In today’s briefing:
- Cyberagent (4751) | More than a One-Hit Wonder
- AGM Is the Highest Body for a Company, but Have Japanese Companies Got Too Used to It Not Being So?
Cyberagent (4751) | More than a One-Hit Wonder
- Supersized profits in the game division will of course normalise, but there are strategies to extend profits in the segment
- At 7x EV/EBITDA we think the market has become too pessimistic on the long-term outlook for not only games, but also internet advertising and media
- The company will release Q3 results in three days time – we expect a them to beat consensus
AGM Is the Highest Body for a Company, but Have Japanese Companies Got Too Used to It Not Being So?
- The fact at least 80% of votes are approved in company agenda shows how large the presence of ruling shareholders is and how little interest there is from ordinary shareholders.
- The ruling shareholder structure with cross-shareholdings has made this watered-down for Japanese companies. Companies should strive to increase shareholder interest. To this end, information disclosure efforts must be promoted.
- Companies are encouraged to make efforts to disclose sufficient information to shareholders, not after AGM, but before it, which is the highest body of the company in the first place.
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