In today’s briefing:
- Anycolor (5032 JP) Shareholder Structure Now And Future
- Fanuc (6954) | Bullish on Robots
- Fewer but Better Suits from Aoyama and Its Competitors
- If ESG Is Related to Improved Corporate Value, Doesn’t Slow ROE Imply Stalled in Real ESG Efforts?
Anycolor (5032 JP) Shareholder Structure Now And Future
- Anycolor (5032 JP) is conducting a Secondary Offering so that three major pre-IPO shareholders can sell their shares. Legend Capital, Skyland Ventures, and Highsino Group are selling.
- That should bring minimum publicly-traded longs to 6.3685mm shares, but it could easily be higher.
- Based on the most conservative read of all the data, Real World Float is a net 21.2% after this offering. In reality, probably higher. But there’s still overhang.
Fanuc (6954) | Bullish on Robots
- Fanuc is a core structural growth stock that has fallen by -4% over the past year. We turn bullish with 8 days to earnings
- We believe that Fanuc is a key beneficiary of continued investment in automation and realignment of supply chains globally
- We focus on Fanuc’s core value drivers – revenue, margins, risk and investment – and see 25% upside for long term investors
Fewer but Better Suits from Aoyama and Its Competitors
- Fewer people wear suits as a regular office uniform and there are also fewer working age Japanese.
- Combined with the fact that more people work from home some days a week, this has meant a drastic decline in suit sales
- In response, the big retailers are exploiting the growing popularity of custom and premium suits but the shift won’t offset the decline.
If ESG Is Related to Improved Corporate Value, Doesn’t Slow ROE Imply Stalled in Real ESG Efforts?
- Japanese companies need to resolve these issues in future, as evidenced by the fact that they have only just begun to resolve issues related to human rights and human capital.
- There is risk that less accurate disclosure of ESG initiatives may emerge in future. Attention will be focused on annual securities reports that have mandate to include sustainability-related information.
- The slow growth in ROE raises concerns that ESG efforts are not progressing as expected or are being formally mended, but have not improved enough to positively impact corporate value.
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