In today’s briefing:
- Toshiba (6502) Tender – Certainly Cheaper. Maybe Delayed, But Toshiba Fatigue Is Strong
- Nomura Real Estate To Buy Nomura RE Master Fund Units
- Genda IPO Trading – Stronger Subscription Rates than the Recent Large JP IPO
- Mizuho – Tax Rate Normalization, Yield Curve Control Relief, Can Mean Profit Surge
- Solving Gender Gap in Higher Education Is Key, as Political Leadership Can’t Be Count On
- Takeda: Earnings Beat Driven by Key Drugs and Dengue Vaccine Seeing Positive Momentum
Toshiba (6502) Tender – Certainly Cheaper. Maybe Delayed, But Toshiba Fatigue Is Strong
- It has been four months since JIP officially announced their intention to launch a Tender Offer for Toshiba Corp (6502 JP) by end-July. 7 weeks since Toshiba’s Board supported it.
- There’s been no material public griping. Peers are sharply higher. There have been news stories suggesting a Western Digital/Kioxia deal is close. That’s now extended. The Toshiba deal possibly too.
- But huge outperformance by peers, and possible clarity from Kioxia deal terms are unlikely to move the Toshiba Board to demand more.
Nomura Real Estate To Buy Nomura RE Master Fund Units
- Today, Nomura Real Estate Master Fund, (3462 JP) – the largest REIT in the ‘Diversified REIT’ JREIT space – announced sponsor Nomura Real Estate (3231 JP) would up its stake.
- They would lift their stake from 4.47% by 2.54% to 7.01%. There is a reason for this, just like there was last time with Japan Excellent (8987 JP).
- Understanding the reason is how you understand the trade to do.
Genda IPO Trading – Stronger Subscription Rates than the Recent Large JP IPO
- Genda Inc (9166 JP) raised around US$100m in its Japan IPO.
- Genda develops and operates amusement facilities in Japan, primarily operating under its Genda GiGO Entertainment subsidiary.
- In this note we will talk about the trading dynamics.
Mizuho – Tax Rate Normalization, Yield Curve Control Relief, Can Mean Profit Surge
- Mizuho’s current tax expenses can see normalization that restores profitability by June quarter
- Yield curve control relief coming at a time of tax normalization, can be significant to profit
- Credit costs have moved higher, but the magnitude may wane, given NPL distribution
Solving Gender Gap in Higher Education Is Key, as Political Leadership Can’t Be Count On
- Unless 10% male/female of lawmakers, is changed, the quota system cannot be expected to be introduced. It’s not easy to replace male incumbents who have vested interests with female candidates.
- Gender wage gap relies on the low number of female managers, but there’s no sense of acceleration in the government’s goal of achieving 30% of female managers by 2030.
- The gender gap in higher education is affecting female managers and the gender wage gap. It’s important to solve this fundamental problem by providing equal higher educational opportunities through scholarships.
Takeda: Earnings Beat Driven by Key Drugs and Dengue Vaccine Seeing Positive Momentum
- Takeda Pharmaceutical (4502 JP) reported 1QFY03/2024 results today. Revenue increased 8.9% YoY to ¥1,058.6bn (vs consensus ¥989.8bn) while OP increased 12.0% YoY to ¥168.6bn (vs consensus ¥123.5bn).
- The topline growth was driven by growth & launch products which accounted for 40% of total revenues, and increased 16.2% YoY during the quarter at constant exchange rates.
- Takeda is expecting 7-8 key regulatory decisions during the current fiscal year and we expect dengue vaccine and other new launches to help offset revenue loss from upcoming patent expiry.
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