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>Ricoh held an ESG session. At the end of the QA session, a question from a participant left a deep impression on me, so I would like to discuss it.</li>
<li>Different regions and countries may have different view on human rights due to differences in constitutions and laws but I believe there should be no differences in human rights.</li>
<li>Now that Ricoh's human rights policy complies with UN standards, I hope that as many companies as possible will reconsider their approach to human rights in the future.</li>
</ul>


Ricoh held an ESG session. At the end of the QA session, a question from a participant left a deep impression on me, so I would like to discuss it.
Different regions and countries may have different view on human rights due to differences in constitutions and laws but I believe there should be no differences in human rights.
Now that Ricoh's human rights policy complies with UN standards, I hope that as many companies as possible will reconsider their approach to human rights in the future.


Japan's Governance: Human Rights Policy: Ricoh (7752)

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<p>Today, Effissimo Capital Management "surprised" the market by filing a Large Shareholder amendment saying they had sold 3.87% of <a href="https://www.smartkarma.com/entities/ricoh-company-ltd" target="_blank" data-smartkarma-citation="entities:15359:1" rel="noopener">Ricoh Company Ltd (7752 JP)</a> at Friday's closing price. </p><p>It isn't quite that simple, and it is a complex set of flows going on. </p><p>That is worth a look. </p>

Today, Effissimo Capital Management "surprised" the market by filing a Large Shareholder amendment saying they had sold 3.87% of Ricoh Company Ltd (7752 JP) at Friday's closing price. It isn't quite that simple, and it is a complex set of flows going on. That is worth a look. 

Japan Specialist

Mark Chadwick

<div>
<p><span xml:lang="EN-US" data-contrast="auto">Last week, <a href="https://www.smartkarma.com/entities/ricoh-company-ltd" target="_blank" data-smartkarma-citation="entities:15359:1" rel="noopener">Ricoh Company Ltd (7752 JP)</a>  announced a new business strategy. It is worth a <a href="https://www.ricoh.com/-/Media/Ricoh/Sites/com/IR/data/pre/pdf/ir_pre2020.pdf" target="_blank" rel="noopener">read</a>. </span></p>
<p><span xml:lang="EN-US" data-contrast="auto">Ricoh will be moving away from its core office equipment business to focus on digital services. The market </span><span xml:lang="EN-US" data-contrast="auto">liked</span><span xml:lang="EN-US" data-contrast="auto"> this, or more likely, investors were cheering the ¥100b capital return. Regarding the buyback, Travis Lundy has written a must-read:</span><span data-ccp-props='{"201341983":0,"335559739":200,"335559740":276}'> <a href="https://www.smartkarma.com/insights/ricoh-buyback-redux-it-s-on-it-s-big-crossholders-vs-activist-vs-public-who-sells" target="_blank" data-smartkarma-citation="insights:48787" rel="noopener">Ricoh Buyback Redux - It's On, It's Big. Crossholders Vs Activist Vs Public. Who Sells?</a> </span></p>
</div><div><p><span xml:lang="EN-US" data-contrast="auto">The new strategy makes perfect sense. Prime Minister Suga is waging a war against the old ways of doing business, which have been stunting Japan’s growth potential. Ricoh, one of the chief paper pushers, simply had to change. <a href="https://www.smartkarma.com/entities/konica-minolta-inc" target="_blank" data-smartkarma-citation="entities:17287:1" rel="noopener">Konica Minolta (4902 JP)</a>  also announced a similar strategic shift. </span><span data-ccp-props='{"201341983":0,"335559739":200,"335559740":276}'> </span></p></div><div>
<p><span xml:lang="EN-US" data-contrast="auto">CEO Yamashita had enjoyed some success with a cost-cutting strategy since coming to power in 2017. Unfortunately, COVID put an end any further margin improvement. </span><span data-ccp-props='{"201341983":0,"335551550":1,"335551620":1,"335559739":200,"335559740":276}'> </span></p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/194/216/original/smartkarma_download.png?1615686431" class="editor-image img-responsive" data-smartkarma-image-id="194216"></figure></section><p><span xml:lang="EN-US" data-contrast="auto">The share buyback </span><span xml:lang="EN-US" data-contrast="auto">provides</span><span xml:lang="EN-US" data-contrast="auto"> management with time to execute the shift to digital services. That is good news for investors. It will be a difficult transition as Ricoh’s competitive landscape becomes increasingly fierce. Rather than competing against a handful of sleepy Japanese </span><span xml:lang="EN-US" data-contrast="auto">copier</span><span xml:lang="EN-US" data-contrast="auto"> makers, they are now entering a global arena, battling with some of the biggest names in global tech. </span><span data-ccp-props='{"201341983":0,"335551550":1,"335551620":1,"335559739":200,"335559740":276}'> </span></p>
</div><div><p><span xml:lang="EN-US" data-contrast="auto"><strong>Does the Board have the requisite skills to navigate this brave new world?</strong> In our Board evaluation, where we rate and rank all companies in the Topix 500 on the quality of their board structure, Ricoh ranks just below average. It is ok, but Japanese boards are on average, much lower quality than global peers. </span></p></div>


Last week, Ricoh Company Ltd (7752 JP)  announced a new business strategy. It is worth a read. 
Ricoh will be moving away from its core office equipment business to focus on digital services. The market liked this, or more likely, investors were cheering the ¥100b capital return. Regarding the buyback, Travis Lundy has written a must-read: Ricoh Buyback Redux - It's On, It's Big. Crossholders Vs Activist Vs Public. Who Sells? 
The new strategy makes perfect sense. Prime Minister Suga is waging a war against the old ways of doing business, which have been stunting Japan’s growth potential. Ricoh, one of the chief paper pushers, simply had to change. Konica Minolta (4902 JP)  also announced a similar strategic shift.  
CEO Yamashita had enjoyed some success with a cost-cutting strategy since coming to power in 2017. Unfortunately, COVID put an end any further margin improvement.  
The share buyback provides management with time to execute the shift to digital services. That is good news for investors. It will be a difficult transition as Ricoh’s competitive landscape becomes increasingly fierce. Rather than competing against a handful of sleepy Japanese copier makers, they are now entering a global arena, battling with some of the biggest names in global tech.  
Does the Board have the requisite skills to navigate this brave new world? In our Board evaluation, where we rate and rank all companies in the Topix 500 on the quality of their board structure, Ricoh ranks just below average. It is ok, but Japanese boards are on average, much lower quality than global peers. 

Japan Corporate Governance - Ricoh - Lacking Board Skills?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a>, <a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd-3388a037-4214-4997-b45d-520518cfdb57" target="_blank" data-smartkarma-citation="entities:10987:1" rel="noopener">China Merchants Bank H (3968 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a> and <a href="https://www.smartkarma.com/entities/gcl-poly-energy-holdings-limited" target="_blank" data-smartkarma-citation="entities:3708:1" rel="noopener">Gcl Poly Energy Holdings Limited (3800 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/china-pacific-insurance-group" target="_blank" data-smartkarma-citation="entities:6177:1" rel="noopener">China Pacific Insurance (2601 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>, <a href="https://www.smartkarma.com/entities/bank-of-china-ltd-h" target="_blank" data-smartkarma-citation="entities:656:1" rel="noopener">Bank Of China Ltd (H) (3988 HK)</a> and <a href="https://www.smartkarma.com/entities/kingdee-international-sftwr" target="_blank" data-smartkarma-citation="entities:37:1" rel="noopener">Kingdee International Software (268 HK)</a>. Shorts increased in almost all sectors, led by Financials, Communication Services, Consumer Discretionary, Health Care and Information Technology.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/cyberagent-inc" target="_blank" data-smartkarma-citation="entities:8197:1" rel="noopener">CyberAgent Inc (4751 JP)</a>, <a href="https://www.smartkarma.com/entities/showa-denko-k-k" target="_blank" data-smartkarma-citation="entities:1496:1" rel="noopener">Showa Denko K.K. (4004 JP)</a>, <a href="https://www.smartkarma.com/entities/monex-group-inc" target="_blank" data-smartkarma-citation="entities:14211:1" rel="noopener">Monex Group Inc (8698 JP)</a> and <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/ryohin-keikaku-co-ltd" target="_blank" data-smartkarma-citation="entities:2765:1" rel="noopener">Ryohin Keikaku (7453 JP)</a>, <a href="https://www.smartkarma.com/entities/ricoh-company-ltd" target="_blank" data-smartkarma-citation="entities:15359:1" rel="noopener">Ricoh Company Ltd (7752 JP)</a>, <a href="https://www.smartkarma.com/entities/japan-retail-fund-investment" target="_blank" data-smartkarma-citation="entities:735:1" rel="noopener">Japan Retail Fund Investment (8953 JP)</a> and <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>. Shorts increased in almost all sectors led by Industrials, Materials, Information Technology, Financials, and Communication Services, while decreasing only in Real Estate.</p></div><div><p>In Korea, short increased on <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI (006400 KS)</a>, <a href="https://www.smartkarma.com/entities/naver-corp" target="_blank" data-smartkarma-citation="entities:16029:1" rel="noopener">Naver Corp (035420 KS)</a> and <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/iljin-materials-co-ltd" target="_blank" data-smartkarma-citation="entities:7709:1" rel="noopener">Iljin Materials (020150 KS)</a> and <a href="https://www.smartkarma.com/entities/doosan-infracore-co-ltd" target="_blank" data-smartkarma-citation="entities:3982:1" rel="noopener">Doosan Infracore (042670 KS)</a>.</p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a>, <a href="https://www.smartkarma.com/entities/pegatron-corp" target="_blank" data-smartkarma-citation="entities:12852:1" rel="noopener">Pegatron Corp (4938 TT)</a>, <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a> and <a href="https://www.smartkarma.com/entities/macronix-international" target="_blank" data-smartkarma-citation="entities:3247:1" rel="noopener">Macronix International (2337 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/au-optronics-corp" target="_blank" data-smartkarma-citation="entities:6704:1" rel="noopener">AU Optronics (2409 TT)</a>, <a href="https://www.smartkarma.com/entities/evergreen-marine-corp-ltd" target="_blank" data-smartkarma-citation="entities:15428:1" rel="noopener">Evergreen Marine Corp (2603 TT)</a>, <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" data-smartkarma-citation="entities:9126:1" rel="noopener">Largan Precision (3008 TT)</a> and <a href="https://www.smartkarma.com/entities/fitipower-integrated-tech" target="_blank" data-smartkarma-citation="entities:8712:1" rel="noopener">Fitipower Integrated Tech (4961 TT)</a>. </p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Tencent Holdings (700 HK), Kuaishou Technology (1024 HK), China Merchants Bank H (3968 HK), JD.com Inc. (9618 HK) and Gcl Poly Energy Holdings Limited (3800 HK) while there was short covering on Alibaba Group (9988 HK), China Pacific Insurance (2601 HK), Xiaomi Corp (1810 HK), Bank Of China Ltd (H) (3988 HK) and Kingdee International Software (268 HK). Shorts increased in almost all sectors, led by Financials, Communication Services, Consumer Discretionary, Health Care and Information Technology.In Japan, stocks that saw the most shorts were CyberAgent Inc (4751 JP), Showa Denko K.K. (4004 JP), Monex Group Inc (8698 JP) and Canon Inc (7751 JP) while shorts decreased on Ryohin Keikaku (7453 JP), Ricoh Company Ltd (7752 JP), Japan Retail Fund Investment (8953 JP) and Toshiba Corp (6502 JP). Shorts increased in almost all sectors led by Industrials, Materials, Information Technology, Financials, and Communication Services, while decreasing only in Real Estate.In Korea, short increased on Samsung Electronics (005930 KS), Samsung SDI (006400 KS), Naver Corp (035420 KS) and Celltrion Inc (068270 KS) while shorts decreased on Iljin Materials (020150 KS) and Doosan Infracore (042670 KS).Stocks in Taiwan that saw the highest increase in shorts were United Microelectronics Corp (2303 TT), Pegatron Corp (4938 TT), TSMC (2330 TT) and Macronix International (2337 TT) while shorts were covered on AU Optronics (2409 TT), Evergreen Marine Corp (2603 TT), Largan Precision (3008 TT) and Fitipower Integrated Tech (4961 TT). 

Asia Short Interest: Kuaishou, CMB, JD, Kingdee, Xiaomi, Monex, Toshiba, Samsung, Naver, UMC, Largan

<div><p>On the 19th of April 2019, <a href="https://www.smartkarma.com/entities/ricoh-co-ltd" target="_blank" data-smartkarma-citation="entities:15359:1" rel="noopener">Ricoh Co Ltd (7752 JP)</a> held an Investor Day conference discussing the 19th Mid Term Management Plan, and its long-term capital plan to return profits made in the 19th Plan to investors. In mid-2019, activist Effissimo Capital Management - which had been building a large position for 3+ years - announced it had gotten to 19% and would go activist. In late 2019, another Investor Day laid the groundwork for the 20th Mid-Term Management Plan. On the 27th of March 2020 the company held an <a href="https://www.ricoh.com/IR/events/investors_meeting" target="_blank" rel="noopener">Investors Meeting</a>. There was continued discussion of how the company had gone through the pain of realising a few years ago how they were in real trouble, and how they then made significant efforts to change that, and they reiterated the ongoing MTMP goal to pay out a fair chunk of accumulated capital. </p></div><div><p>In the <em>previous</em> two Mid-Term Management Plans (MTMPs), called "Resurgent" and "Ignite", respectively, the company led by CEO "Jake" Yamashita undertook structural reform to create cost savings of ¥100bn (mostly fixing the sales structure in the US, cutting out HQ costs and using RPA ("Robotic Process Automation") everywhere, and streamlining in-house production). They also started cutting businesses which had not delivered margin and revenue improvements. They announced they would stop supporting fraud-hit Ricoh India in late 2017 (a case finally resolved in early 2019), took impairments on Ikon and Mindshift in 2018, deciding to sell their long-held position (tied to Ricoh's founder) in <a href="https://www.smartkarma.com/entities/coca-cola-bottlers-japan" target="_blank" data-smartkarma-citation="entities:20051:1" rel="noopener">Coca Cola Bottlers Japan (2579 JP)</a> that year to help them smooth out the large losses. In May 2018 they sold Ricoh Logistics. That seemed to get them "over the hump" as Yamashita-san said then, and the growth strategy outlined in mid-2018 concentrated on industrial commercial printing and more features in MFPs to create a better "digital services business."</p></div><div><p>In early March 2020, they announced they were going to sell 20% of <a href="https://www.smartkarma.com/entities/ricoh-leasing-co-ltd" target="_blank" data-smartkarma-citation="entities:9144:1" rel="noopener">Ricoh Leasing (8566 JP)</a>to <a href="https://www.smartkarma.com/entities/mizuho-leasing-co-ltd" target="_blank" data-smartkarma-citation="entities:12780:1" rel="noopener">Mizuho Leasing Co (8425 JP)</a>, which would allow them to de-consolidate Ricoh Leasing, completely changing the optics of Ricoh's consolidated debt position. </p></div><p>The company in its March 2020 Investor Day gave a further preview of the next Mid-Term Plan for FY20-22 called "Lift Off" which was supposed to be fully announced in May 2020 (and which Yamashita-san had previously previewed in November 2019). There would be digital services and capital returns, responding to the constant pressure from activist firm Effissimo Capital Management which had lifted its position to 19% in late 2019 and changed the purpose of their holding to "making important recommendations to management" then too. The stock hit a four-year high just before Q3 earnings came out in February, fell in March 2020, but there was hope. </p><p><em><strong>I wrote about the situation originally in <a href="https://www.smartkarma.com/insights/ricoh-s-big-buyback-potential-the-timing-is-right" target="_blank" data-smartkarma-citation="insights:38518" rel="noopener">Ricoh's BIG Buyback Potential - The Timing Is Right</a>. </strong></em></p><p>Unfortunately, when full-year earnings came out, the issues facing office supply and documentation businesses in the US and Europe as covid-19 worsened slightly delayed the execution of the Capital Return Plan at the start of the new MTP. I wrote about the timing and the relative trade in <a href="https://www.smartkarma.com/insights/ricoh-redux-get-long-vs-comps" target="_blank" data-smartkarma-citation="insights:39155" rel="noopener"><em><strong>Ricoh Redux:  Get Long Vs Comps</strong></em></a> in early May 2020.</p><p>By the start of calendar Q4 however, after Ricoh had outperformed by 25+% in 5 months, forward forecasts for Ricoh earnings started to deteriorate much faster than for rivals and I recommended taking off the trade in <a href="https://www.smartkarma.com/insights/ricoh-reductively-reduced-bullishness-so-take-off-the-trade" target="_blank" data-smartkarma-citation="insights:42625" rel="noopener"><em><strong>Ricoh (Reductively) - Reduced Bullishness So Take Off the Trade</strong></em></a>. </p><p>The buyback would come, but the Valley of the Shadow of Covid was deep and wide. </p><h3>The NEW News Today</h3><p>Ricoh today announced it would launch its buyback, of up to 145,000,000 shares (20.02%) spending up to ¥100 billion. Once the buyback is completed, the company will retire the repurchased shares PLUS another 20,000,000 shares. </p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/192/081/original/Screenshot+2021-03-03+at+7.38.47+PM.png?1614771571" class="editor-image img-responsive" data-smartkarma-image-id="192081"></figure><p></p></section><div class="content-highlight"><p>This is big news, and deserves a much closer look.</p></div>

On the 19th of April 2019, Ricoh Co Ltd (7752 JP) held an Investor Day conference discussing the 19th Mid Term Management Plan, and its long-term capital plan to return profits made in the 19th Plan to investors. In mid-2019, activist Effissimo Capital Management - which had been building a large position for 3+ years - announced it had gotten to 19% and would go activist. In late 2019, another Investor Day laid the groundwork for the 20th Mid-Term Management Plan. On the 27th of March 2020 the company held an Investors Meeting. There was continued discussion of how the company had gone through the pain of realising a few years ago how they were in real trouble, and how they then made significant efforts to change that, and they reiterated the ongoing MTMP goal to pay out a fair chunk of accumulated capital. In the previous two Mid-Term Management Plans (MTMPs), called "Resurgent" and "Ignite", respectively, the company led by CEO "Jake" Yamashita undertook structural reform to create cost savings of ¥100bn (mostly fixing the sales structure in the US, cutting out HQ costs and using RPA ("Robotic Process Automation") everywhere, and streamlining in-house production). They also started cutting businesses which had not delivered margin and revenue improvements. They announced they would stop supporting fraud-hit Ricoh India in late 2017 (a case finally resolved in early 2019), took impairments on Ikon and Mindshift in 2018, deciding to sell their long-held position (tied to Ricoh's founder) in Coca Cola Bottlers Japan (2579 JP) that year to help them smooth out the large losses. In May 2018 they sold Ricoh Logistics. That seemed to get them "over the hump" as Yamashita-san said then, and the growth strategy outlined in mid-2018 concentrated on industrial commercial printing and more features in MFPs to create a better "digital services business."In early March 2020, they announced they were going to sell 20% of Ricoh Leasing (8566 JP)to Mizuho Leasing Co (8425 JP), which would allow them to de-consolidate Ricoh Leasing, completely changing the optics of Ricoh's consolidated debt position. The company in its March 2020 Investor Day gave a further preview of the next Mid-Term Plan for FY20-22 called "Lift Off" which was supposed to be fully announced in May 2020 (and which Yamashita-san had previously previewed in November 2019). There would be digital services and capital returns, responding to the constant pressure from activist firm Effissimo Capital Management which had lifted its position to 19% in late 2019 and changed the purpose of their holding to "making important recommendations to management" then too. The stock hit a four-year high just before Q3 earnings came out in February, fell in March 2020, but there was hope. I wrote about the situation originally in Ricoh's BIG Buyback Potential - The Timing Is Right. Unfortunately, when full-year earnings came out, the issues facing office supply and documentation businesses in the US and Europe as covid-19 worsened slightly delayed the execution of the Capital Return Plan at the start of the new MTP. I wrote about the timing and the relative trade in Ricoh Redux:  Get Long Vs Comps in early May 2020.By the start of calendar Q4 however, after Ricoh had outperformed by 25+% in 5 months, forward forecasts for Ricoh earnings started to deteriorate much faster than for rivals and I recommended taking off the trade in Ricoh (Reductively) - Reduced Bullishness So Take Off the Trade. The buyback would come, but the Valley of the Shadow of Covid was deep and wide. The NEW News TodayRicoh today announced it would launch its buyback, of up to 145,000,000 shares (20.02%) spending up to ¥100 billion. Once the buyback is completed, the company will retire the repurchased shares PLUS another 20,000,000 shares. This is big news, and deserves a much closer look.

Ricoh Buyback Redux - It's On, It's Big. Crossholders Vs Activist Vs Public. Who Sells?

Japan

BROTHER INDUSTRIES, LTD. manufactures and markets communications and office equipment.  The Company's main products include facsimiles, digital copy machines, label printers, and word processors.  Brother Industries also manufactures and sells sewing machines and other tools.  The Company operates its business worldwide.

Seiko Epson Corporation manufactures communications equipment, electronic devices, and precision products.  The Company's products include printers, scanners, Liquid Crystal Projectors, semiconductors, quartz devices, and watches.

Konica Minolta Inc is mainly engaged in manufacturing office equipment and performance materials. It also operates health care businesses. The Company also makes copiers, personal computer peripherals, optical lenses, and measuring instruments.

Noritsu Koki Co., Ltd. manufactures various photo processors.  The Company specializes in high-speed mini-photo processing lab systems.  Noritsu Koki also produces OEM (original equipment manufacturer) supply for Kodak and Konica.

MCJ Co., Ltd. manufactures and markets personal computers and its related products.  The Company provides desktop and laptop computers, computer memories, printers, and hard drives.

TOSHIBA TEC CORPORATION manufactures electronic equipment for distribution system, document processing, and household use.  The Company's products include Point of Sale (POS) systems, bar code scanners, copy machines, printers, and vacuum cleaners.

Eizo Corp develops, designs, manufactures, and markets computer displays and monitors for amusement products.  The Company's products include liquid crystal displays (LCD) and cathode ray tube (CRT) displays.

Wacom Co., Ltd. manufactures pen tablets utilizing electronic pen and multitouch technologies. The Company's pen tablets are used in various fields, including film making, industrial  design, medical, education and financials. Wacom also manufactures components for smart phones and tablets.

RISO KAGAKU CORPORATION is a manufacturer of copying and printing machines for office, home, and educational use.  The Company specializes in lithograph printers and also produces software, computer interfaces, and peripherals such as sorters, card counters, and sheet feeders.

ELECOM CO., LTD. designs, manufactures, and markets computer peripherals, supplies, and accessories.  The Company offers a diverse range of products including adapters, cables, switches, local area network (LAN) devices, paper, keyboard covers, and chairs.

Compal Electronics Inc. manufactures and markets notebook computers and color monitors.  The Company also produces liquid crystal displays and other computer related products.  Compal Electronics exports its products to the United States, Europe, and Asia.

Catcher Technology Co., Ltd. manufactures aluminum and magnesium die casting products which are used in notebook computers, cellular phones, and hard disk drive bases.

Micro-Star International Co., Ltd. manufactures and markets motherboards and video graphic accelerate (VGA) cards.  The Company exports its products to Europe, North America, and other Asian countries.

Chicony Electronics Co., Ltd. develops, manufactures, and markets keyboards for laptops and notebook computers, computer mice, digital cameras and other related parts.

Lite-On Technology Corp. manufactures and markets a wide range of computer components and Peripheral equipment. The Company's products include computers, digital home products, consumer electronics, communications products, key components and sub-systems, and optoelectronic components. Power Supplies, Enclosures, and LEDs business are the core of Lite-On Technology's business.

Acer Inc. manufactures and distributes semiconductor products, personal computers, computer peripherals, multimedia products, and computer software. The Company also provides maintenance and repair services to customers.  In addition, Acer Inc. operates real estate business. The Company markets its products under the Acer brand name.

Ninestar Corporation provides printing and imaging products, output solutions, and managed print services. The Company researches, develops, and produces printer consumables chips, printers, and other products. Ninestar markets its products across worldwide.

Gigabyte Technology Co., Ltd. manufactures and markets computer motherboards and other peripheral products.

China Greatwall Technology Group Co Ltd manufactures and develops computers and peripheral equipment.  The Company's products include computers, servers, monitors, printers, power packs, and other related products.  Greatwall Computer also develops computer software, provides networking system integration, and consults on e-commerce solution.

China Greatwall Technology Group Co Ltd (000066 CH)

Inventec Corporation manufactures and markets computers and electronic word processing products.  The Company's products include notebook computers, desktop computers, workstations, scientific graphic calculators, and electronic dictionaries.  Inventec markets its products under the brand name "Besta".

RICOH COMPANY, LTD. manufactures and markets office automation equipment, electronic devices, and photographic instruments.  The Company's diverse product line includes facsimiles, image scanners, printers, digital cameras, and personal computers, as well as a full range of analog, digital, and color copiers. Ricoh operates with a network of sales offices and tie-ups worldwide.

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Ricoh Company Ltd (7752 JP)

Japan's Governance: Human Rights Policy: Ricoh (7752)

Now that Ricoh's human rights policy complies with UN standards, I hope that as many companies as possible will review their approach to human...

Metrical Inc

Ricoh Buyback Runs Into Activist Selling

Today Ricoh (7752) took a hit as Effissimo sold a near 4% stake Friday. It is slightly more complex, but it represents ongoing overhang. But Ricoh...

Travis Lundy

Japan Corporate Governance - Ricoh - Lacking Board Skills?

Ricoh is shifting to become a Digital Services company.....but does it have the Board quality to survive and thrive in an era of Digital...

Mark Chadwick

Asia Short Interest: Kuaishou, CMB, JD, Kingdee, Xiaomi, Monex, Toshiba, Samsung, Naver, UMC, Largan

The Insight looks at large short interest movements across HK, Japan, Korea and Taiwan stocks and highlights large increases/decreases in shorts to...

Brian Freitas

Ricoh Buyback Redux - It's On, It's Big. Crossholders Vs Activist Vs Public. Who Sells?

Ricoh announced the start of its BIG buyback. 12% of ADV for a year. Forward OP ratios vs peers have stopped falling. The 20th MTP has plans to...

Travis Lundy

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