Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ricoh-company-ltd" target="_blank" data-smartkarma-citation="entities:15359:1" rel="noopener">Ricoh Company Ltd (7752 JP)</a> announced earnings disappointed, but guidance is above forecast as some Q4 business was pushed back.</li>
<li>The company also announced a buyback. The headline at 7.5% of shares out is big. Reality is lower. </li>
<li>This sets up a somewhat complex dynamic of flows in near space and far space, and relative to peers. But we look at it anyway.</li>
</ul>



Ricoh Company Ltd (7752 JP) announced earnings disappointed, but guidance is above forecast as some Q4 business was pushed back.
The company also announced a buyback. The headline at 7.5% of shares out is big. Reality is lower. 
This sets up a somewhat complex dynamic of flows in near space and far space, and relative to peers. But we look at it anyway.


Ricoh (7752) Buyback - Big, But Not. But Not Small.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 JP)</a> on Monday announced a share buyback programme.</li>
<li>It isn't very big. But it bears consideration because of other things going on. </li>
<li>Shareholder structure is of much more importance than many investors appreciate. Here even more so.</li>
</ul>



Canon Inc (7751 JP) on Monday announced a share buyback programme.
It isn't very big. But it bears consideration because of other things going on. 
Shareholder structure is of much more importance than many investors appreciate. Here even more so.


Canon (7751) - Buyback Looks Small But Shareholder Structure Matters

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/olympus-corp" target="_blank" data-smartkarma-citation="entities:356:1" rel="noopener">Olympus Corp (7733 JP)</a> is the global market leader in gastrointestinal endoscopic equipment, with 70%+ share. Global GI endoscopic equipment market is expected to have a CAGR of 4–6% during FY21–24. Olympus is expected to outpace the market due to its dominant positioning in Asia market and superior imaging technologies. The company is one of the early entrants in fast growing Asia markets among its peers. Consequently, Olympus witnessed 4.2x jump in medical business revenue from China in the last decade. Last year, Olympus has launched its most advanced endoscopy system to date, EVIS X1, the first new model in about eight years (vs usual product life cycle of 5–6 years). The company estimates 70,000 units potential only for replacing the previous models by EVIS X1. Olympus is transforming itself to become a pure-play global medical devices company and conducted several M&amp;A to augment its medium-term growth. Its medical business is now back to pre-pandemic level. Concerns regarding China business seems to be over and Olympus shares are trading near its highs. Despite some risk due to global semiconductor shortage, we are bullish on the growth potential of the company’s medical business due to ongoing recovery in elective procedures and new product launch.

Olympus Corp (7733 JP) is the global market leader in gastrointestinal endoscopic equipment, with 70%+ share. Global GI endoscopic equipment market is expected to have a CAGR of 4–6% during FY21–24. Olympus is expected to outpace the market due to its dominant positioning in Asia market and superior imaging technologies. The company is one of the early entrants in fast growing Asia markets among its peers. Consequently, Olympus witnessed 4.2x jump in medical business revenue from China in the last decade. Last year, Olympus has launched its most advanced endoscopy system to date, EVIS X1, the first new model in about eight years (vs usual product life cycle of 5–6 years). The company estimates 70,000 units potential only for replacing the previous models by EVIS X1. Olympus is transforming itself to become a pure-play global medical devices company and conducted several M&amp;A to augment its medium-term growth. Its medical business is now back to pre-pandemic level. Concerns regarding China business seems to be over and Olympus shares are trading near its highs. Despite some risk due to global semiconductor shortage, we are bullish on the growth potential of the company’s medical business due to ongoing recovery in elective procedures and new product launch. 

Olympus (7733 JP): Medical Business Is on a Strong Foothold; Buy at Current Level

Today, Effissimo Capital Management "surprised" the market by filing a Large Shareholder amendment saying they had sold 3.87% of <a href="https://www.smartkarma.com/entities/ricoh-company-ltd" target="_blank" data-smartkarma-citation="entities:15359:1" rel="noopener">Ricoh Company Ltd (7752 JP)</a> at Friday's closing price. It isn't quite that simple, and it is a complex set of flows going on. That is worth a look.

Today, Effissimo Capital Management "surprised" the market by filing a Large Shareholder amendment saying they had sold 3.87% of Ricoh Company Ltd (7752 JP) at Friday's closing price. It isn't quite that simple, and it is a complex set of flows going on. That is worth a look. 

David Blennerhassett

Last Week in Event SPACE:  Swire, Hitachi Metal, Jardine, Softbank, Bingo, Japan Asia, Mainstream

Japan

FUJIFILM Holdings Corporation develops, sells and services Imaging, Information, and Document Solutions.  Its products include color films, digital cameras, photofinishing products and equipment.  The Group also manufactures medical and graphic art use equipment and materials, FPD materials, and optical devices, and provides services on office copy machines, printers, and related equipment.

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FUJIFILM Holdings (4901 JP)

Ricoh (7752) Buyback - Big, But Not. But Not Small.

Ricoh (7752) yesterday announced disappointing results, bte forecasts, and a big buyback headline with less exciting reality. It sets up a complex...

Travis Lundy

Canon (7751) - Buyback Looks Small But Shareholder Structure Matters

Canon's buyback is "small" but it probably matters more than most think in terms of near-term market structure and performance.

Travis Lundy

Olympus (7733 JP): Medical Business Is on a Strong Foothold; Buy at Current Level

Olympus is well-positioned for double-digit revenue growth this fiscal driven by earlier-than-expected recovery in medical business and new product...

Tina Banerjee

Ricoh Buyback Runs Into Activist Selling

Today Ricoh (7752) took a hit as Effissimo sold a near 4% stake Friday. It is slightly more complex, but it represents ongoing overhang. But Ricoh...

Travis Lundy

Last Week in Event SPACE: Swire, Hitachi Metal, Jardine, Softbank, Bingo, Japan Asia, Mainstream

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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