<p>Palliser Capital 正在加大对日本人工智能供应链的投资，收购了味之素公司（Ajinomoto Co.，AJINF）的股份，寻求那些可能被低估的基础设施建设受益者。这家总部位于英国的激进投资者在过去六个月中累计了股份，目前已成为该公司前 25 大股东之一，并与管理层就战略变更进行接触。报告发布后，股价最初下跌，但随后缩减了损失，在东京上午交易时段下跌约 1.8%，这表明市场仍在消化其影响。</p>
<p>此次活动的重点是味之素的 Build-Up Film（ABF），这是一种用于先进半导体封装的关键绝缘材料，Palliser 正在推动其价格上涨超过 30%。该基金似乎认为味之素在与人工智能需求直接相关的细分市场中可能未能充分获利，特别是因为 ABF 在高性能计算基础设施中发挥着重要作用。Palliser 还敦促公司将 ABF 业务分拆为独立的部门，这可能使其贡献更加明显，尤其是考虑到该业务目前位于医疗保健及其他部门，而该部门在上一个财政年度占总业务利润的约 29%。</p>
<p>更广泛的背景突显了味之素与其他芯片材料制造商之间的差距，该公司的股价在过去六个月中上涨约 3%，落后于 Topix 指数约 12% 的涨幅，并显著低于 Ibiden Co. 和 Resonac Holdings 等同行，这些公司的股价已上涨超过 60%。这种差异可能强化了激进投资者的观点，即味之素的市场定位并未得到充分反映，尽管该公司在某些用于个人电脑和数据中心服务器的绝缘材料中占据了全球 90% 以上的市场份额。随着 ABF 销售已经受益于人工智能驱动的需求，以及在群马推出的新生产能力，下一阶段可能取决于价格调整和更清晰的披露是否足以将公司重新定位为更直接的人工智能基础设施参与者。</p>

味知香

2802

<p>Palliser Capital 已经收购了味之素公司（Ajinomoto Co.，AJINF）的股份，成为其前 25 大股东之一。该激进投资基金正在倡导对味之素的半导体封装关键材料——味之素建材薄膜（Ajinomoto Build-Up Film，ABF）提价超过 30%，并推动将 ABF 业务分拆以提高透明度。尽管味之素在市场上占有显著份额，但其股票表现不及同行，这促使 Palliser 发起运动，以提升公司在人工智能基础设施市场的定位</p>

<p>Palliser Capital is stepping deeper into Japan's AI supply chain, building a stake in Ajinomoto Co. (AJINF) as it looks for what could be underappreciated beneficiaries of the ongoing infrastructure buildout. The UK-based activist has accumulated shares over the past six months and is now among the company's top 25 shareholders, according to people familiar with the matter, while engaging management on strategic changes. Shares initially moved lower following the report but later trimmed losses, trading around 1.8% down in Tokyo mid-morning, suggesting the market is still digesting the implications.</p>
<div class="lb-trans"><p>Palliser Capital 正在加大对日本人工智能供应链的投资，收购了味之素公司（Ajinomoto Co.，AJINF）的股份，寻求那些可能被低估的基础设施建设受益者。这家总部位于英国的激进投资者在过去六个月中累计了股份，目前已成为该公司前 25 大股东之一，并与管理层就战略变更进行接触。报告发布后，股价最初下跌，但随后缩减了损失，在东京上午交易时段下跌约 1.8%，这表明市场仍在消化其影响。</p>
</div><p>The focus of the campaign is Ajinomoto Build-Up Film, a key insulating material used in advanced semiconductor packaging, where Palliser is pushing for price increases of more than 30%. The fund appears to believe Ajinomoto could be under-monetizing its position in a segment directly tied to AI demand, particularly as ABF plays a role in high-performance computing infrastructure. Palliser is also urging the company to separate the ABF business into a standalone segment, which could potentially make its contribution more visible, especially since it currently sits within the healthcare and others division that accounted for about 29% of total business profit in the last fiscal year.</p>
<div class="lb-trans"><p>此次活动的重点是味之素的 Build-Up Film（ABF），这是一种用于先进半导体封装的关键绝缘材料，Palliser 正在推动其价格上涨超过 30%。该基金似乎认为味之素在与人工智能需求直接相关的细分市场中可能未能充分获利，特别是因为 ABF 在高性能计算基础设施中发挥着重要作用。Palliser 还敦促公司将 ABF 业务分拆为独立的部门，这可能使其贡献更加明显，尤其是考虑到该业务目前位于医疗保健及其他部门，而该部门在上一个财政年度占总业务利润的约 29%。</p>
</div><p>The broader setup highlights a gap between Ajinomoto and other chip-material players, with the company's shares rising about 3% over the past six months, trailing the roughly 12% gain in the Topix and significantly underperforming peers like Ibiden Co. and Resonac Holdings, which have climbed more than 60%. That divergence may reinforce the activist's view that Ajinomoto's positioning is not fully reflected, despite the company holding more than 90% global share in certain insulating materials used in PCs and data center servers. With ABF sales already benefiting from AI-driven demand and new production capacity launched in Gunma, the next phase could depend on whether pricing adjustments and clearer disclosure are enough to reposition the company as a more direct AI infrastructure play.</p>
<div class="lb-trans"><p>更广泛的背景突显了味之素与其他芯片材料制造商之间的差距，该公司的股价在过去六个月中上涨约 3%，落后于 Topix 指数约 12% 的涨幅，并显著低于 Ibiden Co. 和 Resonac Holdings 等同行，这些公司的股价已上涨超过 60%。这种差异可能强化了激进投资者的观点，即味之素的市场定位并未得到充分反映，尽管该公司在某些用于个人电脑和数据中心服务器的绝缘材料中占据了全球 90% 以上的市场份额。随着 ABF 销售已经受益于人工智能驱动的需求，以及在群马推出的新生产能力，下一阶段可能取决于价格调整和更清晰的披露是否足以将公司重新定位为更直接的人工智能基础设施参与者。</p>
</div>

Palliser 持有味之素股份，并敦促 ABF 价格上涨超过 30%