In today’s briefing:
- Couche-Tard Execs in Tokyo, “Hoping” For Meetings But Really There To Hold a Press Conference
- Samty (187A) Deal Looks Somewhat Vulnerable to Potential Interlopers
- Intermestic IPO Trading – Drew a Strong Institutional Demand
- Hiday Hidaka (7611 JP): Initial Report
- No Disruption in Quarterly Disclosure Review, but a Few Companies Disclosed CF Statements in 1Q & 3Q
Couche-Tard Execs in Tokyo, “Hoping” For Meetings But Really There To Hold a Press Conference
- Alimentation Couche-Tard (ATD CN)‘s CEO, former CEO, CFO, and founder were in Tokyo today giving a press conference about their trip and designs on Seven & I Holdings (3382 JP).
- There was some passive-aggressive behaviour. Their bid was better than 7&i’s plan. They said it was a high price. They said they wanted to meet management, the ITOs, the government.
- None of that will win the hearts and minds of the Special Committee.
Samty (187A) Deal Looks Somewhat Vulnerable to Potential Interlopers
- The Hillhouse (Asia-based global PE firm) deal for SAMTY HOLDINGS Co Ltd (187A JP) has seen Samty shares trade tight to terms in the first three days of trading.
- Some 7.5mm shares have traded. This is only 16% of shares out, but it is a much larger portion of Maximum Real World Float.
- This begs the question of whether the deal could be put in jeopardy by the actions of one or two shareholders.
Intermestic IPO Trading – Drew a Strong Institutional Demand
- Intermestic (262A JP) raised around US$120m in its Japan IPO.
- Intermestic is an eyewear manufacturer of eyeglasses and eyeglass accessories in Japan.
- We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.
Hiday Hidaka (7611 JP): Initial Report
- In FY02/24, revenue was JPY48.8bn (+27.8% YoY), operating profit was JPY4.6bn (+653.2% YoY), recurring profit was JPY4.8bn (+92.5% YoY), and net income was JPY3.2bn (+112.8% YoY).
- The company attributed YoY revenue growth to the following factors.
- First, customer count continued to grow after the March 2023 price hike.
No Disruption in Quarterly Disclosure Review, but a Few Companies Disclosed CF Statements in 1Q & 3Q
- The number of days to disclose first- and third-quarter financial results was 37.0 days, roughly the same timing as the previous year, regardless of whether reviews were conducted or not.
- The larger market capitalization companies are more likely to conduct voluntary reviews, and the larger market capitalization companies are more positive about ensuring the reliability of their disclosure information.
- Despite a slight increase from the previous year, only a little more than 10% of all companies disclosed cash flow statements in the first and third quarters.
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