In today’s briefing:
- JAFCO Tender Offer Results – Low Pro-Ration Surprise, Murakami Overhang
- Nitto Denko Q3 Results and Buyback Announced
- Record Sales at JR Tokai Takashimaya
- Itochu Signs L.L.Bean License, Gears up Forever 21 and Eddie Bauer Relaunches
JAFCO Tender Offer Results – Low Pro-Ration Surprise, Murakami Overhang
- Jafco Co Ltd (8595 JP) announced the results of its Tender Offer Buyback today. They wanted to buy 16.8mm shares including 13.9mm from Murakami-san. He sold 9.63mm. Oops.
- Pro-Ration was 69.25% which means that Murakami entities are still long about 4.276mm shares or 5.83% of shares out.
- There should be some index selling, and some Murakami Overhang. There may be more overhang at recent prices.
Nitto Denko Q3 Results and Buyback Announced
- Nitto Denko (6988 JP) today announced Q3 results, lower full-year guidance with one-quarter left to go, sharply undercutting implied Q4 results vs the Street.
- The company also announced a buyback of 4.1-4.7% of shares out over the next 6mos. Assuming the share price falls in reaction, this could be closer to the top end.
- The buyback is non-negligible as a portion of Likely Real World Float and as such the situation is worth a look – for those with a position and those without.
Record Sales at JR Tokai Takashimaya
- JR Takashimaya is a newbie in the world of department store retailing but has grown to become the fourth highest selling store in the two decades since it opened.
- As a result, it is increasingly regarded by brands as the Nagoyan version of Isetan Shinjuku in Tokyo and Hankyu Umeda in Osaka.
- The store is an example of Takashimaya’s successful strategy to surround its key stores with more shopping facilities to suit all population segments, so driving traffic to the main store.
Itochu Signs L.L.Bean License, Gears up Forever 21 and Eddie Bauer Relaunches
- Three years ago, Itochu Corp made it clear it would be investing heavily in its brand business.
- It has been true to its word, adding the likes of Reebok, Under Armour and Forever 21 to its portfolio in the last year alone.
- It has now signed a deal with long-term Japan operator, L.L.Bean, while gearing up for a major relaunch of Eddie Bauer.
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