In today’s briefing:
- Hitachi Metals (5486) – Where IS Undisturbed?
- Kadokawa – Rather Than Waste Time Considering a Sony Buyout of Square Enix Look at This Instead
- SBI Sumishin Net Bank Pre-IPO – Earnings Forecast and Thoughts on Valuations
- Japan’s Governance: Prime Market Selection and Corporate Governance Initiatives
- Skylark Holdings (3197): February Sales Significantly Affected by Omicron
Hitachi Metals (5486) – Where IS Undisturbed?
- Hitachi Metals (5486 JP) is currently awaiting regulatory approval for its takeover by a consortium led by Bain Capital, announced in late April 2021.
- The deal was originally expected to see a Tender Offer launched in November 2021, but that was delayed because the bidders lacked some necessary regulatory approvals.
- Since then, the stock has sold off. Today it sold off a LOT. Deal break? Market ructions? Someone getting a tap on the shoulder? How far down is the gap?
Kadokawa – Rather Than Waste Time Considering a Sony Buyout of Square Enix Look at This Instead
- Over the past few quarters Square Enix has repeatedly been the subject of M&A speculation related to both Microsoft and Sony.
- We consider such speculation to be nonsense and have repeatedly said so.
- However, there is a far more intriguing M&A prospect in Kadokawa and it has not gotten much press…
SBI Sumishin Net Bank Pre-IPO – Earnings Forecast and Thoughts on Valuations
- SBI Sumishin Net Bank (SSNB) will be looking to raise around US$1.1bn in its upcoming IPO.
- SSNB is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group, a financial services firm.
- The deal, if successful, would be Japan’s first online-only bank to go public. In this note, we will talk about our earnings forecast and throughts in valuations.
Japan’s Governance: Prime Market Selection and Corporate Governance Initiatives
- This article analyzes the corporate governance status of 1,713 companies in the Metrical Universe that have disclosed their new market selection.
- Companies that chose Prime Market were more advanced than those that chose the other markets in the % of independent directors and the independence of their nominating and compensation committees.
- Key actions show that companies that chose Prime Market outperform those that chose other markets in growth policy, dividend policy, frequency of share retirement and AGM disclosure, excluding policy-shares/total assets.
Skylark Holdings (3197): February Sales Significantly Affected by Omicron
February SSS: Negatively affected by Omicron
Skylark HD (3197, the company) disclosed monthly data for February (on a preliminary basis)
Same-store sales were 93.1% vs. February 2021 (115.8% for January), 66.0% vs. February 2020, and 65.7% vs. February 2019
Before it’s here, it’s on Smartkarma
