In today’s briefing:
- Dai Nippon Printing (7912) – Activism Results Going Forward Are Complicated
- Morning Views Asia: Adani Green Energy, Adani Ports & Special Economic Zone, Adani Transmission
Dai Nippon Printing (7912) – Activism Results Going Forward Are Complicated
- A little over two weeks ago, western media outlets reported “sources familiar with the matter” said Elliott Management had built a “significant” stake in Dai Nippon Printing (7912 JP).
- DNP has been a “value name” for years. And years. Lots of cash, lots of real estate, and lots of cross-holdings. DNP had a plan to sell crossholdings, slowly.
- DNP had planned a March 9 presentation of its new MTMP. Elliott, reportedly with a little less than 5%, wanted faster. A few weeks later, DNP has responded with faster.
Morning Views Asia: Adani Green Energy, Adani Ports & Special Economic Zone, Adani Transmission
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
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