Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

In my last insight, <a href="https://www.smartkarma.com/insights/toshiba-buyback-ending-the-next-catalyst-is-restructuring" target="_blank" data-smartkarma-citation="insights:33097" rel="noopener">Toshiba Buyback Ending: The Next Catalyst Is Restructuring</a> I pointed out that about a quarter (23.6% to be exact) of all on-market volume in the past 11 months or so was Toshiba buying back shares, and in two short weeks that will be done with. Toshiba needed to be about 26% of volume to be able to spend the remaining ¥59.3 billion in its ¥700 billion buyback program and I expect that is feasible. I also pointed out that because of Toshiba's current capital structure (and desire to pay a regular dividend going forward), despite OK cash levels and management and board willingness to borrow to lever up the business a bit, it was quite unlikely that Toshiba would announce a significant buyback any time soon. That meant the next catalyst for the share price would be restructuring. Restructuring can be executed a couple of different ways. It can be capital-based, employee-count, or can be M&amp;A/divestment-related. Filings released by Toshiba on the holiday day Monday suggest what might be coming.

In my last insight, Toshiba Buyback Ending: The Next Catalyst Is Restructuring I pointed out that about a quarter (23.6% to be exact) of all on-market volume in the past 11 months or so was Toshiba buying back shares, and in two short weeks that will be done with. Toshiba needed to be about 26% of volume to be able to spend the remaining ¥59.3 billion in its ¥700 billion buyback program and I expect that is feasible. I also pointed out that because of Toshiba's current capital structure (and desire to pay a regular dividend going forward), despite OK cash levels and management and board willingness to borrow to lever up the business a bit, it was quite unlikely that Toshiba would announce a significant buyback any time soon. That meant the next catalyst for the share price would be restructuring. Restructuring can be executed a couple of different ways. It can be capital-based, employee-count, or can be M&amp;A/divestment-related. Filings released by Toshiba on the holiday day Monday suggest what might be coming.

Toshiba Restructuring Coming - Toshiba Tec Is STILL the Right Horse.

Equity Capital Markets

Shibaura Mechatronics / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/637" target="_blank" data-smartkarma-citation="entities:637:1">Toshiba Corp (6502 JP)</a> has been involved with what is now a very small cap company, <a href="https://www.smartkarma.com/entities/8763" target="_blank" data-smartkarma-citation="entities:8763:1">Shibaura Mechatronics Corp (6590 JP)</a> for almost 80 years since the precursor to Toshiba - a company called Tokyo Shibaura Electric - formed that same year in the merger between Shibaura Seisakusho (a maker of heavy electrical machinery) and Tokyo Denki (Japan's first lightbulb maker) - transferred part of its electrical motor business to a new company. That new company became Shibaura Mechatronics. Now, of…

Toshiba Corp (6502 JP) has been involved with what is now a very small cap company, Shibaura Mechatronics Corp (6590 JP) for almost 80 years since the precursor to Toshiba - a company called Tokyo Shibaura Electric - formed that same year in the merger between Shibaura Seisakusho (a maker of heavy electrical machinery) and Tokyo Denki (Japan's first lightbulb maker) - transferred part of its electrical motor business to a new company. That new company became Shibaura Mechatronics. Now, of…

Toshiba Selldown of Shibaura Mechatronics (6590)

Japan

SHIBAURA MECHATRONICS CORPORATION manufactures and markets manufacturing machines for semiconductors, liquid crystal displays (LCD), and sputtering systems.  The Company also makes industrial automated systems, laser processing equipment, cartesian robots, vending machines, and vacuum pumps.

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Shibaura Mechatronics (6590 JP)

Toshiba Restructuring Coming - Toshiba Tec Is STILL the Right Horse.

In my last insight, Toshiba Buyback Ending: The Next Catalyst Is Restructuring I pointed out that about a quarter (23.6% to be exact) of all...

Travis Lundy

Toshiba Selldown of Shibaura Mechatronics (6590)

Toshiba Corp (6502 JP) has been involved with what is now a very small cap company, Shibaura Mechatronics Corp (6590 JP) for almost 80 years since...

Travis Lundy

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