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Smartkarma Daily Briefs

Mar 01
0

Daily Brief Indonesia: Arwana Citramulia, BFI Finance Indonesia and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Arwana Citramulia (ARNA IJ) – Capacity-Driven Growth Ahead
  • BFI Finance Indonesia (BFIN IJ) – On a Convincing Turn

Arwana Citramulia (ARNA IJ) – Capacity-Driven Growth Ahead

By Angus Mackintosh

  • Arwana Citramulia published a solid set of FY2024 results, with sales growth to +7.4% YoY, although FY2024 net profit was down slightly due to cost pressures and higher promotional spending.
  • The company continues to see a favourable product mix shift towards higher-end tiles, especially its ARNA porcelain brand. New capacity coming on stream in 2025 will provide a further boost.
  • The gas subsidy has yet to be confirmed for the ceramic industry, but expectations are that it will come through shortly. Arwana Citramulia valuations remain attractive, with higher growth ahead.

BFI Finance Indonesia (BFIN IJ) – On a Convincing Turn

By Angus Mackintosh

  • BFI Finance Indonesia booked a strong finish to FY2024, as bookings increased by YoY and HoH, with the NPF ratio falling at the same time leading to higher revenues. 
  • The company’s loan growth momentum has picked up considerably as indicated by management in the previous quarter, which should be reassuring for investors, with growth set to continue in 2025.
  • BFI Finance Indonesia has yet to see a meaningful contribution from its collaboration with GoTo Gojek Tokopedia, which is a potential future growth driver. Valuations attractive on PBV to ROE. 

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Mar 01
0

Daily Brief Singapore: SGX Rubber Future TSR20, Ohmyhome and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Price Rise Keeps Indian Rubber Production Buoyant In 2024
  • OMH: Backdrop of Industry Fundamentals, Positive Implications

Price Rise Keeps Indian Rubber Production Buoyant In 2024

By Vinod Nedumudy

  • Production up 3.18% YoY and imports up 19.42% in 2024  
  • Production-Consumption gap 526,000 tons  
  • Commerce Minister dodges floor price plea by smallholders

OMH: Backdrop of Industry Fundamentals, Positive Implications

By Zacks Small Cap Research

  • The number of units in the company’s property management segment grew 23% sequentially in 3Q24 to 9,283 from 7,560 at the end of 2Q24.
  • OMH attributes this to its expanded presence in the property management space.
  • Its goal is to continue to increase the number of units under management, which Ohmyhome believes will contribute to growing Property Management segment and consolidated revenue, in part reflecting cross-promotional opportunities as a growth driver.

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Mar 01
0

Daily Brief United States: Entegris Inc, Intel Corp, Kestra Medical Technologies, Crude Oil, Imunon , Lantheus Holdings, Ohmyhome and more

By | Daily Briefs, United States

In today’s briefing:

  • Entegris (ENTG US) Promotion to S&P MidCap400
  • Intel Former Board Members Warn Against Rumoured TSMC Takeover Of Intel Foundry
  • Kestra Medical Technologies (KMTS): Medical Device IPO Story Easy to Digest Amidst Market Volatility
  • [ETP 2025/09] WTI Drops on Trade Tensions, Henry Hub Falls to Forecasts of Milder Temperatures
  • IMNN: Phase 3 Ovarian Cancer Trial to get Underway in Mar 2025
  • LNTH: 2025 Guidance Provided
  • OMH: Backdrop of Industry Fundamentals, Positive Implications

Entegris (ENTG US) Promotion to S&P MidCap400

By Travis Lundy

  • Last night, the S&P announced that with the deletion of Arcadium Lithium (ALTM US) from the S&P Midcap 400, Entegris Inc (ENTG US) would replace it.
  • Entegris is a company providing Materials Solutions and Purity Solutions to the semiconductor industry (they sell to circuit/memory cos, SPE mfrs, gas/chem cos, wafer growers, etc.
  • Because of how this company is being added, it is a bit interesting. It will be effective Wednesday 5 March at the close with US$1.2bn to buy.

Intel Former Board Members Warn Against Rumoured TSMC Takeover Of Intel Foundry

By William Keating

  • Four former, long term Intel board members yesterday warned against any plans to have TSMC take over Intel Foundry, their second time weighing in on the future of the company
  • They posit that TSMC is under pressure from the US Administration with Taiwan security being used as a bargaining chip
  • They’re not wrong in their assertions that it would be a terrible idea, both for the US and for TSMC, but these are days where anything can happen. Let’s see

Kestra Medical Technologies (KMTS): Medical Device IPO Story Easy to Digest Amidst Market Volatility

By IPO Boutique

  • Wearable defibrillator maker, Kestra Medical Technologies (KMTS US) is set to debut on Thursday (3/6) seeking a cash raise of up to $160 million and a valuation between $667m-$762.
  • The deal is considered well-oversubscribed from continued 1-on-1 conversions and high-quality engagements.
  • Given the financials and sector in which this company operates in and the strong backing (Bain Capital), we continue to believe this IPO will be well-received despite any market volatility.

[ETP 2025/09] WTI Drops on Trade Tensions, Henry Hub Falls to Forecasts of Milder Temperatures

By Suhas Reddy

  • For the week ending 21/Feb, U.S. crude inventories dropped by 2.3m barrels, contradicting expectations of a 2.5m barrel build. Gasoline stockpiles unexpectedly rose, while distillate stocks surged more than expected.
  • U.S. natural gas inventories fell by 261 Bcf for the week ending 21/Feb, lower than analyst expectations of a 276 Bcf drawdown. Inventories are 11.5% below the 5-year seasonal average.
  • BP pivots back to fossil fuels, cutting renewables and reducing its quarterly buyback to USD 0.75 billion from USD 1.75 billion. President Trump revoked Chevron’s license to operate in Venezuela.

IMNN: Phase 3 Ovarian Cancer Trial to get Underway in Mar 2025

By Zacks Small Cap Research

  • On February 27, 2025, Imunon, Inc. (IMNN) announced financial results for 2024 and provided a business update.
  • The company is currently finishing preparations to conduct a Phase 3 clinical trial of its lead development compound, IMNN-001, in the treatment of advanced ovarian cancer.
  • We anticipate the 500-patient trial will initiate before the end of the first quarter of 2025.

LNTH: 2025 Guidance Provided

By Zacks Small Cap Research

  • Lantheus is a leader in radiopharmaceutical offerings in oncology & precision diagnostics.
  • It offers a portfolio of diagnostic & therapeutic products directly & via partnerships & licensing.
  • The primary revenue driver is Pylarify, a PET tracer for PSMA-expressing prostate cancer.

OMH: Backdrop of Industry Fundamentals, Positive Implications

By Zacks Small Cap Research

  • The number of units in the company’s property management segment grew 23% sequentially in 3Q24 to 9,283 from 7,560 at the end of 2Q24.
  • OMH attributes this to its expanded presence in the property management space.
  • Its goal is to continue to increase the number of units under management, which Ohmyhome believes will contribute to growing Property Management segment and consolidated revenue, in part reflecting cross-promotional opportunities as a growth driver.

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Mar 01
0

Daily Brief China: Mobvista, Tencent, Alibaba Group Holding , ZIM Integrated Shipping Services, China Mobile, Xiaomi Corp, BeiGene and more

By | China, Daily Briefs

In today’s briefing:

  • HK CEO & Director Dealings (28th Feb 2025): Mobvista, Xtep, Onewo, Bonny International
  • Tencent (700 HK): Expiry-Day Recap; Intra-Day Swing of 4.1%.
  • Asia Real Estate Tracker (28-Feb-2025): HK halts commercial land sales to cure office slump.
  • Monthly Container Shipping Tracker | No, Not All Trade Disruptions Boost Carriers  (February 2025)
  • China Mobile (941 HK) Pullback Offers a Tactical Re-Entry Opportunity
  • Lucror Analytics – Morning Views Asia
  • BeiGene (6160 HK): Brukinsa Outpaces Competitor in 4Q US Sales; Solid Guidance for 2025

HK CEO & Director Dealings (28th Feb 2025): Mobvista, Xtep, Onewo, Bonny International

By David Blennerhassett

Tencent (700 HK): Expiry-Day Recap; Intra-Day Swing of 4.1%.

By Gaudenz Schneider

  • During yesterday’s Option expiration day, Tencent (700 HK) experienced an intra-day swing of 4.1%.
  • Trading in the afternoon oscillated around the prominent 500 strike level. Around 66% of calls and 2% of puts expired in the money.
  • Volume was lower than in the preceding days; a total of 38 million shares were traded, with the morning session accounting for 53% of the volume.

Asia Real Estate Tracker (28-Feb-2025): HK halts commercial land sales to cure office slump.

By Asia Real Estate Tracker

  • Hong Kong has halted land sales in order to boost the office market within the region.
  • Singapore’s Centurion saw their profits more than double to $257M, driven by soaring property valuations.
  • Alibaba announces plans to invest a substantial $53 billion in AI infrastructure development.

Monthly Container Shipping Tracker | No, Not All Trade Disruptions Boost Carriers  (February 2025)

By Daniel Hellberg

  • Price momentum for deep sea container carriers continued to plunge in January 2025
  • January’s revenue decline vs the Summer peak also historically bad despite LNY boost
  • We take down emerging consensus view that “all trade disruptions are good for carriers”

China Mobile (941 HK) Pullback Offers a Tactical Re-Entry Opportunity

By Nico Rosti

  • In our last insight covering  China Mobile (941 HK) we said the stock was overbought. It made a sharp pullback last week that may turn into a good BUY opportunity.
  • Support levels to buy range from 79.1 to 76.4, assuming this pullback is a buy-the-dip scenario, something we will discuss in this insight.
  • If the stock resumes its rally, the next WEEKLY profit targets will be between 82.64 and 84.4.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Xiaomi Corp
  • In the US, the second estimate for Q4/24 real GDP was unchanged from the advance estimate at an annualised rate of 2.3% q-o-q, driven by a 4.2% increase (unchanged) in consumer spending. That said, the core PCE price index was revised upwards to 2.7% (from 2.5% in the advance estimate).
  • Full-year real GDP growth in 2024 stood at 2.8% y-o-y (vs. 2.9% in 2023). Separately, durable goods orders rose 3.1% m-o-m in January (2.0% e / -1.8% p).

BeiGene (6160 HK): Brukinsa Outpaces Competitor in 4Q US Sales; Solid Guidance for 2025

By Tina Banerjee

  • In 4Q24, BeiGene (6160 HK) reported U.S. sales of Brukinsa of $616M, up 97% YoY and 22% QoQ, with 60%+ of demand growth coming from expanded use in CLL. 
  • Brukinsa holds 25% market share in new patient starts in the U.S. in CLL, followed by Calquence (20%). For the first time, Brukinsa’s quarterly U.S. revenue outpaced that of Calquence.
  • Beigene has guided for 2025 revenue of $4.9–5.3B (up 29–39% YoY), driven by Brukinsa’s U.S. leadership position and continued global expansion in both Europe and other markets.

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Mar 01
0

Daily Brief India: SGX Rubber Future TSR20, Onesource Specialty Pharma, Cantabil Retail India and more

By | Daily Briefs, India

In today’s briefing:

  • Price Rise Keeps Indian Rubber Production Buoyant In 2024
  • Post Demerger Outlook: OneSource Specialty Pharma- India’s First Multi-Modality CDMO
  • Cantabil Retail Ltd- Inventory Concerns Evident

Price Rise Keeps Indian Rubber Production Buoyant In 2024

By Vinod Nedumudy

  • Production up 3.18% YoY and imports up 19.42% in 2024  
  • Production-Consumption gap 526,000 tons  
  • Commerce Minister dodges floor price plea by smallholders

Post Demerger Outlook: OneSource Specialty Pharma- India’s First Multi-Modality CDMO

By Nimish Maheshwari

  • Onesource Specialty Pharma (ONESOURC IN) has transitioned from a niche player to a multi-modality CDMO powerhouse through strategic restructuring, rapid revenue expansion, and aggressive capacity building.
  • With a projected INR1,400 crore revenue in FY25 (INR173 crore in FY24) and shifting from MSA to CSA contracts, OS is stabilizing its revenue model, tapping into high-growth segments.
  • By leveraging a first-mover advantage in GLP-1, regulatory strength, and a $100 million capex plan, OS is positioning itself to become a billion-dollar global CDMO leader within the next 3-4Yrs.

Cantabil Retail Ltd- Inventory Concerns Evident

By Nitin Mangal

  • Cantabil Retail India (CANT IN) is one of the few vertically integrated garment players and has a store count of 576 and retail space of 7.4 lakh sq.ft.
  • The company has done well over the last five years to improve its financial position; it has grown its topline at a healthy rate while margins have improved significantly.
  • But having said that, we have concerns with elevated inventory levels that have remained high historically for a garment player. Moreover, some capital advances and RPT should also be considered.

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Mar 01
0

Daily Brief Japan: JX Advanced Metals, Aoyama Zaisan Networks Co Lt, Resona Holdings, Restar Holdings Corporation, Geo Holdings, TSE Tokyo Price Index TOPIX and more

By | Daily Briefs, Japan

In today’s briefing:

  • JX Advanced Metals (5016 JP): IPO Fast-Entry 30% Away; Index Review Inclusion in Aug & Sep 2025
  • Aoyama Zaisan Networks Company (8929 JP) – Laying the Groundwork for Sustained Growth
  • Japanese Big Cap Banks – Three Scorecard Stand-Outs, and One Wildcard
  • Restar (3156 JP) – Positioning for Future Demand Upturn
  • Geo Holdings (2681 JP) – Q3 Sales Improve, but Costs Weigh on OP
  • Shareholder Benefits to Return Amid Rise in Foreign Ownership and Dissolution of Cross-Shareholdings

JX Advanced Metals (5016 JP): IPO Fast-Entry 30% Away; Index Review Inclusion in Aug & Sep 2025

By Dimitris Ioannidis

  • JX Advanced Metals (5016 JP) is scheduled to be listed on 19 March 2025, at the prime market of the Tokyo Stock Exchange at an expected valuation of ~$5.3bn.
  • Fast-Entry inclusion for the one global index can take place on 25 March if the stock price surges by ~30% or more on the first trading day.
  • Review inclusion given failed fast-entries for both global indices, is expected in August and September 2025.

Aoyama Zaisan Networks Company (8929 JP) – Laying the Groundwork for Sustained Growth

By Astris Advisory Japan

  • Well positioned to capitalize on Japan’s intergenerational wealth transfer megatrend – The company continues to demonstrate positive growth momentum as evidenced by the double-digit topline growth in Q1-4 FY12/24.
  • The recent Chester Group acquisition should reinforce its position to ride the powerful trend in Japan’s aging demographics and intergenerational wealth transfer.
  • We think the company’s strategic approach towards allocating capital to the growth of the business while minimizing shareholder dilution through share buybacks demonstrates a commitment to shareholder value and financial discipline.

Japanese Big Cap Banks – Three Scorecard Stand-Outs, and One Wildcard

By Victor Galliano

  • We introduce our Japanese big cap banks scorecard; from this, we pick Resona, Mizuho and SMFG with our wildcard being Shizuoka
  • The scorecard metrics measure leverage to higher interest rates, LDRs, levels of cash balances, bond exposures, cross-holdings and valuations; from this, we derive a weighted ranking for each bank
  • We remove Concordia from our buy list; we prefer Shizuoka for its better leverage to rising rates and high ratio of cross-holdings to market capitalization with a holdings reduction plan

Restar (3156 JP) – Positioning for Future Demand Upturn

By Astris Advisory Japan

  • Q1-3 FY3/25 results underlined Restar’s positive sales growth profile (+11.2% YoY) driven by its roll-up M&A strategy, a strong demand environment for cameras and PC-related products in consumer products, and smartphone demand driving EMS activity YoY.
  • However, headwinds persist in the form of continued delay in demand recovery from the Industrial sector, a sales mix lowering gross margin, and negative impact from a strengthening Japanese yen.
  • We have not seen concrete evidence of cost savings from post-merger integration activities. 

Geo Holdings (2681 JP) – Q3 Sales Improve, but Costs Weigh on OP

By Astris Advisory Japan

  • Sales improve in Q3 but personnel and store opening costs weigh on OP – Although Q1-3 FY3/25 sales declined -3.4% YoY to ¥316.16bn, reflecting the difficult annual comps for new games and consoles in H1, in Q3 the absence of this drag meant that this quarter alone rose +4.3% YoY to ¥116.43bn.
  • Demand for reuse clothes and smartphones remained robust, buoyed by store openings, year-end sales for clothes and price conscious consumers.
  • However, increased hiring, base salary increases and credit card fees continued to eat into OP, which in FY3/25 Q1-3 fell -26.4% YoY to ¥9.82bn.

Shareholder Benefits to Return Amid Rise in Foreign Ownership and Dissolution of Cross-Shareholdings

By Aki Matsumoto

  • Most shareholder benefits items can be used in Japan. There’s history of more companies abolishing shareholder benefits programs because they believed that shareholder returns should conducted rather than shareholder benefits.
  • Amid rising foreign ownership and the dissolution of cross-shareholdings, more companies have begun to reverse the trend toward companies approaching individual shareholders with shareholder benefits programs.
  • The fact that stock prices of companies offering shareholder benefits tended to fall lower during stock market plunges may be due to the fact that they were mostly defensive stocks.

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Feb 28
0

Daily Brief Quantitative Analysis: ASX Short Interest Weekly (Feb 21st): Origin Energy and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • ASX Short Interest Weekly (Feb 21st): Origin Energy, Goodman, Aristocrat Leisure, Wesfarmers

ASX Short Interest Weekly (Feb 21st): Origin Energy, Goodman, Aristocrat Leisure, Wesfarmers

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of ASX Stocks as of Feb 21st (reported today) which has an aggregated short interest worth USD23.6bn.
  • We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Origin Energy, Goodman, Aristocrat Leisure, Wesfarmers.

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Feb 28
0

Daily Brief Private Markets: Postcard from Bengaluru | Quick Commerce On-The-Ground and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Postcard from Bengaluru | Quick Commerce On-The-Ground
  • EDGE Tutor nets US$1M to connect Filipino teachers with global learners | e27

Postcard from Bengaluru | Quick Commerce On-The-Ground

By Pranav Bhavsar

  • Quick Commerce offers infinite TAM with rapid metro adoption, but requires endless investment in faster delivery times to remain competitive.
  • Delivery partners bear the operational burden, working long hours for modest pay while tech stacks across competitors remain largely similar.
  • Despite investor excitement, QC margins remain elusive due to high competition, homogeneous offerings, and limited pricing power compared to food delivery.

EDGE Tutor nets US$1M to connect Filipino teachers with global learners | e27

By e27

  • EDGE Tutor International, an online tutoring outsourcing company in the Philippines, has closed a US$1 million pre-Series A funding round.
  • The round was led by Seaborne Capital, M Venture Partners, Kaya Founders, Orvel Ventures, IdeaSpace, Lorinet Foundation, and unnamed angel investors.
  • This round follows a US$800,000 seed funding in 2023. Also Read: Why the education sector needs a lesson in ad fraud With this new capital, EDGE Tutor will scale operations and expand further into North America, Latin America, Europe, and the Middle East.

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Feb 28
0

Daily Brief ECM: Japan Post Bank (7182) – Missed Opportunity Leaves Likely Shadow Overhang and more

By | Daily Briefs, ECM

In today’s briefing:

  • Japan Post Bank (7182) – Missed Opportunity Leaves Likely Shadow Overhang
  • Japan Post Bank (7182 JP): A US$4.2 Billion Secondary Offering
  • We Doctor Holdings IPO Preview: Explosive Growth and Narrowing Losses, The Right Time for an IPO
  • Japan Post Bank US$4bn Placement – Smaller Deal, Similar Structure, Might Yield Similar Results
  • Premier Energies US$825m IPO Lockup – The Largest Seller in the IPO Is Sitting on 48x Gains
  • Korea FSS Shakes Up Rights Offerings – Special Review Rule Now Live
  • We Doctor Holdings IPO: Some Thoughts on IPO Valuation Target Ahead of the Offering
  • Visen Pharmaceuticals (维升药业) IPO: PHIP Updates Don’t Look Positive

Japan Post Bank (7182) – Missed Opportunity Leaves Likely Shadow Overhang

By Travis Lundy

  • The Offering comes in lighter than expected. The buyback is smaller than expected. The resultant overhang is larger than expected. 
  • The index flows around the delivery date are well-understood. They are what they are.
  • Shareholder structure is such that this is not quite a new IPO but needs a lot of new shareholders. BUT… there is one redeeming feature one should not ignore.

Japan Post Bank (7182 JP): A US$4.2 Billion Secondary Offering

By Arun George

  • Japan Post Bank (7182 JP) has announced a secondary offering of up to 416.1 million shares (including overallotment), worth around US$4.2 billion.
  • The offering includes a ToSTNeT-3 and an on-market buyback. Including the overallotment, Japan Post Holdings (6178 JP) will reduce its stake from 61.50% to 50.00% of voting rights. 
  • Understanding the potential offer price requires looking at JPH’s past sales and recent large Japanese placements. The pricing date is likely 10 March.

We Doctor Holdings IPO Preview: Explosive Growth and Narrowing Losses, The Right Time for an IPO

By Andrei Zakharov

  • We Doctor Holdings, a top-tier provider of AI-enabled medical services and digital platform which connects hospitals, doctors, and pharmacies, plans to go public in Hong Kong.
  • We Doctor Holdings has raised ~$1.5B to date from investors, including Tencent, 5Y Capital, Goldman Sachs, Hillhouse Capital, AIA, and Qiming Venture Partners, among others.
  • The Hangzhou-based healthtech company has delivered explosive revenue growth of 107% y/y for the six months ended Jun-24.  

Japan Post Bank US$4bn Placement – Smaller Deal, Similar Structure, Might Yield Similar Results

By Sumeet Singh

  • Japan Post Holdings (6178 JP) (JPH) aims to sell around US$4bn worth of Japan Post Bank (7182 JP) (JPB), trimming its stake to below 50%.
  • JPH had last sold around US$9bn worth of JPB shares in Mar 2023. That deal had a similar structure and it didn’t end up performing well.
  • In this note, we talk about the deal dynamics and run the deal through our ECM framework.

Premier Energies US$825m IPO Lockup – The Largest Seller in the IPO Is Sitting on 48x Gains

By Sumeet Singh

  • Premier Energies raised around US$337m after pricing the deal at the top end of the range in Sep 2024. Its IPO linked lockup is set to expire soon.
  • Premier Energies is a manufacturer of solar photovoltaic (PV) cells, and solar modules. It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&M) services
  • In this note, we will talk about the lockup dynamics and possible placement.

Korea FSS Shakes Up Rights Offerings – Special Review Rule Now Live

By Sanghyun Park

  • With this new rule, the FSS is flagging shaky rights offerings early, signaling a likely correction request—and often, the first step toward the deal getting axed.
  • Spot the red flags early and use the window before the FSS drops the hammer to position for a reversal play.
  • The FSS’s early notice makes a reversal likely as traders bet on the deal getting nuked after the initial disclosure drop.

We Doctor Holdings IPO: Some Thoughts on IPO Valuation Target Ahead of the Offering

By Andrei Zakharov

  • According to PHIP and Crunchbase, We Doctor’s most recently reported valuation was a ~$411M Series F led by HongShan Capital and Millennium Management at a ~$6.7B post-money valuation.  
  • My ballpark estimates suggest that IPO valuation target may be below last round valuation. However, I do not expect a significant discount to Series F post-money valuation of ~$6.7B.
  • I think investors will ask what is the revenue growth trajectory ahead (FY25-FY28) and why gross profit margins can’t be higher? What is the path to positive free cash flow?

Visen Pharmaceuticals (维升药业) IPO: PHIP Updates Don’t Look Positive

By Ke Yan, CFA, FRM

  • Visen Pharmaceuticals is looking at raising up to USD 300m to list in Hong Kong.
  • The company has passed the hearing for the listing and filed a new version of the prospectus.
  • We look at the difference between previous filing and current filing. Most of the changes are not critical but we think overall it doesn’t look good.

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Feb 28
0

Daily Brief ESG: Shareholder Benefits to Return Amid Rise in Foreign Ownership and Dissolution of Cross-Shareholdings and more

By | Daily Briefs, ESG

In today’s briefing:

  • Shareholder Benefits to Return Amid Rise in Foreign Ownership and Dissolution of Cross-Shareholdings

Shareholder Benefits to Return Amid Rise in Foreign Ownership and Dissolution of Cross-Shareholdings

By Aki Matsumoto

  • Most shareholder benefits items can be used in Japan. There’s history of more companies abolishing shareholder benefits programs because they believed that shareholder returns should conducted rather than shareholder benefits.
  • Amid rising foreign ownership and the dissolution of cross-shareholdings, more companies have begun to reverse the trend toward companies approaching individual shareholders with shareholder benefits programs.
  • The fact that stock prices of companies offering shareholder benefits tended to fall lower during stock market plunges may be due to the fact that they were mostly defensive stocks.

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