In today’s briefing:
- Market Share Loss for Tesla Korea Accelerating in 1Q 2023
- Arcland Service (3085 JP): Share Exchange Offer from Arclands Corp
- Okada Casino Momentum Signals an Entry Point Despite Legal Woes with Its Spac Hedge Fund Deal
- Activist Investors Have Been Consistent, but Environment Around Companies Has Changed Significantly
Market Share Loss for Tesla Korea Accelerating in 1Q 2023
- The fact that Tesla Korea is losing its market share significantly in Korea portends increased challenges for Tesla Motors on a global basis.
- The number of new Tesla vehicles registered in Korea was 1,303 units in 1Q 2023, down 52% YoY.
- In this insight, we provide three major reasons for Tesla’s market share losses in Korea. We also provide Tesla Korea’s 2022 results analysis.
Arcland Service (3085 JP): Share Exchange Offer from Arclands Corp
- Arcland Service (3085 JP)/Arcland SHD has recommended Arcland Sakamoto (9842 JP)/Arclands’ share exchange offer at 1.87 Arclands shares per Archland SHD share.
- The implied offer value of JPY3,051.84 per share at Arclands’ last close price is a 35.3% premium to the undisturbed price of JPY2,256.00 per share (14 April).
- The offer requires Arcland OGM (25 May) and Arcland SHD EGM (22 June) shareholder approval. Arcland SHD shareholders will be supportive as the deal metrics are attractive.
Okada Casino Momentum Signals an Entry Point Despite Legal Woes with Its Spac Hedge Fund Deal
- 26 Capital, a US hedge fund that has crafted an innovative spac deal to bring the leading Manila casino property into an IPO by this fall has stalled.
- The overall tone of recovery in Philippine gaming in this early post-covid era is speeding up and expected to meet or surpass baseline 1919 growth easily.
- We see an attractive entry point for Okada’s owner, Tokyo traded Universal Entertainment, based both on its strong performance and the ultimate success of the IPO.
Activist Investors Have Been Consistent, but Environment Around Companies Has Changed Significantly
- While the shareholding of banks and insurances has dropped significantly, that of foreign shareholders has risen to 30%, making it impossible to ignore the opinions of overseas investors as before.
- Since the introduction of the Corporate Governance Code, the concept of governance and ROE has permeated companies, making it possible for them to understand the background of activist investors’ proposals.
- Besides the close relationship between changes in valuations and changes in foreign shareholding, overseas investors account for 70% of TSE’s transactions, forcing management to increasingly listen to overseas investor’s voices.
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