In today’s briefing:
- TOPIX Inclusions: Who Is Ready (Jan 2025)
- Sony Group Corporation: Can Its Steady Expansion in Music Segment Up Their Game? – Major Drivers
- Suppliers Suffer As Top Brands Make Fewer Tires
- Nitto Kogyo Corporation (6651 Jp) – Q2 Follow-Up – December 19, 2024
- Improvements Have Expired in Criteria Related to the 2019 Corporate Governance Code Revision
TOPIX Inclusions: Who Is Ready (Jan 2025)
- 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.
- Japan Eyewear Holdings (5889 JP) continues to be our top pre-event pick for TOPIX Inclusion.
- Core Concept Technologies Inc (4371 JP) is another potential TOPIX Inclusion candidate but it is quite far away from being satisfy the main Section Transfer requirements.
Sony Group Corporation: Can Its Steady Expansion in Music Segment Up Their Game? – Major Drivers
- Sony Group Corporation has exhibited a mix of strengths and challenges in its latest financial results, which provide insights into its current business landscape and future outlook.
- Positive aspects of Sony’s results are largely attributable to robust performance in key segments like Gaming & Network Services (G&NS) and Music.
- The company reported a 9% increase in consolidated sales, excluding the Financial Services segment, year-on-year, with operating income showing a significant increase of 57% for the quarter.
Suppliers Suffer As Top Brands Make Fewer Tires
- Tire production volumes are declining
- Major tire manufacturers are closing/withdrawing from the Chinese truck tire market
- Emerging competitors are expanding capacity, challenging established suppliers
Nitto Kogyo Corporation (6651 Jp) – Q2 Follow-Up – December 19, 2024
- H1 2025/3 Earnings Result Summary: Nitto Kogyo Corporation (hereafter, the Company) announced net sales of JPY 81,983 mn (+12.1% YoY), operating profit of JPY 4,063 mn (-14.8% YoY), ordinary profit of JPY 4,433 mn (-14.5% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 5,212 mn (+46.2% YoY).
- Net profit rose, due to the booking of an extraordinary gain from the acquisition of subsidiary shares. Sales and net profit were record-high in H1.
- FY2025/3 Earnings Forecast: Following H1 earnings, the Company revised its full-year FY2025/3 earnings forecast.
Improvements Have Expired in Criteria Related to the 2019 Corporate Governance Code Revision
- While companies are eager to improve ％ of female board members, for which they are required to meet new targets, they are less enthusiastic about raising ％ of independent directors.
- The improvement in ％ of independent directors has been decreasing year by year. As the importance of independent directors increases, it’s necessary to demand increase in this ratio through engagement.
- For the other evaluation criteria, the median value remained unchanged from the previous year. Meanwhile, some traditional companies have not been able to eliminate the position of ex-CEO advisors.
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