3765 Gunho
- Japan Guru
- Jul 5
- 1 min read
The smartphone game "Puzzle & Dragons" is the main source of revenue, and the company also develops PC online games and home games.
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interview piece ahead of the extraordinary shareholder mtg with SC founder Maruki:
https://www.buffett-code.com/articles/27940
Today (Sept 24, 2025) at 10am, extraordinary shareholder mtg called by activist Strategic Capital ("SC") takes place
The agenda proposed by the shareholder is to fire the CEO
The votes take place in the context of:
net cash = 90% of mkt cap
declining trajectory of operating performance
SC's previous shareholder proposals at March AGM having garnered 40% votes (*the proposal was to change the articles of incorporation to make dividends and the cancellation of treasury stock a general meeting resolution)
At March AGM, the appointment of CEO was opposed by around 25% of shareholders
the CEO has never took time to meet SC saying he is "too busy developing games")
SC says they don't need a super human to…
Today (JUL 23, 2025), Strategic Capital ran an ad on Nikkei Newspaper on their portfolio names, including this, kindly including a mobile friendly QR code taking us to their HP....
Son Taizo to increase ownership in Gunho, from 14.44% to 17.36%, maybe to defend against the activist intervention?
https://x.com/makemmd/status/1946041151162667028
stock on a steady decline trajectory....maybe Taizo Son likes it in view of potential MBO
pbr 1.2x / EV/EBITDA 3x......a gaming company that trades like a regional bank
https://x.com/makemmd/status/1941149944846672134