Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today, the final day of the Tender Offer that True Wind Capital launched on 10 June 2024 to buy 19% of <a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a>, TWC raised its price to ¥4,750/share./</li>
<li>They also lowered their minimum from 3.7934mm shares (17.0%) to 3.3472mm shares (15.0%).</li>
<li>As <a href="https://www.smartkarma.com/entities/cellebrite-di-ltd" target="_blank" data-smartkarma-citation="entities:37102:1" rel="noopener">Cellebrite DI (CLBT US)</a> had traded higher, SunCorp had too, and even though shares fell today, they are at ¥4,785/share.</li>
</ul>


Today, the final day of the Tender Offer that True Wind Capital launched on 10 June 2024 to buy 19% of Sun Corp (6736 JP), TWC raised its price to ¥4,750/share./
They also lowered their minimum from 3.7934mm shares (17.0%) to 3.3472mm shares (15.0%).
As Cellebrite DI (CLBT US) had traded higher, SunCorp had too, and even though shares fell today, they are at ¥4,785/share.


True Wind Raises Partial TOB Price for Sun Corp (6736 JP) By 8%. Not Enough.

David Blennerhassett

Equity Bottom-Up

<ul>
<li>Trading comfortably through the Partial Offer terms, <a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a> may still do nothing with its <a href="https://www.smartkarma.com/entities/cellebrite-di-ltd" target="_blank" data-smartkarma-citation="entities:37102:1" rel="noopener">Cellebrite DI (CLBT US)</a> holding towards narrowing the NAV discount.</li>
<li>Preceding my comments on Sun Corp are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


Trading comfortably through the Partial Offer terms, Sun Corp (6736 JP) may still do nothing with its Cellebrite DI (CLBT US) holding towards narrowing the NAV discount.
Preceding my comments on Sun Corp are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Sun Corp (6736 JP) Running Out Of Puff?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a> for years has been a play on its investment holding in <a href="https://www.smartkarma.com/entities/cellebrite-di-ltd" target="_blank" data-smartkarma-citation="entities:37102:1" rel="noopener">Cellebrite DI (CLBT US)</a>, brought to market in a $2.4bn SPAC deal announced 30Aug2021.  </li>
<li>The SPAC entity was an entity called TWC Tech Holdings II Corp (TWC = "True Wind Capital"). The next day, <a href="https://www.smartkarma.com/entities/cellebrite-di-ltd" target="_blank" data-smartkarma-citation="entities:37102:1" rel="noopener">Cellebrite DI (CLBT US)</a> was born, trading up to US$11.00+.</li>
<li>
<a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a>'s value realisation path had begun. Today, a True Winds entity announced a Partial Tender Offer - unsolicited, unannounced previously - on Sun Corp, for 19.0%.</li>
</ul>



Sun Corp (6736 JP) for years has been a play on its investment holding in Cellebrite DI (CLBT US), brought to market in a $2.4bn SPAC deal announced 30Aug2021.  
The SPAC entity was an entity called TWC Tech Holdings II Corp (TWC = "True Wind Capital"). The next day, Cellebrite DI (CLBT US) was born, trading up to US$11.00+.

Sun Corp (6736 JP)'s value realisation path had begun. Today, a True Winds entity announced a Partial Tender Offer - unsolicited, unannounced previously - on Sun Corp, for 19.0%.


Unsolicited Partial Offer for 19% of Sun Corp (6736 JP) - Play on Cellebrite from SPAC Sponsor

External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

<ul><li>Sun Corporation is trading at 40% of its net asset value and has valuable SaaS business with Cellebrite</li><li>Activist investor involvement may unlock trapped value in the company</li><li>Cellebrite is a top digital forensics platform serving law enforcement agencies, making Sun Corp a promising investment choice in the Japanese market</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Sun Corporation is trading at 40% of its net asset value and has valuable SaaS business with CellebriteActivist investor involvement may unlock trapped value in the companyCellebrite is a top digital forensics platform serving law enforcement agencies, making Sun Corp a promising investment choice in the Japanese marketThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Sun Corporation (6736) - Sunday, Mar 17, 2024

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>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/mmg-ltd" target="_blank" data-smartkarma-citation="entities:13961:1" rel="noopener">MMG (1208 HK)</a> US$1.2 billion rights issue. <a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> and <a href="https://www.smartkarma.com/entities/webtoon-entertainment-inc" target="_blank" data-smartkarma-citation="entities:43652:1" rel="noopener">Webtoon Entertainment (WBTN US)</a> IPOs.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a>, <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl Corp (4921 JP)</a>, <a href="https://www.smartkarma.com/entities/tatsuta-electric-wire-cable-co-ltd" target="_blank" data-smartkarma-citation="entities:12509:1" rel="noopener">Tatsuta Electric Wire &amp; Cable (5809 JP)</a>, <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a>, <a href="https://www.smartkarma.com/entities/a8-new-media-group-ltd" target="_blank" data-smartkarma-citation="entities:3444:1" rel="noopener">A8 New Media (800 HK)</a>, Bapcor.
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: MMG (1208 HK) US$1.2 billion rights issue. Shift Up (462870 KS) and Webtoon Entertainment (WBTN US) IPOs.
Event-Driven developments: Sun Corp (6736 JP), Fancl Corp (4921 JP), Tatsuta Electric Wire &amp; Cable (5809 JP), Great Eastern Holdings (GE SP), A8 New Media (800 HK), Bapcor.



Weekly Deals Digest (16 Jun) - Sun Corp, Fancl, Tatsuta, Great Eastern, A8, Webtoon, Shift Up

Japan

FIELDS CORPORATION mainly acts as an agent and sells pinball machines to pachinko parlors.

Universal Entertainment Corporation develops, manufactures, and sells pachinko, pachinko slot machines, amusement equipments & casino equipments designed for overseas use.  The Company also engages in casino hotel management.

Mars Engineering Corporation manufactures equipment used in the operation of gambling houses called pachinko parlors. The Company manufactures pre-paid card vending machines, ticket readers, prize distribution systems, ball counters, and centralized data monitoring and control systems.  The Company also manages business hotels.

Snow Peak Inc. designs, manufactures, and retails camping equipment and outdoor lifestyle goods.

DAIKOKU DENKI Co., LTD. develops, manufactures and sells computer system used in the operation of pachinko parlor.  The Company also develops, manufactures and sells pachinko slot machines, related parts, and other peripheral devices.

GLOBERIDE, Inc. manufactures sporting and athletic goods.  The Company specializes in fishing tackle and diversifies into golf gear and tennis. The Company operates subsidiaries in the United States, Taiwan, and Europe. GLOBERIDE has sales agreement with Marubeni Corp.

YONEX CO., LTD. produces and sells sporting goods.  The Company's main products include goods and equipment for badminton, golf, tennis, and softball.  Yonex also produces sportswear and sports shoes.

Kawai Musical Instruments Manufacturing Co., Ltd. produces musical instruments including classic pianos, electrical pianos, synthesizers, and stringed musical instruments.  The Company also makes metallic parts for electronic equipment.

Kawai Musical Instruments Manufacturing (7952 JP)

FUJISHOJI CO,. LTD. develops, manufactures, and sells pachinko and pachinko slot machines mainly featuring popular characters.

MAMIYA-OP CO., LTD. manufactures sporting goods such as fishing tackles and golf equipment.  The Company also makes such optical instruments as cameras, card reading devices, and universal milling machines.  Mamiya-Op in addition produces pachinko machines and related equipment.

Guangzhou Pearl River Piano Group Company Limited develops, manufactures, sells pianos and provides related services. The Company's main products include upright pianos, grand pianos, and digital pianos.

Guangzhou Pearl River Piano Group (002678 CH)

Toread Holdings Group Company Limited designs, manufactures, and retails camping and outdoor equipment.

Smith & Wesson Brands, Inc. manufactures firearms. The Company offers pistols, revolvers, rifles, handcuffs, and other related products and accessories for consumers, law enforcement, and security agencies. Smith & Wesson Brands serves customers in the United States.

Malibu Boats, Inc. designs, manufactures and markets sport boats. The Company produces sport boats used for water sports including water skiing, wakeboarding, and wake surfing, as well as for general recreational boating use. Malibu Boats offers its products in the United States.

Sturm Ruger & Company Inc. designs, manufactures, sells, and exports firearms. The Company produces rifles, shotguns, pistols, and revolvers. The Company also manufactures titanium and ferrous investment castings utilized in a wide variety of markets including sporting goods and other military uses.

Sunbird Yacht Company Limited designs, develops, produces, and sales composite yachts and vessels. The Company also provides maintenance services for the composite yachts and vessels. The Company's products include private yachts, commercial yachts, and special purpose vessels.

Yotrio Group Company Ltd. designs and manufactures outdoor furniture.  The Company produces patio furniture, patio umbrellas, and gazebos.  Yotrio exports its products to the United States, Germany, France, the Netherlands, Canada, Australia, Hong Kong, and other countries.

Topkey Corp's main business include manufacturing and trading sports and leisure products, aerospace medical products, carbon and glass fiber products and compos ite materials.

KMC Kuei Meng International, Inc. manufactures and sells bicycle chains, accessories and parts.

Beneteau SA designs, manufactures and sells sailboats and motorboats.  The Company's products are used for recreational and racing purposes.

SUN CORPORATION operates mainly Pachinko related business, information and communication business.  Pachinko related business includes developing, manufacturing and selling a system to control and monitor pachinko machine, and manage business operation.  Sun Corp. also manufactures Pachinko and household appliances and develops game software for family use.

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Sun Corp (6736 JP)

True Wind Raises Partial TOB Price for Sun Corp (6736 JP) By 8%. Not Enough.

True Wind - the original SPAC sponsor for Cellebrite - has raised its Tender Offer Price for a stake in Sun Corp - owner of 50% of CLBT. They still...

Travis Lundy

StubWorld: Sun Corp (6736 JP) Running Out Of Puff?

There is clear value in Sun Corp. Less clear is how or if this value materialises. Unless you think Trade Wind will bid (a lot) higher, I'd enter...

David Blennerhassett

Sun Corporation (6736) - Sunday, Mar 17, 2024

Sun Corporation is trading at 40% of its net asset value and has valuable SaaS business with Cellebrite. Activist investor involvement may unlock...

Value Investors Club

Weekly Deals Digest (16 Jun) - Sun Corp, Fancl, Tatsuta, Great Eastern, A8, Webtoon, Shift Up

Last week, notable developments occurred in Event-Driven (Sun Corp, Fancl, Tatsuta Electric, Great Eastern, A8 New Media, Alumina, Bapcor) and ECM...

Arun George

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True Wind Raises Partial TOB Price for Sun Corp (6736 JP) By 8%. Not Enough.

True Wind - the original SPAC sponsor for Cellebrite - has raised its Tender Offer Price for a stake in Sun Corp - owner of 50% of CLBT. They still...

Travis Lundy

StubWorld: Sun Corp (6736 JP) Running Out Of Puff?

There is clear value in Sun Corp. Less clear is how or if this value materialises. Unless you think Trade Wind will bid (a lot) higher, I'd enter...

David Blennerhassett

Unsolicited Partial Offer for 19% of Sun Corp (6736 JP) - Play on Cellebrite from SPAC Sponsor

Sun Corp - long an illiquid activist/RV darling - now has a new suitor. The PE fund which sponsored the Cellebrite SPAC is bidding for 19.0%....

Travis Lundy

Sun Corporation (6736) - Sunday, Mar 17, 2024

Sun Corporation is trading at 40% of its net asset value and has valuable SaaS business with Cellebrite. Activist investor involvement may unlock...

Value Investors Club

Weekly Deals Digest (16 Jun) - Sun Corp, Fancl, Tatsuta, Great Eastern, A8, Webtoon, Shift Up

Last week, notable developments occurred in Event-Driven (Sun Corp, Fancl, Tatsuta Electric, Great Eastern, A8 New Media, Alumina, Bapcor) and ECM...

Arun George