Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

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?

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.

Event-Driven

<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

Travis Lundy

<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

<ul>
<li>True Wind has launched a hostile partial tender offer for <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 a minimum (3.8m) and maximum (4.2m) shares at JPY4,400, 19.2% premium to the undisturbed price.</li>
<li>The offer was prompted by frustration with the Board’s lack of urgency in closing the disparity between Sun Corp’s market cap and the value of 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> stake.</li>
<li>The Board has three options: do nothing (low probability), find a white knight bidder (high probability), or commit to selling/distributing its Cellebrite stake (medium probability).</li>
</ul>


True Wind has launched a hostile partial tender offer for Sun Corp (6736 JP) for a minimum (3.8m) and maximum (4.2m) shares at JPY4,400, 19.2% premium to the undisturbed price.
The offer was prompted by frustration with the Board’s lack of urgency in closing the disparity between Sun Corp’s market cap and the value of its Cellebrite DI (CLBT US) stake.
The Board has three options: do nothing (low probability), find a white knight bidder (high probability), or commit to selling/distributing its Cellebrite stake (medium probability).


Sun Corporation (6736 JP): True Wind’s Hostile Partial Offer

Japan

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)

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

Sun Corporation (6736 JP): True Wind’s Hostile Partial Offer

The Board is likely to reject the offer and has three options: do nothing (low probability), find a white knight bidder (high probability), or sell...

Arun George

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

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

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 JP): True Wind’s Hostile Partial Offer

The Board is likely to reject the offer and has three options: do nothing (low probability), find a white knight bidder (high probability), or sell...

Arun George