Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Japan Petroleum Exploration / Event-Driven

<ul>
<li>Japanese companies are buying back more stock than ever before, and recent moves by the TSE and METI are effectively pushing for more.</li>
<li>The new goal is to lift PBR and ROE. The easiest way to lift ROE is reduce E. Low-PBR Cos with excess assets and cross-holdings (outbound and inbound) are targets.</li>
<li>In this insight I look at several possible rankings for potential large buyback targets.</li>
</ul>


Japanese companies are buying back more stock than ever before, and recent moves by the TSE and METI are effectively pushing for more.
The new goal is to lift PBR and ROE. The easiest way to lift ROE is reduce E. Low-PBR Cos with excess assets and cross-holdings (outbound and inbound) are targets.
In this insight I look at several possible rankings for potential large buyback targets.


JAPAN GOVERNANCE CHANGES II - Who Could Surprise on Buybacks? Quant Rankings

Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

Ushio's share price rose 49% from May 19 to July 2, from ¥1,423 to a 52-week high of ¥2,118.  This reflected growing optimism over the resumption of movie theater operations in Europe and America as vaccination proceeded and pandemic-related restrictions were relaxed.On June 29, management announced a doubling of FY Mar-22 net profit guidance, in large part due to greater than expected sales of light sources for cinema projectors and projection equipment.But the rapid spread of the Delta Variant of COVID-19 has undermined this optimism and the shares have since dropped back to ¥1,997. Take profits and wait until the impact of the current wave of infections is discounted.

Ushio's share price rose 49% from May 19 to July 2, from ¥1,423 to a 52-week high of ¥2,118.  This reflected growing optimism over the resumption of movie theater operations in Europe and America as vaccination proceeded and pandemic-related restrictions were relaxed.On June 29, management announced a doubling of FY Mar-22 net profit guidance, in large part due to greater than expected sales of light sources for cinema projectors and projection equipment.But the rapid spread of the Delta Variant of COVID-19 has undermined this optimism and the shares have since dropped back to ¥1,997. Take profits and wait until the impact of the current wave of infections is discounted.

Ushio (6925 JP): New Guidance Jumped the Gun

Japan

USHIO INC. manufactures lamps and optical equipment including projectors for movie theaters.  The Company produces halogen and Houdentou lamps for semiconductor and office automation equipment.  Ushio has subsidiaries in the US, Canada, Germany, Hong Kong, Netherlands, Singapore, South Korea, and Taiwan.

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Ushio Inc (6925 JP)

JAPAN GOVERNANCE CHANGES II - Who Could Surprise on Buybacks? Quant Rankings

JAPAN GOVERNANCE: There is a buyback story coming. It will be big. Bigger than the past year or two, and it will continue. What to buy?

Travis Lundy

Ushio (6925 JP): New Guidance Jumped the Gun

Shares up 49% on the reopening of cinemas as vaccination increased and infections declined. Net profit guidance doubled. But the rapid spread of...

Scott Foster

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