In today’s briefing:
- TOPIX October 2022 Rebal – Treading Water
- Yamazaki Baking: Profitability to Double Over The Next Few Years
- Little Discussion of Listing Criteria Appropriate for Prime Market Listed Companies
TOPIX October 2022 Rebal – Treading Water
- The TOPIX October FFW rebalance is Friday at the close.
- It is still ¥2trln+ to buy and ¥2trln+ to sell. And there are some big names. A spreadsheet is attached with all the flows.
- Surprisingly, the top 40 Z-scores on each side have traded in a VERY tight range for the 6 weeks prior to the announcement and the two weeks post. Very weird.
Yamazaki Baking: Profitability to Double Over The Next Few Years
- Yamazaki Baking (2212 JP)’s Q3 was mixed with revenue growing 5.6% YoY to surpass consensus by 3% but OP of ¥1.6bn was ¥650m below consensus.
- However, this was mostly priced-in, as shares are currently trading at the bottom end of the upward trend channel.
- With wheat prices down 23% from the peak, pressure from input price inflation should alleviate, resulting in margin upside in the fourth quarter.
Little Discussion of Listing Criteria Appropriate for Prime Market Listed Companies
- It is anticipated that the plenary session will now begin the process of determining a deadline for transitional measures based on public comments.
- It is likely that a decision will be made on the direction to proceed with English disclosure with respect to the prime market and other market segments.
- In the meantime, a full-scale discussion on the listing criteria appropriate for prime market listed companies is awaited.
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