{"id":5414,"date":"2026-03-06T18:31:52","date_gmt":"2026-03-06T10:31:52","guid":{"rendered":"https:\/\/www.hibiki-path-advisors.com\/?p=5414"},"modified":"2026-03-06T19:19:41","modified_gmt":"2026-03-06T11:19:41","slug":"post-5414","status":"publish","type":"post","link":"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/post-5414\/","title":{"rendered":"6\/Mar\/2026\u00a0\uff0d\u00a0Tomoe Corporation:\u00a0Share Buyback and Sale of Cross-Shareholdings\u00a0"},"content":{"rendered":"

On February 25, 2026, Tomoe Corporation, one of the core portfolio companies of Hibiki Path Advisors (from January 2026, Hibiki Path Advisors SPC), announced (i)\u00a0<\/span>a buyback of up to 10.8% of its outstanding shares excluding treasury shares (approximately JPY 8.0 bn) (Japanese only)<\/span><\/a>, and (ii)\u00a0<\/span>the recording of approximately JPY 3.0 bn in gains from the partial sale of investment securities, along with a corresponding revision to its earnings forecast (Japanese only).<\/span><\/a>\u3000<\/span>\u00a0<\/span><\/p>\n

The following day, February 26, 2026, the Company announced\u00a0<\/span>the results of the buyback and the completion of the cancellation (Japanese only)<\/span><\/a>,\u00a0confirming that: (i) approximately 9%<\/span>\u00b9<\/span>\u00a0of\u00a0its outstanding\u00a0shares excluding treasury shares (about JPY 7.0 bn) had been repurchased, and (ii) treasury shares equivalent to 17.1% of total\u00a0outstanding\u00a0shares had been cancelled.<\/span>\u00a0<\/span><\/p>\n

We have long engaged with the Company\u00a0on a daily basis\u00a0and, through\u00a0<\/span>shareholder proposals<\/span><\/a>\u00a0and\u00a0<\/span>letters<\/span><\/a>, have consistently requested fundamental measures to enhance corporate value.\u00a0We view this series of corporate value-enhancing actions\u2014the approximately 9% buyback, the\u00a0roughly 17%\u00a0cancellation of treasury shares, and the partial sale of investment securities (estimated at around 15% of holdings<\/span>\u00b2<\/span>)\u2014as a positive step forward.<\/span>\u00a0<\/span><\/p>\n

With respect to the buyback, the Company\u00a0acquired\u00a0shares at the closing price of JPY 2,010 on February 25. This was a large-scale repurchase executed at\u00a0a very low\u00a0valuation. The adjusted PBR was 0.65x<\/span>\u00b3<\/span>, after accounting for after-tax unrealized gains on non-core real estate holdings.\u00a0Since the buyback was conducted well below adjusted net assets, the per-share figure increased by 3.5%, from JPY 3,116 to JPY 3,226.\u00a0As a result, the post-buyback adjusted PBR declined to approximately 0.62x, and we view the Company\u2019s shares as\u00a0remaining\u00a0substantially undervalued.<\/span>\u00a0<\/span><\/p>\n

In light of\u00a0this, we did not\u00a0participate\u00a0in the buyback. We see the Company\u2019s recent actions as an important first step toward enhancing corporate value and remain committed to constructive engagement to support its further transformation.<\/span>
\n<\/span><\/p>\n

 <\/p>\n

\u00b9 Total shares repurchased: 3,332,500 \u00f7 Outstanding shares excluding treasury shares: 36,896,848 (FY3\/26 3Q earnings release)<\/p>\n

\u00b2 Gains on sale of investment securities: JPY 3.0 bn \u00f7 Other investment securities valuation differences: JPY 20.4 bn (FY3\/26 3Q earnings release)<\/p>\n

\u00b3 Real estate valuations are based on appraisals reported in the FY3\/25 securities report, and capital figures are from the FY3\/26 3Q earnings release.
\n<\/span><\/p>\n

 <\/p>\n

(Our History of Engagement with Tomoe)\u00a0<\/span>\u00a0<\/span><\/p>\n

23\/Jan\/2026 \uff0d Tomoe Corporation: Follow-Up on Our Request for a Complete Overhaul of the Medium-Term Management Plan and the Establishment of a Special Committee<\/span><\/a>\u00a0<\/span><\/p>\n

17\/Nov\/2025\u202f<\/span>\u30fc<\/span>\u202fTomoe Corporation 2Q FY3\/26 Results<\/span><\/a>\u202f<\/span><\/b>\u00a0<\/span><\/p>\n

3\/Oct\/2025 \u2013 Letter to Tomoe CORPORATION<\/span><\/a>\u202f<\/span><\/b>\u00a0<\/span><\/p>\n

2\/Jul\/2025 \u2013 Results of Tomoe\u2019s 93rd Annual General Meeting of Shareholders (comment on voting results)<\/span><\/a>\u202f<\/span><\/b>\u00a0<\/span><\/p>\n

13\/Jun\/2025 \u2013 ISS Endorses Hibiki\u2019s Shareholder Proposals to Tomoe Corporation<\/span><\/a>\u202f<\/span><\/b>\u00a0<\/span><\/p>\n

5\/June\/2025\u202f<\/span>\u30fc<\/span>\u202fComments on the Revision of the Medium-Term Management Plan<\/span><\/a>\u202f<\/span><\/b>\u00a0<\/span><\/p>\n

29\/May\/2025\u202f<\/span>\u30fc<\/span>\u202fShareholder proposal for Tomoe Corporation<\/span><\/a>\u202f<\/span><\/b>\u00a0<\/span><\/p>\n

\n

This letter does not constitute, and shall not be construed as, any proposal, solicitation, marketing, advertisement, inducement, or representation with respect to any service or product, nor does it constitute advice regarding the purchase or sale of any investment product or any type of investment, the making of any investment, the entering into of any transaction, or the refraining from any action (whether or not any terms or conditions are stated herein), and does not express any opinion regarding the merits of any particular investment or investment strategy. Any examples of strategies or transactions are provided solely for explanatory purposes and do not\u00a0represent\u00a0past or future strategies or performance, nor do they\u00a0indicate\u00a0the likelihood of success of any\u00a0particular strategy. Furthermore, this letter\u00a0does not constitute\u00a0investment, financial, legal, tax, or any other professional advice. This letter has been prepared based on publicly available information (which we have not independently verified) and does not purport to be complete,\u00a0timely, or comprehensive. We do not intend, either directly or indirectly, including through other shareholders, to propose at any shareholders\u2019 meeting of Tomoe Corporation (Kabushiki Kaisha Tomoe Corporation, \u201cTomoe Corporation\u201d) the transfer or disposal of the business or assets of Tomoe Corporation or any of its group companies. In addition, we do not have any intention\u00a0to engage\u00a0in any conduct that would make the continuous and stable operation of the business of Tomoe Corporation or its group companies difficult.<\/span>\u00a0<\/span><\/p>\n

\n

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On February 25, 2026, Tomoe Corporation, one of the core portfolio companies of Hibiki Path Advisors (from January 2026, Hibiki Path Advisors SPC), announced (i)\u00a0a buyback of up to 10.8% of its outstanding shares excluding treasury shares (approximately JPY 8.0 bn) (Japanese only), and (ii)\u00a0the recording of approximately JPY 3.0 bn in gains from the partial sale of investment securities, along with a corresponding revision to its earnings forecast (Japanese only).\u3000\u00a0 The following day, February 26, 2026, the Company announced\u00a0the results of the buyback and the completion of the cancellation (Japanese only),\u00a0confirming that: (i) approximately 9%\u00b9\u00a0of\u00a0its outstanding\u00a0shares excluding treasury shares (about JPY 7.0 bn) had been repurchased, and (ii) treasury shares equivalent to 17.1% of total\u00a0outstanding\u00a0shares had been cancelled.\u00a0 We have long engaged with the Company\u00a0on a daily basis\u00a0and, through\u00a0shareholder proposals\u00a0and\u00a0letters, have consistently requested fundamental measures to enhance corporate value.\u00a0We view this series of corporate value-enhancing actions\u2014the approximately 9% buyback, the\u00a0roughly 17%\u00a0cancellation of treasury shares, and the partial sale of investment securities (estimated at around 15% of holdings\u00b2)\u2014as a positive step forward.\u00a0 With respect to the buyback, the Company\u00a0acquired\u00a0shares at the closing price of JPY 2,010 on February 25. This was a large-scale repurchase executed at\u00a0a very low\u00a0valuation. The adjusted PBR was 0.65x\u00b3, after accounting for after-tax unrealized gains on non-core real estate holdings.\u00a0Since the buyback was conducted well below adjusted net assets, the per-share figure increased by 3.5%, from JPY 3,116 to JPY 3,226.\u00a0As a result, the post-buyback adjusted PBR declined to approximately 0.62x, and we view the Company\u2019s shares as\u00a0remaining\u00a0substantially undervalued.\u00a0 In light of\u00a0this, we did not\u00a0participate\u00a0in the buyback. We see the…","protected":false},"author":6,"featured_media":532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,80],"tags":[],"class_list":{"0":"post-5414","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-engagement","8":"category-80"},"views":846,"_links":{"self":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5414","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/comments?post=5414"}],"version-history":[{"count":7,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5414\/revisions"}],"predecessor-version":[{"id":5423,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5414\/revisions\/5423"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/media\/532"}],"wp:attachment":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/media?parent=5414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/categories?post=5414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/tags?post=5414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}