Daily BriefsJapan

Daily Brief Japan: Alps Logistics, TSE Tokyo Price Index TOPIX and more

In today’s briefing:

  • Last Week in Event SPACE: Alps Logistics, L’Occitane, Hanon Systems, Perpetual Ltd
  • Since Cash on Hand Will Not Decrease in FY2024, Shareholder Returns Remain a Hot Topic


Last Week in Event SPACE: Alps Logistics, L’Occitane, Hanon Systems, Perpetual Ltd

By David Blennerhassett


Since Cash on Hand Will Not Decrease in FY2024, Shareholder Returns Remain a Hot Topic

By Aki Matsumoto

  • Most large companies initially estimate sales and profits conservatively, and CapEx, which is often planned more than a year in advance, isn’t often above plan.
  • Companies have a cautious earnings outlook, but the market consensus still expects profit growth in FY2024. CapEx growth in the BOJ Tankan is expected to be slightly higher than profits.
  • Assuming an 8.5% increase in CapEx for large manufacturing companies and a low single-digit growth in the recurring profit outlook, the level of cash on hand is unlikely to decrease.

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