In today’s briefing:
- TOPIX Inclusions: Who Is Ready (Dec 2022)
- Shimano (7309) | Value Drivers in an Age of Sobriety
- ORIX Has Responsibility to Explain Transformation of DHC into a Company that Respects Human Rights
TOPIX Inclusions: Who Is Ready (Dec 2022)
- Quiddity’s “Who is Ready” series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
- This insight is a follow-up to TOPIX Inclusions: Who Is Ready (Oct 2022)
- At present, there are 60 names that satisfy all of these conditions and there are more names that are close to being in that group.
Shimano (7309) | Value Drivers in an Age of Sobriety
- Shimano’s stock has declined by 26% YTD reflecting concerns over an economic recession and sales normalization post pandemic
- We believe that Shimano is a key beneficiary of government policy aimed at decarbonization
- We analyse Shimano’s core value drivers and see at around 23% upside for the stock
ORIX Has Responsibility to Explain Transformation of DHC into a Company that Respects Human Rights
- The difference is obvious when compared to Fancl’s case. While Fancl chose to form capital alliance with Kirin (less than 1/3 ownership), All DHC shares will be transferred to ORIX.
- We believe that many of the buyer companies were concerned about the negative impact of consolidating DHC with Yoshida, who has repeatedly made discriminatory remarks.
- ORIX is required to show the future management strategy of DHC, and ORIX is responsible for explaining the transformation of DHC into a company that respects human rights.
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