In today’s briefing:
- Nidec (6594) Goes Hostile On Takisawa Machine Tool (6121) – I’ve Got 🍿🍿
- Keisei Electric: Valuation Distortion Set to Unravel with Fantasy Springs’ Opening in Spring 2024
- Isn’t Long-Term Human Resource Strategy More Necessary than Immediate Solution to Labor Shortage?
- Hisamitsu Pharmaceutical (4530 JP): Strong Result, New Drug Launch, & Share Buyback Brighten Outlook
- Mitsubishi UFJ Financial Group Inc.: Initiation of Coverage – Recent Acquisitions & Other Drivers
Nidec (6594) Goes Hostile On Takisawa Machine Tool (6121) – I’ve Got 🍿🍿
- Last year Nidec Corp (6594 JP) approached machine tool maker Takisawa Machine Tool (6121 JP) interested in an integration with their sub. Takisawa said “Talk to the hand.”
- Now Nidec – a blue chip (from Kyoto no less, which traditionally abhors hostile activity) – has gone hostile on Takisawa bidding 65-100% depending how you see undisturbed.
- Lots of moving parts on this one, but in the end, Retail probably decides this.
Keisei Electric: Valuation Distortion Set to Unravel with Fantasy Springs’ Opening in Spring 2024
- Since the announcement of the proposed Tokyo Disney Sea expansion in 2015, Keisei Electric Railway Co (9009 JP)‘s price perfromance has significantly diverged from Oriental Land (4661 JP)‘s price performance.
- The valuation disparity may result from the Disney Sea expansion’s impact, possibly due to Keisei Electric’s value-oriented investor base.
- Fantasy Springs’ opening could resolve the valuation distortion, leading to potential rewards in a Long Keisei Electric and Short Oriental Land trade.
Isn’t Long-Term Human Resource Strategy More Necessary than Immediate Solution to Labor Shortage?
- The policy of extending retirement age to 65 is a measure to solve the immediate labor shortage, but it may lack the perspective of a mid-to-long-term human resource utilization strategy.
- Since most employees in their 60s are male employees, this may slow down the fading of the traditionally male-centric corporate culture. A more diverse workforce is required.
- Although seniors are still a promising market based on demographic composition, from the perspective of creating new value, it’s necessary to have more discussions about creating society that ensures diversity.
Hisamitsu Pharmaceutical (4530 JP): Strong Result, New Drug Launch, & Share Buyback Brighten Outlook
- Hisamitsu Pharmaceutical Co (4530 JP) announced strong Q1FY24 result, with double-digit top-line and triple-digit bottom-line growth, driven by its largest selling OTC product, Salonpas. The company has reiterated FY24 guidance.
- In Q1FY24, Hisamitsu has launched Apohide Lotion in Japan for the treatment of primary palmar hyperhidrosis and Xelstrym transdermal system in the U.S. for the treatment of Attention-Deficit/Hyperactivity Disorder (ADHD).
- Hisamitsu has announced buyback of up to 2M of its shares (representing 2.57% of issued shares) from July 2023 to February 2024 for ¥10B.
Mitsubishi UFJ Financial Group Inc.: Initiation of Coverage – Recent Acquisitions & Other Drivers
- This is our first report on one of the largest banking and financial partners, Mitsubishi UFJ Financial Group.
- The company plans to utilize its group-wide customer base, including Asian partner banks and Morgan Stanley, to navigate the final year of the current Medium-Term Business Plan (MTBP).
- We initiate coverage on the stock of Mitsubishi UFJ Financial Group, Inc. with a ‘Hold’ rating.
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