In today’s briefing:
- Softbank Group – China Worries Re-Surface as Alibaba, Didi Under Pressure
- Chiyoda – Breaking Out of Downtrend and Setup For a Pref Buyback
- Inpex – Plenty of Headroom Left
- Japan’s Governance: Do Companies with High Corporate Governance Ratings Have High Stock Returns?
- Torikizoku Holdings (3193): H FY7/22 Results Announced
Softbank Group – China Worries Re-Surface as Alibaba, Didi Under Pressure
- Both Alibaba (-6%) and Didi (-12% pre-market) are down on regulatory pressure
- Vision Fund valuation losses are approaching $20bn for Q4 and the current (unrealized) portfolio has turned negative
- NAV/Share and the share price are at two-year lows and gains from the post-Covid tech run are largely gone
Chiyoda – Breaking Out of Downtrend and Setup For a Pref Buyback
- Recent events in Ukraine should be highly favourable for Chiyoda as they raise the potential for LNG capex.
- US to Europe deliveries could involve significant liquefaction capacity build-out at good pricing points and even hydrogen could be in the mix.
- If orders come through and rising profit drives the share price up that could also lead to positive capital structure changes.
Inpex – Plenty of Headroom Left
- While Inpex has almost tripled from its late 2020 bottom the stock is up just 17.5% compared to the beginning of Jan 2020.
- With crude prices 77% higher than at that time that suggests that there is plenty of upside left in this trade.
- This is further supported by plans for volume expansion and relatively healthy reserves.
Japan’s Governance: Do Companies with High Corporate Governance Ratings Have High Stock Returns?
- This article asks the question, “Do companies with high corporate governance ratings have high stock returns?” I would like to discuss by using the Metrical Score to evaluate corporate governance.
- Companies with higher Metrical Scores tend to have increased market capitalization from December 2020 to February 2022, showing significant positive correlation between Metrical Scores and change in equity market capitalizations.
- Metrical has been monitoring the stock returns of top 20 Metrical Score companies since 2015. The top 20 composites have outperformed both TOPIX and JPX400 indexes on a cumulative basis.
Torikizoku Holdings (3193): H FY7/22 Results Announced
1H RP 1.3bn yen, of which subsidy income 3.2bn yen. Torikizoku Holdings (3193, the company) announced 1H (Aug-Jan) results
2Q (Nov-Jan) operating loss significantly reduced to 0.1bn yen. Positive impression
One of the few izakaya chains to survive the pandemic
Before it’s here, it’s on Smartkarma
