Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a>'s comments and answers about the SPH REIT Chain Offer may be misleading. </li>
<li>
<a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu (2319 HK)</a> is in discussions regarding its holdings in <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili (1230 HK)</a> which may result in a number of "Potential Transactions", and may include a pre-conditional privatisation offer.</li>
<li>
<a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a> is two businesses - a US pork processor and a Chinese one - and both businesses are suffering lower margins than they'd like.</li>
</ul>



Singapore Press Holdings (SPH SP)'s comments and answers about the SPH REIT Chain Offer may be misleading. 

China Mengniu (2319 HK) is in discussions regarding its holdings in Yashili (1230 HK) which may result in a number of "Potential Transactions", and may include a pre-conditional privatisation offer.

WH Group (288 HK) is two businesses - a US pork processor and a Chinese one - and both businesses are suffering lower margins than they'd like.


Last Week in Event SPACE: Singapore Press, Yashili, WH Group, Uniti Group, Toshiba, China Conch

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>The announcement from Raymond Zage that he would vote for 3D’s proposal at next week’s EGM is a curious development.</li>
<li>It suggests that pressure on Toshiba’s directors could be ramping up significantly. </li>
<li>Whether that is a good thing or not is a serious question though.</li>
</ul>


The announcement from Raymond Zage that he would vote for 3D’s proposal at next week’s EGM is a curious development.
It suggests that pressure on Toshiba’s directors could be ramping up significantly. 
Whether that is a good thing or not is a serious question though.


Travis Lundy

<ul>
<li>There is a <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> EGM next week for shareholders to vote on the company's Separation Plan, with a shareholder proposal to re-engage take-private buyers.</li>
<li>Four+ weeks ago, the Board unanimously supported the first, and unanimously opposed the second, and shareholders and major proxy advisors came out against the first.</li>
<li>Now Independent Director Raymond Zage, originally from one of the dissenting shareholders, has written a letter stating he has voted FOR the shareholder proposal the board rejected. OOPS! 🤭</li>
</ul>


There is a Toshiba Corp (6502 JP) EGM next week for shareholders to vote on the company's Separation Plan, with a shareholder proposal to re-engage take-private buyers.
Four+ weeks ago, the Board unanimously supported the first, and unanimously opposed the second, and shareholders and major proxy advisors came out against the first.
Now Independent Director Raymond Zage, originally from one of the dissenting shareholders, has written a letter stating he has voted FOR the shareholder proposal the board rejected. OOPS! 🤭


Toshiba Board Ructions as Independent Director Goes Rogue

Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

Equity Bottom-Up

<ul>
<li>Geared to rising demand for semiconductor and other industrial polishing services in general and rapid growth in the production of advanced power semiconductors in particular.</li>
<li>Sales and operating profit could double over the next 5 years, but dilution from capital raising might hold EPS growth to 50%.</li>
<li>Selling at 9.2x EPS guidance for FY Mar-22. 10x potential EPS implies 65% upside. Risks include small market cap and potentially volatile quarterly earnings.</li>
</ul>


Geared to rising demand for semiconductor and other industrial polishing services in general and rapid growth in the production of advanced power semiconductors in particular.
Sales and operating profit could double over the next 5 years, but dilution from capital raising might hold EPS growth to 50%.
Selling at 9.2x EPS guidance for FY Mar-22. 10x potential EPS implies 65% upside. Risks include small market cap and potentially volatile quarterly earnings.


Mipox (5381 JP): Participation in Power Semiconductor Consortium a Growth Driver

<ul>
<li>With many cash grain/agri prices touching record highs amid war in Ukraine, boasting an upstream supply is not a bad thing. Yet <a href="https://www.smartkarma.com/entities/olam-international-ltd" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam (OLAM SP)</a> is a tricky beast to analyze.</li>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-kyoto" target="_blank" data-smartkarma-citation="entities:5248:1" rel="noopener">Bank of Kyoto (8369 JP)</a> would be a screaming buy vs its basket a bit lower. As it is, it's the same level after the bank changed its payout ratio. </li>
<li>The duo of Brookfield and Atlassian/Australian billionaire Mike Cannon-Brookes has lobbed a higher offer for <a href="https://www.smartkarma.com/entities/agl-energy-ltd" target="_blank" data-smartkarma-citation="entities:554:1" rel="noopener">AGL Energy Ltd (AGL AU)</a> and AGL has rejected it.</li>
</ul>


With many cash grain/agri prices touching record highs amid war in Ukraine, boasting an upstream supply is not a bad thing. Yet Olam (OLAM SP) is a tricky beast to analyze.

Bank of Kyoto (8369 JP) would be a screaming buy vs its basket a bit lower. As it is, it's the same level after the bank changed its payout ratio. 
The duo of Brookfield and Atlassian/Australian billionaire Mike Cannon-Brookes has lobbed a higher offer for AGL Energy Ltd (AGL AU) and AGL has rejected it.


Last Week in Event SPACE: Olam, Bank of Kyoto, AGL Energy, Jardine Matheson, Toshiba

Japan

Toshiba Corporation manufactures and markets electrical and electronic products. The Company's products include digital products such as PCs and televisions, NAND flash memories, and system LSIs (large-scale integrated), as well as social infrastructures such as power generators, medical equipment, and home appliances.

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Toshiba Corp (6502 JP)

Last Week in Event SPACE: Singapore Press, Yashili, WH Group, Uniti Group, Toshiba, China Conch

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Toshiba – Zage News

The announcement from Raymond Zage that he would vote for 3D’s proposal at next week’s EGM is a curious development whether that is a good thing or...

Mio Kato

Toshiba Board Ructions as Independent Director Goes Rogue

Toshiba's Board unanimously supported the SRC's Separation Plan last fall, and for next week's EGM, unanimously opposing 3D Investment's proposals....

Travis Lundy

Mipox (5381 JP): Participation in Power Semiconductor Consortium a Growth Driver

Participation in NEDO power semiconductor consortium could support 2X sales and 50% EPS growth. Potentially volatile small cap, but selling at 9x...

Scott Foster

Last Week in Event SPACE: Olam, Bank of Kyoto, AGL Energy, Jardine Matheson, Toshiba

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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