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
- 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
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments – Rakuten (4755 JP) prices its offer, Tata Technologies (TATATECH IN), Growatt Technology (1833969D CH), JD Industrials (2231713D CH) IPOs.
- Event-Driven developments – Toyo Construction (1890 JP), Silk Laser Australia (SLA AU), Healius (HLS AU), Penguin International (PBS SP), Lian Beng (LBG SP).
Legislation to Promote Women Directors Is the Solution, but the Root Cause Is Why It Cannot Be Done
- 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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