In today’s briefing:
- SHiDAX Board-Oisix-Shida Family Scrap
- Mitsubishi Motors (7211) | Take Your Foot off the Gas
- PPIH – Inbound Demand & Personal Brands Growth Could Propel The Share Price Above ¥4,000
- After Developing Guidelines for ESG Investing, the Challenge Is How to Reflect Them in Performance
SHiDAX Board-Oisix-Shida Family Scrap
- Shidax Corp (4837 JP) is under offer for a partial tender by Oisix ra daichi (3182 JP). Unison Capital is expected to tender their shares.
- Unison may not want to go against the board but a direct transfer (i.e. not tender offer) is still possible.
- Some Independent Board Members have suggested the company buy Unison’s shares back. This might work BUT the end game is still the same.
Mitsubishi Motors (7211) | Take Your Foot off the Gas
- The stock price of Mitsubishi Motors has been driven by exposure to the weak Japanese yen and the sharp recovery in ASEAN auto sales
- The valuation at 1x book is now at a premium versus the sector and its historical average
- We believe that the 2H could be an uphill battle against rising petrol prices and weakening consumer confidence in the core markets
PPIH – Inbound Demand & Personal Brands Growth Could Propel The Share Price Above ¥4,000
- After beating the Q4 consensus OP by more than 26%, Pan Pacific International Holdings (7532 JP)’s share price has bounced back towards the mid-point of its long-term trend channel.
- With inbound demand set to return to further boost PPIH’s profitability, we are expecting additional upside to consensus FY23 OP, which is based on conservative company guidance.
- Based on the FY+1 consensus OP to share price trend, our annual run-rate OP estimate of ¥160bn suggests that there could be an additional 50% upside to Pan Pacific International.
After Developing Guidelines for ESG Investing, the Challenge Is How to Reflect Them in Performance
- The reason for this criticism is that the performance of mutual funds with ESG investing in their names have not differed from or underperformed stock market indices.
- The FSA report indicates that some investment management companies that manage mutual funds with ESG names do not have sufficient specialized ESG departments and professionals.
- Nissay Asset Management’s guidelines seem reasonable. How to reflect them in investment performance in the future is a very difficult and key issue.
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