In today’s briefing:
- Taiwan Top 50 ETF Rebalance: Big Buying in Yang Ming Marine (2609 TT) In Two Weeks
- Mitsubishi Logisnext (7105 JP): Mitsubishi Heavy Industries (7011 JP) Seeks to Exit
- Takigami Steel Construction (TYO 5918) – A Portfolio of Public Securities
- Core & Main Inc.: Its Efforts Towards Strategic M&A & Market Expansion & Other Major Drivers
Taiwan Top 50 ETF Rebalance: Big Buying in Yang Ming Marine (2609 TT) In Two Weeks
- Yang Ming Marine Transport (2609 TT) will replace Airtac International (1590 TT) in the Yuanta/P-Shares Taiwan Top 50 ETF at the close of trading on 20 December.
- Yang Ming Marine Transport (2609 TT) will also be added to the Yuanta/P-shares Dividend Plus ETF in December, so there will be increased flow and impact from the passive buying.
- There has been an increase in cumulative excess volume in Yang Ming Marine Transport (2609 TT) but there is a similar trend in other stocks from the sector.
Mitsubishi Logisnext (7105 JP): Mitsubishi Heavy Industries (7011 JP) Seeks to Exit
- Mitsubishi Logisnext Co., Ltd. (7105 JP) shares rose 26% after the Nikkei reported that Mitsubishi Heavy Industries (7011 JP) is contemplating selling its 64.5% stake.
- Logisnext confirmed the sale process. In a fair process, minorities should receive the tender offer price plus the proportionate share of Mitsubishi Heavy Industries’ TOB tax benefits.
- Despite the rise in share price, Logisnext trades at a discount to peer multiples. At an offer of JPY2,000, Logisnext would trade in line with median peer multiples.
Takigami Steel Construction (TYO 5918) – A Portfolio of Public Securities
Company is marginally profitable and owns a portfolio of securities (mostly public stocks) and rental real estate worth ~3x its market cap (~¥18,000 /share vs ¥6,000 stock price).
These figures assign zero value to the operating business and its fixed assets.
Activist investor is the #1 shareholder with a 17.4%. #2 shareholder owns 11% and will likely align with activist. Insiders don’t own enough to easily block future activism.
Core & Main Inc.: Its Efforts Towards Strategic M&A & Market Expansion & Other Major Drivers
- Core & Main, a leader in the water infrastructure sector, reported strong fiscal 2024 third-quarter results, demonstrating both growth and resilience amidst challenging conditions.
- The company achieved record quarterly sales exceeding $2 billion and adjusted EBITDA of $277 million, driven by a combination of organic growth and strategic acquisitions.
- Sales grew by nearly 12%, reflecting both the company’s expansion efforts and robust demand across its core markets.
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