Taiwan Secom Co Ltd

Activist investor Flashlight Capital Partners has sent a letter to SECOM's board demanding an overhaul of the Japanese security group's overseas strategy. The Singapore-based firm notes that SECOM's May 2023 roadmap targeted overseas revenue of 10% of sales by March 2028, but with 18 months remaining overseas revenue stands at just 5.4%, barely above 5.3% three years ago. Flashlight Capital criticized SECOM's neglect of S-1 Corporation, whose revenue equals 24% of SECOM's but is excluded from consolidation because SECOM's 26% stake falls below the J-GAAP threshold, and called on SECOM to raise its stakes in S-1 and Taiwan SECOM to at least 50% for under JPY156bn, which would lift overseas revenue to roughly 28%. The firm also asked the board to develop a new roadmap with stretch targets and to assess whether current leadership is right to execute the growth plan, with Chief Executive Officer Sanghyun Lee arguing SECOM trades at 6.6x EV/EBITDA versus 9.9x for Verisure and that its share price could re-rate to JPY10,000, 57% upside from current levels. Flashlight Capital posed five questions to the board and requested a response by October 23, 2026.