In today’s briefing:
- Socionext (6526) TOPIX Inclusion
- Renesas (6723) | Bullish Toyota Troubles
- Welcia Challenges Cosmos in Kyushu
Socionext (6526) TOPIX Inclusion
- System-On-Chip designer and IP purveyor Socionext (6526 JP) is a recent IPO in Japan, born from a spinout of Fujitsu and Panasonic system LSI operations 7+ years ago.
- Having listed on TSE Prime from the outset, that means it gets TOPIX inclusion at the close of trading 29 November.
- Inclusion Float is a bit nebulous. There is a chance we get official company data prior to the TSE announcement, in which case we know more by cob 31 October.
Renesas (6723) | Bullish Toyota Troubles
- We remain bullish on the stock price ahead of Q3 earnings
- We expect the company to surprise the market given stronger volumes and pricing trends
- If Toyota is having problems securing a stable supply of chips, we believe that industry inventories are much leaner than most believe
Welcia Challenges Cosmos in Kyushu
- Welcia Holdings (3141 JP) and Tsuruha Holdings (3391 JP), the country’s leading drugstore chains, are both looking to expand quickly in Kyushu after only entering the market recently.
- This won’t be easy. Kyushu is full of discount retailers led by one of the best discounters, Cosmos Pharmaceutical (3349 JP), which is also a leading drugstore chain.
- But building a significant market share in the Kyushu market is crucial to competing nationally with these emerging discount leaders.
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