Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>For the month of January, four new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$3bn.</li>
<li>The average premium for the new deals announced (or first discussed) in January was ~28%, which is distorted by the take under for <strong><a href="https://www.smartkarma.com/entities/esso-thailand-pcl" target="_blank" data-smartkarma-citation="entities:17717:1" rel="noopener">Esso Thailand (ESSO TB)</a></strong>.</li>
<li>This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of January, four new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$3bn.
The average premium for the new deals announced (or first discussed) in January was ~28%, which is distorted by the take under for Esso Thailand (ESSO TB).
This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, Jan 2023: Essential Metals, Relia Inc, Osstem Implant, Esso Thailand

Travis Lundy

<ul>
<li>Small machine tool maker OKK used to be good for about ¥2bn in EBITDA, then that dropped to the low ¥1bns on average, then the last two years were negative. </li>
<li>A year ago, Nidec agreed to inject capital and buy 66.6% of OKK - Now Nidec OKK - for peanuts. Yesterday, the two agreed a scrip merger on 1 March.</li>
<li>The process and ratio leave a LOT to be desired but they only need 66.67% and with 66.66% already, it's a done deal. Nothing you can do about it.  </li>
</ul>


Small machine tool maker OKK used to be good for about ¥2bn in EBITDA, then that dropped to the low ¥1bns on average, then the last two years were negative. 
A year ago, Nidec agreed to inject capital and buy 66.6% of OKK - Now Nidec OKK - for peanuts. Yesterday, the two agreed a scrip merger on 1 March.
The process and ratio leave a LOT to be desired but they only need 66.67% and with 66.66% already, it's a done deal. Nothing you can do about it.  


Nidec (6594) To Take Over Nidec OKK (6205), Squeezing Out Minorities

Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

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

<ul>
<li>Nidec's share price jumped 6.5% on Friday, June 24, suggesting support near ¥8,000.</li>
<li>Reconsider the company's future as CEO Nagamori leads the turnaround of OKK and makes machine tools and industrial robots into a new product division.</li>
<li>Nagamori, who will turn 78 in August, is still the Key Man at Nidec.</li>
</ul>


Nidec's share price jumped 6.5% on Friday, June 24, suggesting support near ¥8,000.
Reconsider the company's future as CEO Nagamori leads the turnaround of OKK and makes machine tools and industrial robots into a new product division.
Nagamori, who will turn 78 in August, is still the Key Man at Nidec.


Nidec (6594 JP): Reconsider Strategy & Management

Japan

OKK CORPORATION manufactures factory automation systems and machine tools.  The Company specializes in compact/mid size numerical control (NC) milling machines and machining centers (MCs).  OKK also manufactures textile machinery and measuring instruments.

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Okk Corp (6205 JP)

(Mostly) Asia M&A, Jan 2023: Essential Metals, Relia Inc, Osstem Implant, Esso Thailand

For the month of January, four new deals were discussed on Smartkarma with an overall announced deal size of ~US$3bn. The average premium for the...

David Blennerhassett

Nidec (6594) To Take Over Nidec OKK (6205), Squeezing Out Minorities

Nidec bought 66.6% of Nidec OKK in distress last year. Now it is squeezing out the minorities with minimal transparency and no synergies. And there...

Travis Lundy

Nidec (6594 JP): Reconsider Strategy & Management

Reconsider Nidec as a long-term investment as robot gears and machine tools become a product division with a ¥1 trillion sales target, but don't...

Scott Foster

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