Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On 28 Feb, the Nikkei <a href="https://asia.nikkei.com/Business/Business-deals/Mitsubishi-readies-sale-of-stake-in-KFC-restaurant-chain-in-Japan" target="_blank" rel="noopener">reported</a> (an article I missed) <a href="https://www.smartkarma.com/entities/mitsubishi-corp" target="_blank" data-smartkarma-citation="entities:20668:1" rel="noopener">Mitsubishi Corp (8058 JP)</a> would seek to unload its 35% stake in <a href="https://www.smartkarma.com/entities/kfc-holdings-japan-ltd" target="_blank" data-smartkarma-citation="entities:12358:1" rel="noopener">Kfc Holdings Japan (9873 JP)</a> </li>
<li>The stock popped, then continued to rise further. After the close Friday, the Nikkei <a href="https://asia.nikkei.com/Business/Business-deals/Carlyle-nears-deal-to-buy-KFC-Japan-s-shares-from-Mitsubishi-Corp" target="_blank" rel="noopener">reported</a> MitCorp was close to a deal with Carlyle. A deal is apparently expected imminently.</li>
<li>I expect this could be a "Split Price Deal" (like Hitachi Transport and Pasona).</li>
</ul>


On 28 Feb, the Nikkei reported (an article I missed) Mitsubishi Corp (8058 JP) would seek to unload its 35% stake in Kfc Holdings Japan (9873 JP) 
The stock popped, then continued to rise further. After the close Friday, the Nikkei reported MitCorp was close to a deal with Carlyle. A deal is apparently expected imminently.
I expect this could be a "Split Price Deal" (like Hitachi Transport and Pasona).


Carlyle Reportedly To Buy KFC Japan (9873) From MitCorp (8058) - Deal Likely Imminent

Research from Mita Securities, Mita Securities

Mita Securities

Research from Mita Securities

Mita Securities provides a full scale diversified investment banking and financial services. A comprehensive investment banking department, specializes in rights offerings advisory, take-over bids agents, M&A etc. Including a proprietary trading desk, and wealth management department that offers brokerage, custody, real estate, and full proxy services.

Equity Bottom-Up

<ul><li>Ohsho Food Service (9936, the company) disclosed monthly data for its company-owned stores in June (on a preliminary basis)</li><li>All-store sales of 6.609bn yen (109.0% vs. June 2021) were the record high for June.</li><li>In June, the company opened one new store (one company-owned store) and closed one store (one franchised store)</li></ul>

Ohsho Food Service (9936, the company) disclosed monthly data for its company-owned stores in June (on a preliminary basis)All-store sales of 6.609bn yen (109.0% vs. June 2021) were the record high for June.In June, the company opened one new store (one company-owned store) and closed one store (one franchised store)

Ohsho Food Service (9936): Price Hike Effect Continues; Record Sales for June

<ul><li>Although the company implemented price hikes on May 14, the guest count continues to be solid, which gives us a positive impression.</li><li>All-store sales of 7.384bn yen (120.3% vs. April 2021) were the record high for a single month. The company said that in-store dining sales recovered in a significant manner.</li><li>In May, the company opened two new stores (one company-owned store and one franchised store) and closed one store (one franchised store)</li></ul>

Although the company implemented price hikes on May 14, the guest count continues to be solid, which gives us a positive impression.All-store sales of 7.384bn yen (120.3% vs. April 2021) were the record high for a single month. The company said that in-store dining sales recovered in a significant manner.In May, the company opened two new stores (one company-owned store and one franchised store) and closed one store (one franchised store)

Ohsho Food Service (9936): Price Hikes Not Affecting Popularity; Record Sales in a Single Month

<ul><li>On May 16, Ohsho Food Service (9936, the company) announced FY3/22 full-year sales of 84.775bn yen (+5.1% YoY), OP of 6.959bn yen (+14.6% YoY), and RP of 13.024bn yen (+89.7% YoY)</li><li>4Q (Jan-Mar) OP was 1.938bn yen (+33.7% YoY; +6.0% QoQ), and OPM was 8.8% (7.2% in 4Q FY3/21; 8.2% in 3Q)</li><li>The company’s guidance for FY3/23 is sales of 90.029bn yen (+6.2% YoY), OP of 7.516bn yen (+8.0% YoY), OPM 8.3% (+0.1ppt YoY) and RP of 8.627bn yen (-33.8% YoY)</li></ul>

On May 16, Ohsho Food Service (9936, the company) announced FY3/22 full-year sales of 84.775bn yen (+5.1% YoY), OP of 6.959bn yen (+14.6% YoY), and RP of 13.024bn yen (+89.7% YoY)4Q (Jan-Mar) OP was 1.938bn yen (+33.7% YoY; +6.0% QoQ), and OPM was 8.8% (7.2% in 4Q FY3/21; 8.2% in 3Q)The company’s guidance for FY3/23 is sales of 90.029bn yen (+6.2% YoY), OP of 7.516bn yen (+8.0% YoY), OPM 8.3% (+0.1ppt YoY) and RP of 8.627bn yen (-33.8% YoY)

Ohsho Food Service (9936): OP Exceeds Our Forecast for Both FY3/22 Results and FY3/23 Guidance

<ul><li>All-store sales of 6.649bn yen (107.7% vs. April 2021) were the record high for April. In-store dining sales were 118.4% vs. April 2021, and delivery sales were 111.8% vs. April 2021.</li><li>In April, the company opened two new stores (two directly-owned stores) and closed one store (one franchised store)</li><li>The company announced that it would raise the retail price of approximately 20% of all items on its grand menu by 20 to 30 yen excluding tax, effective May 14</li></ul>

All-store sales of 6.649bn yen (107.7% vs. April 2021) were the record high for April. In-store dining sales were 118.4% vs. April 2021, and delivery sales were 111.8% vs. April 2021.In April, the company opened two new stores (two directly-owned stores) and closed one store (one franchised store)The company announced that it would raise the retail price of approximately 20% of all items on its grand menu by 20 to 30 yen excluding tax, effective May 14

Ohsho Food Service (9936): Solid Sales for April; Announced Price Hikes

Japan

OHSHO FOOD SERVICE CORP is a Kansai-based operator of Chinese restaurants.  The Company operates directly-run restaurants in Kansai, Chubu, and Kanto regions. Ohsho Food Service also wholesales food material to franchise stores.  The Company mainly sells noodle and gyoza dumpling.

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Ohsho Food Service (9936 JP)

Carlyle Reportedly To Buy KFC Japan (9873) From MitCorp (8058) - Deal Likely Imminent

The Nikkei reported two months ago that MitCorp would sell its 35% KFC Japan (9873) stake. Two months later, we may have a deal imminent.

Travis Lundy

Ohsho Food Service (9936): Price Hike Effect Continues; Record Sales for June

Ohsho Food Service (9936, the company) disclosed monthly data for its company-owned stores in June (on a preliminary basis)

Mita Securities

Ohsho Food Service (9936): Price Hikes Not Affecting Popularity; Record Sales in a Single Month

Although the company implemented price hikes on May 14, the guest count continues to be solid, which gives us a positive impression.

Mita Securities

Ohsho Food Service (9936): OP Exceeds Our Forecast for Both FY3/22 Results and FY3/23 Guidance

On May 16, Ohsho Food Service (9936, the company) announced FY3/22 full-year sales of 84.775bn yen (+5.1% YoY), OP of 6.959bn yen (+14.6% YoY), and...

Mita Securities

Ohsho Food Service (9936): Solid Sales for April; Announced Price Hikes

All-store sales of 6.649bn yen (107.7% vs. April 2021) were the record high for April. In-store dining sales were 118.4% vs. April 2021, and...

Mita Securities

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