Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. Hawish Powell wraps up testimony; Global Rate Hikes - from UK to Norway; SPX +0.4% gains despite rise in Yields;  Confirmed- Titanic Sub Crew confirmed dead</li>
<li>JAPAN. NKY Futs +0.5% vs Cash; USDJPY weaknes to 143 handle amid rise in US yields; Foreigners continue to buy Japan;  Corp Governance loss  as Cosmo(5021) approve Poison Pill</li>
<li>NUGGET. Daikin(6367)- A Global Best in Class and winner - but waiting for a pull back to jump in.</li>
</ul>


OVERSEAS. Hawish Powell wraps up testimony; Global Rate Hikes - from UK to Norway; SPX +0.4% gains despite rise in Yields;  Confirmed- Titanic Sub Crew confirmed dead
JAPAN. NKY Futs +0.5% vs Cash; USDJPY weaknes to 143 handle amid rise in US yields; Foreigners continue to buy Japan;  Corp Governance loss  as Cosmo(5021) approve Poison Pill
NUGGET. Daikin(6367)- A Global Best in Class and winner - but waiting for a pull back to jump in.


Ohayo Japan| Global Rate Hikes; SPX Rise Despite Powell; NUGGET: Daikin(6367)- Global Best in Class

<ul>
<li>Japanese equities had another good week with the TOPIX ending 1.7% higher</li>
<li>Japanese stocks have outperformed global peers since May on strong domestic earnings, a weak yen, and enthusiasm over artificial intelligence. </li>
<li>Softbank seems to be one of the AI names. Activist campaigns now in full flow ahead of AGMs</li>
</ul>


Japanese equities had another good week with the TOPIX ending 1.7% higher
Japanese stocks have outperformed global peers since May on strong domestic earnings, a weak yen, and enthusiasm over artificial intelligence. 
Softbank seems to be one of the AI names. Activist campaigns now in full flow ahead of AGMs


Japan Weekly | Softbank, Hino Motors, Cosmo Energy, Kumagai Gumi

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cosmo-energy-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:26565:1" rel="noopener">Cosmo Energy Holdings (5021 JP)</a> and noted Japanese activist Yoshiaki Murakami and affiliates/companies have been duking it out for the better part of a year. </li>
<li>Now Cosmo is putting a Poison Pill to an AGM vote. And it has decided to not allow Murakami-san to vote his shares. Because he is an interested party.</li>
<li>INVESTORS NEED TO BE AWARE. This is the second time a company has sought to deny a shareholder its voting rights without legal basis. The last time the court agreed.</li>
</ul>



Cosmo Energy Holdings (5021 JP) and noted Japanese activist Yoshiaki Murakami and affiliates/companies have been duking it out for the better part of a year. 
Now Cosmo is putting a Poison Pill to an AGM vote. And it has decided to not allow Murakami-san to vote his shares. Because he is an interested party.
INVESTORS NEED TO BE AWARE. This is the second time a company has sought to deny a shareholder its voting rights without legal basis. The last time the court agreed.


Cosmo Energy (5021) In a Display of Stunningly Bad Governance; If You Disagree, You Can't Vote

<ul>
<li>In mid-January, things between activist Yoshiaki Murakami and <a href="https://www.smartkarma.com/entities/cosmo-energy-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:26565:1" rel="noopener">Cosmo Energy Holdings (5021 JP)</a> came to a head. Cosmo announced a large buyback and possible takeover defence measures.</li>
<li>The buyback was a beefy chunk of the float because of the expected profit payout. On 9 February, Cosmo lowered its NP guidance by 40%. FY22 div stays at ¥150/share.</li>
<li>Last Thursday, Cosmo presented its NEW <a href="https://www.cosmo-energy.co.jp/en/about/ir/management/mediumterm/pdf/7thmediumterm.html" target="_blank" rel="noopener">Mid-Term Management Plan</a>. ROE targets similar. Profit targets up. Minimum div goes up; payout ratio goes up. More comes if financial health targets met.</li>
</ul>


In mid-January, things between activist Yoshiaki Murakami and Cosmo Energy Holdings (5021 JP) came to a head. Cosmo announced a large buyback and possible takeover defence measures.
The buyback was a beefy chunk of the float because of the expected profit payout. On 9 February, Cosmo lowered its NP guidance by 40%. FY22 div stays at ¥150/share.
Last Thursday, Cosmo presented its NEW Mid-Term Management Plan. ROE targets similar. Profit targets up. Minimum div goes up; payout ratio goes up. More comes if financial health targets met.


<ul>
<li>OVERSEAS. SPX ekes out +0.3% gains; Only Tech &amp; Telcos Positive while other 9 sectors in the Red; Fed's dot plot says 5.1%;  Hinderburg takes aim at BLOCK (Square)</li>
<li>JAPAN.  NKY Futs -1.2% vs Cash; USDJPY 130.9 as US Rate hike fears wane;  Japan ends export restrictions on semi materials to S. Korea; Softbank's ARM to change pricing rules</li>
<li>NUGGET. Japan's Hay Fever Hell: Few Winners, Many Losers. Winners: drugstores, pharmacists, e-commerce; Losers: everyone related to Outdoor activities !</li>
</ul>


OVERSEAS. SPX ekes out +0.3% gains; Only Tech &amp; Telcos Positive while other 9 sectors in the Red; Fed's dot plot says 5.1%;  Hinderburg takes aim at BLOCK (Square)
JAPAN.  NKY Futs -1.2% vs Cash; USDJPY 130.9 as US Rate hike fears wane;  Japan ends export restrictions on semi materials to S. Korea; Softbank's ARM to change pricing rules
NUGGET. Japan's Hay Fever Hell: Few Winners, Many Losers. Winners: drugstores, pharmacists, e-commerce; Losers: everyone related to Outdoor activities !


Good Morning Japan |Dot Plot Says 5.1%; Tech Leads Gains; NUGGET: Japan's Hay Fever Hell-Few Winners

Japan

Cosmo Energy Holdings Co., Ltd. operates as a holding company.  The Company, through its subsidiaries, imports, refines, and sells crude oil as well engages in the independent development of oil resources.

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Cosmo Energy Holdings (5021 JP)

Ohayo Japan| Global Rate Hikes; SPX Rise Despite Powell; NUGGET: Daikin(6367)- Global Best in Class

SPX up despite Fed/Global CB hawkishness; NKY Futs +0.5% vs Cash; USDJPY weaknes to 143 handle; Foreigners continue to buy Japan; Corp Governance...

Mark Chadwick

Japan Weekly | Softbank, Hino Motors, Cosmo Energy, Kumagai Gumi

Japanese equities had another good week with the TOPIX ending 1.7% higher. Winners last week included Softbank, Hino Motors, Money Forward and Renesas

Mark Chadwick

Cosmo Energy (5021) In a Display of Stunningly Bad Governance; If You Disagree, You Can't Vote

Cosmo Energy Management has a plan. Murakami proposes a different one. So now management wants to hold a vote with a plan to stifle Murakami-san in...

Travis Lundy

Cosmo Energy (5021) - It's Even More On

Cosmo Energy has released a new Medium-Term Management Plan, upping the minimum dividend (from ¥150/share to ¥200/share) and the target Shareholder...

Travis Lundy

Good Morning Japan |Dot Plot Says 5.1%; Tech Leads Gains; NUGGET: Japan's Hay Fever Hell-Few Winners

NKY Futs -1.2% vs Cash while the USD/JPY exchange rate was 130.9 as fears over US interest rate hikes moderates. With lower rate hike expectations,...

Mark Chadwick

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