Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On Friday 12 November, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> released earnings (<a href="https://www.toshiba.co.jp/about/ir/en/finance/er/er2021/q2/ter2021q2e.pdf" target="_blank" rel="noopener">results</a>, <a href="https://www.toshiba.co.jp/about/ir/en/pr/pdf/tpr2021q2e.pdf" target="_blank" rel="noopener">presentation</a>), a slight forecast revision to full year sales (upward), and its long-awaited Strategic Plan (<a href="https://www.toshiba.co.jp/about/ir/en/pr/pdf/tpr2021q2e_4.pdf" target="_blank" rel="noopener">Process</a>, <a href="https://www.toshiba.co.jp/about/ir/en/pr/pdf/tpr2021q2e_2.pdf" target="_blank" rel="noopener">Plan</a>)</li>
<li>The Strategic Review Committee surveyed and met with investors, potential acquirers, and consultants, and devised a plan (<a href="https://www.ft.com/content/045c6366-3c54-4462-89b4-95246122c948" target="_blank" rel="noopener">previewed</a> by the FT) to split into three companies by March 2024.</li>
<li>This is at a time bold, yet unexciting. Promising, yet somehow not. They've been well-advised in some areas, less well-advised in others. It's complicated. AND there is a buyback.</li>
</ul>


On Friday 12 November, Toshiba Corp (6502 JP) released earnings (results, presentation), a slight forecast revision to full year sales (upward), and its long-awaited Strategic Plan (Process, Plan)
The Strategic Review Committee surveyed and met with investors, potential acquirers, and consultants, and devised a plan (previewed by the FT) to split into three companies by March 2024.
This is at a time bold, yet unexciting. Promising, yet somehow not. They've been well-advised in some areas, less well-advised in others. It's complicated. AND there is a buyback.


Toshiba Strategic Review - Bold and Unexciting, Promising But Not.. Doesn't Solve the Problem

David Blennerhassett

Last Week in Event SPACE: Softbank, Sydney Airports, SPH, SingTel, Oil Search, Japex/Inpex, Nippo

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>Toshiba’s plan to split itself into three units was, as we suggested, decidedly underwhelming.</li>
<li>There was also no update on the search for a new CEO/Chairman.</li>
<li>If this is how badly management is struggling they should have just mentioned metaverse five or ten times to “unlock value”.</li>
</ul>


Toshiba’s plan to split itself into three units was, as we suggested, decidedly underwhelming.
There was also no update on the search for a new CEO/Chairman.
If this is how badly management is struggling they should have just mentioned metaverse five or ten times to “unlock value”.


Equity Bottom-Up

<p>The Nikkei <a href="https://asia.nikkei.com/Spotlight/Toshiba-in-turmoil/Toshiba-to-split-itself-into-three-companies-by-2023" target="_blank" rel="noopener">reports</a> that Toshiba is considering dividing itself into three companies – infrastructure, devices and semiconductor memory with a timeline of 2023 or later. That… does not seem like something to get overly excited about…</p>

The Nikkei reports that Toshiba is considering dividing itself into three companies – infrastructure, devices and semiconductor memory with a timeline of 2023 or later. That… does not seem like something to get overly excited about…

Toshiba – First Impression of Spin Off Plan Is Negative

Thematic (Sector/Industry)

<h3>What’s Original?</h3>
<p>In this original, we have discussed some of the key aspects highlighted in Kishida’s policy statements along with the current status of these policies and companies that are likely to benefit.</p>

What’s Original?
In this original, we have discussed some of the key aspects highlighted in Kishida’s policy statements along with the current status of these policies and companies that are likely to benefit.

Kishida as Prime Minister: The Path Ahead

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)

Toshiba Strategic Review - Bold and Unexciting, Promising But Not.. Doesn't Solve the Problem

Toshiba Strategic Review is done. The proposal is to split the company into three. It is good "corporate structuring" and tax planning. But it may...

Travis Lundy

Last Week in Event SPACE: Softbank, Sydney Airports, SPH, SingTel, Oil Search, Japex/Inpex, Nippo

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 – Damp Squib Is Damp

Toshiba’s plan to split itself into three units was, as we suggested, decidedly underwhelming and we feel it is probably time to step away.

Mio Kato

Toshiba – First Impression of Spin Off Plan Is Negative

The Nikkei reports that Toshiba is considering dividing itself into three companies – infrastructure, devices and semiconductor memory with a...

Mio Kato

Kishida as Prime Minister: The Path Ahead

In this original, we have discussed some of the key aspects highlighted in Kishida’s policy statements along with the current status of these...

Mio Kato

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