JAPAN ANALYTICS

Accounting Visualized™

This blog is a companion to the Japan Analytics iPad App – the most comprehensive mobile data source on listed Japanese equities.

The App is now available in the Apple App Store.

  • Blog
  • Japan Analytics App
  • Twitter

Powered by Genesis

Protect Alpine

2017.10.30 by Japan Analytics Leave a Comment

On July 27th, Alpine Electronics (6816) received an offer from Alps Electric (6770), which owns 40.43% of Alpine’s shares, to buy out the remainder for 0.68 shares of Alps for each share of Alpine.

Oasis Management Company of Hong Kong, the largest minority shareholder in Alpine with a stake of 9.24%, has stated in a press release today that minority investors are not getting a ‘fair deal’ and have launched a website protectalpine.com to make their case for a higher offer from Alps. Alpine is now trading at a small premium to the offer in the hope that Oasis will prevail, as they did recently with Panahome.

There are clear issues of corporate governance concerning the process which led to this offer and the 18-month period before the offer is effective, but we shall leave this to others better qualified than Japan Analytics to comment.

Rather, we shall look at Alpine’s financial statements through the lens of the App’s residual income valuation model.

[Read more…]

Filed Under: Blog Tagged With: 6770, 6816

Recent Posts

  • Residual Income – Mid Caps
  • Residual Income – Large Cap
  • Results Review – Small Caps
  • Results Review – Mid Caps
  • Results Review – Large Caps

Tags

3758 6501 6502 6503 6770 6816 8035 9401