In today’s briefing:
- TOPIX Inclusion: Bewith (9216 JP)
- Yaskawa – Results as We Expected, Guidance Much Stronger
TOPIX Inclusion: Bewith (9216 JP)
- Japan-Based BPO company Bewith (9216 JP) was listed in the First Section (now known as the “Prime” Market) of the Tokyo Stock Exchange (TSE) on 2nd March 2022.
- When a company gets listed in the TSE First Section, it subsequently gets included in the TOPIX Index requiring TOPIX-tracking funds to purchase the stock during an Inclusion Event.
- Usually, this presents interesting trading opportunities to generate sharp market-neutral returns in the space of few trading days. Below is a look at the details for Bewith’s Inclusion Event.
Yaskawa – Results as We Expected, Guidance Much Stronger
- Yaskawa reported weak results as we expected (¥12.9bn OP vs. our ~¥14bn estimate and consensus at ¥16.7bn).
- Despite this the company actually guided for a very punchy ¥72bn in OP next FY even above consensus’ ¥65.5bn and our expectation for OP to be flattish or even decline.
- Nevertheless, there was nothing on the earnings call to suggest that guidance was anything more than overoptimism on the top line.
Before it’s here, it’s on Smartkarma
