In today’s briefing:
- Minebea Mitsumi Tender for Honda Tsushin Kogyo (6826)
- Europe, MSCI ACWI Bullish Downtrend Reversals as Japan Tests Resistance; Tech, Health Care Buys
- It Is Very Important to Review ESG Investing Before the Risks Become Evident
- Lasertec (6920) | Mind the Guidance Gap
Minebea Mitsumi Tender for Honda Tsushin Kogyo (6826)
- Electronics Parts and Devices manufacturer Minebea Mitsumi (6479 JP) has announced a 25% premium Tender Offer to take over connector-maker Honda Tsushin Kogyo (6826 JP).
- It is not an overwhelming bid, but is supported by Panasonic Corp (6752 JP) which owns an equity affiliate stake, and crossholders and friendly shareholders hold a lot.
- This looks like it will complete, despite being a little light on price.
Europe, MSCI ACWI Bullish Downtrend Reversals as Japan Tests Resistance; Tech, Health Care Buys
- In last week’s Int’l Compass (July 21) we discussed positive signals that suggested the lows for this bear market may have already been established, or that downside is limited.
- But we also noted that various downtrends remained firmly intact, and that we needed to see indexes reverse their downtrends in order to get more constructive at the index level.
- It appears the bullish reversals have begun, as the SPX, MSCI ACWI (ACWI-US), and STOXX 600 are the first three major indexes to reverse topside their 4-month and YTD downtrends.
It Is Very Important to Review ESG Investing Before the Risks Become Evident
- The reason for the limited increase in GPIF’s ESG investments must be thought of separately in terms of GPIF-specific factors and the overall trend in ESG investing.
- Because investors consider which combination of managers in their asset allocation will work best for the overall portfolio, there are factors that cannot be determined by individual ESG investing alone.
- ESG investing has been expanding, but with so many ESG indices and vendors in disarray, some problems are pointed out. It’s important to review the effectiveness of the ESG indices.
Lasertec (6920) | Mind the Guidance Gap
- We turn tactically bearish on Lasertec as we expect the stock to dip on weak order guidance
- After an exceptionally strong past year, we expect the order outlook to normalise
- Risks include weaker macro, Intel capex delays and restrictions on equipment sales in China
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