{"id":6045,"date":"2026-08-17T14:30:36","date_gmt":"2026-08-17T06:30:36","guid":{"rendered":"https:\/\/www.hibiki-path-advisors.com\/?p=6045"},"modified":"2026-08-17T14:30:36","modified_gmt":"2026-08-17T06:30:36","slug":"post-6045","status":"publish","type":"post","link":"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/post-6045\/","title":{"rendered":"17\/Aug\/2026 \u2015 Letter to ECHO\u2019s parent company, Yamabiko Corporation"},"content":{"rendered":"

Did you know that ECHO, one of the leading global brands in outdoor power equipment (\u201cOPE\u201d) such as brushcutters, blowers, and chainsaws, is owned by a company listed on the Tokyo Stock Exchange? That company is Yamabiko Corporation<\/a> (securities code: 6250; hereinafter the \u201cCompany\u201d and\/or \u201cYamabiko\u201d).<\/p>\n

ECHO Products<\/u><\/p>\n

\"\"<\/a>(Source: Yamabiko Website<\/a>)<\/p>\n

Hibiki Path Advisors (from January 2026, Hibiki Path Advisors SPC; hereinafter collectively referred to as \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d) is a shareholder of Yamabiko, and recently on 24 July 2026, dispatched a letter entitled \u201cProposal to Enhance Yamabiko\u2019s Corporate Value\u201d to President Kubo and the Board of Directors.<\/p>\n

We view ECHO as one of the three leading global brands in OPE, alongside Stihl and Husqvarna. Yet Yamabiko trades at a five-year average P\/E of only 7.6x, which is a significant discount to Makita at 28.9x, Husqvarna at 20.6x, The TORO Company at 22.5x, and other comparable global peers.<\/p>\n

Through our dialogue with the Company to date, we have seen a flexible and constructive attitude toward engagement, as well as signs of improvement across various aspects of IR. In our view, the Company is now at the very point where meaningful change is beginning to take shape.<\/p>\n

We sincerely request the Company build on these efforts, while incorporating the substance of our proposals, so that it can earn the fair recognition it deserves from the equity market. We intend to continue pursuing our engagement in a constructive and supportive manner, and we would like you to follow the Company\u2019s and our progress closely!<\/p>\n

Proposal to Enhance Yamabiko’s Corporate Value (English)<\/a><\/strong><\/p>\n

\n

This post does not constitute a proposal, solicitation, marketing communication, advertisement, inducement or representation in respect of any service or product, nor does it constitute advice to buy or sell any investment product or any investment of any kind, or a recommendation to purchase or sell any investment product, make any investment, execute any transaction, or refrain from taking any other action, whether or not any terms are described. It also does not constitute an opinion regarding the merits of any particular investment or investment strategy. Any examples of strategies or transactions are provided solely for illustrative purposes and do not indicate any past or future strategy or performance, nor do they indicate the likelihood of success of any particular strategy. This post does not constitute investment, financial, legal, tax, or any other advice.<\/p>\n

This post presents our assessments, estimates, and opinions regarding the business of Yamabiko Corporation (\u201cYamabiko\u201d) and Yamabiko group companies.<\/p>\n

This post has been prepared based on publicly available information, which we have not independently verified, and is not complete, timely, or comprehensive.<\/p>\n

Although we believe that the information contained in this post is accurate and reliable, we make no representation or warranty as to the accuracy, completeness, or reliability of such information, or of any statements or oral communications regarding Yamabiko, Yamabiko group companies, or any other companies described herein. We also assume no responsibility for any such statements or communications, including any inaccuracies or omissions therein. With respect to public companies, there may be non-public information held by such companies or their insiders that has not been disclosed by those companies. Accordingly, all information contained in this post is presented \u201cas is,\u201d without any warranty of any kind, and we make no express or implied representation as to the accuracy, completeness, or timeliness of such information, or the results of its use. Readers should obtain their own professional advice and make their own assessment of the relevant matters. We disclaim no obligation or liability for any loss arising from, or in connection with, the use of all or any part of the information contained in this post, including any inaccuracies or omissions therein. Any investment involves significant risks, including the risk of a complete loss of capital. Any forecasts or estimates are provided solely for illustrative purposes and should not be regarded as indicating any upper limit of potential gains or losses. We may modify all or part of this post without notice to any person, but we are under no obligation to provide any revisions, updates, additional information or materials in relation to this post, or to correct any inaccuracies.<\/p>\n

This post may contain content or quotations from, or hyperlinks to, publicly available third-party sources of information (\u201cThird-Party Materials\u201d). Permission to quote Third-Party Materials in this post may not have been sought or obtained. The contents of Third-Party Materials have not been independently verified by us and do not necessarily reflect our views. The authors and\/or publishers of Third-Party Materials are independent from us and may hold views that differ from ours. The inclusion of Third-Party Materials in this post does not imply that we endorse or agree with any part of the content of such Third-Party Materials, nor does it imply that the authors or publishers of such Third-Party Materials endorse or agree with the views expressed by us in relation to the relevant matters. Third-Party Materials do not constitute all relevant news reports or views expressed by third parties regarding the matters discussed herein.<\/p>\n

We do not intend, either by ourselves or through other shareholders, to propose at a general meeting of shareholders of Yamabiko that the business or assets of Yamabiko or Yamabiko group companies be transferred to a third party or discontinued. We also have no intention of engaging in any conduct whose purpose would be to make it difficult for Yamabiko or Yamabiko group companies to continue conducting their businesses in a stable and ongoing manner.<\/p>\n

We currently beneficially own and\/or have an economic interest in securities of Yamabiko and\/or Yamabiko group companies, and may continue to beneficially own or have an economic interest in such securities in the future. With respect to our investment in Yamabiko and\/or Yamabiko group companies, we may, on an ongoing basis and depending on various factors \u2014 including the financial condition and strategic direction of Yamabiko and Yamabiko group companies, the results of discussions with Yamabiko and Yamabiko group companies, overall market conditions, other investment opportunities available to us, and the possibility of purchasing or selling securities of Yamabiko and Yamabiko group companies at prices at which we desire to transact \u2014 at any time, including through open-market or private transactions after we have established a position, buy, sell, cover, hedge, or otherwise change the form or substance of our investment, including securities of Yamabiko and Yamabiko group companies, in any manner permitted by applicable laws and regulations, and we expressly disclaim any obligation to notify others of any such changes. We reserve the right to take any actions we deem appropriate in relation to our investment in Yamabiko and Yamabiko group companies. Such actions may include, but are not limited to, communications with the board of directors, management, or other investors.<\/p>\n

\n

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Did you know that ECHO, one of the leading global brands in outdoor power equipment (\u201cOPE\u201d) such as brushcutters, blowers, and chainsaws, is owned by a company listed on the Tokyo Stock Exchange? That company is Yamabiko Corporation (securities code: 6250; hereinafter the \u201cCompany\u201d and\/or \u201cYamabiko\u201d). ECHO Products (Source: Yamabiko Website) Hibiki Path Advisors (from January 2026, Hibiki Path Advisors SPC; hereinafter collectively referred to as \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d) is a shareholder of Yamabiko, and recently on 24 July 2026, dispatched a letter entitled \u201cProposal to Enhance Yamabiko\u2019s Corporate Value\u201d to President Kubo and the Board of Directors. We view ECHO as one of the three leading global brands in OPE, alongside Stihl and Husqvarna. Yet Yamabiko trades at a five-year average P\/E of only 7.6x, which is a significant discount to Makita at 28.9x, Husqvarna at 20.6x, The TORO Company at 22.5x, and other comparable global peers. Through our dialogue with the Company to date, we have seen a flexible and constructive attitude toward engagement, as well as signs of improvement across various aspects of IR. In our view, the Company is now at the very point where meaningful change is beginning to take shape. We sincerely request the Company build on these efforts, while incorporating the substance of our proposals, so that it can earn the fair recognition it deserves from the equity market. We intend to continue pursuing our engagement in a constructive and supportive manner, and we would like you to follow the Company\u2019s and our progress closely! Proposal to Enhance Yamabiko’s Corporate Value (English) This post does not constitute a proposal, solicitation, marketing communication, advertisement, inducement or representation in respect of any service or product, nor does it constitute advice to buy or sell any investment product or any investment of any…","protected":false},"author":6,"featured_media":532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83,39,86],"tags":[],"class_list":["post-6045","post","type-post","status-publish","format-standard","has-post-thumbnail","category-message-2026","category-engagement","category-86"],"views":376,"_links":{"self":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/6045","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=6045"}],"version-history":[{"count":9,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/6045\/revisions"}],"predecessor-version":[{"id":6056,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/6045\/revisions\/6056"}],"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=6045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/categories?post=6045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/tags?post=6045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}