Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Thematic (Sector/Industry)

<p>We screened for lesser known names (2 or fewer Analysts with coverage) in Japan that rebounded in September. Some of the larger names by mkt-cap that rebounded were <a href="https://www.smartkarma.com/entities/18346" target="_blank" data-smartkarma-citation="entities:18346:1">Nipro Corp (8086 JP)</a>, <a href="https://www.smartkarma.com/entities/11909" target="_blank" data-smartkarma-citation="entities:11909:1">Mitsubishi Logistics Corp (9301 JP)</a> and <a href="https://www.smartkarma.com/entities/18567" target="_blank" data-smartkarma-citation="entities:18567:1">Nissin Electric Co Ltd (6641 JP)</a>. We identified the rebounds using RSI or Relative Strength Index, which compares gains and losses over a specific period. </p><h2>Screen Criteria</h2><ol>
<li>Mkt-cap is greater than ¥50bn and there are only 2 or fewer Analyst with coverage</li>
<li>Current RSI (1 month)…</li>
</ol>

We screened for lesser known names (2 or fewer Analysts with coverage) in Japan that rebounded in September. Some of the larger names by mkt-cap that rebounded were Nipro Corp (8086 JP), Mitsubishi Logistics Corp (9301 JP) and Nissin Electric Co Ltd (6641 JP). We identified the rebounds using RSI or Relative Strength Index, which compares gains and losses over a specific period. Screen Criteria
Mkt-cap is greater than ¥50bn and there are only 2 or fewer Analyst with coverage
Current RSI (1 month)…


Lesser Known Names that Rebounded in September....

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>After the close on Friday April 28th, autoparts maker <a href="https://www.smartkarma.com/entities/12197" target="_blank" data-smartkarma-citation="entities:12197:1">JTEKT Corp (6473 JP)</a> affiliated with <a href="https://www.smartkarma.com/entities/73" target="_blank" data-smartkarma-citation="entities:73:1">Toyota Motor Corp (7203 JP)</a> announced a transaction to buy out the 66.6% of steering column maker <a href="https://www.smartkarma.com/entities/20550" target="_blank" data-smartkarma-citation="entities:20550:1">Fuji Kiko Co Ltd (7260 JP)</a> which it does not already own.</p><p>The minimum to make this tender successful is a post-tender holding of 66.67%, and with the combination of JTEKT's current 33.6% holding ex-Treasury shares and the holding of <a href="https://www.smartkarma.com/entities/17528" target="_blank" data-smartkarma-citation="entities:17528:1">Tachi S Co Ltd (7239 JP)</a> which has agreed to tender its ~24.8% holding, plus the miscellaneous holdings of a few other small companies likely tied to management and the company, that gets them to 63.7%. That is pretty close. They would only need an extra 3% which is about 20% of the retail investor holding as of the last Yuho and it is probably two-thirds of the TOPIX passive holding.  </p><p>And the price at ¥740/share is 2 yen higher than the highest close in 5 years. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/025/208/original/20170429_FujiKikoChart.png?1493475857" class="editor-image img-responsive" data-smartkarma-image-id="25208"></figure><div style="text-align: left;" class="content-caption">data: Bloomberg</div><p>Sounds straightforward. Like a done deal.</p><p><strong><em>But it shouldn't be.</em></strong></p><div class="content-highlight"><p style="text-align: center;"><strong><em>This is a NON-GOOD deal in more ways than one. A company is being dismantled and taken over by insiders, and is being done at potentially dodgy prices with NO FAIRNESS OPINIONS involved.</em></strong></p></div><p><em>There may be low-risk angles for arbitrageurs to make decent money on this deal.</em></p><p>More for subscribers below the fold... </p>

After the close on Friday April 28th, autoparts maker JTEKT Corp (6473 JP) affiliated with Toyota Motor Corp (7203 JP) announced a transaction to buy out the 66.6% of steering column maker Fuji Kiko Co Ltd (7260 JP) which it does not already own.The minimum to make this tender successful is a post-tender holding of 66.67%, and with the combination of JTEKT's current 33.6% holding ex-Treasury shares and the holding of Tachi S Co Ltd (7239 JP) which has agreed to tender its ~24.8% holding, plus the miscellaneous holdings of a few other small companies likely tied to management and the company, that gets them to 63.7%. That is pretty close. They would only need an extra 3% which is about 20% of the retail investor holding as of the last Yuho and it is probably two-thirds of the TOPIX passive holding.  And the price at ¥740/share is 2 yen higher than the highest close in 5 years. data: BloombergSounds straightforward. Like a done deal.But it shouldn't be.This is a NON-GOOD deal in more ways than one. A company is being dismantled and taken over by insiders, and is being done at potentially dodgy prices with NO FAIRNESS OPINIONS involved.There may be low-risk angles for arbitrageurs to make decent money on this deal.More for subscribers below the fold... 

JTEKT Deal for Fuji Kiko An Awful Example of Stewardship & Governance

Japan

TACHI-S CO., LTD. manufactures seats for passenger cars and trucks. The Company also produces nursing beds and seats for trains.  Tachi-S has its associated companies in the US, Mexico, and China.

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TACHI-S (7239 JP)

Lesser Known Names that Rebounded in September....

We screened for lesser known names (2 or fewer Analysts with coverage) in Japan that rebounded in September. Some of the larger names by mkt-cap...

Custom Products Group

JTEKT Deal for Fuji Kiko An Awful Example of Stewardship & Governance

After the close on Friday April 28th, autoparts maker JTEKT Corp (6473 JP) affiliated with Toyota Motor Corp (7203 JP) announced a transaction to...

Travis Lundy

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