In today’s briefing:
- Infroneer (5076 JP) Tender Offer for Toyo Construction (1890 JP) Could Get Funky
- Nomura Research Placement – Has Sold Before, Deal Might Be More Reflective on the Parent’s Results
- Monex – Coincheck SPAC Unlocks Value
- Capcom – The Prospects for Street Fighter 6
- AB Hotel (6565): Raising TP; Profit Recovery Ahead of Industry; New Store Development to Restart
- Tosho (8920): Earnings Forecast Update; Recovery in Membership Just Beginning
Infroneer (5076 JP) Tender Offer for Toyo Construction (1890 JP) Could Get Funky
- INFRONEER Holdings (5076 JP) is the new name of the holding company which was comprised of Maeda Corporation, Maeda Road Construction, and Maeda Seisakusho.
- Infroneer owns a 20% stake in smaller construction company Toyo Construction (1890 JP) through subsidiary Maeda Construction. It has launched a Tender Offer for the rest at a 28.5% premium.
- This could get complicated. If you own, I would not sell at terms.
Nomura Research Placement – Has Sold Before, Deal Might Be More Reflective on the Parent’s Results
- Nomura Holdings is looking to raise around US$486m via selling 2.5% of Nomura Research.
- This is not the first sale by Nomura and hence, might not come as a complete surprise.
- In this note, we will run the deal through our ECM framework and talk about the recent updates.
Monex – Coincheck SPAC Unlocks Value
- Coincheck and Thunder Bridge Capital Partners IV announced today that an SPAC deal would occur to list Coincheck on the NASDAQ.
- With a pre-money valuation of $1.25bn the deal values Coincheck noticeably more modestly than Monex’s prior SOTP presentation.
- Nevertheless, in combination with the announced TradeStation SPAC it starts to make the extent of Monex’s holdco discount apparent.
Capcom – The Prospects for Street Fighter 6
- A month ago Capcom announced Street Fighter 6 with a small trailer featuring no actual gameplay footage.
- Given the somewhat haphazard launch of Street Fighter 5 expectations for the title are likely to be moderate.
- However, there has been much progress since the launch of Street Fighter 5 and there are some promising signs to consider.
AB Hotel (6565): Raising TP; Profit Recovery Ahead of Industry; New Store Development to Restart
- We updated our earnings forecast for AB Hotel (6565, the company) and raised our target price to 1,600 yen from 1,400 yen. We reiterate our Buy rating.
- On January 31, the company announced 1-3Q (Apr-Dec) FY3/22 OP of 667m yen (+757.0% YoY; OPM 14.1%), 74% progress toward the company’s full-year guidance of 900m yen
- We raised our OP forecasts from 681m yen to 929m yen (+1,995.4% YoY; OPM 14.7%) for FY3/22, 1.355bn yen to 1.495bn yen (OPM 21.2%) for FY3/23
Tosho (8920): Earnings Forecast Update; Recovery in Membership Just Beginning
- We updated our earnings forecast for Tosho (8920, the company) and maintained our target price at 2,300 yen. We reiterate our Buy rating.
- On February 3, the company announced 1-3Q (Apr-Dec) FY3/22 OP of 1.616bn yen (+55.0% YoY; OPM 10.6%)
- We changed our OP forecasts from 2.464bn yen to 4.403bn yen (+307.7% YoY; OPM 16.2%) for FY3/22, 4.466bn yen to 2.732bn yen (OPM 12.6%) for FY3/23
Before it’s here, it’s on Smartkarma
