Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

<ul>
<li>Today, <a href="https://www.smartkarma.com/entities/toenec-corp" target="_blank" data-smartkarma-citation="entities:9957:1" rel="noopener">Toenec Corp (1946 JP)</a> - an integrated facilities company 50+% owned by <a href="https://www.smartkarma.com/entities/chubu-electric-power-co-inc" target="_blank" data-smartkarma-citation="entities:14574:1" rel="noopener">Chubu Electric Power Co (9502 JP)</a> announced Chubu EPCO would sell down 7.7% to go to 43%+.</li>
<li>This is surprising. It suggests there are more selldowns to come. It's also "big" at 88 days of ADV and about 26% of Max Real World Float (85% retail).</li>
<li>This is an odd sell-down. Chubu EPCO obviously doesn't want to buy it in. That means overhang for years.</li>
</ul>


Today, Toenec Corp (1946 JP) - an integrated facilities company 50+% owned by Chubu Electric Power Co (9502 JP) announced Chubu EPCO would sell down 7.7% to go to 43%+.
This is surprising. It suggests there are more selldowns to come. It's also "big" at 88 days of ADV and about 26% of Max Real World Float (85% retail).
This is an odd sell-down. Chubu EPCO obviously doesn't want to buy it in. That means overhang for years.


Toenec (1946 JP) Offering - Nearly $50mm on SmallCap Utility Infra Co as Chubu EPCO Sells Down

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 names with little or no coverage that have been growing over the last couple of years and the valuations look really good. For the forecast numbers, we are using company guidance as most of the names do not have Analyst coverage. Basically we are looking for names that are not well known but are growing and valuations are cheap.</p><p>Names with very low PE ratios are <a href="https://www.smartkarma.com/entities/15900" target="_blank" data-smartkarma-citation="entities:15900:1">Sanyo Special Steel Co Ltd (5481 JP)</a> with a 2x PE, <a href="https://www.smartkarma.com/entities/9957" target="_blank" data-smartkarma-citation="entities:9957:1">Toenec Corp (1946 JP)</a> with a 3x PE and <a href="https://www.smartkarma.com/entities/1972" target="_blank" data-smartkarma-citation="entities:1972:1">Organo Corp (6368 JP)</a> with a…</p>

We screened for names with little or no coverage that have been growing over the last couple of years and the valuations look really good. For the forecast numbers, we are using company guidance as most of the names do not have Analyst coverage. Basically we are looking for names that are not well known but are growing and valuations are cheap.Names with very low PE ratios are Sanyo Special Steel Co Ltd (5481 JP) with a 2x PE, Toenec Corp (1946 JP) with a 3x PE and Organo Corp (6368 JP) with a…

Small-Cap Growth Names with Good Valuations in Japan....

Japan

TOENEC CORPORATION constructs comprehensive building facilities, based in Chubu area.  The Company's services include indoor electrical wiring, sanitation, and air-conditioning facilities.  The Company also constructs communication and power supply facilities such as optical fiber network and power transmission lines.

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Toenec Corp (1946 JP)

Toenec (1946 JP) Offering - Nearly $50mm on SmallCap Utility Infra Co as Chubu EPCO Sells Down

Chubu Electric is offering 1.4mm shares of Toenec (1946). This is only 7% of the company, but it is a sign it will not be a parent buy-in. That...

Travis Lundy

Small-Cap Growth Names with Good Valuations in Japan....

We screened for names with little or no coverage that have been growing over the last couple of years and the valuations look really good. For the...

Custom Products Group

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