Travis Lundy

There were 484 corporate governance reports filed by TSE-listed companies in March. Investors should look at Future Initiatives doc from 7 April to look to join surveys and consultations.

Adding Mitsubishi Elec to Toshiba/Rohm talks on combining power semi businesses is worded as if its in a hurry. That's good. NEWCO adds value. Structure is a question, but Rohm's value is highlighted.

Baycurrent revenue and earnings surprised to the upside. Guidance for the year to Feb27 surprised even further. It was cheap on consensus. It is cheaper now. The buyback starts today.

Tsuruha is -30% since late Dec25 when the Tender Offer ended. Goodwill amortization has scared some investors off since. The stock is now very cheap on an adjusted EV basis. Passive selling looms.

One month left on the observation period for the Market Vector Global Gold Miners Index rebal. We expect Zijin Gold to be added but we see three more low-conviction adds with big ADVs to buy.

The MV Junior Gold Miners Index is more important than people know. It covers an important niche, and overlaps with others. The June rebal is 2.2% turnover. The Sep constituent review is much bigger.

Air Water had a multi-year run where inappropriate accounting was implemented and seemingly approved. It's bad. Thankfully it's a small portion of sales. But that's enough for the TSE to boot it.

Cash-and-securities-rich Mitsubishi Pencil just issued a CB+warrants to Advantage Partners at ridiculously advantageous terms. Bad governance. I see yuri hakko issues but I expect it survives court

Nippon Ham is buying back more stock. Earnings OK given the year. Guidance a bit of a miss. Low-vol quality name, cheaper than peers with a 6% ADV buyback every day for a year. Buy dips.

Medipal is finally taking out subsidiary Paltac. This was long expected, and those expecting suffered years of disappointment. It should have been done ages ago. Nice price. This gets done.