Leopard Asset Management advises various entities that are long-term minority shareholders in SUNCORPORATION (“Sun”), stock code 6736 JP.

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We believe Sun's share price is significantly undervalued due to the current management's lack of focus on shareholder value. According to our assessment, Sun's sum-of-the-parts valuation exceeds ¥9,000 per share, compared to the current price of approximately ¥3,000.

Therefore, we urge management to distribute the shares of CLBT as dividend in kind and the excess cash as dividend.