In today’s briefing:
- [Japan M&A] Nikkei Reports Itochu to Buy Out Dentsu Soken (4812) Minorities, Co Suggests ¥2,880
- The Bank of Japan Should Also Accelerate Its ETF Sales “to Avoid Impacting the Market”
- Takamiya | 2445 FY2027/3 Q1 Follow-Up
[Japan M&A] Nikkei Reports Itochu to Buy Out Dentsu Soken (4812) Minorities, Co Suggests ¥2,880
- In early July, there was a Nikkei article suggesting Dentsu Inc (4324 JP) had settled on possible partners to buy out the minority stakes in Dentsu Soken (4812 JP).
- This would give it more scale, and a better future, and would rid Dentsu of a “dual listing” problem. There was a delay. Now 8 weeks later we have news.
- Itochu Corp (8001 JP) has apparently decided it will buy it. The structure suits everyone. Oasis has since reported a 5% stake, but I think this gets done.
The Bank of Japan Should Also Accelerate Its ETF Sales “to Avoid Impacting the Market”
- Japan’s stocks are notable for low trading liquidity due to relatively small market capitalization and skewed investor-base. Many companies have major shareholders, and BoJ’s ETF further limit the free-floating shares.
- Trends in derivative positions—such as the “gamma squeeze” strategy—that utilize the Nikkei 225, which includes stocks with low trading liquidity, are further amplifying the magnitude of market volatility.
- The BoJ’s ETF holdings pose a major problem in corporate governance, perspective and it should now accelerate the sale of ETFs to ensure trading liquidity and “avoid impacting the market.”
Takamiya | 2445 FY2027/3 Q1 Follow-Up
- Takamiya (hereafter, the Company) reported consolidated FY2027/3 Q1 results of net sales of JPY 10,229 mn (+3.3% YoY), operating profit of JPY 477 mn (+133.1% YoY), ordinary profit of JPY 416 mn (+307.3% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 239 mn (26.5x YoY).
- FY2027/3 is the final year of the current medium-term management plan.
- Going forward, the key point to watch will be whether the platform strategy centered on OPE-MANE can lead to improvements in capital efficiency through continued growth in KPIs and an expanding profit contribution.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
