Activist Nomura Acquires 1.86% of TV Asahi, June 05

Nomura Ayako, daughter of activist investor Murakami Yoshiaki, acquired 1.86% of TV Asahi Holdings, making her the 8th largest shareholder. The stake was disclosed in the company’s shareholder meeting notice on June 4. TV Asahi’s stock rose 4.6% on the news. Nomura typically demands capital efficiency improvements and asset sales at companies she targets.

Who Is the New Shareholder

Nomura Ayako holds 1,952,100 shares of TV Asahi Holdings, according to the company’s June 4 shareholder meeting notice. She was not listed among the top 10 shareholders as of September 30, 2025. Nomura is the long daughter of Murakami Yoshiaki, who founded the Murakami Fund and is known for pushing companies to improve capital efficiency and divest underperforming assets.

TV Asahi’s Valuation Weakness

TV Asahi’s stock closed at ¥3,115 on June 3. The company’s price-to-book ratio is approximately 0.7 times, trading below the 1.0 times breakup value. This valuation gap suggests the market sees value in potential asset sales or restructuring. Nomura has a track record of targeting companies trading below book value.

Activist Pattern at Other Companies

In December 2024, Nomura demanded that Fuji Media Holdings divest its real estate business or face a stake increase to 33.3%. Fuji accepted the demand and announced plans to separate and sell the real estate unit in February 2026. She also holds 2.16% of Yamada Holdings as of May 2026, where similar capital efficiency discussions are underway. Yamada and Edion announced a merger review on June 4.

Market Reaction and Shareholder Meeting

TV Asahi stock rose 4.6% on June 4 following the disclosure. The company holds its annual shareholder meeting on June 26. Nomura’s stake signals she may push for policy stock sales, real estate monetization, or other efficiency measures at the broadcaster. With Meyka rating 9831.T a B and forecasting ¥443.63 annually, the market data points to limited upside without operational changes.

Final Thoughts

Nomura Ayako’s 1.86% stake in TV Asahi signals activist pressure for capital efficiency. Her track record at Fuji Media and Yamada Holdings suggests asset sales or restructuring may follow. Investors should watch the June 26 shareholder meeting for her demands.

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