In today’s briefing:
- Integral Corporation IPO: The Bear Case
- Sekisui Chem (4204) | Potential of Perovskite PV
- Even if Proper Nomination Process Is Skipped, It May Be Considered Better than Zero Women Directors
Integral Corporation IPO: The Bear Case
- Integral Corporation (5842 JP) is an independent Japanese private equity firm seeking to raise about US$175 million. The pricing is on 4 September, and the listing is on 20 September.
- In Integral Corporation IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The bear case rest on the declining mix of fee-earning AUM, growth driven by volatile investment income and uninspiring 1HFY22 performance in fee-related revenue growth and margin.
Sekisui Chem (4204) | Potential of Perovskite PV
- Perovskite solar cells have the potential to be more efficient and less expensive than traditional silicon solar cells.
- Recent research suggests that the global market for Perovskite PV could be worth around $12 billion in 2032
- If Sekisui Chemical were to take a 10% market share, then the potential impact on earnings could be 22%.
Even if Proper Nomination Process Is Skipped, It May Be Considered Better than Zero Women Directors
- There are concerns about the ability of female directors hired solely for the purpose of recruiting women directors without a reasonable director nomination process to demonstrate strength on the BOD.
- Board diversity issues were considered a low priority until more institutional investors voted against the top management of companies with zero female directors at shareholder meetings.
- Given the small population of full-time female employees and the relatively young age bias, it’s likely that even in 2030, most female board members will be relying on outside talent.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
