Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

A bit under a year ago when Familymart had completed its merger with UNY, we looked <a href="https://www.smartkarma.com/insights/japan-cvs-sector-boots-on-the-ground" target="_blank" data-smartkarma-citation="insights:8730">Japan CVS Sector: Boots On the Ground</a> to see the competitive dynamics of the newly consolidated CVS businesses (where <a href="https://www.smartkarma.com/entities/20668" target="_blank" data-smartkarma-citation="entities:20668:1">Mitsubishi Corp (8058 JP)</a> had taken a majority position in <a href="https://www.smartkarma.com/entities/1040" target="_blank" data-smartkarma-citation="entities:1040:1">Lawson Inc (2651 JP)</a> and FamilyMart had acquired UNY with <a href="https://www.smartkarma.com/entities/18448" target="_blank" data-smartkarma-citation="entities:18448:1">Itochu Corp (8001 JP)</a> taking a larger equity stake in the post-merger entity. In that insight we looked at who would win and who would lose the CVS battles in the while, and the…

A bit under a year ago when Familymart had completed its merger with UNY, we looked Japan CVS Sector: Boots On the Ground to see the competitive dynamics of the newly consolidated CVS businesses (where Mitsubishi Corp (8058 JP) had taken a majority position in Lawson Inc (2651 JP) and FamilyMart had acquired UNY with Itochu Corp (8001 JP) taking a larger equity stake in the post-merger entity. In that insight we looked at who would win and who would lose the CVS battles in the while, and the…

UCS (8787 JP) Minorities To Get Squeezed Out

The Nikkei reported Thursday morning that <a href="https://www.smartkarma.com/entities/320" target="_blank" data-smartkarma-citation="entities:320:1">FamilyMart UNY Holdings Co Ltd (8028 JP)</a> would lift its stake in <a href="https://www.smartkarma.com/entities/19614" target="_blank" data-smartkarma-citation="entities:19614:1">Kanemi Co Ltd (2669 JP)</a> from 26.05% (of voting rights) to 52.47% by the end of July by buying shares from <a href="https://www.smartkarma.com/entities/18448" target="_blank" data-smartkarma-citation="entities:18448:1">Itochu Corp (8001 JP)</a> (Familymart UNY Holdings' de facto parent, which owns 10%) and other individual holders - mostly founding family members. In <a href="https://www.smartkarma.com/insights/japan-cvs-sector-boots-on-the-ground" target="_blank" data-smartkarma-citation="insights:8730">Japan CVS Sector: Boots On the Ground</a> published in February, I discussed what Familymart UNY and Itochu (and <a href="https://www.smartkarma.com/entities/1041" target="_blank" data-smartkarma-citation="entities:1041:1">Seven &amp; I Holdings Co Ltd (3382 JP)</a> and <a href="https://www.smartkarma.com/entities/1040" target="_blank" data-smartkarma-citation="entities:1040:1">Lawson Inc (2651 JP)</a>) might do going forward after the completion of various large consolidations in the sector.One move mentioned was <a href="https://www.smartkarma.com/entities/3896" target="_blank" data-smartkarma-citation="entities:3896:1">Ucs Co Ltd (8787 JP)</a>.  The other was <a href="https://www.smartkarma.com/entities/19614" target="_blank" data-smartkarma-citation="entities:19614:1">Kanemi Co Ltd (2669 JP)</a>. Given that as of the last full fiscal year 86.5% of Kanemi sales were to UNY Familymart Holdings, this makes sense.Both have outperformed their parent since that time;  Kanemi by ~13% and UCS by ~45%.<div class="content-highlight">What Plans Might Itochu and Familymart Have?<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/028/866/original/2017_Kanemi.png?1498714348" class="editor-image img-responsive" data-smartkarma-image-id="28866"></figure></div>The prospects are interesting medium-term, but there are other questions short-term.More below the fold for subscribers...

The Nikkei reported Thursday morning that FamilyMart UNY Holdings Co Ltd (8028 JP) would lift its stake in Kanemi Co Ltd (2669 JP) from 26.05% (of voting rights) to 52.47% by the end of July by buying shares from Itochu Corp (8001 JP) (Familymart UNY Holdings' de facto parent, which owns 10%) and other individual holders - mostly founding family members. In Japan CVS Sector: Boots On the Ground published in February, I discussed what Familymart UNY and Itochu (and Seven &amp; I Holdings Co Ltd (3382 JP) and Lawson Inc (2651 JP)) might do going forward after the completion of various large consolidations in the sector.One move mentioned was Ucs Co Ltd (8787 JP).  The other was Kanemi Co Ltd (2669 JP). Given that as of the last full fiscal year 86.5% of Kanemi sales were to UNY Familymart Holdings, this makes sense.Both have outperformed their parent since that time;  Kanemi by ~13% and UCS by ~45%.What Plans Might Itochu and Familymart Have?The prospects are interesting medium-term, but there are other questions short-term.More below the fold for subscribers...

FamilyMart to Lift Stake in Kanemi - De Facto Takeover, Minorities Beware

In <a href="https://www.smartkarma.com/insights/lawson-tender-offer-winnie-the-pooh-has-the-best-words" target="_blank">The First Lawson Pooh adventure</a>, I quoted A.A.Milne...<blockquote>When you see someone putting on his Big Boots, you can be pretty sure that an Adventure is going to happen.      ― A.A. Milne, Winnie-the-Pooh</blockquote>Then I noted...  Mitsubishi Corp has put on its Big Boots. An Adventure of Sorts lies ahead. More below including...         A Tender Offer Recap          A Chart Look at Where Lawson is vs its Peers          What's Next for Lawson?and....           a strangely hypnotic but entirely gratuitous Winnie…

In The First Lawson Pooh adventure, I quoted A.A.Milne...When you see someone putting on his Big Boots, you can be pretty sure that an Adventure is going to happen.      ― A.A. Milne, Winnie-the-PoohThen I noted...  Mitsubishi Corp has put on its Big Boots. An Adventure of Sorts lies ahead. More below including...         A Tender Offer Recap          A Chart Look at Where Lawson is vs its Peers          What's Next for Lawson?and....           a strangely hypnotic but entirely gratuitous Winnie…

Japan

UCS CO., LTD is a credit card company.  The Company's financial services include loans, credit cards, and leases.  UCS also provides travel-related services.

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UCS Co Ltd (8787 JP)

UCS (8787 JP) Minorities To Get Squeezed Out

A bit under a year ago when Familymart had completed its merger with UNY, we looked Japan CVS Sector: Boots On the Ground to see the competitive...

Travis Lundy

FamilyMart to Lift Stake in Kanemi - De Facto Takeover, Minorities Beware

The Nikkei reported Thursday morning that FamilyMart UNY Holdings Co Ltd (8028 JP) would lift its stake in Kanemi Co Ltd (2669 JP) from 26.05% (of...

Travis Lundy

Lawson's Big Boots Adventure Begins

In The First Lawson Pooh adventure, I quoted A.A.Milne...When you see someone putting on his Big Boots, you can be pretty sure that an Adventure is...

Travis Lundy

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