In today’s briefing:
- Japan Governance | The TSE Naughty List
- Seven & I Spends Another $950mn on Acquisitions, A Possible Defense Against Investor Activism
- TRYT Lock-Up – 60% of Outstanding to Be Released, Baring Would Have to Exit Sooner or Later
- Asics: Aiming for No. 1
- Ownership of Company Stock Is a Key in Managing the Company with the Same Goals as Shareholders
- Aequitas 2024 Asia IPO Pipeline – Japan & Korea
Japan Governance | The TSE Naughty List
- The TSE’s new efforts to encourage companies to disclose measures to improve their capital efficiency and stock prices correlate closely with general indicators of good governance.
- Over 60% of companies that we classify as “Proactive” have already disclosed their status, while only around one third of “Obstructive” companies have done so.
- Companies with higher levels of Board Independence and that are more aligned with shareholders are more likely to be better allocators of capital for long-term growth.
Seven & I Spends Another $950mn on Acquisitions, A Possible Defense Against Investor Activism
- Alongside results broadly aligning with consensus expectations, Seven & I Holdings (3382 JP) announced yet another major acquisition.
- The company has agreed to acquire 204 convenience stores in the US for an acquisition price of $950m.
- It seems that through aggressive overseas expansion and share buybacks, Seven & I is aiming to retain its overseas investors and simultaneously ward off potential investor activism.
TRYT Lock-Up – 60% of Outstanding to Be Released, Baring Would Have to Exit Sooner or Later
- TRYT (9164 JP) was listed on the TSE on 22nd July 2023. The IPO had been a 100% secondary offering.
- TRYT offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
- Coming up for six-month lockup is the sole pre-IPO investor who had sold some of its stake earlier in the IPO.
Asics: Aiming for No. 1
- After forecasting record sales for this year, Asics now wants to become the leading performance running brand in Japan, Europe and the US by 2026.
- To achieve this, Asics has invested in buying up many of the leading race platforms around the world to harvest data and link its brand to serious running events.
- The sports firm could also see significant growth for the Onitsuka Tiger brand, particularly across Asia.
Ownership of Company Stock Is a Key in Managing the Company with the Same Goals as Shareholders
- Wouldn’t the shareholders of Mitsubishi Chemical want to either TOB for the growth of the subsidiary or invest the cash from the sale of shares in a value-generating business?
- It’s difficult to exclude the influence of the parent company in business decisions that impact significantly on the parent’s earnings and shareholding. Is continued parent-subsidiary listing desirable for subsidiary’s shareholders?
- The management of Nippon Sanso wants to continue the parent-subsidiary listing, but their small shareholding may make it difficult to manage the company from the same perspective as the shareholders.
Aequitas 2024 Asia IPO Pipeline – Japan & Korea
- In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with Japan & Korea, after having looked at Hong Kong and India earlier.
- This list has been compiled on a best effort basis from tracking the company filings and through various other sources
- The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.
💡 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
