In today’s briefing:
- Shibaura Electronics (6957 JP): Minebea Secures Further Irrevocables as It Ponders a Revised Offer
- A Tender Offer of 6.2% Stake in KC Tech by KC Co
- Tencent/Netease: One Game for Netease in April
- GOOGL Earnings: Volatility Setup and Post-Release Price Behavior
- Hi-Think Technology Pre-IPO – Steady Outlook Amid FX Pressures
- Faraday Technology’s Breakout: AI Packaging Demand Defying the Global Semiconductor Slowdown
Shibaura Electronics (6957 JP): Minebea Secures Further Irrevocables as It Ponders a Revised Offer
- In response to Yageo Corporation (2327 TT)’s revised JPY5,400 offer, Shibaura Electronics (6957 JP) has asked Minebea Mitsumi (6479 JP) if it intends to revise its terms.
- Minebea is reviewing its offer and has disclosed additional irrevocables from the founder’s family and MUFG. Total irrevocables represent a 15.83% ownership ratio.
- On April 22, Yageo issued a public letter to change the narrative regarding the Board’s concerns. There is an increasing likelihood that Minebea will return with a revised offer.
A Tender Offer of 6.2% Stake in KC Tech by KC Co
- After the market close today, it was reported that KC Co (029460 KS) plans to conduct a tender offer 35 billion won worth of KC Tech (281820 KS) shares.
- KC Co plans to conduct a tender offer of 1.283 million shares (6.2% stake) of KC Tech shares for 20 days from 23 April to 12 May.
- The tender offer price for KC Tech is 27,100 won, which is 13.4% higher than the closing price on 22 April.
Tencent/Netease: One Game for Netease in April
- China announced game approval for the April batch. The number of games approved remained at a higher level than 2023.
- The pace of China game approval appears to have accelerated to the same level as pre-tightening.
- While Netease received one game approval for its domestic game, Tencent received an approval for an imported game.
GOOGL Earnings: Volatility Setup and Post-Release Price Behavior
- Recent performance and legal overhangs make this quarter interesting and more unpredictable.
- We provide a detailed analysis of price patterns, implied vol and the earnings implied jump in GOOGL options compared to historical outcomes.
- The implied move looks rich relative to long-term averages—but more in line with recent quarters.
Hi-Think Technology Pre-IPO – Steady Outlook Amid FX Pressures
- Hi-Think Technology International (HT) is looking to raise at least US$150m in its upcoming Hong Kong IPO.
- HT is a leading Chinese provider of digital intelligence software technology services and solutions, focusing on serving integration customers in Japan, particularly customers in the civil and financial sectors.
- Due to significant depreciation of the JPY against the RMB, HT’s 9M24 sales growth and margins were negatively impacted.
Faraday Technology’s Breakout: AI Packaging Demand Defying the Global Semiconductor Slowdown
- Faraday Top-Line Soars on CoWoS Chip Packaging Services Support Ramp — 78% of MP Revenue Came from AI/HPC Applications
- TSMC-Aligned Execution Enables Asset-Light Business Scaling for Faraday — New Fabless OSAT Service is Highly Differentiated; Competitive Advantage
- Outlook: Continued Very Strong Momentum into 2Q25 — 1H25 Revenue Will Be Higher Than All of 2024
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