Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

Independent Leading Corporate Governance Research

Metrical Inc

METRICAL INC. is an independent leading Corporate Governance research firm in Japan where Corporate Governance is increasingly recognized as an important element on corporate management in these days. Thus, CG research and solutions would become an essential component of global capital markets and play important to contribute to transparency of the markets and maximize shareholders’ value in Japan. 

METRICAL INC. provides Corporate Governance research and analysis including rating services, and  also offers investment research and IR services with solutions and customized profound research on CG and IR issues.

<ul>
<li>Regarding the Nikkei article, "Mitsubishi Electric to Reform Strict Governance to Revamp Organization," I would like to summarize the points and discussed the issues.</li>
<li>This case proves that we cannot rely on the appearance of board practices alone. We can think of companies with similar organizational structures that have had repeated scandals.</li>
<li>I will focus on the board diversity from the perspective of whether Mitsubishi Electric can seriously change its corporate culture to one that accepts different values and discusses issues head-on.</li>
</ul>


Regarding the Nikkei article, "Mitsubishi Electric to Reform Strict Governance to Revamp Organization," I would like to summarize the points and discussed the issues.
This case proves that we cannot rely on the appearance of board practices alone. We can think of companies with similar organizational structures that have had repeated scandals.
I will focus on the board diversity from the perspective of whether Mitsubishi Electric can seriously change its corporate culture to one that accepts different values and discusses issues head-on.


Why Do Bigger Companies in Japan Repeat Scandals? - Learning from Mitsubishi Electric -

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/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> sees its AGM next week with new directors and a possible privatisation process ongoing. But the AGM is a done deal and privatisation is not.</li>
<li>The event-i-ness of Toshiba keeps it "supported" while its better-valued and higher-growth peers fall harder in the face of recent overall market weakness. </li>
<li>Toshiba promised transparency on its privatisation process, and so far, it has delivered everything it promised. The next "transparency" likely comes in November. </li>
</ul>



Toshiba Corp (6502 JP) sees its AGM next week with new directors and a possible privatisation process ongoing. But the AGM is a done deal and privatisation is not.
The event-i-ness of Toshiba keeps it "supported" while its better-valued and higher-growth peers fall harder in the face of recent overall market weakness. 
Toshiba promised transparency on its privatisation process, and so far, it has delivered everything it promised. The next "transparency" likely comes in November. 


Toshiba (6502) Strong Vs Peers on No News Means Susceptible to Risk On Underperformance

Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>Investing in factory automation, power semiconductors and electric vehicle motors on a long-term view while interest rates rise and the economy weakens.</li>
<li>Difficult operating environment now: Factory automation turning down; automotive hit by high materials costs and the semiconductor shortage.</li>
<li>Share price down 25% from its 52-week high. Selling at 14x FY Mar-22 EPS guidance after a downward revision, which compares with a 9x - 20x 5-year P/E range.</li>
</ul>


Investing in factory automation, power semiconductors and electric vehicle motors on a long-term view while interest rates rise and the economy weakens.
Difficult operating environment now: Factory automation turning down; automotive hit by high materials costs and the semiconductor shortage.
Share price down 25% from its 52-week high. Selling at 14x FY Mar-22 EPS guidance after a downward revision, which compares with a 9x - 20x 5-year P/E range.


Mitsubishi Electric (6503 JP): Buy on Weakness for the Long Term

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>The US auto industry electrification has started as the POTUS pledged that 50% of all new vehicles sold in 2030 will be zero-emissions vehicles including BEV and PHEV.</li>
<li>Nexteer's EPS product helps to reduce fuel consumption with a ratio of <strong>1 EPS system for 1000 gallons of fuel saved</strong>.</li>
<li>
<a href="https://www.smartkarma.com/entities/nexteer-automotive-group-ltd" target="_blank" data-smartkarma-citation="entities:15483:1" rel="noopener">Nexteer Automotive (1316 HK)</a> is trading at a 76% EV/EBITDA discount to its peers with an undemanding PER and PBR. </li>
</ul>


The US auto industry electrification has started as the POTUS pledged that 50% of all new vehicles sold in 2030 will be zero-emissions vehicles including BEV and PHEV.
Nexteer's EPS product helps to reduce fuel consumption with a ratio of 1 EPS system for 1000 gallons of fuel saved.

Nexteer Automotive (1316 HK) is trading at a 76% EV/EBITDA discount to its peers with an undemanding PER and PBR. 


Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<p>Saturday's 7.1 earthquake in Japan could have caused important supply disruptions for semiconductors.  We reached out to over a dozen companies to check their status, and those who replied indicated that there was little impact.  Still, the automotive sector has reason to be nervous.</p>

Saturday's 7.1 earthquake in Japan could have caused important supply disruptions for semiconductors.  We reached out to over a dozen companies to check their status, and those who replied indicated that there was little impact.  Still, the automotive sector has reason to be nervous.

Japan Quake and Chip Shortages, Tough on Auto?

Japan

Mitsubishi Electric Corporation develops, manufactures, and markets electronic equipment.  The Company's products include industrial machinery, heavy electric machinery, data communications systems, electronic devices, and consumer electronics.

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Mitsubishi Electric (6503 JP)

Why Do Bigger Companies in Japan Repeat Scandals? - Learning from Mitsubishi Electric -

Regarding the case of Mitsubishi Electric, I would like to summarize the points and discussed the issues Why are scandals repeated in the same...

Metrical Inc

Toshiba (6502) Strong Vs Peers on No News Means Susceptible to Risk On Underperformance

Weak earnings/forecasts and 3yr highs vs Peers make Toshiba's relative valuation un-compelling. Lack of near-term news means on a risk-on rebound,...

Travis Lundy