Daily BriefsJapan

Daily Brief Japan: Canon Inc, Rakuten, Tokyo Stock Exchange Tokyo Price Index Topix and more

In today’s briefing:

  • Assessing the Canon Buyback and Follow-On Performance
  • Weekly Deals Digest (28 May) – Rakuten, Growatt, JD Industrials, Toyo, Silk Laser, Penguin
  • Legislation to Promote Women Directors Is the Solution, but the Root Cause Is Why It Cannot Be Done

Assessing the Canon Buyback and Follow-On Performance

By Travis Lundy

  • 10 days ago Canon Inc (7751 JP) announced its 18th ¥50bn buyback in 15yrs. They have a pattern, both in execution and outperformance. 
  • Historically, they are reasonably aggressive. It may pay to observe market data to see when they are done. It may also pay to look at peer outperformance cycles. 
  • Here I look at both – buyback cycle performance and cycle outperformance. Good so far, and now I see a tactical trade but it’s not overwhelming.

Weekly Deals Digest (28 May) – Rakuten, Growatt, JD Industrials, Toyo, Silk Laser, Penguin

By Arun George


Legislation to Promote Women Directors Is the Solution, but the Root Cause Is Why It Cannot Be Done

By Aki Matsumoto

  • The lack of laws mandating female directors and the absence of specific numerical targets for % female directors in Corporate Governance Code have slowed the increase in % female directors.
  • The lack of understanding of the value of ensuring diversity on the board on companies is serious, as only 9.1% of companies that disclosed skills-matrix adopted “diversity” as a criterion.
  • It should be a catalyst for companies to understand the value of ensuring diversity on their boards, not merely numbers-crunching that a company only needs to hire one female director.

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