Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A couple of weeks ago I wrote <a href="https://www.smartkarma.com/insights/japan-activism-murakami-san-goes-substantial-on-pacific-metals-5541-again" target="_blank" rel="noopener">here</a> about noted activist Murakami-san and his new 5+% position in <a href="https://www.smartkarma.com/entities/pacific-metals-co-ltd" target="_blank" data-smartkarma-citation="entities:3439:1" rel="noopener">Pacific Metals (5541 JP)</a>. I warned it might be a rug pull. </li>
<li>It turns out, from subsequent filings, that it may have been a rug pull. This isn't the first time. It isn't even the first time on this stock. </li>
<li>That said, there are goings on here, and it pays to watch them. </li>
</ul>


A couple of weeks ago I wrote here about noted activist Murakami-san and his new 5+% position in Pacific Metals (5541 JP). I warned it might be a rug pull. 
It turns out, from subsequent filings, that it may have been a rug pull. This isn't the first time. It isn't even the first time on this stock. 
That said, there are goings on here, and it pays to watch them. 


JAPAN ACTIVISM:  Murakami-San Does a Rug-Pull on Pac Metals (5541).... Again

<ul>
<li>Yesterday after the close, activist Murakami-san's entity City Index Eleventh reported a 5.76% position in beleaguered-now-smallcap ferro-nickel and nickel producer <a href="https://www.smartkarma.com/entities/pacific-metals-co-ltd" target="_blank" data-smartkarma-citation="entities:3439:1" rel="noopener">Pacific Metals (5541 JP)</a>. </li>
<li>The company continues to lose a LOT of money. It is cheap at 0.4x book. </li>
<li>But there are interesting things going on. And Murakami-san has a.... uh.... history here.</li>
</ul>


Yesterday after the close, activist Murakami-san's entity City Index Eleventh reported a 5.76% position in beleaguered-now-smallcap ferro-nickel and nickel producer Pacific Metals (5541 JP). 
The company continues to lose a LOT of money. It is cheap at 0.4x book. 
But there are interesting things going on. And Murakami-san has a.... uh.... history here.


JAPAN ACTIVISM:  Murakami-San Goes Substantial on Pacific Metals (5541).... Again

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.

<ul>
<li>Murakami's entity, City Index Eleventh, and daughter reported a 5.46% position in <a href="https://www.smartkarma.com/entities/exedy-corp" target="_blank" data-smartkarma-citation="entities:6516:1" rel="noopener">Exedy Corp (7278 JP)</a>. The shares purchases began two days after the <a href="https://www.smartkarma.com/entities/aisin-corp" target="_blank" data-smartkarma-citation="entities:11809:1" rel="noopener">Aisin (7259 JP)</a> secondary offering.</li>
<li>Murakami's average buy-in price is JPY2,607.30 per share, 2.3% higher than the recent secondary offering price of JPY2,549.</li>
<li>Murakami's disclosure suggests two possibilities: the start of an activist campaign or a short-term pump-and-dump play. Recent precedents suggest the latter.</li>
</ul>


Murakami's entity, City Index Eleventh, and daughter reported a 5.46% position in Exedy Corp (7278 JP). The shares purchases began two days after the Aisin (7259 JP) secondary offering.
Murakami's average buy-in price is JPY2,607.30 per share, 2.3% higher than the recent secondary offering price of JPY2,549.
Murakami's disclosure suggests two possibilities: the start of an activist campaign or a short-term pump-and-dump play. Recent precedents suggest the latter.


Exedy Corp (7278 JP): Murakami Becomes a Substantial Shareholder

<ul>
<li>Colour me perplexed. Murakami Group ran up <a href="https://www.smartkarma.com/entities/mitsui-matsushima-co-ltd" target="_blank" data-smartkarma-citation="entities:13569:1" rel="noopener">Mitsui Matsushima (1518 JP)</a>'s share price in acquiring 29%. The pattern was clear, but one assumes everyone in-group was on the same page.</li>
<li>The earliest buyer was NOMURA Aya. She bought early, slowly, then aggressively, then onshore buyers bought aggressively at higher prices. But she has now sold 6 days straight.</li>
<li>The pattern is confusing but it will become clearer in coming days.</li>
</ul>


Colour me perplexed. Murakami Group ran up Mitsui Matsushima (1518 JP)'s share price in acquiring 29%. The pattern was clear, but one assumes everyone in-group was on the same page.
The earliest buyer was NOMURA Aya. She bought early, slowly, then aggressively, then onshore buyers bought aggressively at higher prices. But she has now sold 6 days straight.
The pattern is confusing but it will become clearer in coming days.


JAPAN ACTIVISM: Murakami-Père Ran Up Mitsui Matsushima (1518 JP), Now Murakami-Fille Selling Down

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsui-matsushima-co-ltd" target="_blank" data-smartkarma-citation="entities:13569:1" rel="noopener">Mitsui Matsushima (1518 JP)</a> was a coal company starting over 100yrs ago. A bunch of years ago it started a solar energy business and then started M&amp;A to diversify.</li>
<li>Coal closed last year and since, MMH has become an investment holdco for "basic businesses" (drinking straws, conveyor system chains, document shredders, weighing machines, crystal measuring devices, mask blanks, etc).</li>
<li>Murakami Group accumulated 4.98% in five weeks, then the next 14.9% in five days. Pump &amp; Dump like Pacific Metals? Activism like JAFCO? Or something else more interesting?</li>
</ul>



Mitsui Matsushima (1518 JP) was a coal company starting over 100yrs ago. A bunch of years ago it started a solar energy business and then started M&amp;A to diversify.
Coal closed last year and since, MMH has become an investment holdco for "basic businesses" (drinking straws, conveyor system chains, document shredders, weighing machines, crystal measuring devices, mask blanks, etc).
Murakami Group accumulated 4.98% in five weeks, then the next 14.9% in five days. Pump &amp; Dump like Pacific Metals? Activism like JAFCO? Or something else more interesting?


JAPAN ACTIVISM: Murakami-Related Buyers Go from 5% to 20% of Mitsui Matsushima (1518) In 5 Days. Hmm

Japan

Mitsubishi Steel Manufacturing Co Ltd produces a variety of steel products.  The Company manufactures springs, cast and forged steel products, environmental equipment, and special steel products.

Tokyo Rope Manufacturing Co Ltd manufactures wires and ropes.  The Company's products are used for automobile tires, ski lifts, bridges, cranes, mattresses, and elevators.

Araya Industrial Co., Ltd. manufactures and sells bicycles, bicycle rims, and related parts.  The Company also produces construction materials including steel pipes.

CK San-Etsu Co Ltd produces rolled copper.  The Company's main products include free-cut brass bars used in gas appliances, faucets, and automobile parts.

Hakudo Co., Ltd. processes and wholesales a variety of metal products such as aluminum, stainless steel, and copper.  The Company also operates real estate businesses.

NICHIA STEEL WORKS, LTD. produces and sells steel products including wires, bolts, and iron sheets.  The Company's products are used for industrial machinery, automobiles, and engineering works.

Tohoku Steel Co., Ltd. manufactures, processes, and sells ferroalloys.  The Company's products include stainless steels and heat-resisting steel products for cars and consumer electronics.  Tohoku Steel also operates real estate leasing business.

Kurotani Corporation is principally engaged in the non-ferrous metal related business focusing on copper. The Company's operations include the manufacturing and selling of non-ferrous metals and copper and copper alloy fabricated products, copper alloy and aluminum alloys ingots, and arts and crafts.

Toho Zinc Co., Ltd. is non-ferrous metal smelter.  The Company produces zinc, lead, sulfuric acid, electronic parts, zinc sulfate, and silver.  Toho Zinc also operates a recycling business.

Nasu Denki Tekko Co Ltd manufactures steel products such as steel towers, cables and insulators.  The Company's major customers include Tokyo Electric Power.

GreenX Metals Limited provides exploration and mining services. The Company explores and develops copper and other critical mineral projects. GreenX Metals serves customers worldwide.

China Daye Non-Ferrous Metals Mining Ltd., through its subsidiaries, currently possesses various wolfram mines and a molybdenum mine in the Republic of Mongolia along with a number of silver and copper mines in Xinjiang Province, the PRC.

China Daye Non Ferrous Metals Mining (661 HK)

Da Ming International Holdings Ltd. processes stainless steel.  The Company purchases stainless steel coils and plates and offers coil cutting, coil slitting, surface polishing, plate cutting and forming services.

Ann Joo Resources Berhad is an investment holding company which trades, retails, and supplies building and construction materials and steel and iron products. Ann Joo also trades hardware and steel materials and is involved in property management.

Musgrave Minerals Ltd. explores for minerals in Australia.  The Company operates on the Musgrave Province in South Australia.

Tata Steel Thailand Public Company Limited, through its subsidiaries, operates blast furnaces and manufactures steel rods, re-bars and finished steel products for construction purposes for both domestic and export markets.

Dropsuite Limited operates a cloud based software platform. The Company owns commercialized cloud backup software that enables small and medium enterprises to  backup, recover, and protect their digital assets.

Tribune Resources Ltd. acquires, explores for and produces minerals and gold in the Mount Celia and Kundana Joint Ventures and the 7 Mile Hill mine in Western Australia.

United Alloy-Tech Company Ltd produces bicycle components, computer components, forging parts, and materials.

Steelcast Limited manufactures steel.  The Company produces carbon, low alloy, high alloy and hadfield manganese steel and other grades of wear and abrasion resistant castings produced by the sand molding and shell molding processes.

Pacific Metals Co., Ltd. manufactures ferronickel, stainless steel, and metal powder.  The Company, a member of the Nippon Steel Group, exports mainly to South Korea and Taiwan.  Pacific Metals produces electromagnetic materials for data communications as well.

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Pacific Metals (5541 JP)

JAPAN ACTIVISM: Murakami-San Does a Rug-Pull on Pac Metals (5541).... Again

Pacific Metals was a Murakami target for the second time in just over two years. And for the second time in just over two years, it was a rug pull....

Travis Lundy

JAPAN ACTIVISM: Murakami-San Goes Substantial on Pacific Metals (5541).... Again

Murakami-san reported a 5+% position in Pac Metals 25Jan. The stock popped 26Jan. He did this 2+yrs ago, then sold the pop. It was not pretty. This...

Travis Lundy

Exedy Corp (7278 JP): Murakami Becomes a Substantial Shareholder

Murakami's disclosure suggests two possibilities: the start of an activist campaign or a short-term pump-and-dump play. Recent precedents suggest...

Arun George

JAPAN ACTIVISM: Murakami-Père Ran Up Mitsui Matsushima (1518 JP), Now Murakami-Fille Selling Down

The trading pattern is a trifle unsettling. Activist Murakami-san's daughter bought 9% of Mitsui Matsushima, then the group cos bought 20%. Now...

Travis Lundy

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JAPAN ACTIVISM: Murakami-San Does a Rug-Pull on Pac Metals (5541).... Again

Pacific Metals was a Murakami target for the second time in just over two years. And for the second time in just over two years, it was a rug pull....

Travis Lundy

JAPAN ACTIVISM: Murakami-San Goes Substantial on Pacific Metals (5541).... Again

Murakami-san reported a 5+% position in Pac Metals 25Jan. The stock popped 26Jan. He did this 2+yrs ago, then sold the pop. It was not pretty. This...

Travis Lundy

Exedy Corp (7278 JP): Murakami Becomes a Substantial Shareholder

Murakami's disclosure suggests two possibilities: the start of an activist campaign or a short-term pump-and-dump play. Recent precedents suggest...

Arun George

JAPAN ACTIVISM: Murakami-Père Ran Up Mitsui Matsushima (1518 JP), Now Murakami-Fille Selling Down

The trading pattern is a trifle unsettling. Activist Murakami-san's daughter bought 9% of Mitsui Matsushima, then the group cos bought 20%. Now...

Travis Lundy

JAPAN ACTIVISM: Murakami-Related Buyers Go from 5% to 20% of Mitsui Matsushima (1518) In 5 Days. Hmm

Murakami-san's "grouping" crept to 4.98% in holdco Mitsui Matsushima over 5wks, then launched to 20% in 5 days. The stock is up big. Actual exit...

Travis Lundy