In today’s briefing:
- Koito Mfg (7276) Bounces The Same as It Bounced in March On the Same News – An Echo? Meh Again.
- Kokusai Electric Placement Updates – Misbehaving
- Isetan-Mitsukoshi Bets on Flagships and Real Estate
- Women’s Empowerment in Japan Will Still Take a Considerable Amount of Time
- Toyo Tanso (5310 JP): Q1 FY12/24 report update
Koito Mfg (7276) Bounces The Same as It Bounced in March On the Same News – An Echo? Meh Again.
- An interview in the Nikkei of Koito Manufacturing (7276 JP) CFO Takahito OTAKE offered the comment that Koito Mfg expected a shareholder return of 130% a year through March 2029.
- The stock popped 19% after lunch on that comment, then fell back to end up 5.0%.
- This is the same pop as we saw end-March. Then it was +24.6% and it stayed up the next day. Same reason for the pop. This was an echo.
Kokusai Electric Placement Updates – Misbehaving
- KKR and KSP Kokusai Investments are looking to raise approximately US$1.7bn through an extended secondary follow-on offering, via selling approximately 22.3% of Kokusai Electric (6525 JP).
- We have looked at the lockup expiry and deal dynamics in our earlier notes.
- In this note, we talk about share price performance since then.
Isetan-Mitsukoshi Bets on Flagships and Real Estate
- Isetan Shinjuku expects to post sales in excess of ¥400 billion this year, a record for a single retail store, although most of the growth is from inbound tourists.
- But Isetan-Mitsukoshi is working to ensure longer term stability through more sophisticated databases and personalised marketing.
- At the same time, it will make better use of real estate assets, investing ¥500 billion around Isetan Shinjuku alone.
Women’s Empowerment in Japan Will Still Take a Considerable Amount of Time
- Since Japan’s gender gap index ranks 118th out of 146 countries, stagnating in the lower group, it will take a considerable amount of time to resolve the issue.
- A shortcut to the improvement of women’s status is to greatly improve the gender ratio in the legislature in order to change the current framework for improving women’s status.
- Behind the lagging 103rd place in the ratio of female managers is the lack of progress in higher education for women.
Toyo Tanso (5310 JP): Q1 FY12/24 report update
- Q1 FY12/24 results: Revenue JPY12.6bn (+11.2% YoY), Operating profit JPY2.5bn (+19.1% YoY), Net income JPY2.4bn (+29.8% YoY).
- Orders and backlog: Orders JPY12.0bn (+7.6% YoY), Order backlog JPY17.4bn (+9.1% YoY), driven by semiconductor-related applications.
- FY12/24 forecast: Revenue JPY54.0bn (+9.6% YoY), Operating profit JPY10.9bn (+17.4% YoY), Capital investment JPY16.0bn (JPY5.7bn in FY12/23).
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