Hibiki Path Advisors (“We”), through our customer accounts, are a shareholder of Kinden Corporation (“Kinden”) and we sent a letter “Proposal to Kinden’s Corporate Value” to the board of Kinden on 4th October 2023.
We are disclosing this letter with the aim for all shareholders to see our view of Kinden, and for all to utilize it in their respective engagement activities with the company.
Kinden has 335.2 billion of cash and investment securities on their balance sheet, and we believe this is a huge inhibitor of PBR1x. By implementing an aggressive total payout ratio commitment together with growth strategies by doing M&A, Kinden’s valuation has a huge upside in our view, especially under current circumstances, the Electrical, Air-conditioner, and Telecommunication construction industries are really fragmented and undervalued.
Proposal for Corporate Value Enhancement Measures
For relevant posts on the company, please see the documents linked below.
14/Oct/2023 – Proposal letter explanation video about Kinden Corporation
This proposal letter does not constitute an offer, recommendation, or solicitation to buy or sell any security or enter into any other transaction. Hibiki does not purport to provide any investment, financial, legal, or other expert advice or recommendation in this document.