In today’s briefing:
- Seven & I: Activist ValueAct Seeking a Spin-Off of The US Business
- Universal Entertainment of Japan: IPO for Its Manila Casino Draws Closer
- Naspers: Looming Concerns
Seven & I: Activist ValueAct Seeking a Spin-Off of The US Business
- New York-based hedge fund ValueAct has told Seven & I Holdings (3382 JP)’s shareholders to support them in their bid to spin off the 7-Eleven US convenience store business.
- Spinning off the only growth driver of the business does not seem like an idea that Seven & I or its shareholders are likely to entertain.
- We fear that ValueAct could be looking for reasons to call-off its investor-activism-campaign and perhaps is trying to squeeze out every last bit of gains as it exits its positions.
Universal Entertainment of Japan: IPO for Its Manila Casino Draws Closer
- The long, tortured legal mess between Universal and its ousted founder over control of its lucrative Manila integrated casino resort now has a clear path to its spin off IPO.
- The Okada Manila resort is among the sector leaders in the burgeoning Philippines gaming market now ramping rapidly toward full GGR recovery.
- At UE’s current price of 2,347jpy, the stock bears a built in premium of a Spac IPO now appearing to be pointed to debut this year.
Naspers: Looming Concerns
- Naspers’ South African ventures exhibit solid growth, but an inflection point awaits, according to the company.
- The company’s exposure to China’s reopening is a roll of the dice, says Naspers.
- Naspers’ (OTCPK:NPSNY) stock has climbed by more than 20% in the past month, subsequently luring investors’ attention.
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