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

Equity Analyst, LightStream Research

Chacko Jacob

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/14630" target="_blank" data-smartkarma-citation="entities:14630:1">Yoshinoya Holdings (9861 JP)</a> is the second largest chain of beef bowl restaurants in Japan after <a href="https://www.smartkarma.com/entities/4586" target="_blank" data-smartkarma-citation="entities:4586:1">Zensho Holdings (7550 JP)</a> (Sukiya). The company has adopted a number of strategies in recent years to diversify its offerings and expand its overseas base. We look at some of these strategies and offer our outlook on the company. And since we already cover Zensho, we also provide our pick between the two.

Yoshinoya Holdings (9861 JP) is the second largest chain of beef bowl restaurants in Japan after Zensho Holdings (7550 JP) (Sukiya). The company has adopted a number of strategies in recent years to diversify its offerings and expand its overseas base. We look at some of these strategies and offer our outlook on the company. And since we already cover Zensho, we also provide our pick between the two.

Yoshinoya (9861 JP): Poor Returns From Overseas Investments Obscure Changes to Menu and Kitchen Tech

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Thematic (Sector/Industry)

TREASURY SHARES IN JAPAN - As a prelude to an upcoming insight on share buybacks in Japan, this note is a fork of <a href="https://www.smartkarma.com/profiles/342" target="_blank" data-smartkarma-citation="accounts:342">Douglas Kim</a> 's quick note on Korean Companies with Highest Levels of Treasury Shares. We highlight the Japanese companies with the highest percentage of Treasury Shares to shares in issue as well as those larger capitalisation stocks that have forgone the pleasure of buybacks.2.7% OF SHARES HELD IN TREASURY - As is the case in Korea, most Japanese companies do not cancel shares after…

TREASURY SHARES IN JAPAN - As a prelude to an upcoming insight on share buybacks in Japan, this note is a fork of Douglas Kim 's quick note on Korean Companies with Highest Levels of Treasury Shares. We highlight the Japanese companies with the highest percentage of Treasury Shares to shares in issue as well as those larger capitalisation stocks that have forgone the pleasure of buybacks.2.7% OF SHARES HELD IN TREASURY - As is the case in Korea, most Japanese companies do not cancel shares after…

Japan: Treasury Share 'Kings' and 'Paupers'

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

We initially screened for names that do not have a lot of cash relative to their short-term debt. We then went a step further and limited the universe to names that have bonds/loans coming due in the next 3 years. <a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315:1">Softbank Group Corp (9984 JP)</a> is the largest names to make the list. Softbank's Short-term debt to cash ratio (%) is 221%. Softbank has ¥1.5tn in cash &amp; short-term investments, compared to ¥3.9tn in short-term debt. <h2>Screen Criteria</h2><ol>
<li>Mkt-cap greater than ¥50bn</li>
<li>Short-term Debt to Cash is…</li>
</ol>

We initially screened for names that do not have a lot of cash relative to their short-term debt. We then went a step further and limited the universe to names that have bonds/loans coming due in the next 3 years. Softbank Group Corp (9984 JP) is the largest names to make the list. Softbank's Short-term debt to cash ratio (%) is 221%. Softbank has ¥1.5tn in cash &amp; short-term investments, compared to ¥3.9tn in short-term debt. Screen Criteria
Mkt-cap greater than ¥50bn
Short-term Debt to Cash is…


Names with Bonds Coming Due and Not a Lot of Cash...

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.

Price Gauge
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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

Yoshinoya (9861 JP): Poor Returns From Overseas Investments Obscure Changes to Menu and Kitchen Tech

Yoshinoya Holdings (9861 JP) is the second largest chain of beef bowl restaurants in Japan after Zensho Holdings (7550 JP) (Sukiya). The company...

Chacko Jacob

Names with Bonds Coming Due and Not a Lot of Cash...

We initially screened for names that do not have a lot of cash relative to their short-term debt. We then went a step further and limited the...

Custom Products Group

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Yoshinoya (9861 JP): Poor Returns From Overseas Investments Obscure Changes to Menu and Kitchen Tech

Yoshinoya Holdings (9861 JP) is the second largest chain of beef bowl restaurants in Japan after Zensho Holdings (7550 JP) (Sukiya). The company...

Chacko Jacob

Japan: Treasury Share 'Kings' and 'Paupers'

TREASURY SHARES IN JAPAN - As a prelude to an upcoming insight on share buybacks in Japan, this note is a fork of Douglas Kim 's quick note on...

Campbell Gunn

Names with Bonds Coming Due and Not a Lot of Cash...

We initially screened for names that do not have a lot of cash relative to their short-term debt. We then went a step further and limited the...

Custom Products Group