External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

<ul><li>Dai Nippon Printing is a 150-year-old Japanese industrial conglomerate with a focus on niche growth businesses and a history of cross-shareholding sales and share repurchases</li><li>The company has a dominant position in its highest earning segments and is undervalued at 5-6x forward P/E, potentially offering significant upside in the future</li><li>Originally founded as Shueisha in 1876, DNP has evolved from a printing company to a diversified business with a strong emphasis on research and development.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Dai Nippon Printing is a 150-year-old Japanese industrial conglomerate with a focus on niche growth businesses and a history of cross-shareholding sales and share repurchasesThe company has a dominant position in its highest earning segments and is undervalued at 5-6x forward P/E, potentially offering significant upside in the futureOriginally founded as Shueisha in 1876, DNP has evolved from a printing company to a diversified business with a strong emphasis on research and development.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Dai Nippon Printing (7912) - Friday, Apr 26, 2024

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Foxconn Industrial Internet / Technical Analysis

<ul>
<li>Not much has changed since our latest Int'l Compass from May 31, 2024 titled "Buy the Pullback." </li>
<li>We were buyers of the pullback in global equities (MSCI ACWI, ACWI ex-US, EAFE, EM, Europe, Japan, Taiwan, etc.) with important supports holding, combined with ongoing healthy market dynamics.</li>
<li>Supports are holding, and our bullish outlook (since early-November 2023) remains intact. Continue to buy dips.</li>
</ul>


Not much has changed since our latest Int'l Compass from May 31, 2024 titled "Buy the Pullback." 
We were buyers of the pullback in global equities (MSCI ACWI, ACWI ex-US, EAFE, EM, Europe, Japan, Taiwan, etc.) with important supports holding, combined with ongoing healthy market dynamics.
Supports are holding, and our bullish outlook (since early-November 2023) remains intact. Continue to buy dips.


Downgrading Europe to Market Weight; Europe Indexes Still Bullish (Price); Bullish Outlook Intact

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/toppan-printing-co-ltd" target="_blank" data-smartkarma-citation="entities:11875:1" rel="noopener">Toppan Printing (7911 JP)</a> established a new <a href="https://ssl4.eir-parts.net/doc/7911/tdnet/2283187/00.pdf" target="_blank" rel="noopener">Medium-Term Management Plan</a> with targets in May 2023. 8% ROE, PBR &gt;1.0x. More DX business. More management modernisation. More ESG. Mooooarrrrr!</li>
<li>They also promised capital measures: ¥100bn of buybacks over three years. Total shareholder return of 50%+ over three years. More progress in selling down cross-holdings. </li>
<li>Today the company reported better-than expected full-year revenues, OP, and Net Profit, added more to the buybacks, and shortened the buyback period to two years. Details matter.</li>
</ul>



Toppan Printing (7911 JP) established a new Medium-Term Management Plan with targets in May 2023. 8% ROE, PBR &gt;1.0x. More DX business. More management modernisation. More ESG. Mooooarrrrr!
They also promised capital measures: ¥100bn of buybacks over three years. Total shareholder return of 50%+ over three years. More progress in selling down cross-holdings. 
Today the company reported better-than expected full-year revenues, OP, and Net Profit, added more to the buybacks, and shortened the buyback period to two years. Details matter.


Toppan Printing (7911) Accelerates Buyback Pace and Amount; But Crossholder Sales Lurk

<ul>
<li>Several days ago I published a piece showing the data for TOPIX flows for April month-end.</li>
<li>This is an update reflecting new data companies have reported to regulators, one large correction to a data provider's data, and one Very Large Flow.</li>
<li>I believe that the revised data is more accurate. And there is more flow. With a spreadsheet attached. </li>
</ul>


Several days ago I published a piece showing the data for TOPIX flows for April month-end.
This is an update reflecting new data companies have reported to regulators, one large correction to a data provider's data, and one Very Large Flow.
I believe that the revised data is more accurate. And there is more flow. With a spreadsheet attached. 


Updated TOPIX Big April Basket Flows; More Big Flows and ¥270bn a Side

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Shinko Electric Industries / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>'s pre-conditional tender offer from the JIC alliance is JPY5,920 per share. The gross spread widened from a low of 3.1% on 14 March to 7.0%. </li>
<li>The widening spread can be attributed to China SAMR approval timing, earnings risk, <a href="https://www.smartkarma.com/entities/ibiden-co-ltd" target="_blank" data-smartkarma-citation="entities:16630:1" rel="noopener">Ibiden Co Ltd (4062 JP)</a>’s material underperformance lowering the break price and a large fund liquidating positions. </li>
<li>The deal break risks remain low with the timing remaining the key risk. The current 7.0% spread is an attractive opportunity to add. </li>
</ul>



Shinko Electric Industries (6967 JP)'s pre-conditional tender offer from the JIC alliance is JPY5,920 per share. The gross spread widened from a low of 3.1% on 14 March to 7.0%. 
The widening spread can be attributed to China SAMR approval timing, earnings risk, Ibiden Co Ltd (4062 JP)’s material underperformance lowering the break price and a large fund liquidating positions. 
The deal break risks remain low with the timing remaining the key risk. The current 7.0% spread is an attractive opportunity to add. 


Shinko Electric (6967 JP): Widening Spread Is an Opportunity

Japan

DAI NIPPON PRINTING CO., LTD. offers printing services for commercial and industrial use.  The printing items include information media such as books, periodicals, and text books, wrapping paper and containers, stationeries, and advertising medium.  The Company provides design and production services as well.  Dai Nippon Printing also produces soft drinks including Coca Cola.

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Dai Nippon Printing (7912 JP)

Dai Nippon Printing (7912) - Friday, Apr 26, 2024

Dai Nippon Printing is a 150-year-old Japanese industrial conglomerate with a focus on niche growth businesses and a history of cross-shareholding...

Value Investors Club

Downgrading Europe to Market Weight; Europe Indexes Still Bullish (Price); Bullish Outlook Intact

Downgrading Europe to Market Weight $FEZ $STOXX; Europe Still Bullish From a Price Perspective; Bullish Outlook Intact on $ACWI $EEM; Supports...

Vermilion Research

Toppan Printing (7911) Accelerates Buyback Pace and Amount; But Crossholder Sales Lurk

Toppan had good earnings from securities sales. OP should rise this year. Good. They upped the buyback amount and pace, dramatically. Also good....

Travis Lundy

Updated TOPIX Big April Basket Flows; More Big Flows and ¥270bn a Side

Earnings releases in tech will start to pick up the next few days, and while the market is open on the 29th then also on the 1st and 2nd, the 5-day...

Travis Lundy

Shinko Electric (6967 JP): Widening Spread Is an Opportunity

The deal break risks remain low, with the China SAMR timing remaining the key risk. The current 7.0% spread is an attractive opportunity to add.

Arun George

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