In today’s briefing:
- Last Week in Event SPACE: Outsourcing, Boral, Itoki, CIMC Vehicle, Dissentient Shareholder Rights
- When Will Deflationary Mindset of Managers Disappear? Some Companies Have Begun to Change, Though
Last Week in Event SPACE: Outsourcing, Boral, Itoki, CIMC Vehicle, Dissentient Shareholder Rights
- There is no suggestion of precondition breach attached to Outsourcing Inc (2427 JP)‘s impairment losses.
- Seven Group, now holding 71.6%, has returned to the well, and made a cash/scrip Offer for shares not owned in Boral (BLD AU), with certain tendering thresholds triggering more cash.
- Itoki Corp (7972 JP)‘s mega ToSTNeT-3 buyback is now done.
When Will Deflationary Mindset of Managers Disappear? Some Companies Have Begun to Change, Though
- Overseas investors have increased buying Japanese stocks in anticipation of acceleration in profit growth due to the shift to inflation. This is consistent with the trends of ROE and TOPIX.
- As far as ROE trends are concerned, neither share buybacks nor dividends are sufficient. It may be said that many managers are still dominated by a deflationary mindset.
- Companies with high foreign shareholdings are seeing changes that are starting to use cash more effectively. However, it’ll take time, as most companies will start to move after asking around.
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