In today’s briefing:
- Kohnan Shoji (7516) Buyback – Shareholder Return? Activist Defense? Future MBO? All of the Above?
- GTX: The Macro Factor
- Weekly Stock Bullfinder- Week of 4/11
- Cp All (CPALL.BK) – Growth Resumes
- Komeda Holdings (3543): Wholesale Sales on a Recovery Track in March; Food Service Industry Update
- Monogatari Corporation (3097): Signs of Recovery Among Senior Customers at Yuzuan
Kohnan Shoji (7516) Buyback – Shareholder Return? Activist Defense? Future MBO? All of the Above?
- Yesterday after the close, 500+ store home centre operator Kohnan Shoji (7516 JP) announced full-year earnings (revs -0.2%, OP -16.6%, NP -16.4%yoy) and a buyback.
- The buyback is for up to 1.2mm shares and up to ¥4bn to spend from here to end Sep 2022.
- The shareholder register is interesting, diverse, and makes one wonder whether the buyback is to soften the blow of lower income, defence against an activist, or something else.
GTX: The Macro Factor
- In the first quarter, automakers have been back to stops and starts with segments of their production runs due to parts availability
- GTX’s product mix makes the Company vulnerable to the ongoing supply chain issues arising from the war in Ukraine
- In March 2022 there was a 7.2 magnitude earthquake in Japan that resulted in power loss and infrastructure damages
Weekly Stock Bullfinder- Week of 4/11
- This past week, we saw two notable “changes in character” in the energy and the bond market.
- Adecoagro S.A. operates as an agro-industrial company in South America. It engages in farming crops and other agricultural products, dairy operations, and land transformation activities
- The company is involved in the planting, harvesting, and sale of grains and oilseeds,
Cp All (CPALL.BK) – Growth Resumes
- Improving consumer sentiment to lift CPALL’s sales
- Robust SSSG and more contribution from Lotus’s
- Earnings likely rebounded sharply QoQ and YoY
- Return of tourists to increase traffic
Komeda Holdings (3543): Wholesale Sales on a Recovery Track in March; Food Service Industry Update
- Wholesale sales to franchisees (same-store basis) in March were 103.0% vs. March 2021 (97.2% for February)
- We have the impression that in-store dining sales have been improving generally due to lifting of the shorter operating hours requests
- It appears that the market responded positively to the lifting of the shorter operating hour requests in late March
Monogatari Corporation (3097): Signs of Recovery Among Senior Customers at Yuzuan
- Same-store sales for directly-owned stores were 108.2% vs. March 2021 (102.9% for February), 94.0% vs. March 2020 (70.2% for February)
- The business environment was unfavorable for the company which mainly operates all- you can-eat restaurant formats, as requests for shorter operating hours continued until mid-March
- However, we have the impression that the company did well despite the difficult business environment
Before it’s here, it’s on Smartkarma
