In today’s briefing:
- Muji 500: The Missing Key to Plans for 2,000 Stores
- Last Week in Event SPACE: Toshiba, Perpetual/Pendal, News Corp/Fox Corp
Muji 500: The Missing Key to Plans for 2,000 Stores
- Muji has been trying to both reduce prices and consumer perception of its price positioning in the past few years, both at home and abroad.
- This has been hard but a new ¥500 chain will make it clear that Muji is shifting positioning.
- Muji will now even compete with discount and fixed price chains across food, home and clothing and the new price format will be much better suited to markets like China.
Last Week in Event SPACE: Toshiba, Perpetual/Pendal, News Corp/Fox Corp
- There is potentially a premium of about 20-25% being assessed for the possibility of a deal for Toshiba Corp (6502 JP), but there is also fundamental risk beyond this.
- Perpetual Ltd (PPT AU) rejects EQT/BPEA/Regal’s Offer, a proposal that is contingent on PPT ceasing its Scheme with Pendal Group (PDL AU)
- News Corp (NWS AU) is trading rich. The net EV/EBITDA for the stub ops trades closely matches to Fox (FOXA US). And Fox is preferable over NWS’ print media business.
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