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/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 JP)</a> has just started its 17th buyback in 15 years. Like the 16 before, this one is for ¥50bn. </li>
<li>The patterns/dynamics of the canon buybacks in the past are remarkable when compared to buybacks of other companies. </li>
<li>There are outperformance and under-performance patterns vs Peers, and it is worth taking note if you have a position to trade. </li>
</ul>



Canon Inc (7751 JP) has just started its 17th buyback in 15 years. Like the 16 before, this one is for ¥50bn. 
The patterns/dynamics of the canon buybacks in the past are remarkable when compared to buybacks of other companies. 
There are outperformance and under-performance patterns vs Peers, and it is worth taking note if you have a position to trade. 


Looking at Canon Buyback Dynamics History - Patterns Vs Peers Gives Execution Hints

<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> reported Q2 earnings early last week. Shares dropped 4% the next day but closed down only 1%. Now they are above the prior close. </li>
<li>They biked the dividend nicely (was ¥45/share last year, guided to ¥50 this year, but made ¥60/share instead. </li>
<li>And now they have announced another ¥50bn buyback on top of the one announced in May. Fourth time in 14 years a second tranche is announced in one year. </li>
</ul>



Canon Inc (7751 JP) reported Q2 earnings early last week. Shares dropped 4% the next day but closed down only 1%. Now they are above the prior close. 
They biked the dividend nicely (was ¥45/share last year, guided to ¥50 this year, but made ¥60/share instead. 
And now they have announced another ¥50bn buyback on top of the one announced in May. Fourth time in 14 years a second tranche is announced in one year. 


Canon (7751) - Second Buyback This Year - Last Happened in 2014

<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

Equity Bottom-Up

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. 

Japan

Konica Minolta Inc is mainly engaged in manufacturing office equipment and performance materials. It also operates health care businesses. The Company also makes copiers, personal computer peripherals, optical lenses, and measuring instruments.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Konica Minolta (4902 JP)

Looking at Canon Buyback Dynamics History - Patterns Vs Peers Gives Execution Hints

Canon has done 6 buybacks in the last 15 years. They all have particular terms and patterns in common and that can help guide execution.

Travis Lundy

Canon (7751) - Second Buyback This Year - Last Happened in 2014

Canon last week announced OK Q2 earnings, and higher FY22 guidance, raising it for the second quarter in a row. It also hiked its div guidance. Now...

Travis Lundy

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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)