In today’s briefing:
- Nissin (9066) – Super Big Buyback Race-Walks the Governance Walk – Super Cheap Logistics Biz
- Nihon Housing (4781 JP) – A Very Tight Register Sees an MBO At All Time Highs
Nissin (9066) – Super Big Buyback Race-Walks the Governance Walk – Super Cheap Logistics Biz
- Yesterday after the close, Nissin Corp (9066 JP) announced earnings (down vs last year), guidance (back up partway to last year), and a sale of securities to raise ¥6+bn.
- Nissin also announced an employee share incentive plan (¥900mm) and an adjustment to its MTMP from Apr24 to Mar27. Much lower revenues. Same OP. Higher net. Higher Div Payout ratio.
- They also announced a really big buyback which should be done by the time people read this. It is really big.
Nihon Housing (4781 JP) – A Very Tight Register Sees an MBO At All Time Highs
- Nihon Housing (4781 JP) is a business which manages real estate for owners (office, apartment management, janitorial, cleaning, facilities management, security, agency, sub-leasing package systems, etc).
- The company has operated in Tokyo for 60+yrs, and they are finally just going to take what has always been a tight register private. Foreigners own 0.05%. Index owns nothing.
- This is basically a completely done deal. It will trade tight, and illiquidly.
💡 Before it’s here, it’s on Smartkarma
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