In today’s briefing:
- Pasona (2168 JP) Special Div – Too Small to Matter
- 8801: Mitsui Fudosan – the Largest Japan RE Developer – Let the Rally Continue
- Money Forward (3994) | Net Sales +40%
Pasona (2168 JP) Special Div – Too Small to Matter
- On Friday, Pasona Group (2168 JP) announced its expected use of funds into the May 2024 results, including a special dividend plan, investment for growth, and “strengthening the operating platform.”
- The plan will disappoint. The stock may get hit hard. The truth is somewhere in the middle. This is where active stewardship matters. So get stewarding.
- A special div paid over 5yrs should be paid one-shot, now. If the company has plans worth supporting, set KPIs now, ask for money later. Good plans get good money.
8801: Mitsui Fudosan – the Largest Japan RE Developer – Let the Rally Continue
- With HK/China continue to see risk-off sentiment; we switch our focus to Japan. Nikkei is up 19% YTD, one of the best performing markets in the world
- Among Japan real estate names, Mitsui Fudosan is a well held name with the largest market cap. 8801 is up 45% YTD while 8802 is up 57% YTD
- Valuation is un-demanding, it is an interesting name to own if investors want exposure to Japan. It is still not too late to chase the rally
Money Forward (3994) | Net Sales +40%
- Money Forward reported Q1 results. Net sales rose 40% YoY to 9.5 billion yen
- Money Forward saw a big jump in profitability, which puts the company on track to meet full year guidance
- The stock has risen around 30% since January. We still see around 7% upside to our target valuation
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