In today’s briefing:
- Is It Really Better for Shareholders if NISSOL Remains a Subsidiary of Nippon Steel Corporation?
- Yaskawa (6506) | Further 20% Downside on Higher Rate Cycle
Is It Really Better for Shareholders if NISSOL Remains a Subsidiary of Nippon Steel Corporation?
- I will discuss the points on the Nikkei article, “TSE Reorganization Leads to Shareholder Proposal: British Fund to Subsidiary of Nippon Steel Corporation.”
- Since the parent-subsidiary listing is related to the parent company’s market capitalization, I don’t believe that the issue is one that can be postponed so long.
- NSSOL, which maintains stable profitability and cash generation, is expected to see its share price rise further if NSSOL becomes independent and foreign shareholding will increase.
Yaskawa (6506) | Further 20% Downside on Higher Rate Cycle
- Stay short ahead of Q1 results. Full year guidance remains too high and will likely be cut later this year
- Yaskawa remains a cyclical stock that correlates with the SOX index – higher interest rates are impacting valuation multiples
- We see 20% downside risk towards 3x price to book
Before it’s here, it’s on Smartkarma
