In today’s briefing:
- Toshiba (6502) Ownership Structure – “Hostage to Toshiba” Larger Than Real World Float
- Toshiba – Headed For A Showdown
- Why Do Bigger Companies in Japan Repeat Scandals? – Learning from Mitsubishi Electric –
- Z Holdings (4689) | PayPay Key to Fintech Growth
Toshiba (6502) Ownership Structure – “Hostage to Toshiba” Larger Than Real World Float
- Every year, the yukashoken hokokusho shows a breakdown of share ownership by owner category. It only happens once a year for most companies.
- It is a crucial input to knowing where the shares are and how people are positioned. It also shows who and how big is Real World Float.
- This year’s data shows a surprisingly small change year-on-year for Foreign Active Ownership, which is the biggest category. A little musical chairs, but no chairs removed.
Toshiba – Headed For A Showdown
- Following the resignation of director Mariko Watahiki yesterday, the results for the shareholder votes are in for Toshiba.
- Watahiki unsurprisingly had a low approval ratio of 65.87% but activist-linked directors also saw less than stellar approval ratios as did new CEO Taro Shimada.
- Toshiba’s path forward looks increasingly murky and lofty valuations bid up on privatisation hopium look increasingly tenuous.
Why Do Bigger Companies in Japan Repeat Scandals? – Learning from Mitsubishi Electric –
- Regarding the Nikkei article, “Mitsubishi Electric to Reform Strict Governance to Revamp Organization,” I would like to summarize the points and discussed the issues.
- This case proves that we cannot rely on the appearance of board practices alone. We can think of companies with similar organizational structures that have had repeated scandals.
- I will focus on the board diversity from the perspective of whether Mitsubishi Electric can seriously change its corporate culture to one that accepts different values and discusses issues head-on.
Z Holdings (4689) | PayPay Key to Fintech Growth
- Fintech is the key mid-term earnings driver for Z Holdings
- We are focused on the underlying growth drivers and KPIs
- PayPay is at the heart of driving the fintech ecosystem and its growth
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