4973 Japan Pure Chemical
- Jan 27
- 1 min read
JPC specializes in plating chemicals for electronic component connections. Cost of sales is linked to precious metal market prices. Adopts a return on equity dividend policy.
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JPC revises its full-year earnings forecast upward due to growing demand for AI and the sale of cross-shareholdings.
Demand for AI is spreading to the chemical industry.
https://x.com/makemmd/status/2015724849784852534
Director Watanabe (de facto emperor of JPC):
"The concept of DOE doesn't really resonate with me"
"I've done an MBO once and would never wanna do it again"
Hibiki:
"[The 'shadow emperor' governance setup of] JPC is akin to that of Fuji TV - except there is no scandal with JPC"
"We should've been aggressive/hostile much earlier"
"We are so bullish we wish we could just acquire this company"
https://x.com/makemmd/status/1950591622619808008
"Japan Pure Chemical is highly regarded within the industry as "unrivaled" in the gold plating field, and is highly regarded by its competitors. In particular, the company is said to hold approximately 30% of the global market share for plating connectors for semiconductors and packaging.
The company has pricing power and is undervalued. Furthermore, roughly half of its market capitalization is in cash, making it resistant to downside risk. Its end customers include global companies such as Samsung, and it has stable cash flow."
ー Hibiki
https://diamond.jp/articles/-/365633?page=2
July 30, Hibiki doubles down on this company, now reporting 20.35% ownership (21.35% excluding treasury shares)
They continue to ask the mgmt to consider privatization
https://x.com/news_hibiki/status/1950510588347715969
very slow pace of investment securities unwind, and JP retail holders are upset
https://x.com/makemmd/status/1948703856994517192