In today’s briefing:
- Activism Briefs | Noritake, Pacific Industrial, Sharing Tech, Helios
- Ohayo Japan | Fed Week Awaits
- WTR Consumer Stock Index Continues to Outperform the S&P Small Cap 600 – September 12, 2025
Activism Briefs | Noritake, Pacific Industrial, Sharing Tech, Helios
- Effissimo Capital’s stake in Pacific Industrial rose to 7.7%, challenging a below-market MBO at ¥2,050/share (0.7x book); shares trade higher amid expectations of a better offer.
- Strategic Capital continues to engage with Noritake – it is working – as the company announces a buyback
- Asset Value Investors increased its stake in Sharing Tech to over 15% – financial performance is strong, capital allocation is sensible.
Ohayo Japan | Fed Week Awaits
- For the week, the S&P 500 gained 1.6% in its best weekly performance since early August and fifth positive week in six
- Futures markets are pricing in a quarter-point rate cut with near certainty for the September 17 Fed meeting
- Fast Retailing’s domestic UNIQLO sales rose 10% to 1.03 trillion yen for the fiscal year ending August 2025
WTR Consumer Stock Index Continues to Outperform the S&P Small Cap 600 – September 12, 2025
- The WTR Consumer Stock Index outperformed the S&P Small Cap 600 once again in August, increasing 5.2% versus a 1.7% gain in the broader index.
- The increase in our Consumer Stock Index was primarily due to a 3.6% increase in its prospective EPS, coupled with a modest 0.27x expansion in its 12-month prospective P/E ratio to 16.8x.
- For the S&P Small Cap 600, the 1.7% gain in the index was due to a 0.16x gain in the prospective P/E ratio to 16.3x, coupled with a 0.7% increase in prospective EPS.
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