In today’s briefing:
- 2023 High Conviction – SBI Shinsei Bank (8303 JP) – Still Reading Between the Lines
- How Far Has Corporate Governance Progressed in 2021? (1) ~ Key Actions Section
2023 High Conviction – SBI Shinsei Bank (8303 JP) – Still Reading Between the Lines
- SBI Shinsei Bank (8303 JP) was my High Conviction reco in late 2020 for 2021 at ~¥1200/share. It was my High Conviction reco in late 2021 for 2022 at ¥1900/share.
- I did not get around to writing it in late December 2022, but on the first day of trading I offer Shinsei as a 2023 high conviction recommendation.
- What’s new? Not a lot, but Reading Between The Lines is still top drawer stuff.
How Far Has Corporate Governance Progressed in 2021? (1) ~ Key Actions Section
- Shareholder returns, including dividend policy and treasury stock retirement/buyback and growth policies improved slightly. Still, cash allocations are weak in both shareholder returns and growth, so cash is piling up.
- The policy shareholdings is decreasing year by year, but the holdings is so large that they still account for a large % of total assets, so cash is piling up.
- Companies with ROEs above 12% achieved even higher returns, and Tobin’s Q1.2-1.4 companies (with higher valuations than average) increased slightly. Investors may have valued companies that exhibit higher returns.
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