to sell one-third of its KDDI stake to next two years from next five years. It will also buy...

Travis Lundy

Tech Supply Chain Tracker (09-Jan-2025): 2025 used car markets: EU EV prices drop, US tariffs rise.

Europe sees impact from EV price cuts, US faces tariffs; Kyocera sells off non-essential business, Toyota and Nvidia partner for autonomous future,...

Tech Supply Chain Tracker

Best Ideas of 2025

The range of ideas is broad. The smallest market cap is a $15MM Canadian micro-cap that is trading below its net cash, and the largest is an $25BN...

Richard Howe

Unloved Japan Round Up Jan. 3: Set Up for A Banner Year?

An uptick in TOBs, MBOs, and mergers creating the best environment for deep value turnarounds in a long time. Dozens of discounted stocks started...

Michael Allen

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52-week Range

Market Cap (USDm)

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Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Kyocera (6971) - Changes Policies - Will Sell KDDI Faster and Buy Back Shares

Yesterday, Kyocera announced it would accelerate plans to sell one-third of its KDDI stake to next two years from next five years. It will also buy...

Travis Lundy

Tech Supply Chain Tracker (09-Jan-2025): 2025 used car markets: EU EV prices drop, US tariffs rise.

Europe sees impact from EV price cuts, US faces tariffs; Kyocera sells off non-essential business, Toyota and Nvidia partner for autonomous future,...

Tech Supply Chain Tracker

Best Ideas of 2025

The range of ideas is broad. The smallest market cap is a $15MM Canadian micro-cap that is trading below its net cash, and the largest is an $25BN...

Richard Howe

Unloved Japan Round Up Jan. 3: Set Up for A Banner Year?

An uptick in TOBs, MBOs, and mergers​ creating the best environment for deep value turnarounds in a long time. Dozens of discounted stocks started...

Michael Allen

An uptick in TOBs, MBOs, and mergers creating the best environment for deep value turnarounds in a long time. Dozens of discounted stocks started...