In today’s briefing:
- Shortcut to Tension in Japanese Company Management Is Change in Voting Power of BOJ ETFs
- Campbell Soup: Key Drivers
- Columbia Sportswear: Key Drivers, Financial Forecasts, DCF & Comparables Valuation, Risks (01/23)
- Align Partners’ Lee Chang-Hwan Joins SM Entertainment as a Board Member
Shortcut to Tension in Japanese Company Management Is Change in Voting Power of BOJ ETFs
- METI’s survey confirms that “the number of outside directors has increased, but they aren’t completely independent, as they’re sometimes appointed by people with ties to the company” isn’t incorrect statement.
- The reality is that the parent companies of Japan’s large asset management companies are financial institutions, and it’s high hurdle to vote against proposals by clients of the parent company.
- The BOJ is a major shareholder in many companies through its ETF holdings. If the exercise of those voting rights changes, the management of listed companies in Japan should change.
Campbell Soup: Key Drivers
- Campbell Soup is off to a good start to the fiscal year and delivered an all-around beat.
- Meals & beverages delivered a strong performance, and there is growth in key brands, particularly RTS (Ready-To-Serve) soups, Mexican sauces, and Italian soup, well-outpaced the growth.
- We provide the stock of Campbell Soup with a ‘Hold’ rating and a revision in the target price.
Columbia Sportswear: Key Drivers, Financial Forecasts, DCF & Comparables Valuation, Risks (01/23)
- Columbia Sportswear delivered a mixed set of third-quarter results as it failed to meet the revenue expectations of Wall Street given the economic, geopolitical, and supply chain challenges.
- Consumer challenges are being solved by innovations like Omni-Heat Infinity and the recently unveiled Omni-Heat Helix.
- The patent-pending Omni-Heat Helix from Columbia uses highly effective insulation cells to optimize warmth while ensuring breathability.
Align Partners’ Lee Chang-Hwan Joins SM Entertainment as a Board Member
- On 20 January, SM Entertainment announced that Lee Chang-Hwan, the CEO of Align Partners Capital will join the company as a board member.
- This will mark one of the first cases of an activist investor becoming a board member of a Korean company which already has a major shareholder.
- We believe that Lee Chang-Hwan (CEO of APCM) joining SM Entertainment as a board member will have a positive impact on the company to meaningfully improve its corporate governance.
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