In today’s briefing:
- Nihon Parkerizing (4095) – 3mos Left on Big Buyback
- The Postponement of the Parent-Subsidiary Listing Issue Provides Further Investment Opportunities
- Ricoh Leasing (8566 JP): Full-year FY03/25 flash update
Nihon Parkerizing (4095) – 3mos Left on Big Buyback
- Last year in August, Nihon Parkerizing (4095 JP) announced a large buyback – up to 12.0mm shares (9.6%) spending up to ¥15.0bn over the next 11.5mos.
- So far, they have spent ¥9.1bn buying back 7.3mm shares. That’s ¥5.9 left to spend in 3mos.
- It’s worth a look to see how this has evolved and how it might evolve into the end of the buyback. And it’s cheap, though tariff uncertainty exists.
The Postponement of the Parent-Subsidiary Listing Issue Provides Further Investment Opportunities
- The dissolution of parent-subsidiary listing was achieved through the sale of a portion of the listed subsidiary’s equity interest. The postponement of this issue is noted as an investment opportunity.
- The status change of the listed subsidiary doesn’t address concerns regarding the interests of the subsidiary’s minority shareholders, nor does it implement restructuring of the parent company’s entire business portfolio.
- While investors are disappointed that the problem has been postponed, it also means that there are still many investment opportunities remaining, including for listed affiliates.
Ricoh Leasing (8566 JP): Full-year FY03/25 flash update
- Revenue increased to JPY312.2bn (+1.2% YoY), with gross profit at JPY48.5bn (+6.5% YoY) and operating profit at JPY21.7bn (+3.4% YoY).
- Contract execution volume rose significantly in logistics facilities, with revenue at JPY9.9bn (+65.0% YoY) and operating profit at JPY2.1bn (+84.4% YoY).
- For FY03/26, the company forecasts revenue of JPY320.0bn (+2.5% YoY) and a dividend per share increase to JPY185.0.
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