Last Week in Event SPACE: Nuflare, Frasers, Nippon Shokubai, QMS, Fujitsu, Jardines

Last Week in Event SPACE ...

• Yoshiaki Murakami has purchased 5.02% stake in Nuflare Technology (6256 JP) "with the aim to provide advice to management and to submit important proposals, depending on the investment situation." That is code for "disagree with management." Interestingly, Murakami vehicles also have a 10+% voting stake in large holder (and original parent co) Toshiba Machine.

• This appears an okay deal for shareholders of either REIT. You would want to be long Frasers Commercial Trust (FCOT SP) vs Frasers Logistics & Industrial (FLT SP) - if there is any pushback, it will be on the FCOT leg. If you already own FLT, you own the right one.
• If you have not looked at Nippon Shokubai (4114 JP) but are partial to the space, it is recommended you do. There are catalysts galore here.
• Legal wrangling threatens to disrupt Qms Media (QMS AU)' Scheme; however, Quadrant would have done its homework; and the quantum of the claim, if successful (and that is not a given) will be considerably less than the headline revenue "lost".
• With reports of Fujitsu Ltd (6702 JP) looking to clean up listed subsidiary stakes, Fujitsu Frontech (6945 JP) could offer the largest upside given its cheapness (upside to book is 50%) and potential strategic importance to Fujitsu.
• The Jardine Matheson Hldgs (JM SP) / Jardine Strategic Hldgs (JS SP) ratio is back down to its long-term average - yet JM has ample room for more buybacks; and JS may still privatise Mandarin Oriental Intl (MAND SP).
• Plus, other events, CCASS movements and Mood Spins.

(This insight covers specific insights & comments involving Stubs, Pairs, Arbitrage, share Classifications, and Events - or SPACE - in the past week)