In today’s briefing:
- Rakuten: Bank IPO On the Cusp of Int Rate Cycle, Symphony & Energy to Reduce Scepticism on Mobile
- Fujitec EGM Coming 24 Feb – It’s a Close-Run Thing
- Honda Motor Co.
Rakuten: Bank IPO On the Cusp of Int Rate Cycle, Symphony & Energy to Reduce Scepticism on Mobile
- Rakuten Inc (4755 JP)’s 4Q22 results were not all that great with operating loss exceeding consensus by ¥8.4bn mainly through fair value losses in minority investments.
- The domestic e-commerce and fintech businesses did reasonably well with 23.4% and 16.4% YoY OP growth while the mobile business managed to narrow its quarterly loss by ¥8.2bn.
- However, we think the main catalysts for shares to rise 12% following earnings are Rakuten Symphony, Rakuten Energy and a possibly attractive valuation for the Rakuten Bank IPO.
Fujitec EGM Coming 24 Feb – It’s a Close-Run Thing
- Fujitec management is under the gun. Last week, both major international proxy advisors – ISS and Glass Lewis – generally favoured Oasis’ Spill The Board candidate slates.
- Fujitec Co Ltd (6406 JP), of course, had their opinion on the matter (Additional Explanatory Material, Response re ISS, Response re Glass Lewis)
- How this breaks is a question. Shareholder structure analysis may take us there, but this could end mixed.
Honda Motor Co.
- Honda managed to deliver an all-around beat but is operating in a challenging business environment.
- In Q3, Honda Motor’s production and unit sales of automobiles decreased due to the impact of the pandemic and semiconductor supply shortages.
- In these conditions, Honda made corporate-wide efforts to enhance its profitability structure and achieved an operating margin of 6.3%.
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