In today’s briefing:
- Toshiba – The New CEO And The Company Culture
- Premier Anti-Aging Company: Getting to an Interesting Level
- ASICS (7936): Time for a Bounce
- PHC Holdings (6523 JP): Eyeing a Bigger Pie of Global Diabetes Management Solution
Toshiba – The New CEO And The Company Culture
- The Nikkei had an interesting article today on Toshiba’s new CEO and the company’s underlying culture.
- It addresses some inconsistencies we have seen in terms of demonstrated competence at lower levels vs. a certain lack thereof at the top.
- Ultimately though we suspect that what it reveals points to a lower chance of a privatisation
Premier Anti-Aging Company: Getting to an Interesting Level
- We last wrote on this relatively small Japanese cosmetics company in September 2021 suggesting that it could be worth keeping an eye on given its cheaper valuation compared to peers.
- Premier Anti-Aging (4934 JP) shares are down 80% from the peak, mostly because it was sold-off alongside the low quality names in Mothers.
- It seems early to turn outright bullish on Premier Anti-Aging yet. However, if you are short other unprofitable names in Mothers, we think Premier Anti-Aging is a sensible long hedge.
ASICS (7936): Time for a Bounce
- Demand for ASICS running shoes remains strong. That should become clear as factories reach full capacity and shipping problems recede.
- Profit margins will expand due to less discounting and an improved channel mix.
- We turn bullish following a 30% decline from 52-week high. The stock is now trading at undemanding multiples versus peers.
PHC Holdings (6523 JP): Eyeing a Bigger Pie of Global Diabetes Management Solution
- PHC Holdings (6523 JP) is a diversified healthcare company, which serves ~$25 billion broader end-market, of which global glucose monitoring is the largest end-market.
- The company’s diabetes management business is the highest margin earning segment and is poised to grow through expanding presence in continuous glucose monitoring system.
- PHC can be an early investment idea as a passive play on the fastest growing segment of the global diabetes management segment ahead of its global launch of next-generation CGM.
Before it’s here, it’s on Smartkarma
