Pariser Capital Announces Taiheiyo Cement Value Enhancement Plan
Paliser Capital (“Paliser”) today published a comprehensive presentation outlining the opportunity to unlock significant enterprise value in Taiheiyo Cement Corporation (“Taiheiyo Cement”) as one of the company’s top 10 shareholders, holding over 3% of the company’s outstanding shares. To ensure market transparency and address requests from shareholders and other stakeholders, Pariser is publishing the presentation, which was first presented by Pariser’s Founder and Chief Investment Officer, James Smith, at the 13D Monitor Active-Passive Investor Summit in October 2025.
Taiheiyo Cement, a leading Pacific Rim cement manufacturer with the largest market share in Japan and a significant, profitable U.S. operation through its subsidiary, CalPortland, currently trades at a persistent and significant discount to both its U.S. peers and its intrinsic value. Despite Taiheiyo Cement’s strong profitability and earnings profile, its stock price has a “value gap” of ¥391 billion ($2.6 billion) relative to its intrinsic value, representing an upside potential of over 90%.
In Pariser’s view, the factors creating this value gap are readily resolvable and, if resolved, could deliver significant value to shareholders. Pariser’s value enhancement plan includes:
- Conduct a comprehensive strategic review to unlock the ¥444 billion (US$2.9 billion) value of CalPortland , including options such as a direct sale or a US IPO, to ensure that Taiheiyo Cement’s stock price reflects its superior US assets .
- Liquidating JPY 126 billion (US$800 million) of real estate holdings and JPY 135 billion (US$900 million) of investment securities, which together represent approximately 60% of the company’s current market capitalization, to free up capital for growth investments and share repurchases, in line with Tokyo Stock Exchange capital efficiency expectations.
- Implement a best-in-class capital allocation framework with a clear ROIC target exceeding the cost of capital and a strong shareholder return policy to ensure capital is deployed to generate maximum returns .
Please see the attached document for details of the presentation.
About Pariser Capital
Pariser Capital is a global multi-strategy fund. We are committed to a value-oriented investment philosophy and invest across a broad range of capital structures. We are particularly focused on investment opportunities where thoughtful, constructive, and long-term engagement with companies and their diverse stakeholders can drive positive change and enhance corporate value.
