Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>For this report we datamined autonomous driving technology (ADT) innovations.</li>
<li>Worldwide over the last decade the ADT sector has seen nearly 25% CAGR growth in patent filings, with over 40,000 patent family filings.</li>
<li>
<a href="https://www.smartkarma.com/entities/delphi-automotive-plc" target="_blank" data-smartkarma-citation="entities:20870:1" rel="noopener"><strong>Aptiv PLC (APTV US)</strong></a>, with a leadership position in several areas of ADT, strong financials, reasonable valuations and strategic partnerships stands out.  </li>
</ul>


For this report we datamined autonomous driving technology (ADT) innovations.
Worldwide over the last decade the ADT sector has seen nearly 25% CAGR growth in patent filings, with over 40,000 patent family filings.

Aptiv PLC (APTV US), with a leadership position in several areas of ADT, strong financials, reasonable valuations and strategic partnerships stands out.  


Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Coherent, SMCI, Entegris all posting solid gains, while Skyworks priced in its poor outlook for its Apple biz.</li>
<li>Monolithic as much as +19% post market setting a better tone for power/analog semi related. Renesas +12.6% yesterday also.</li>
<li>Tokyo Electron numbers mixed but positive overall and any weakness at the open a good chance for dip buying.</li>
</ul>


Coherent, SMCI, Entegris all posting solid gains, while Skyworks priced in its poor outlook for its Apple biz.
Monolithic as much as +19% post market setting a better tone for power/analog semi related. Renesas +12.6% yesterday also.
Tokyo Electron numbers mixed but positive overall and any weakness at the open a good chance for dip buying.


Japan Morning Connection: Mixed Read from the US but Direction Pointing Higher

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fujitsu-general-ltd" target="_blank" data-smartkarma-citation="entities:2025:1" rel="noopener">Fujitsu General (6755 JP)</a> announced a preconditional tender offer from Paloma Rheem Holdings Co at JPY2,808 per share, a 23.5% premium to the last close.</li>
<li>The offer, which is preconditional on regulatory approvals and will open in early July, is attractive compared to historical trading ranges and peer multiples.</li>
<li>The process is lacking as Fujitsu declined to conduct an auction. The offer is below the midpoint of the IFA DCF valuation range, and the Board requested price.</li>
</ul>



Fujitsu General (6755 JP) announced a preconditional tender offer from Paloma Rheem Holdings Co at JPY2,808 per share, a 23.5% premium to the last close.
The offer, which is preconditional on regulatory approvals and will open in early July, is attractive compared to historical trading ranges and peer multiples.
The process is lacking as Fujitsu declined to conduct an auction. The offer is below the midpoint of the IFA DCF valuation range, and the Board requested price.


Fujitsu General (6755 JP): Fujitsu (6702 JP) Supports a Light Tender Offer

<ul>
<li>On 31 October, in response to an FT article, <a href="https://www.smartkarma.com/entities/fujitec-co-ltd" target="_blank" data-smartkarma-citation="entities:11686:1" rel="noopener">Fujitec Co Ltd (6406 JP)</a> confirmed that it has received a preliminary non-binding proposal, which the special committee is reviewing.</li>
<li>Fujitec’s shareholder register and relative underperformance compared to its Japanese peers make it ripe for a bid. Potential bidders could include PE and trade buyers.</li>
<li>The TK Elevator takeout multiple would imply a Fujitec offer price of JPY6,100-7,500, a 10.2%-35.6% premium to the last close of JPY5,533.</li>
</ul>


On 31 October, in response to an FT article, Fujitec Co Ltd (6406 JP) confirmed that it has received a preliminary non-binding proposal, which the special committee is reviewing.
Fujitec’s shareholder register and relative underperformance compared to its Japanese peers make it ripe for a bid. Potential bidders could include PE and trade buyers.
The TK Elevator takeout multiple would imply a Fujitec offer price of JPY6,100-7,500, a 10.2%-35.6% premium to the last close of JPY5,533.


Fujitec (6406 JP): Evaluating a Potential Privatisation

Japan Specialist

Mark Chadwick

<ul>
<li>Japanese equities experienced a mixed but ultimately positive week, with the Nikkei 225 advancing 0.4% and the Topix up 1%</li>
<li>The BOJ kept its target rate at 0.25% but signalled a hawkish stance, with Governor Ueda not ruling out a rate hike in December should inflation pressures persist</li>
<li>Outlook for the coming week: Japan politics, Japanese corporate earnings, and US presidential election.</li>
</ul>


Japanese equities experienced a mixed but ultimately positive week, with the Nikkei 225 advancing 0.4% and the Topix up 1%
The BOJ kept its target rate at 0.25% but signalled a hawkish stance, with Governor Ueda not ruling out a rate hike in December should inflation pressures persist
Outlook for the coming week: Japan politics, Japanese corporate earnings, and US presidential election.


Japan

Mitsubishi Electric Corporation develops, manufactures, and markets electronic equipment.  The Company's products include industrial machinery, heavy electric machinery, data communications systems, electronic devices, and consumer electronics.

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Mitsubishi Electric (6503 JP)

Autonomous Driving Leadership Landscape

Autonomous driving tech seeing surge in innovations to make journeys safer, more efficient, and intelligent. Welcome to the future of mobility.

Pyari Menon

Japan Morning Connection: Mixed Read from the US but Direction Pointing Higher

Skyworks priced in poor outlook for its Apple business. Market sets a better tone for power/anolog semi related. Any weakness in Tokyo Electron a...

Andrew Jackson

Fujitsu General (6755 JP): Fujitsu (6702 JP) Supports a Light Tender Offer

Due to the lack of an auction, the offer being below the midpoint of the IFA DCF valuation range, and the Board's requested price, a competing bid...

Arun George

Fujitec (6406 JP): Evaluating a Potential Privatisation

Fujitec is evaluating a preliminary non-binding proposal. Fujitec’s shareholder register makes it ripe for a bid. Potential bidders could include...

Arun George

Japan Weekly | A Pivotal Week Ahead

Japanese equities saw a modest gain, BOJ hints at possible rate hike, upcoming week to focus on Japan politics, corporate earnings, and US election.

Mark Chadwick

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Autonomous Driving Leadership Landscape

Autonomous driving tech seeing surge in innovations to make journeys safer, more efficient, and intelligent. Welcome to the future of mobility.

Pyari Menon

Japan Morning Connection: Mixed Read from the US but Direction Pointing Higher

Skyworks priced in poor outlook for its Apple business. Market sets a better tone for power/anolog semi related. Any weakness in Tokyo Electron a...

Andrew Jackson

Fujitsu General (6755 JP): Fujitsu (6702 JP) Supports a Light Tender Offer

Due to the lack of an auction, the offer being below the midpoint of the IFA DCF valuation range, and the Board's requested price, a competing bid...

Arun George

Fujitec (6406 JP): Evaluating a Potential Privatisation

Fujitec is evaluating a preliminary non-binding proposal. Fujitec’s shareholder register makes it ripe for a bid. Potential bidders could include...

Arun George

Japan Weekly | A Pivotal Week Ahead

​Japanese equities saw a modest gain, BOJ hints at possible rate hike, upcoming week to focus on Japan politics, corporate earnings, and US election.

Mark Chadwick

Japanese equities saw a modest gain, BOJ hints at possible rate hike, upcoming week to focus on Japan politics, corporate earnings, and US election.