激进投资者Flashlight Capital Partners敦促日本Secom公司将其在韩国S-1 Corp.和台湾Secom Co.的持股比例大致翻倍，此前其收购S-1股份的早期提议被拒后，该公司引入了新的参与方。
By Youkyung Lee Activist investor Flashlight Capital Partners urged Japan’s Secom Co. to roughly double its interest in South Korea’s S-1 Corp. and Taiwan Secom Co., roping in a new party after its earlier bid to acquire an S-1 stake was rejected.
这家总部位于新加坡、持有Secom不到1%股份的投资者在周二的一封函件中呼吁，Secom应将其在S-1和台湾Secom的持股比例提高至至少50%。据估算，此举可能使Secom来自日本以外的收入占比提升至约28%。Flashlight指出，Secom目前的目标是在2028年3月前将非日本收入占比提高至10%，而目前这一比例为5.4%。
The Singapore-based investor, which owns less than 1% of Secom, called on the company to raise its stakes in S-1 and Taiwan Secom to at least 50%, a move it estimates may lift revenue from outside Japan to about 28% of sales, according to a letter dated Tuesday. Secom has targeted 10% by March 2028, compared with 5.4% currently, Flashlight said.
这封函件是Flashlight近期试图促使三星集团关联公司放宽其在S-1中持股的又一举措，再次考验了韩国修订后的公司法中关于受托责任的界限。
The letter adds to its recent attempts by Flashlight to get Samsung Group affiliates to loosen their stakes in S-1, testing again the boundaries of Korea’s revised corporate law on fiduciary duties.
该激进投资者还敦促Secom设定更具雄心的增长和盈利目标，并评估其现任管理层是否最适合实现这些目标。Flashlight表示，这些变革可能有助于推动股价大幅重估。
The activist also urged Secom to set more ambitious growth and profitability targets and assess whether its current leadership is best placed to deliver them. The changes may help drive a significant revaluation of the stock, Flashlight said.
Flashlight Capital首席执行官李尚勋（Sanghyun Lee）在函件中表示：“我们认为其股价可能重估至至少10,000日元，较当前水平有55%的上行空间。”
“We believe its share price could re-rate to at least JPY10,000, 55% upside from current levels,” Sanghyun Lee, chief executive officer of Flashlight Capital, said in the correspondence.
此举紧随Flashlight上月提出的以溢价收购三星关联公司在S-1中股份的要约，其理由是出售非核心资产以释放资本更为有利。在关联公司拒绝该要约后，Flashlight于周一再次敦促他们通过公开拍卖出售其在S-1中的股份。
The push follows Flashlight’s offer last month to pay a premium for Samsung affiliates’ stakes in S-1, arguing they’re better off selling non-core holdings to free up capital. After the affiliates rejected the offer, Flashlight on Monday again urged them to sell their stake in S-1 through an open auction.
根据彭博社汇编的数据，Secom持有S-1 25.65%的股份和台湾Secom 26.75%的股份。S-1的收入相当于Secom收入的约24%，但由于日本公司持有的股份低于当地会计准则下的合并门槛，因此未进行合并报表处理，Flashlight指出。
Secom owns 25.65% of S-1 and 26.75% of Taiwan Secom, according to data compiled by Bloomberg. S-1’s revenue is equivalent to about 24% of Secom’s, but isn’t consolidated because the Japanese company’s stake falls below the threshold under local accounting standards, according to Flashlight.