In today’s briefing:
- Fuji Soft (9749) – As Bain Prepares to Go Higher, KKR Goes Lower
- Japan System Techniques (4323 JP) – Full Report
- Tech Supply Chain Tracker (21-Sep-2024): Samsung unlikely to follow Intel’s spinoff.
- WEX Inc.: Initiation Of Coverage – A Focused Approach on Electric Vehicle Market Integration & Other Major Drivers
Fuji Soft (9749) – As Bain Prepares to Go Higher, KKR Goes Lower
- Yesterday, KKR amended its plans to take over Fuji Soft Inc (9749 JP) by creating a Two-Tender Scheme, effectively lowering the threshold for eventual success through clearly coercive tactics.
- 3D (23.46%) and Farallon (9.22%) had already tendered. Contractual terms make it difficult (not impossible) to withdraw. Assuming it goes through, KKR has 32.68%, quasi-negative control.
- This revised structure is clearly abusive of minorities and NOT the deal Fuji Soft signed. This should cause Fuji Soft to Change their Opinion. Shareholder (and Bain) Pressure would help.
Japan System Techniques (4323 JP) – Full Report
- Japan System Techniques Co., Ltd. (hereafter, JAST or the Company) is an independent system integrator that celebrated its 50th anniversary in March 2023.
- The Company develops systems for customers across a wide range of industries in a variety of fields, including finance, manufacturing, distribution, services, public services, telecommunications, transportation, and science and technology.
- It also offers four in-house JAST branded services, including the GAKUEN series of strategic university management systems for the education industry as well as the BankNeo integrated information system for financial institutions.
Tech Supply Chain Tracker (21-Sep-2024): Samsung unlikely to follow Intel’s spinoff.
- Samsung unlikely to follow Intel in spinning off its foundry business, focusing on their own semiconductor production.
- Marvell co-founder Sehat Sutardja passes away, leaving a void in the semiconductor industry mourning the loss of a visionary.
- HTC launches VIVE Focus Vision with advanced XR features for gamers and enterprises, aiming to capture a niche market.
WEX Inc.: Initiation Of Coverage – A Focused Approach on Electric Vehicle Market Integration & Other Major Drivers
- WEX’s Q2 2024 results present a mixed bag of performance and outlooks reflecting challenges alongside achievements.
- The company registered a record quarterly revenue of $673 million, an 8% year-over-year increase, attributable to growth across all three segments.
- Adjusted net income per diluted share was $3.91, marking an 8% climb from the previous year.
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