In today’s briefing:
- A Market with Small Value Stocks and Investment Opportunities Due to Delisting, Although Taking Time
- Hamamatsu Photonics (6965 JP): Look Cautiously to the Long Term
A Market with Small Value Stocks and Investment Opportunities Due to Delisting, Although Taking Time
- Excluding the special factor of companies applying transitional measures moving to standard, the pace of natural decrease of prime market listed companies is moderate.
- Companies with high foreign shareholdings and large market capitalization are already highly valued. Companies that are not have investment opportunities that are often at a discount due to liquidity.
- Nearly half of the companies are companies with large shareholders holding more than 20% equity; investment opportunities are expected to increase as companies go private through TOBs and MBOs.
Hamamatsu Photonics (6965 JP): Look Cautiously to the Long Term
- The company has slashed FY Sep-24 guidance after missing 1H sales and profit targets by wide margins. Dividend maintained, 2-for-1 split planned and buyback under consideration.
- Capex has been cut, reflecting lower growth expectations. R&D also. Inventory adjustments will eventually be completed, but Chinese competiton will remain a problem.
- The share price has dropped 30% in the past year and 10.5% since May 8, putting the shares on 27 times EPS guidance. Still not cheap, but getting there.
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