In today’s briefing:
- Sep24 Nikkei 225 Rebal – Last Minute Thoughts and Change in Predictions
- Japan CorpGovReport Details: TSE “Mgmt Conscious of Capital Cost/Stock Price” Details (Sep24)
- If It Is a Deterrent to the Occurrence of Scandals, Is It Diversity?
- Geniee (6562 JP) – A Positive Turnaround YoY
- Morito (9837 Jp) – 2Q Follow-Up
Sep24 Nikkei 225 Rebal – Last Minute Thoughts and Change in Predictions
- The last two reviews have been announced on the second business day of the month of the review. The one before that on the third business day.
- The review could be announced today or tomorrow. Wednesday would seem to be “late.”
- There are still questions about implementation – thus “care” in previous insights. Here I explore the possibilities/probabilities/issues around the edges. And a Dark Horse which may be lighter than thought.
Japan CorpGovReport Details: TSE “Mgmt Conscious of Capital Cost/Stock Price” Details (Sep24)
- June/July/August saw 1,673/825/202 new Corporate Governance Reports filed and 8/5/9 new “Mgmt Conscious of Capital Cost/Stock Price” policies filed, respectively. The TSE’s very simple tool comes in 15 days.
- Our tools show every report, links to every document, and now a new diff file tool. input a name, see the difference between the Old/New Reports. We hope it helps.
- This tool is designed to be a shelf reference. We update it once a month, and every CorpGovReport and new “Management Conscious” report updated since a CGR update is here.
If It Is a Deterrent to the Occurrence of Scandals, Is It Diversity?
- Fraud occurs regardless of the market on which the company is listed or the size of the company. Even if corporate governance is superficially in place, fraud will repeat itself.
- If anything can deter the occurrence of scandals, it is diversity. It is necessary to create an organizational environment that accepts different values and allows people to voice their opinions.
- In many cases, companies that committed fraud aren’t delisted, and management doesn’t take responsibility. There continues to be a bad tradition in which the whistleblower is blamed for the fraud.
Geniee (6562 JP) – A Positive Turnaround YoY
- Earnings rebounding – Q1 FY3/25 results were positive with the company demonstrating sustained double-digit sales growth YoY, and strong underlying OP growth of 53.2% YoY.
- Reported OP grew 633.7% YoY, a positive optic related to a one-time reversal of contingent consideration stemming from the acquisition of Zelto Inc.
- Although the market environment remains challenging Overseas and investment into AI services lowered margins in the Marketing SaaS business, the earnings outlook remains positive given the company targeting positive OP in H2 FY3/25 for the Marketing SaaS business, and strengthening seasonality in advertising demand.
Morito (9837 Jp) – 2Q Follow-Up
- 1H FY2024/11 Earnings result summary MORITO (hereafter, the Company) posted consolidated net sales of ¥23,749 mn (-1.7% YoY), operating profit of ¥1,483 mn (+13.7% YoY), ordinary profit of ¥1,565 mn (+7.3% YoY), net profit of ¥1,393 mn (+6.5% YoY), which showed a decrease in revenue and an increase in profit.
- The Company achieved record high 1H operating profit and ordinary profit for the third consecutive year.
For FY2024/11, the Company forecasts net sales of ¥51.0 bn (+5.1% YoY), operating profit of ¥2.6 bn (+5.5% YoY), ordinary profit of ¥2.8 bn (+1.0% YoY), and net profit of ¥2.3 bn (+3.7% YoY).
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