In today’s briefing:
- Softbank Corp (Buy) – Q3 22 Results Reaction: Modest Mobile Improvement, on Track to Meet Targets
- Overseas Investors Have Done a Great Deal to Improve the Governance of Japanese Companies, But…
Softbank Corp (Buy) – Q3 22 Results Reaction: Modest Mobile Improvement, on Track to Meet Targets
- Consumer mobile revenue fell 7% but that partly reflects how sales were reported a year ago. Reported ARPU was down 5% whilst price cut erosion narrowed
- Operating income YTD is 94% of full-year targets leaving room for Softbank to achieve its goal even with increased investment spending
- This was a relatively uneventful quarter and we remain at Buy
Overseas Investors Have Done a Great Deal to Improve the Governance of Japanese Companies, But…
- 11 of 14 corporate governance criteria confirmed the significance of % foreign shareholder. In particular, 9 of 14 criteria showed progress in their efforts due to engagement of overseas investors.
- Overseas investors are concerned about whether the interests of minority shareholders can be secured in companies with large shareholders, such as listed subsidiaries, and whether governance will function properly.
- As for the independence of the Nominating and Compensation Committee, which didn’t show significant correlation with % of foreign shareholders, it’s still beyond the power of engagement by overseas investors.
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