In today’s briefing:
- IJTT (7315 JP) – Truly Offensive Takeover Price Gets Bumped, Offensively
- Convenience Wear: Familymart Competes with Uniqlo in Basics
- 23 Dividend Yielding Mid Caps – Report Card For 2023
- Monthly Chinese Tourism Tracker | No “Pent-Up Demand”! | Weak YTD Returns, Too | (December 2023)
- Demand for Disclosure to Answer the Goal of Promoting Sustainability to Increase Corporate Value
IJTT (7315 JP) – Truly Offensive Takeover Price Gets Bumped, Offensively
- IJTT Co., Ltd. (7315 JP) was perhaps one of the lower-priced parent takeovers (Isuzu remains central to the bidder post-buyout) at 0.46x book. Today, the last day, it got bumped.
- The new price is ¥850/share vs ¥812/share. +4.7% and a whopping 0.48x book now. ¥850 is where the stock traded just before the announcement. It immediately jumped to ¥875/share.
- It appears Isuzu is not getting any more money out of this, but they should be OK. They are buying back in at 0.48x book. With leverage.
Convenience Wear: Familymart Competes with Uniqlo in Basics
- The almost viral popularity of Familymart’s line of basic clothing items continues to grow and shows the real potential for convenience stores to diversify and adapt.
- Backed by Itochu, Familymart has expanded the product range and added new, limited edition items and brand collaborations, creating a success story that Seven Eleven may find hard to emulate.
- Lawson, however, is controlled by Mitsubishi Corp which happens to have a clothing production arm that was behind the early success of Uniqlo and Adastria.
23 Dividend Yielding Mid Caps – Report Card For 2023
- We compile a report card for dividend-yielding mid-caps that filter out on favorable characteristics of having net cash, decent ROEs, growth, etc.
- It’s been a disappointing year in share price performance owing to the negativity surrounding China and soft business performance in some cases, but there have been some bright spots.
- We help provide a comprehensive list of our updates on some names and an outlook for 2024. It’s our last insight for 2023, so happy new year everyone!
Monthly Chinese Tourism Tracker | No “Pent-Up Demand”! | Weak YTD Returns, Too | (December 2023)
- “Pent-Up demand”? No signs of it anywhere in outbound or domestic metrics
- Sluggish outbound demand, capacity trajectories continued to lag in November
- YTD share performance weak, mirrors disappointing recovery in travel activity
Demand for Disclosure to Answer the Goal of Promoting Sustainability to Increase Corporate Value
- 60% companies have established policies to promote human capital. Companies will be asked whether their goals are reasonable and whether their actual measures and progress toward those goals are sufficient.
- Since many companies have set a target of 14-15% for % female managerial positions around 2025, it makes us worry whether they can really achieve 30% target in 2030.
- Few companies have disclosed specific impact estimates under certain conditions. It’s expected that some proactive companies will push others to do the same regarding “Scope 3” in the future.
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