Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Yesterday after the close, <a href="https://www.smartkarma.com/entities/nissin-corp" target="_blank" data-smartkarma-citation="entities:12749:1" rel="noopener">Nissin Corp (9066 JP)</a> announced earnings (down vs last year), guidance (back up partway to last year), and a sale of securities to raise ¥6+bn.</li>
<li>Nissin also announced an employee share incentive plan (¥900mm) and an adjustment to its MTMP from Apr24 to Mar27. Much lower revenues. Same OP. Higher net. Higher Div Payout ratio.</li>
<li>They also announced a really big buyback which should be done by the time people read this. It is really big.</li>
</ul>


Yesterday after the close, Nissin Corp (9066 JP) announced earnings (down vs last year), guidance (back up partway to last year), and a sale of securities to raise ¥6+bn.
Nissin also announced an employee share incentive plan (¥900mm) and an adjustment to its MTMP from Apr24 to Mar27. Much lower revenues. Same OP. Higher net. Higher Div Payout ratio.
They also announced a really big buyback which should be done by the time people read this. It is really big.


Nissin (9066) - Super Big Buyback Race-Walks the Governance Walk - Super Cheap Logistics Biz

Focus on Smaller Cap Value Names, Altay Capital

Altay Capital

Focus on Smaller Cap Value Names

Long time value investor. Long/Short portfolio that’s always net long (between 30-80%). I have extensive experience in the video game industry as I founded a leading media company in the space, which I have since exited after an acquisition. Gaming companies only make up ~15% of my portfolio, but its a sector where I believe I have an edge. A newsletter about value investing! Mostly focus on smaller cap value names that aren't widely covered.

Equity Bottom-Up

<ul><li>Nissin Corp (TYO 9066) bought back 23.6% of their outstanding shares in a single day on May 10th and also doubled their dividend.</li><li>The result? The stock went up about 39% (up 72% YTD).</li><li>I already had a full sized position in Nissin Corp and despite being up big on it I added to my position at ¥4,265.</li></ul>

Nissin Corp (TYO 9066) bought back 23.6% of their outstanding shares in a single day on May 10th and also doubled their dividend.The result? The stock went up about 39% (up 72% YTD).I already had a full sized position in Nissin Corp and despite being up big on it I added to my position at ¥4,265.

Nissin Corp (9066) - A Dirt Cheap $400m JP Logistics Company...

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/kagome-co-ltd" target="_blank" data-smartkarma-citation="entities:14533:1" rel="noopener">Kagome Co Ltd (2811 JP)</a> aims to raise around US$140m to repay debt used to fund the acquisition of Ingomar in Jan 2024.</li>
<li>At the time of the acquisition, the company has stated its intention to part finance the acquisition via issuance of treasury shares</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Kagome Co Ltd (2811 JP) aims to raise around US$140m to repay debt used to fund the acquisition of Ingomar in Jan 2024.
At the time of the acquisition, the company has stated its intention to part finance the acquisition via issuance of treasury shares
In this note, we will talk about the placement and run the deal through our ECM framework.


Kagome Placement - Very Well Flagged Deal but Liquidity Might Be a Concern

David Blennerhassett

<ul>
<li>KKR's Offer for <a href="https://www.smartkarma.com/entities/alps-logistics-co-ltd" target="_blank" data-smartkarma-citation="entities:3935:1" rel="noopener">Alps Logistics (9055 JP)</a> is a knock-out price. HUGE MINORITY WIN. This trades a little wide because the "gap risk" is so large, but it's still safe.</li>
<li>It's reasonable to expect the listing of various components of <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a> other than in HK, would (should) be hugely accretive; for those investors who can (or may) participate.</li>
<li>
<a href="https://www.smartkarma.com/entities/hankook-tire-technology" target="_blank" data-smartkarma-citation="entities:20031:1" rel="noopener">Hankook Tire &amp; Technology (161390 KS)</a> seeks a controlling stake in <a href="https://www.smartkarma.com/entities/hanon-systems" target="_blank" data-smartkarma-citation="entities:11506:1" rel="noopener">Hanon Systems (018880 KS)</a>.</li>
</ul>


KKR's Offer for Alps Logistics (9055 JP) is a knock-out price. HUGE MINORITY WIN. This trades a little wide because the "gap risk" is so large, but it's still safe.
It's reasonable to expect the listing of various components of L'Occitane (973 HK) other than in HK, would (should) be hugely accretive; for those investors who can (or may) participate.

Hankook Tire &amp; Technology (161390 KS) seeks a controlling stake in Hanon Systems (018880 KS).


Last Week in Event SPACE: Alps Logistics, L'Occitane, Hanon Systems, Perpetual Ltd

Thematic (Sector/Industry)

<ul><li>Generated with AI While Japanese stocks have had a banner 2023 and are off to a good start in 2024, the opportunity in Japan remains compelling.</li><li>Especially in the dirt cheap small cap space.</li><li>You can still buy net-nets with 20 years of net income profitability for under 9x earnings , Nichia Steel (TYO 5658) remains a double net-net , and even non net-nets like Nissin (TYO 9066) which announced a big buyback (18% of outstanding shares) trade at 0.</li></ul>

Generated with AI While Japanese stocks have had a banner 2023 and are off to a good start in 2024, the opportunity in Japan remains compelling.Especially in the dirt cheap small cap space.You can still buy net-nets with 20 years of net income profitability for under 9x earnings , Nichia Steel (TYO 5658) remains a double net-net , and even non net-nets like Nissin (TYO 9066) which announced a big buyback (18% of outstanding shares) trade at 0.

Japan

NISSIN CORPORATION is a transport company.  The Company provides port-harbor, land, air transport services, and warehousing.  Nissin has operation bases overseas including the United States, China, Europe, and Russia.

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Nissin Corp (9066 JP)

Nissin (9066) - Super Big Buyback Race-Walks the Governance Walk - Super Cheap Logistics Biz

This stock is still a Buy Opportunity. Post 23+% buyback, the DOE dividend yield is 5.3% here. The combination of cash+securities+lease assets+PBO...

Travis Lundy

Nissin Corp (9066) - A Dirt Cheap $400m JP Logistics Company...

Nissin Corp (TYO 9066) bought back 23.6% of their outstanding shares in a single day on May 10th and also doubled their dividend. The result? The...

Altay Capital

Kagome Placement - Very Well Flagged Deal but Liquidity Might Be a Concern

Kagome Co Ltd (2811 JP) aims to raise around US$140m to repay debt used to fund the acquisition of Ingomar in Jan 2024. In this note, we run the...

Sumeet Singh

Last Week in Event SPACE: Alps Logistics, L'Occitane, Hanon Systems, Perpetual Ltd

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

Japanese Reforms Slowly Kicking In

Generated with AI While Japanese stocks have had a banner 2023 and are off to a good start in 2024, the opportunity in Japan remains compelling.

Altay Capital

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