Japan Experts, Extraordinary Performance, Astris Advisory Japan

Astris Advisory Japan

Japan Experts, Extraordinary Performance

Our Corporate Advisory service is designed to give clients access to a wider range of investors. These include Japan specialists as well as global investors. The goal is to help achieve a fair equity valuation.

Equity Bottom-Up

<ul><li>Slower recovery in Industrial Equipment – Semiconductors suffered lower segment OP margin (6.7% Q2 FY3/24, 3.4% Q2 FY3/25), reflecting weakness in Industrial Equipment, poor sales mix, acute yen appreciation and a margin dilutive impact from Glosel.</li><li>In addition, we believe the normalizing order size has eroded operating leverage.</li><li>Consequently, slower-than-expected recovery in Semiconductors led to a full-year guidance OP downgrade. </li></ul>

Slower recovery in Industrial Equipment – Semiconductors suffered lower segment OP margin (6.7% Q2 FY3/24, 3.4% Q2 FY3/25), reflecting weakness in Industrial Equipment, poor sales mix, acute yen appreciation and a margin dilutive impact from Glosel.In addition, we believe the normalizing order size has eroded operating leverage.Consequently, slower-than-expected recovery in Semiconductors led to a full-year guidance OP downgrade. 

Macnica Holdings (3132 JP) - Slower Recovery in Semiconductors than Expected

<ul><li>In line with the company’s plan –Semiconductors saw a lower segment OP margin (7.3% Q1 FY3/24, 4.0% Q1 FY3/25) with a revenue decline in profitable Industrial (-34.8 YoY) due to weakness in the semiconductor market.</li><li>Compared to the previous quarter, the segment OP margin declined (5.4% Q1 FY3/24, 4.0% Q1 FY3/25) with poorer sales due to a higher contribution from less-profitable Memory.</li><li>However, the revenue decline in Industrial was less pronounced (-2.7% QoQ), a sign of bottoming out. </li></ul>

In line with the company’s plan –Semiconductors saw a lower segment OP margin (7.3% Q1 FY3/24, 4.0% Q1 FY3/25) with a revenue decline in profitable Industrial (-34.8 YoY) due to weakness in the semiconductor market.Compared to the previous quarter, the segment OP margin declined (5.4% Q1 FY3/24, 4.0% Q1 FY3/25) with poorer sales due to a higher contribution from less-profitable Memory.However, the revenue decline in Industrial was less pronounced (-2.7% QoQ), a sign of bottoming out. 

Macnica Holdings (3132 JP) - Q1 FY25 Results Update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today, <a href="https://www.smartkarma.com/entities/macnica-fuji-electronics-hol" target="_blank" data-smartkarma-citation="entities:26074:1" rel="noopener">Macnica Fuji Electronics Hol (3132 JP)</a> (Macnica Holdings) announced that it would launch a tender offer to buy 100% of <a href="https://www.smartkarma.com/entities/glosel-co-ltd" target="_blank" data-smartkarma-citation="entities:18515:1" rel="noopener">Glosel (9995 JP)</a>, a semiconductor trading company. </li>
<li>Glosel is special because it has three main assets. 1) 61% of net assets are inventory (&lt;3mo), 2) 34% of net assets are net receivables (&lt;3mos), 3) 8+% is securities.</li>
<li>For that, Glosel's Board decided 0.71x book was OK. Nah. The register is reasonably wide open, and this is a delayed start. Someone might get noisy, but &lt; 50/50 bet.</li>
</ul>


Today, Macnica Fuji Electronics Hol (3132 JP) (Macnica Holdings) announced that it would launch a tender offer to buy 100% of Glosel (9995 JP), a semiconductor trading company. 
Glosel is special because it has three main assets. 1) 61% of net assets are inventory (&lt;3mo), 2) 34% of net assets are net receivables (&lt;3mos), 3) 8+% is securities.
For that, Glosel's Board decided 0.71x book was OK. Nah. The register is reasonably wide open, and this is a delayed start. Someone might get noisy, but &lt; 50/50 bet.


Another Day Ending in Y, Another Low-Balled Takeover - This Time Glosel (9995)

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>
<a href="https://www.smartkarma.com/entities/elematec-corp" target="_blank" data-smartkarma-citation="entities:2866:1" rel="noopener">Elematec Corp (2715 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/toyota-tsusho-corp" target="_blank" data-smartkarma-citation="entities:13826:1" rel="noopener">Toyota Tsusho (8015 JP)</a> at JPY2,400, 41.4% premium to the undisturbed price of JPY1,697 (28 October).</li>
<li>The tender offer runs from 30 October to 11 December (30 business days), with payment commencing from 18 December. The offer represents an all-time high.</li>
<li>While the offer is below the midpoint IFA DCF range and implies a discount to peer multiples, it is attractive vs historical trading ranges. This is a done deal.</li>
</ul>



Elematec Corp (2715 JP) has recommended a tender offer from Toyota Tsusho (8015 JP) at JPY2,400, 41.4% premium to the undisturbed price of JPY1,697 (28 October).
The tender offer runs from 30 October to 11 December (30 business days), with payment commencing from 18 December. The offer represents an all-time high.
While the offer is below the midpoint IFA DCF range and implies a discount to peer multiples, it is attractive vs historical trading ranges. This is a done deal.


Elematec (2715 JP): Toyota Tsusho (8015 JP)’s JPY2,400 Tender Offer

David Blennerhassett

<ul>
<li>I tally 54 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three new deals discussed this week on Smartkarma (possible four): Offers for <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina (AWC AU)</a>, <a href="https://www.smartkarma.com/entities/superloop-ltd" target="_blank" data-smartkarma-citation="entities:23604:1" rel="noopener">Superloop (SLC AU)</a> &amp; <a href="https://www.smartkarma.com/entities/qantm-intellectual-property" target="_blank" data-smartkarma-citation="entities:24317:1" rel="noopener">Qantm Intellectual (QIP AU)</a>; <a href="https://www.smartkarma.com/entities/samsonite-international-sa" target="_blank" data-smartkarma-citation="entities:12790:1" rel="noopener">Samsonite (1910 HK)</a>'s <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR (1821 HK)</a>'s rumoured approaches. </li>
<li>Key updates took place on <a href="https://www.smartkarma.com/entities/apm-human-services-internation" target="_blank" data-smartkarma-citation="entities:34808:1" rel="noopener">APM Human Services Internation (APM AU)</a>, <a href="https://www.smartkarma.com/entities/adbri-ltd" target="_blank" data-smartkarma-citation="entities:20166:1" rel="noopener">Adbri (ABC AU)</a>, <a href="https://www.smartkarma.com/entities/csr-ltd" target="_blank" data-smartkarma-citation="entities:17380:1" rel="noopener">CSR Ltd (CSR AU)</a>, <a href="https://www.smartkarma.com/entities/weiqiao-textile-co" target="_blank" data-smartkarma-citation="entities:3690:1" rel="noopener">Weiqiao Textile Co (2698 HK)</a>, and <a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a>.</li>
</ul>


I tally 54 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals discussed this week on Smartkarma (possible four): Offers for Alumina (AWC AU), Superloop (SLC AU) &amp; Qantm Intellectual (QIP AU); Samsonite (1910 HK)'s ESR (1821 HK)'s rumoured approaches. 
Key updates took place on APM Human Services Internation (APM AU), Adbri (ABC AU), CSR Ltd (CSR AU), Weiqiao Textile Co (2698 HK), and Outsourcing Inc (2427 JP).


(Mostly) Asia-Pac M&A: Alumina, Superloop, Qantm, Samsonite, ESR, APM , Adbri, CSR, Outsourcing

Japan

Macnica Holdings, Inc. operates as a holding company of Macnica Inc. and Fuji Electronics Co Ltd. The Company imports, exports, and distributes electronic components such as semiconductor devices and ICs. Macnica Holdings conducts businesses in Japan.

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Macnica Holdings Inc (3132 JP)

Macnica Holdings (3132 JP) - Slower Recovery in Semiconductors than Expected

Semiconductors suffered lower segment OP margin (6.7% Q2 FY3/24, 3.4% Q2 FY3/25), reflecting weakness in Industrial Equipment

Astris Advisory Japan

Macnica Holdings (3132 JP) - Q1 FY25 Results Update

Compared to the previous quarter, the segment OP margin declined (5.4% Q1 FY3/24, 4.0% Q1 FY3/25) with poorer sales due to a higher contribution...

Astris Advisory Japan

Another Day Ending in Y, Another Low-Balled Takeover - This Time Glosel (9995)

Glosel earns a low ROE on running too high an inventory and net receivables balance. That's all the company is. Now it will be bought at 0.71x book...

Travis Lundy

Elematec (2715 JP): Toyota Tsusho (8015 JP)’s JPY2,400 Tender Offer

While the offer is below the midpoint IFA DCF range and implies a discount to peer multiples, it is attractive vs historical trading ranges (it...

Arun George

(Mostly) Asia-Pac M&A: Alumina, Superloop, Qantm, Samsonite, ESR, APM , Adbri, CSR, Outsourcing

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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