In today’s briefing:
- Sanrio (8136 JP): The Current Playbook
- A/H Premium Tracker (To 6 Dec 2024): AH Premia Lower, Markets Up, Tech Weaker, Materials Up
- LANC US: Here Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond!
- “Parent-Subsidiary Listing” Heaven Continues to Provide Rich Investment Performance for Investors
- Lifestyle China (2136 HK): Thomas Lau’s Scheme – The Premium Is Wrong
Sanrio (8136 JP): The Current Playbook
- Since the announcement of the US$840 million secondary offering, Sanrio (8136 JP)’s shares have been down 3.9% from the undisturbed price of JPY5,160 per share (26 November).
- It is instructive to look at recent large Japanese placements to understand the potential trading pattern. So far, Sanrio’s shares have followed the pattern of previous large placements.
- The offering will likely be priced on 10 December. The average large Japanese placement tends to generate positive returns.
A/H Premium Tracker (To 6 Dec 2024): AH Premia Lower, Markets Up, Tech Weaker, Materials Up
- Mainland share market volumes continue to be better than HK and SOUTHBOUND volumes, but SB volumes rebounded, tech saw limited net buying, BABA was bought but other major tech sold.
- The first leg of China’s retaliatory acts against US trade measures appeared with export bans on gallium, germanium, antimony, graphite products, etc. These will not be lifted soon.
- China is also retaliating against the Phils, Vietnam, Taiwan and changing tack in Europe. The next couple of years threatens to be “interesting times.
LANC US: Here Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond!
- Lancaster Colony Corporation reported its fiscal year 2025 first-quarter results, showing modest growth with some challenges.
- Consolidated net sales increased by 1.1% to a record $467 million, while gross profit rose by 1.9% to $111 million.
- A key highlight was the record gross profit, marking positive operational efficiency, although the operating income decreased slightly due to higher selling, general, and administrative (SG&A) expenses.
“Parent-Subsidiary Listing” Heaven Continues to Provide Rich Investment Performance for Investors
- With the TSE shortly declaring the conclusion of discussions regarding parent-subsidiary listings, more parent-subsidiary listings (including listed affiliates) are likely to continue to appear going forward.
- “TSE’s Request” states a restructuring of business portfolio, but leaves out the issue of restructuring the parent company’s business portfolio and shifting to a management approach that increases corporate value.
- The parent-subsidiary listings (including listed affiliates) that continue to be created will continue to provide investment opportunities for investors, including activist investors.
Lifestyle China (2136 HK): Thomas Lau’s Scheme – The Premium Is Wrong
- After Lifestyle China (2136 HK) was suspended pursuant to then Takeovers Code, the takeaway was that Thomas Lau with 74.91% of shares out would table a Scheme.
- Which is exactly what unfolded. What was not expected was a stingy 21.7% premium to last close.
- The Offer Price has not been declared final. Lifestyle China is trading at 0.11x P/B. This Offer deserves a bump. Otherwise minorities should vote this down.
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