In today’s briefing:
- The March BOJ Meeting, April Handover, the Japan Post Bank (7182) Offering, and Follow-On
- Dai Nippon Printing (7912) – Whoop There It Is! ¥100bn Buyback in a Year, ¥300bn in 3yrs
- Lasertec Corp (6920 JP) – Bullish ST Momentum Failures – 4 Month Correction May Be Done
- Hosokawa Micron (6277 JP) – Big Accretive Cross-Holder Share Buyback
- Human Capital Measures Should Not Be a Case Of “Plowing the Field and Forgetting the Seeds”
The March BOJ Meeting, April Handover, the Japan Post Bank (7182) Offering, and Follow-On
- Tomorrow is BOJ Governor Kuroda’s last Monetary Policy Meeting, capping a ten year run as one of the most dynamic central bankers in the world.
- Tomorrow is also the day BEFORE the first day on which the Japan Post Bank (7182 JP) mega offering could price and the last day of bookbuild indications.
- I am not saying this is not coincidence, but it is worth thinking about the interplay.
Dai Nippon Printing (7912) – Whoop There It Is! ¥100bn Buyback in a Year, ¥300bn in 3yrs
- Elliott Management was noted several weeks ago to have bought near 5% of Dai Nippon Printing (7912 JP). The stock popped when people found out.
- Then the stock popped when the company said they’d announce the outline for their new Mid-Term Management Plan on 9 March, and that would include more capital allocation measures.
- Today we got the Outline. There are more capital allocation measures. The numbers look big. Nuance is required to understand the impacts over time.
Lasertec Corp (6920 JP) – Bullish ST Momentum Failures – 4 Month Correction May Be Done
- At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.
- The structure of the November / March decline is typical of a counter-trend correction with multiple crossovers and a lack of impulsive price action.
- The past 3 weeks have seen declines quickly reversed as bullish ST momentum failures plague these attempted declines. A weekly close above 22299 will confirm a likely MT uptrend renewal.
Hosokawa Micron (6277 JP) – Big Accretive Cross-Holder Share Buyback
- Today after the close, Hosokawa Micron (6277 JP) – a company which is all about powders and particles – announced a ToSTNeT-3 buyback of 1.35mm shares (8.26% TSO) tomorrow AM.
- Nisshin Seifun Group (2002 JP) and subsidiary Nisshin Engineering said they would offer some shares in. The HM announcement said financial institutions might sell.
- Hosokawa Micron is cheap, and this is accretive. Worth a closer look.
Human Capital Measures Should Not Be a Case Of “Plowing the Field and Forgetting the Seeds”
- More companies have made progress in the last 6 months as more companies have made only human capital policies. Specific measures will probably not become visible until April or later.
- If companies are required to disclose their policies in a hasty manner, they may end up with a list of unrealistic measures in addition to policies that have no substance.
- Companies are expected to spend the next year disseminating their human capital policies internally and implementing specific human capital measures to strengthen their own competitiveness.
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