![](https://wp-static.smartkarma.com/../assets/uploaded/2022/07/DailyBriefJapanAirClosetNidecCorpandmore.png)
In today’s briefing:
- Air Closet Files for IPO
- Nidec (6594) | Q1 to Beat on Falling Raw Material Costs
Air Closet Files for IPO
- Subscription rental services have become increasingly mainstream and the earlier start ups are now maturing into larger businesses. One of the first, Air Closet, plans an IPO later this month.
- Air Closet specialises in renting out clothing from major labels but also in taking away the burden of choice by arranging for styles to be picked in-house.
- As well as this growing service, Air Closet has also just launched a rental service for gadgets ranging from kitchen appliances to cameras.
Nidec (6594) | Q1 to Beat on Falling Raw Material Costs
- Nidec share price has declined by 32% YTD on the temporary impact of inflation and lockdowns
- We expect a Q1 beat (tomorrow) as lower raw material input costs and the weak yen boost operating profits
- We are bullish on the stock at 31x forward earnings versus the 5-year average of 55x, especially as China accelerates policies to drive EV adoption
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