In today’s briefing:
- Valuations Will Rise when the Management Changes To “Maximizing Shareholder Interest”
Valuations Will Rise when the Management Changes To “Maximizing Shareholder Interest”
- The average P/B has remained flat since March end, when TSE requested improvements for companies with P/Bs below 1x, and TOPIX has risen in line with the rise in BPS.
- Given the lack of progress in improving ROE, companies have many issues to resolve in improving returns through the appropriate allocation of cash and capital.
- Since it’s no longer possible to show early results simply by leaving it to managers, the use of TOB/MBO will be a shortcut to raising shareholder returns and corporate value.
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