Japan's Activist Stock Names

"The best way to keep activists away is to perform reasonably well in your business and to communicate with your shareholders" - Warren Buffett

This post is updated in Mar 2026 and lists some of the prominent Japanese activist stocks “in play”. This list is not exhaustive and is regularly updated. But market caps and valuations will be as and when it was first written.

🔥Since we started to talk about shareholder activism, the biggest hotbed has been Japan. There are now a few hundred Japanese names owned by activists today. Shareholder activism in Japan started around 2005 when the activist pioneers targeted Japanese broadcasters and food sauces*.

☠️ It did not end well.

✳️ Foreigners were labelled as arrogant gaijins (i.e. aliens) who didn’t know Japanese ethics and were just vultures, barbarians at the gates, greedy capitalists and enemies of corporate and basically the whole of Japan. Activists were mocked, fined, thrown in jail and chased out of the country.

*Bulldog Sauce is a household name in Japan. It is a popular flavoring for okonomiyaki, a savory pancake dish from Osaka and Hiroshima. The company was targeted by one of the pioneer activist Steel Partners back in the day.

Japan, land protected by gods and deities

🇯🇵 The Japanese activist pioneer, Murakami Yoshiaki, founder of the eponymous Murakami fund, was imprisoned, taking one for the global activist teams trying to transform corporate Japan during trying times. He now lives in Singapore. Together with his daughter, they are playing key supporting roles in Act II of Shareholder Activism in Japan.

⏩ Fast forward to 2025, things have really changed.

Activists are no longer the villains.

✳️ Villains today are sleepy management in corporate Japan who couldn’t spell ROE. Okay, they can spell ROE, but probably couldn’t fully appreciate its importance. Certainly, most of them do not know what’s FCF, acronym for Free Cashflow, another key metric for investors.

Activists are also not grumpy old men. Nomura Aya (maiden name: Murakami Aya), is activist investor - Murakami Yoshiaki’s daughter, and also an activist herself…

✅ That said, you would be surprised how fast Japanese management learn. Once activists show up at their doorstep, you will see FCF on their investor relations’ presentation materials the next quarter. Because their jobs and the company’s independence are now on the line if they cannot win in the court of public opinion.

✅ Hence we thought it would be interesting and pertinent to write down a list of activist stocks recently and currently “in play”. This would also serve as a good go-to-post should we need to come back to refer to some names. It would also be updated with important new names. New activist campaigns are happening almost weekly.

✅ Without further ado, here’s the list of the Japan’s activist names in alphabetical order.

Current List

1. Aeon Financial Services ($8570.JP, Mkt Cap: USD2.5bn, PER: 13.1x (NTM), PBR: 0.8x, Dividend Yield: 2.9%) : Japan’s credit card and financial service provider 48% owned by Aeon, the supermarket giant has attracted multiple activists including the feared Oasis who has sued various Japanese companies. AFS has grown its business globally over the years with overseas contribution at 33% of revenue. Its stake in its Indian subsidiary is also worth a huge chunk of its market cap. As such, there are probably ways to extract value via sum-of-the-parts, provided Aeon, the parent, is agreeable. (Updated Feb 2026)

2. Alps Alpine (6770 JP, Mkt Cap: USD2.6bn, PER: 8.7x, PBR: 1.0x, EV/EBITDA: 4.6x, Dividend Yield: 3.1%) : Alps Alpine is a prominent electronics components and car audio manufacturer currently owned by the abovementioned Murakami team holding c.10% of outstanding shares. In 2019, Oasis, the HK based activist, sued the company for unfair share exchange ratio used for the merger of Alps Electric and Alpine Electronics but lost. In late 2025, the firm announced stellar results as it reined in losses and benefitted from the weak yen. Stock price hit its 5-year-high and PBR finally reached 1x. (Updated Nov 2025)

3. Anicom Holdings (8715 JP, Market Cap: USD440m, PER: 25.5x PBR: 2.3x, EV/EBITDA: 8.8x, Dividend Yield: 1.0%) : Largest pet insurer in Japan invested by Taiyo Pacific Partners for a couple years. Recently, Dalton Investments of Fuji Media fame disclosed a 5% stake in Anicom, causing the stock to jump c.10%. Dalton has signalled that it would made its proposals known. (Updated Sep 2025)

4. Aska Pharma (4886 JP, Mkt Cap USD400mn, PER: 11.5x PBR: 0.9x, EV/EBITDA: 10.0x, Dividend Yield: 2.6%) : This Japanese pharmaceutical company specializing in hormonal health has been battling activist Dalton for a while. Dalton Investments and its related fund, Nippon Active Value Fund collectively owns c.20% of Aska Pharma as the largest shareholder. Aska announced its countermeasures, including the use of poison pill, to try to fend Dalton off. Originally, Dalton reacted by stating its intention to buy even more shares (potentially up to 33%). However, on 30 Sep 2025, Dalton withdrew its intent to buy more shares but Aska has not withdrawn its poison pill as of mid-Oct 2025. The story continues… (Updated Nov 2025)

5. Astellas Pharma (4503 JP, Market Cap: USD20bn, PER: 17.0x PBR: 2.0x, EV/EBITDA: 7.7x, Dividend Yield: 4.7%) : Farallon Capital engaged Astellas with 3% stake and calling for more cost cutting and optimizing R&D. Interestingly, CEO acknowledged the engagement, calling Farallon constructive. Astellas faces a huge patent expiration of its blockbuster prostate cancer drug Xtandi and is probably keen to study more growth strategies, even from activists. (Updated Sep 2025)

6. Calbee (2229 JP, Market Cap: USD2.7bn, PER: 21.8x, PBR: 1.9x, EV/EBITDA: 8.9x, FCF Yield 3.2%, Dividend Yield 2.0%) : As with Pepsico (engaged by Elliott), Japan’s largest potato chips maker, which is c.21% owned by Pepsico, was similarly engaged by Hong Kong’s Oasis to buck up. Calbee’s earnings have stagnated for 10 years. Calbee is a household name in Japan, but with mere market cap of USD2.7bn and share price having done nothing for a decade, the onus is on management to prove the activist wrong. Oasis has gone up the league table and have engaged bigger boys. This activist might have good ideas up its sleeves to create shareholder value with Calbee. (Updated Sep 2025)

7. Casio (6952 JP, Mkt Cap: USD1.8bn, PER: 17.5x, PBR: 1.3x, EV/EBITDA: 5.7x, Dividend Yield: 3.7%, Net Cash) : Casio needs no introduction, its G-shocks, calculators, electronic pianos are ubiquitous but management seemed unable to drive earnings growth and Oasis has targeted this company recently, diclosing its 5% take in Jul 2025. Earnings performance remained weak and share price continued to languish as for late 2025. (Updated Nov 2025)

8. Daiichi Life (8750 JP, Mkt Cap: USD28.0bn, PER: 12.0x, PBR: 1.1x, Dividend Yield: 4.4%) : Daiichi is the only one among four traditional Japanese insurer that is listed and has been targeted by Effissimo, which was the reincarnation of the original Murakami Fund. Effissimo bought its 11% stake c.2018-19 and has likely effected transformation behind-the-scenes. Daiichi’s ROE improved from single digit to double digits, thanks to multi-billion dollar share buybacks over the last few years. Effissimo’s stake today is close to USD3bn. (Updated Nov 2025)

9. Daihatsu Infinearth (6023 JP, Mkt Cap: USD540mn, PER: 16.4x, PBR: 1.3x, EV/EBITDA: 6.7x, Dividend Yield 1.9%) : Formerly known as Daihatsu Diesel, company was engaged by Kaname Capital which owns 18% of the company. The maker of marine and land-use internal diesel combustion engines share price has rallied sharply since Kaname’s engagement. Most of the engagement details are not public. What we can see in disclosures are i) Imabari is now the largest shareholder (19.6% stake), replacing Daihatsu Kogyo ii) Good english earnings presentation with business details iii) dramatic PBR improvement from 0.4x to current 1.3x! (Updated Oct 2025)

10. Daito Pharma (4577 JP, Market Cap: USD250m, PER: 19.9x, PBR: 0.7x, EV/EBITDA 10.1x, Dividend Yield: 3.2%) : In Oct 2025, Daito Pharma (yes, another Japanese pharma company being targeted), a generic drug and active pharmaceutical ingredient (API) maker announced share buyback of c.1% after being engaged by Kaname Capital. The activist engaged Daito in summer of 2025 and currently owns c.10% of Daito Pharma. (Updated Nov 2025)

11. DIC Corp (4631 JP, Mkt Cap: USD2.0bn, PER: 10.5x, PBR: 0.7x, EV/EBITDA: 14.6x, Dividend Yield 3.2%) : Oasis engaged this Japanese fine chemical company making inks, pigments and resins for its art collection in the Kawamura Memorial DIC Museum which rightfully belongs to all shareholders. A.I. estimated the 384 artwork could be worth c.USD1bn. (Updated Sep 2025)

12. Ebara Corp (6361 JP, Market Cap: USD13.2bn, PER: 24.7x, PBR: 4.2x, EV/EBITDA 13.6x, Dividend Yield: 1.3%) : As reported by Nikkei, Dan Loeb of Third Point returns to Japan after 5 years to engage Ebara, Japanese industrial equipment maker for pumps and compressors. The famed activist believes Ebara’s niche business in Chemical-Mechanical Polishing (CMP) equipment which contributes to c.30% of revenue will benefit from increased demand for artificial intelligence semiconductors, what else? Ichigo Asset Management, a friendly activist, has also previously engaged Ebara but sold down its stake to c.6% as of late 2025. (Updated Nov 2025)

13. eGuarantee (8771 JP, Mkt Cap USD510mn, PER: 19.6x PBR: 3.3x, EV/EBITDA: 10.6x, Dividend Yield: 2.3%) : This is an interesting financial services company that helps companies hedge credit risks, especially invoice non-payments in Japan. Ariake Capital, a constructivist fund launched by ex-Goldman Sachs analyst Katsunori Tanaka, currently owns c.7% of outstanding shares. Responding positively, eGuarantee recently revised its policy to improve shareholder returns. (Updated Oct 2025)

14. Eiken Chemical (4549 JP, Mkt Cap USD500mn, PER: 22.4x PBR: 1.8x, EV/EBITDA: 11.9x, Dividend Yield: 2.5%) : Japanese diagnostics company with 70% market share in colon cancer screening tests is concurrently engaged by AVI and Dalton (cumulatively owning c.20-25%). Company has responded with new mid term plan and strived to improve shareholder returns. However, with continuing lacklustre earnings (earnings halved from its peak in 2022), it might be privatized should activists find the right buyers. (Updated Oct 2025)

    

    Glico Man in Osaka

15. Ezaki Glico (2206 JP, Mkt Cap: USD2.4bn, PER: 30.1x, PBR: 1.3x, EV/EBITDA: 9.6x, Dividend Yield: 1.6%) : The maker of chocolate Pocky sticks has been targeted by Dalton, the activist that stirred up the media circus in Japan’s media industry (see next entry). Glico was trading below book back in 2023 despite being one of the most iconic Japanese brands with not just Pocky and Pretz but also its Glico Man in Osaka. Dalton’s publicized 9% ownership has catalyzed its 29% share price rally this year! (Updated Nov 2025)

16. Fuji Media (4676 JP, Mkt Cap USD5.5bn, PER: 16.5x, PBR: 0.8x) : This is one of the five TV broadcaster in Japan under fire and the biggest Japan activist play of 2025. Dalton Investments is the main cheerleader now but multiple activists, including the Murakamis have targeted this name since this is also the surviving entity that got Murakami Yoshiaki into jail all those years back.

17. Genda ($9166.JP, Mkt Cap: USD875m, PER: 17.0x, PBR: 2.2x, EV/EBITDA: 7.3x): This firm leases out claw machines mainly in Japan’s entertainment sector, focusing on arcades, karaoke and related businesses. Having completed 30-40 acquisitions since 2019, it hinges on the fragmented industry to consistently create roll-up opportunities. Zennor Asset Management, UK based activist fund, recently bought c.5.6% and might be pushing for a scale back of the business, similar to its investment in Arealink ($8914.JP), a capital-intensive self-storage company. While Genda sells the story that Zennor Asset Management’s increased stake was due to its long-term value rather than activist ownership, there remains a possibility that Genda was targeted due to its aggressive and seemingly EPS dilutive M&A strategy. (Updated Feb 2026)

18. Gungho Online (3755 JP, Market Cap: USD1.0bn, PER: 16.3x PBR: 1.2x, EV/EBITDA: 3.0x, Dividend Yield: 2.2%) : Once Japan’s famed gaming company founded by Taizo Son (the more famous Son’s younger brother) and creator of megahit Puzzles and Dragons mobile game, the company is being targeted by the aggressive Strategic Capital in Jan 2025. Recently, Strategic raised its stake from 7.5% to 8.5% and seek to remove the CEO and improve transparency on management pay packages can better capital allocation and growth strategies. (Updated Sep 2025)

19. Heiwa Real Estate (8803 JP, Market Cap: USD1.1bn, PER: 15.6x, PBR: 1.3x, Dividend Yield 3.7%) : Japan’s mid-tier developer owning prime land around the Tokyo Stock Exchange was engaged by LIM advisors, Simplex Asset Management and the Murakami family. The earlier activists were successful in their campaigns selling their stake to Taisei, currently owning c.20%. It is unclear what Murakami family is asking for at this juncture. (Updated Sep 2025)

20. Horiba Ltd ($6856.JP, Mkt Cap: USD4.4bn, PER: 16.6x, PBR: 2.1x, EV/EBITDA: 7.9x, Dividend Yield: 1.8%) : One of Japan’s top manufacturer for scientific analyzers, environmental monitoring and emission test equipment was engaged by Hong Kong’s Oasis who now owns 9.9% of Horiba. The activist is likely targeting Horiba’s c.JPY90bn (c.USD600m) cash pile to be utilized for better shareholder returns. As with Kyocera, which Oasis engaged earlier this year, Horiba is “over-diversified” and could potentially hive off its Bio & Healthcare business to focus on the more profitable Energy & Environment and Materials & Semiconductor businesses.

21. IG Port (3791 JP, Mkt Cap USD590mn, PER: 35x PBR: 3.7x, EV/EBITDA: 8.7x, FCF Yield: 6.6% Dividend Yield: 1.1%) : Japan’s fabled animation studio behind iconic animation like Ghost In The Shell, which was made into Hollywood movie starring Scarlett Johansson in 2017. The firm appointed Hibiki’s CIO as an independent advisor on its board. (Updated Oct 2025)

22. Kansai Electric Power (9503 JP, Market Cap: USD16.4bn, PER: 8.2x, PBR: 0.8x, EV/EBITDA: 8.7x, FCF Yield 3.3%, Dividend Yield 2.8%) : Japan’s top utility company is being engaged by Elliott which publicized its 4-5% stake recently. Elliott is calling management to sell non-core assets which it estimated to amount to c.JPY2trn (80% of its market cap) including real estate. The monies could then be used to raise dividends and push share price above 1x PBR. Kansai Electric has the largest nuclear power footprint in Japan. (Updated Oct 2025)

23. Kao (4452 JP, Mkt Cap USD21.1bn, PER: 24.2x, PBR: 3.0x) : Kao is the P&G of Japan without P&G’s high ROEs and valuations. It makes washing detergents, diapers, soaps and shampoos and its brands are well-loved in Asia. Management hasn’t really been sleeping at the wheels but its ROE can definitely be higher than the current 9%. Oasis has started to engage the company as one of its first large / megacap engagement.

24. Kawai Musical Instruments (7952 JP, Market Cap: USD140m, PER: -ve, PBR: 0.5x, EV/EBITDA 8.3x, Dividend Yield: 3.7%) : Japanese piano maker has been engaged by Singapore based Hibiki Path Advisors since 2023. In Oct, Hibiki announced that Kawai’s pianos were used by 3 out of 6 finalists in this year’s International Chopin Piano Competition. However, share price continues to be weak as operating profits continued to be in red for 1QFY2026. FY2025 was also a full year or red ink and negative free cashflow. (Updated Nov 2025)

25. Kawasaki Kisen (9107 JP, Mkt Cap USD8.9bn, PER: 9.5x, PBR: 0.8x) : Kawasaki Kisen or K-Line is one of the three Japanese mega-shippers companies that is 35% owned by Effissimo for c.10 years. However, exactly how Effissimo engaged K-Line has remained largely elusive and the one prominent activist action that is public is that one of Effissimo’s key employee became a board director for K-Line.

26. Keeper Technology (6036 JP, Mkt Cap USD670mn, PER: 20.5x PBR: 5.6x, EV/EBITDA: 12.8x, FCF Yield: 3.9% Dividend Yield: 1.6%) : It was reported that domestic activist, Misaki Capital now owns c.5% of Keeper which is Japan’s largest car waxing company, competitor and interestingly, strategic shareholder to Soft99 (below). Misaki is known to be non-hostile and might perhaps engineer another MBO in this somewhat popular car waxing industry in Japan. Or advise both Keeper and Soft99 to merge perhaps? (Updated Oct 2025)

27. Keisei Railway (9009 JP, Mkt Cap USD5.4bn, PER: 16.8x, PBR: 1.5x) : Palliser Capital, an upcoming activist, started engaging Keisei Railway to try to catalyze the divestment of Keisei’s crown jewel: its 21% stake in Tokyo Disneyland (Oriental Land 4661 JP) which is worth >JPY1trn and more than Keisei’s own market cap. Insofar, Palliser has not been successful. Similarly, Elliott has engaged Mitsui Fudosan to do the same with its 6% in Oriental Land.

28. Kobayashi Pharma (4967 JP, Mkt Cap USD2.7bn, PER: 30.4x, PBR: 1.9x) : One of Japan’s well-known OTC drugmaker that also manufactures sanitary products, air fresheners, breath fresheners, pain relief medicine, denture cleaning agents and a slew of household products. Oasis targeted the company after one of their supplement caused 5 confirmed and 75 unconfirmed deaths.

29. Kyocera (6971 JP, Mkt Cap USD5.4bn, PER: 25.4x, PBR: 0.7x) : Kyoto’s largest electronic components behemoth founded by the legendary Kazuo Inamori which has gone sleepy. Oasis recent launched a campaign to create “A Better Kyocera”.

    

    Screenshot from professionally created website - A better Kyocera

30. Kyoto Financial Group (5844 JP, Mkt Cap USD5.2bn, PER: 19.1x, PBR: 0.7x) : Largest regional bank in Kyoto whose holdings of famed Kyoto companies such as Nintendo, Nidec, Murata and Kyocera is more than its own market cap. Silchester, owning an 8.5% stake has been calling for the unwinding of these cross-shareholdings, which is one of the worst use of precious capital.

31. Lifenet (7157 JP, Mkt Cap USD1.2bn, PER: 23.7x, PBR: 1.8x) : Japan’s first and largest online life insurer held by Effissimo for many years. Constructive engagement coupled with Lifenet’s executive team’s savviness resulted in share price quadrupling over the last couple of years. Effissimo continues to own a big stake.

32. Lion (4912 JP, Mkt Cap USD2.7bn, PER: 16.4x, PBR: 1.4x) : Japan’s dental care play targeted by Japan Activation Capital, new activist on the block founded by ex-Carlyle senior executive. Lion’s business is great (just look at Colgate’s long-term share price) and yes, it should trade at higher multiples.

33. Mandom (4917 JP, Market Cap: USD650mn, PER: 29.3x, PBR: 1.4x, EV/EBITDA: 9.8x, FCF Yield 8.8%, Dividend Yield 1.9%) : Japan’s leading male cosmetics and hairstyle product maker is being taken private by its own management. Mandom has been engaged by multiple activists, notably Hibiki Path Advisors amongst others and this is management’s bid to get the activists off their backs. Hikibi is fighting for a higher price. This is a portfolio name and we made c.50%. So, Hibiki Path Advisors. Thank you so much!

    Our analysis on Mandom written in Apr 2025 and updated in Sep 2025.

34. Meisei Industrial (1976 JP, Market Cap: USD520m, PER: 9.6x PBR: 1.1x, EV/EBITDA: 4.4x, FCF Yield 6.5%, Dividend Yield: 3.7%) : Meisei Industrial specializes in thermal insulation for construction works, an important technology as we need more insulated data centers, more cold chain warehouses in the face of global warming. Dalton related Nippon Active Value Fund has increased its stake to c.10% today and likely targeting privatization given the firm’s cheap valuations. This would be an interesting name to monitor. (Updated Oct 2025)

35. Mitsui Soko (9302 JP, Mkt Cap USD2.0bn, PER: 28.2x, PBR: 2.5x) : Warehousing subsidiary of Mitsui Group. Japanese newswires got excited when 3D Investment Partners raised its stake from 8% to 9% in July 2025. That said, share price has rallied quite nicely over the past 12 months. Warehouse names in Japan used to be really cheap but at close to 30x PER, perhaps this trade is over. Sumitomo Warehouse (9303 JP) is still cheap though. (Updated Aug 2025)

36. Money Forward (3994 JP, Mkt Cap USD2.2bn, PER: Negative, PBR: 8.5x) : Japan’s unicorn fintech play listed just a few years ago caught ValueAct’s attention. ValueAct and related parties now owns c.5% of Money Forward. ValueAct believes margins could be higher and the activist intends to use its expertise having engaged co.s like Microsoft, Adobe and Trend Micro to help Money Forward. (Updated Aug 2025)

    

    Ghibli style drawings used all over internet with this one depicting Coldplay-Gate’s “kiss cam”.

37. Nippon TV (9404 JP, Mkt Cap USD5.5bn, PER: 15.8x, PBR: 0.8x) : Japan’s leading TV broadcaster and owner of Studio Ghibli (whose style is being popularized by OpenAI and used for various purposes like the parody above). While there is no public record of activist holding the name, it is definitely on many’s radar. This substack has written about Nippon TV and the portfolio is also invested in this name.

38. Nissan Shatai (7222 JP, Mkt Cap USD980mn, PER: 25.6x, PBR: 0.9x, Dividend Yield: 1.1%) : Nissan’s listed subsidiary making various specially-equipped vehicles, such a, ambulances, children’s school buses, and refrigerator vans. Activists Effissimo and Strategic collectively owns c.33%. The play seems to be targeted buyout by Nissan, but alas, the parent has no money at the moment… (Updated Oct 2025)

39. Niterra ($5334.JP, Mkt Cap: $10.1bn, PER: 15.7x (NTM), PBR: 2.1x, EV/EBITDA: 9.3x, FCF Yield: 4.9%) : Formerly known as NGK Spark Plug, this company’s spark plugs start roughly 50% of all combustion engine vehicles in the world. Cars, motorcycles, trucks, buses, construction and farming equipment like excavators and harvesters. All need spark plugs. The market never liked NGK because EVs don’t need spark plugs. They f*cking changed their name for that.

    💥 Guess how wrong the market had been over the last 10 years? Company tripled its operating earnings and more than quadrupled its share price. Niterra is currently engaged by ValueAct looking for value extraction as it has ample cash on its balance sheet (which Japanese company don’t) and some non-core but sexy businesses (semiconductors) to divest. (Updated Mar 2026)

    

    Niterra’s operating profit and free cash flow compounding

40. Omron (6645 JP, Mkt Cap USD5.1bn, PER: 20.5x, PBR: 1.0x) : One of Japan’s top player in factory automation, sensors and controllers, Omron is the newest target of Japan Activation Capital, founded by former Carlyle executive Hiroyuki Otsuka. (Updated Aug 2025)

41. Pigeon (7956 JP, Mkt Cap USD1.4bn, PER: 22.0x, PBR: 2.6x) : Pigeon used to be the stock market darling as the China play for premium baby products but has since derated. Japan Activation Capital, which has targeted Lion has also targeted Pigeon. This activist seems to like animals (or rather companies with animal related names).

42. Ricoh (7752 JP, Mkt Cap USD5.2bn, PER: 13.1x, PBR: 0.7x) : Once the global #3 photocopier alongside iconic names like HP, Fuji Xerox, Canon, Konica Minolta and also Kyocera etc, this stock has languished with bad business decisions and attracted Effissimo is now the #1 shareholder with 21% stake in the company.

43. Rohto Pharma (4527 JP, Mkt Cap USD3.2bn, PER: 15.1x, PBR: 1.8x) : One of Japan’s household name in OTC and skincare, Rohto is well-known for its eye-drops and lip-balms. AVI, a UK based activist, launched its campaign “Awaken Rohto” to catalyze the firm to focus on its core businesses and not squander capital on regenerative medicine. Presentation link below:

    https://www.assetvalueinvestors.com/agt/campaign/awakening-rohto/

44. Sagami Rubber (5194 JP, Mkt Cap USD69m, PER: 25.4x PBR: 1.0x, EV/EBITDA: 17.2x, FCF Yield: 7.0%, Dividend Yield: 1.1%) : Second largest condom maker in Japan after Okamoto (which we own) targeted by Oasis and Briarwood Chase and the two collectively own c.23% of outstanding shares. Total foreign ownership is c.31%. With its small market cap, this company might be taken private in a flash. That said, there is very little available publicly as to what the activists have in mind or what they want to do with Sagami Rubber. (Updated Sep 2025)

45. Sanken (6707 JP, Mkt Cap USD1.3bn, PER: 3.9x, PBR: 1.2x) : Targeted by both Oasis and Effissimo, Sanken’s story revolved around its 50% stake in Allegro Microsystem (ALGM US), a power semiconductor company listed on Nasdaq. Sanken’s stake is worth way more than its own market cap and Allegro has initiated a buyback 18% of the stake for USD666m. That said, Sanken still owns 32% of Allegro.

46. Sanwa Holdings (5929 JP, Market Cap: USD6.8bn, PER: 15.6x, PBR: 3.2x, EV/EBITDA 10.1x FCF yield: 6% Dividend Yield: 2%) : ValueAct updated that its investment in Sanwa Holdings is currently c.6%. Sanwa is an established maker of automatic, industrial, commercial and garage sliding doors in both US and Japan. ValueAct believes margins and capital allocation can be improved. ValueAct first invested in Sanwa c.2024. (Updated Nov 2025)

47. Sapporo (2501 JP, Mkt Cap USD3.7bn, PER: 44.1x, PBR: 3.0x) : Japan’s fourth largest beer company with real estate worth more than its market cap was engaged by activist 3D Investment Partners. Share price has rallied significantly since 3D’s investment was made public (see link below).

    https://www.compoundsapporo.com/home-eng

48. Seibu Group (9024 JP, Mkt Cap USD7.3bn, PER: 38.3x, PBR: 1.9x) : Once a sprawling railway empire in Japan with its founder the richest man in the world, Seibu Group now trades at a mere USD7bn market cap but 3D Investment Partners believe that the stock is undervalued with its vast land holdings and lucrative domestic businesses such as Prince Hotels and baseball games.

49. Shibaura Electronics (6957 JP, Market Cap: USD670m, PER: 21.6x PBR: 2.8x, EV/EBITDA: 9.8x, Dividend Yield: 2.3%) : In a rare case of corporate activism, Taiwan’s Yageo made an unsolicited hostile bid for Shibaura Electronics, Japan’s thermistor and sensor maker, earlier this year. This ruffled a lot of feathers and MinebeaMitsumi was brought in as a white knight. After multiple rounds of bids and counterbids, Yageo bid 7,130 yen for Shibaura and looks like Yageo will win. (Updated Sep 2025)

50. Shiseido (4911 JP, Mkt Cap USD7.1bn, PER: 58.6x, PBR: 1.7x) : IFP, a consumer focused long-only turned activist fund engaged Shiseido, Japan’s #1 cosmetic maker, as its high-profile target in 2025 following a previous failed attempt with Kirin Holdings (beer). IFP has not made its proposals to Shiseido publicly but share price has rallied in anticipation.

51. SMS Co. Ltd ($2175.JP, Mkt Cap: $981mn, PER: 18.3x, PBR: 2.8x, EV/EBITDA: 12.1x) : SMS, a niche recruitment operator for elderly care services is being targeted by Oasis and Misaki Engagement as it trades at historical low price earnings as shown in the chart above (white line). The company has also generated consistent free cash flow as labor shortage in medical professions including nurses continue to drive demand and is good for its business. With its founder own c.18% and Oasis (11% outstanding shares), Misaki (4.5%) and other institutional investors collectively owning 20-25% shares, there is a good chance the activists can engineer an exit with private equity. (Updated Feb 2026)

52. Soft99 (4464 JP, Mkt Cap USD590mn, PER: 30.1x PBR: 1.5x, EV/EBITDA: 12.8x, FCF Yield: 9.4% Dividend Yield: 1.1%) : Soft99, Japan’s car wax and automotive chemical product company launched a MBO privatization to rid itself of activist Effissimo. But it was a low-ball bid and Effissimo countered with a higher price which was 66% higher at JPY4,100 per share. Inexplicably, Soft99’s board is arguing that shareholders should accept the lower bid. They might just succeed because the top shareholders are either friends or strategic partners. If so, it will be a blow to activism in Japan. Someone should sue. (Updated Oct 2025)

53. Square Enix (9684 JP, Mkt Cap USD8.1bn, PER: 37.8x, PBR: 3.5x) : Square Enix is a big name in gaming with valuable IPs such as Final Fantasy and Dragon Quest, featuring the artwork of Toriyama Akira, the author of Dragonball, Japan’s iconic manga and anime of the 1980s and 1990s. 3D Investment Partners have engaged the company to help improve its corporate value.

Square Enix’s major gaming IPs

54. Sumitomo Realty (8830 JP, Mkt Cap USD17.0bn, PER: 12.5x, PBR: 1.2x) : One of the top three property developers in Japan currently being targeted by Elliott as per the above name. Sumitomo Realty recently gave up on its poison pill / takeover defense measure, one of the last large cap companies in Japan to do so. In Aug 2025, Elliott released its public letter calling for Sumitomo Realty to wake up. It’s an awful interesting read if anyone’s interested. Please DM 8percentpa if you would like to have the pdf. (Update Sep 2025)

55. Sun Corporation (6736 JP, Market Cap: USD1.2bn, PER: 10.1x, PBR: 3.9x, Dividend Yield: 1.2%) : Sun Corporation is a Japanese mobile data solutions for law enforcement authorities owning a c.42% stake in Nasdaq listed Cellebrite (CLBT US, Market Cap: USD3.7bn), implying that this stake (USD1.6bn) is worth more than its own market cap. Multiple activists including ValueAct and Oasis own c.20-25% of outstanding shares with the sole thesis to arbitrage this conundrum. That said, their businesses are very interesting as essential solutions in the fight against against both traditional and cyber crime globally. AltayCap has written about Sun Corp. (Updated Nov 2025)

56. Synchro Food (3963 JP, Market Cap: c.USD120mn, PER: 29.3x, PBR: 3.7x, EV/EBITDA: 11.8x, FCF Yield 8.8%, Dividend Yield 2.5%) : Japan’s #1 one-stop-shop platform for restaurant operator benefitting from high restaurant turnovers and labor shortage being engaged by multiple activists. AVI owns c.18% while LIM advisors have another c.14%. The founder has sold down his stake and so, this company is primed for private equity to take over. (Update Sep 2025)

57. Tadano (6395 JP, Mkt Cap USD0.8bn, PER: 10.1x, PBR: 0.7x) : One of Japan’s largest construction crane maker, Tadano announced a strategic partnership with Japan Activation Capital with the latter owning 11% stake. Tadano hopes JAC can help with crafting its global expansion ambition. This is a rare example of friendly activism. (Update Aug 2025)

58. Taiyo Holdings (4626 JP, Market Cap: USD2.9bn, PER: 24.3x PBR: 4.3x, EV/EBITDA: 12.8x, Dividend Yield: 3.7%) : Japan’s electronic material and chemical company with niches in liquid solder resist and printed wiring boards currently being engaged by Oasis and Misaki Capital. DIC, another chemical company was roped in as a white knight against Oasis. DIC received c.20% share ownership of Taiyo via a dilutive share offering. The fight continues and this saga is currently “live”. (Updated Sep 2025)

59. TBS (9401 JP, Market Cap: USD5.6bn, PER: 19.7x, PBR: 0.9x, EV/EBITDA 18.5x, Dividend Yield: 1.2%) : Japan’s TV broadcaster targeted by multiple activists including AVI, Hibiki Path Advisors and Japan Catalyst. TBS is known for its intriguing dramas but also its ownership of Tokyo Electron and prime land in Akasaka, Central Tokyo. Added together, these assets are worth multiple times its own market cap. (Updated Nov 2025)

60. Teijin (3401 JP, Mkt Cap USD1.6bn, PER: 19.0x, PBR: 0.5x) : Teijin is one of Japan’s traditional textile makers which has successfully transformed itself into a chemical conglomerate and carbon fiber manufacturer in the early 2000s. Since then, company ‘s earnings stagnated and Effissimo bought c.10% of Teijin, likely targeting divestment of its non-performing businesses to better focus on its core franchises. Previously Elliott also engaged Dai Nippon Printing, another chemical maker. Multiple activists targeting Japan’s chemical sector has sparked a lot of interest in other Japanese chemical companies as well.

61. Tokyo Cosmos (6772 JP, Market Cap: USD77m, PER: 20.4x PBR: 1.6x, EV/EBITDA: 6.8x, Dividend Yield: 2.0%) : This is a microcap name in Japan making electronics components for cars, gaming consoles and white goods etc. It was engaged by activist Global ESG Strategy. The activist managed to replace the entire board and appointed its own representative, Mr Yasuto Monden, to be the Representative Director, President and CEO of Tokyo Cosmos. Could this be another privatization candidate? (Updated Oct 2025)

62. Tokyo Gas (9531 JP, USD12.5bn, PER: 11.4x PBR: 1.2x, EV/EBITDA: 6.9x, Dividend Yield: 1.5%) : Tokyo Gas, is Japan’s largest city gas provider with substantial real estate holdings. Elliott bought c.5% stake in late 2024 and urged the company to divest its real estate portfolio and improve shareholder return. The company has responded positively and share price has done really well (up c.50%)! (Updated Sep 2025)

63. Tokyo Tatemono (8804 JP, Mkt Cap USD3.6bn, PER: 9.3x, PBR: 1.0x) : Tokyo Tatemono is a Tokyo based Tier 2 developer (Tier 1 refers to the top developers like Mitsubishi Estate, Sumitomo Realty and Mitsui Fudosan) with prime land near Tokyo station and is perennially undervalued. Palliser Capital engaged the company calling for its divestment of strategic cross-shareholdings to fund its prime development projects.

64. Toyo Suisan (2875 JP, Mkt Cap USD6.1bn, PER: 14.1x, PBR: 1.9x) : Japan’s #2 instant noodle maker competing with the more famous Nissin Cup Noodle. With its brand Maruchan though, Toyo Suisan has built leading market share in the Americas. Nihon Global Growth Partners targeted this undervalued name and requested management to return more cash to shareholders. (Updated Sep 2025)

    

    Toyo Suisan’s Maruchan Logo and Slogan

65. Toyo Tire (5105 JP, Mkt Cap USD3.2bn, PER: 8.2x, PBR: 1.0x) : As one of the neglected smaller car tire maker globally, Toyo Tire has not been able fully realize its corporate value. Toyo Tire is also an affiliate of Mitsubishi Corporation, its largest shareholder with 20% stake. Palliser has engaged the company, targeting to resolve the parent-child listing issue by privatization.

66. Toyota Industries ($6201.JP, Mkt Cap: USD42.3bn, PER: 27.5x (NTM^), PBR: 1.0x, EV/EBITDA: 17.8x, Dividend Yield: 0.7%) : Parentco of Japan’s largest company and automaker has been under attack for months by Elliott and other activists. Activists cried foul when Akio Toyoda from the founding family and Toyota Motors tried to take the parent private on the cheap. Share price step-functioned upwards twice to 20,000 yen, roughly doubling from its undisturbed price. This will be 2026’s Japanese Management vs Activist Showdown. Currently, it seemed that the Toyota camp is on the back foot but should Akio’s privatization plan collapse (i.e. he walks away), it might be lose-lose. Share price collapses and the parent-child listing conundrum remains.

67. Tsutsumi Jewellery ($7937.JP, Mkt Cap: $290m, PER: 17.4x, PBR: 0.7x, EV/EBITDA: 5.1x, Dividend Yield: 3.1%) : Japan’s relatively known, mid-tier jeweller with 150 stores selling bridal and everyday jewelry is being targeted by activist Satoru Matsuhashi who runs Nanahoshi Management, a UK based activist investment company focusing on ESG themes. The activist has raised concern about Tsutsumi’s total lack of interest in creating shareholder value. Stock price has traded below book for more than 20 years. At some points in 2025, its net cash of $220m was more than 90% of its market cap. (Updated Feb 2025)

68. UACJ (5741 JP, Mkt Cap USD2.0bn, PER: 10.5x, PBR: 1.1x, EV/EBITDA: 7.1x, Dividend Yield: 2.4%) : Japan’s leading comprehensive aluminium manufacturer was formed in 2013 through the merger of Furukawa-Sky Aluminium and Sumitomo Light Metal Industries. Effissimo has bought c.18% of the company and is the second largest shareholder behind Furukawa Electric, one of its parentco. As with most other Effissimo’s investments, it is unclear what the fund has requested the company to improve on. (Updated Oct 2025)

69. Yellow Hat (9882 JP, Market Cap: USD910m, PER: 12.6x, PBR: 1.2x, EV/EBITDA 9.5x, FCF yield: 5%, Dividend Yield: 3.7%) : Japan’s automotive decoration industry is very popular with activist investors. After Soft99 and Keeper Technology (both in car waxing), automotive retailer Yellow Hat is being targeted by multiple activists of which Strategic Capital’s 14% stake has been made public. (Updated Nov 2025)

70. Zuiko (6279 JP, Market Cap: USD160m, PER: 65.0x, PBR: 0.7x, EV/EBITDA 16.0x, Dividend Yield: 1.2%, Net Cash: 27% of Market Cap) : Industrial equipment maker specializing in diaper and sanitary pads has been engaged by Singapore based Symphony Financial Partners (SFP) for multiple years. Over the last 18 months, earnings kept deteriorating with lesser babies in China and Japan. Unicharm, Japan’s #1 diaper maker, has also suffered. SFP currently owns c.37% of Zuiko and might be looking for private equity or trade buyer. (Updated Nov 2025)

Past Prominent Campaigns

1. Bulldog Sauce (2804 JP, Market Cap: USD160mn, PER: 13.8x, PBR: 1.0x, EV/EBITDA 14.4x, Dividend Yield: 1.8%) : Bulldog Sauce is a Japanese household name, making sauces for Japanese pork cutlet or tonkatsu and Japanese pancakes (okonomiyaki) et cetera. The company was infamously engaged by Steel Partners in 2007 which culminated into a court battle over the use of poison pill for the first time in Japan. The company prevailed, setting the precedent for the use of poison pill against shareholder activist. Steel Partners was mocked, left Japan in disgrace but recently made an announcement to come back! Importantly, the share price verdict is clear. Bulldog is treading water at book value after 18 years. (Updated Nov 2025)

2. Digital Garage (4819 JP, Market Cap: USD980m, PER: 31.9x, PBR: 2.1x, EV/EBITDA 24.9x, Dividend Yield: 1.4%) : Japan’s fintech, payment and startup pioneer was engaged by both AVI and Oasis. The activists focused on DG’s 20% stake in Kakaku.com, Japan’s #1 price comparison platform. The stake is worth c.80% its entire market cap. However DG found Resona Bank as the white knight and Resona subsequently bought 30% of DG including Oasis’ stake. Share price has underperformed since the announcement of the DG and Resona forming an alliance. (Updated Nov 2025)

3. Fanuc (6954 JP, Mkt Cap USD27.4bn, PER: 26.5x, PBR: 2.4x) : In 2015, Dan Loeb’s Third Point bought Fanuc, Japan’s leading robot and automation company and called for better investor relations and for the company to return its excess cash to shareholders. Shortly after, Fanuc changed its dividend & share buyback policies and also improved investor relations. By this author’s estimate, Third Point exited the stock at a c.30-40% profit.

4. Fujisoft (9747 JP, taken private at USD4.4bn by KKR) : This was a high profile activist stock in 2023-2024. Japan’s IT services providers generate stable free cashflow and this stock has the further benefit of owning some prime real estate in Akihabara, Tokyo. It was engaged by 3D and subsequently privatized by KKR after an acrimonious bidding war with Bain. (Update Sep 2025)

5. Fujitec (6406 JP, Mkt Cap USD3.2bn, PER: 20.7x, PBR: 2.8x) : This elevator company which installed a lot of lifts in our HDBs (Singapore’s public housing board) has been in play for a while and according to Bloomberg, Oasis, the Hong Kong based activist, owned 29% alongside Farallon Capital (another semi-activist fund) and has successfully engineered a private equity buyout by EQT, the European PE fund.

6. Fuji Oil (5017 JP, Market Cap: USD260mn, PER: 2.5x, PBR: 0.5x, FCF Yield >20%, Dividend Yield 2.4%) : Not to be confused with the other Fuji Oil (making cooking oil), this is a small refiner in Japan trading at ridiculously cheap valuations. The company was targeted by the activist family Murakami via one of his vehicle City Index 11 which owned c.5%. It was announced that Idemitsu Kosan, one of Japan’s largest refiner will take Fuji Oil private at c.50% premium. (Update Sep 2025)

7. Hogy Medical (3593 JP, Mkt Cap USD0.7bn, PER: 35.1x, PBR: 1.5x) : Company makes surgical kits in Japan and has been “in play” for some time. In its July 2025 results meeting, Hogy Medical’s management remarked that going private was on cards and stock price went limit up. Otto Oehring knows this name well and has written interesting stuff on Japan. Company announced privatization in late 2025 by Carlyle at JPY6,700 per share valuing the company at JPY144bn. (Updated Feb 2026)

8. Nintendo (7974 JP, Mkt Cap USD105bn, PER: 43.8x, PBR: 5.6x) : This Japanese gaming giant needs no introduction as the 5th largest company in Japan. While there are no known activists engaging the company today, Oasis and ValueAct has engaged in the past and influenced the company to adopt better business strategies such as monetizing its valuable IP like Mario, Zelda and Pokemon.

9. Seven & I Holdings (3382 JP, Mkt Cap USD33.3bn, PER: 19.9x, PBR: 1.3x) : While no activist is currently involved after three attempts (Third Point, ValueAct and Artisan Partners), and Couche-Tard recent failed bid saved this Japanese brand from disappearing, management is on a mission to increase 7&I’s corporate value. Otherwise, it’s activist campaigns and takeover bids all over again.

7&I management bowing in apology c.2019. Source: https://english.kyodonews.net/articles/-/14072

10. Softbank (9984 JP, Mkt Cap USD103bn, PER: 26.8x, PBR: 1.3x) : Japan’s own maverick investor-entrepreneur, Masayoshi Son’s company is similarly targeted by Elliott a few years ago. Elliott demanded Softbank to improve on its governance and to initiate a USD15bn share buyback to enhance its corporate value. Softbank has since done more than that, Elliott seemed to have took profit and left but share price has remained high.

11. Sumitomo Corp (8053 JP, Mkt Cap USD30.5bn, PER: 7.9x, PBR: 1.0x) : One of the top trading houses in Japan targeted by Elliott in 2024, one of the most aggressive activist globally. Warren Buffett is also a shareholder and this substack has written about this name. Elliott is more prominent engaging Sumitomo Realty with its 3% stake.

12. Toshiba (6503 JP, taken private at c.USD13bn by Japan Industrial Partners) : Japan’s leading industrial conglomerate privatization was catalyzed by multiple activists including 3D, Effissimo, Elliott and Farallon between 2021-2023. This was a landmark activist case that became a media circus with alleged collusion between management and the government. Corporate governance flaws were also brought into the limelight. (Update Sep 2025)

13. Topcon (7732 JP, Mkt Cap USD2.4bn, PER: 45.1x, PBR: 1.9x) : Japan’s unique manufacturer of geo-position equipment for construction and farm machinery and optical checkup device maker was targeted by ValueAct in 2024. KKR and Japan Investment Corp (JIC) Capital recently launched the tender offer to privatize Topcon as JPY3,300. (Updated Aug 2025)

14. Toyo Construction (1890 JP, Market Cap: USD700m, PER: 17.4x PBR: 2.3x, EV/EBITDA: 13.0x, Dividend Yield: 6.7%) : This marine civil engineering company was targeted by Yamauchi No. 10 (Y10), Nintendo’s family office, which also owns Taiyo Pacific Partners mentioned above. After a couple of public spats over the years, Taisei announced in mid August that it was buying Toyo for USD1.1bn as “white knight”. As such, this ends the saga with activists scoring another one. This author estimates that Y10 made c.70% return. (Update Sep 2025)

15. Trend Micro (4704 JP, Market Cap: USD7.0bn, PER: 24.3x, PBR: 8.1x, EV/EBITDA: 10.2x, FCF Yield: 6.2%, Dividend Yield: 2.4%) : Japan’s leading cybersecurity play was engaged by ValueAct in 2022. It was trading at a significant discount to its peers with abundant cash on its balance sheet. ValueAct extracted some cash and thereafter multiple private equity funds including Bain, Advent and EQT wanted to take Trend private. However, that did not materialize and ValueAct has reduced its once 10% stake to c.3% today. And net cash is back up at c.USD2bn. Stock has derated but fundamentals have not changed much. The firm recently announced a JPY10bn share buyback (c.1% of market cap) and a new focus on AI Security. This requires a different set of tools (Data Sovereignty, Model Scanning) that endpoint tools can’t do with the potential to open a new revenue stream that CrowdStrike doesn’t yet dominate.(Update Dec 2025)

16. ULVAC (6728 JP, Mkt Cap USD2.1bn, PER: 15.8x, PBR: 1.4x) : Taiyo Pacific Partners engaged ULVAC in 2009 constructively, providing advice and support to enhance corporate value. ULVAC is the market leader in vacuum technology for clean room used it semiconductor processing and flat panel display production. At its peak, Taiyo owned 18% of ULVAC but this has since been sold down to c.4% as of this writing. (Update Sep 2025)

Please comment below if we missed out anything.

Huat Ah!

This post does not constitute investment advice and should not be deemed to be an offer to buy or sell or a solicitation of an offer to buy or sell any securities or other financial instruments.