In today’s briefing:
- Softbank – Director Shuffling At The AGM
- Isn’t the Reason for More Share Buyback Disclosures Before the AGMs to Avoid Discussion by Managers?
- Torikizoku Holdings (3193): Earnings Forecast Update. Raising Target Price
Softbank – Director Shuffling At The AGM
- With Softbank’s AGM coming up we examine some of the curious events that surround the firm as usual.
- Following in the footsteps of former governance director Yuko Kawamoto, VC founder Lip-Bu Tan has also penned a curious resignation message.
- Then there are the continuing questions surrounding Kenneth Siegel and his reappointment is not guaranteed in our view.
Isn’t the Reason for More Share Buyback Disclosures Before the AGMs to Avoid Discussion by Managers?
- The Nikkei published an article titled “Share Buyback Program Doubles to 4.2 Trillion Yen.” I would like to discuss the issues in the article.
- I’m concerned that the increased disclosure of share repurchases prior to the June shareholders’ meeting may be a way for management to avoid discussing the path to growth with shareholders.
- If many companies avoid that discussion and disclose share repurchases for the purpose of ending the AGMs without turbulence, then the question is whether management has a long-term business vision.
Torikizoku Holdings (3193): Earnings Forecast Update. Raising Target Price
- We update our earnings forecast for Torikizoku Holdings (3193, the company) and raise our target price to 2,500 yen. We reiterate our Hold rating.
- On June 10, the company announced 1-3Q FY7/22 sales of 13.260bn yen (-6.9% YoY), OP of -2.583bn yen (-2.588bn yen in 1-3Q FY7/21), and RP of 1.817bn yen (-2.027bn yen in 1- 3Q FY7/21)
- We raise our FY7/22 OP forecast from -3.544bn yen to -2.289bn yen (-4.663bn yen in FY7/21), and RP forecast from -575m yen to 2.104bn yen (-315m yen in FY7/21)
Before it’s here, it’s on Smartkarma
