In today’s briefing:
- Suruga Bank (8358 JP) – New Div, New Buyback, New KPIs, New 6yr High Price
- Nidec (6594) | Forget the EV Slump
- D. Western Therapeutics Institute (4576 JP) – Flurry of Pipeline Activity in 2023
Suruga Bank (8358 JP) – New Div, New Buyback, New KPIs, New 6yr High Price
- 10+ Months ago, Suruga Bank Ltd (8358 JP) announced it would sell a large chunk of its treasury shares to Credit Saison and would then buy back ¥22bn of stock.
- I liked the odds in Suruga Bank (8358) To Sell, Then Buy Back 17% of the Bank, but HOW Is Key. They spent the ¥22bn. The stock rose a lot.
- Today, we get a div hike for H2 (implying a div hike for this year too), another buyback, a huge share cancellation, and new KPIs. As always, details matter.
Nidec (6594) | Forget the EV Slump
- Nidec faces challenges amid global EV sales decline, with shares and valuations reflecting market pessimism.
- Anticipated catalysts include forthcoming guidance, potential MTP reassessment, and a strategic acquisition opportunity.
- At 18x EBIT, Nidec looks a compelling play on secular themes of electrification, automation, and energy efficiency.
D. Western Therapeutics Institute (4576 JP) – Flurry of Pipeline Activity in 2023
- Major milestones with high expectations coming in the next 2-3 years: 1) Phase IIb US trials for H-1337 as “first choice as a second-line Glaucoma drug” for patients who do not respond to PGs
- 2) 2024 application/approval and 2025 launch of DW- 1002 in Japan, 2023 application and 2024 approval/launch in China, as well as orphan drug designation for combination formula MembraneBlue-DualⓇ (DW-1002 + trypan blue) in the US,
- 3) in Japan, start P2 clinical trials in 2024, P3 trials in late 2025 though 2026, and normal schedule application for approval for regenerative cell-therapy DWR-2206 in 2027
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