3 stocks that can benefit from unrealized gains from policy holdings even if PBR is less than 0.7 times, an opportunity has arrived to improve capital efficiency at the request of the Tokyo Stock Exchange
It has shown growth above US stocks since the beginning of this yearDue to the influence of stock appreciation of Japanese stocks, there are companies where the market value of policy holdings exceeds the total market value of their own companies, or is approaching the total market value. The three companies introduced here all have PBR less than 0.7 times, and they have responded that they are “considering” the “response to realize management that is conscious of capital costs and stock prices” announced by the Tokyo Stock Exchange on the 15th.Stocks that have spare capacity to make effective use of policy holdings that have risen in price and come up with measures to improve capital efficiencyI can say that.
◆ $TBS Holdings(9401.JP$
A major TV key station. It holds 3.47% (as of the end of fiscal year 22) of the issued shares of Tokyo Electron, whose stock price almost doubled in 23, and 1.39% (same) of the issued shares of Recruit HD, whose stock price increased 1.4 times or more in the same year,The stock prices held by the two companies alone (approximately 576.2 billion yen) exceed the total market value of the company。
The companyTokyo Electron stocks are “positioned as growth strategy capital and utilized as needed”Recruit HD shares are also stated that “when an opportunity such as' sale 'is set from the holding company, partial sale will be considered in order to utilize it as a source of strategic investment,” and it has been clarified that they intend to use it to improve capital efficiency.
The dividend payout ratio for the fiscal year ending 23/3 was 20.12%. The most recent forecast for the fiscal year ending 2014/3 remained at 19.94% (the initial forecast was 29.63%) due to an upward revision of the final profit forecast, but the companyAccording to the policy of “around 30%,” “in the event of an increase in business performance, etc., we will endeavor to enhance returns through special dividends, etc.”Since that is the case, there seems to be a possibility of an increase in dividends.
A major TV key station. It holds 3.47% (as of the end of fiscal year 22) of the issued shares of Tokyo Electron, whose stock price almost doubled in 23, and 1.39% (same) of the issued shares of Recruit HD, whose stock price increased 1.4 times or more in the same year,The stock prices held by the two companies alone (approximately 576.2 billion yen) exceed the total market value of the company。
The companyTokyo Electron stocks are “positioned as growth strategy capital and utilized as needed”Recruit HD shares are also stated that “when an opportunity such as' sale 'is set from the holding company, partial sale will be considered in order to utilize it as a source of strategic investment,” and it has been clarified that they intend to use it to improve capital efficiency.
The dividend payout ratio for the fiscal year ending 23/3 was 20.12%. The most recent forecast for the fiscal year ending 2014/3 remained at 19.94% (the initial forecast was 29.63%) due to an upward revision of the final profit forecast, but the companyAccording to the policy of “around 30%,” “in the event of an increase in business performance, etc., we will endeavor to enhance returns through special dividends, etc.”Since that is the case, there seems to be a possibility of an increase in dividends.
◆ $Nippon Beet Sugar Manufacturing(2108.JP$
Top sugar manufacturer in Japan using sugar beet as a raw material. As of the end of fiscal year 22, the number of stocks held by policy has risen to 26 stocks,The stock holding price is close to 90% of the company's total market valueIt will reach.
The stocks we hold are our main clients $Meiji Holdings(2269.JP$There are many food manufacturers such as stocks (approximately 10.3 billion yen, 1.30% of issued shares, as of the end of fiscal year 22, etc.) $Mitsubishi UFJ Financial Group(8306.JP$Shares (approximately 2.85 billion yen), $Tokio Marine Holdings(8766.JP$Shares (approximately 2 billion yen), $Mizuho Financial Group(8411.JP$The amount of holdings in the financial and insurance industry, such as stocks (approximately 850 million yen), is also large.
Top sugar manufacturer in Japan using sugar beet as a raw material. As of the end of fiscal year 22, the number of stocks held by policy has risen to 26 stocks,The stock holding price is close to 90% of the company's total market valueIt will reach.
The stocks we hold are our main clients $Meiji Holdings(2269.JP$There are many food manufacturers such as stocks (approximately 10.3 billion yen, 1.30% of issued shares, as of the end of fiscal year 22, etc.) $Mitsubishi UFJ Financial Group(8306.JP$Shares (approximately 2.85 billion yen), $Tokio Marine Holdings(8766.JP$Shares (approximately 2 billion yen), $Mizuho Financial Group(8411.JP$The amount of holdings in the financial and insurance industry, such as stocks (approximately 850 million yen), is also large.
◆ $Tekken(1815.JP$
It was established as a national policy company specializing in railway construction, and has strengths in railway construction. A company affiliated with the East Japan Railway Company that is the largest shareholder and applies the equity method. The number of policy holdings has risen to 25 stocks,The stock holding price is approximately 70% of the company's total market valueIt will reach.
Many of our stocks are related to railways, which are our business partners, $Central Japan Railway(9022.JP$Shares (approximately 7.65 billion yen), $West Japan Railway(9021.JP$Shares (approximately 1.8 billion yen), $Kyushu Railway(9142.JP$Shares (approximately 1.7 billion yen), etc. Other than this $Kajima(1812.JP$Shares (approximately 1.55 billion yen) and $Totetsu Kogyo(1835.JP$There are also shares held with the aim of maintaining a good relationship during construction as a joint enterprise for construction work, such as stocks (approximately 1.15 billion yen).
As of the end of fiscal year 22, it is stated that “it has been confirmed that there is rationality of ownership” for any of the shares held.
It was established as a national policy company specializing in railway construction, and has strengths in railway construction. A company affiliated with the East Japan Railway Company that is the largest shareholder and applies the equity method. The number of policy holdings has risen to 25 stocks,The stock holding price is approximately 70% of the company's total market valueIt will reach.
Many of our stocks are related to railways, which are our business partners, $Central Japan Railway(9022.JP$Shares (approximately 7.65 billion yen), $West Japan Railway(9021.JP$Shares (approximately 1.8 billion yen), $Kyushu Railway(9142.JP$Shares (approximately 1.7 billion yen), etc. Other than this $Kajima(1812.JP$Shares (approximately 1.55 billion yen) and $Totetsu Kogyo(1835.JP$There are also shares held with the aim of maintaining a good relationship during construction as a joint enterprise for construction work, such as stocks (approximately 1.15 billion yen).
As of the end of fiscal year 22, it is stated that “it has been confirmed that there is rationality of ownership” for any of the shares held.
According to the disclosure status of “measures for realizing management conscious of capital costs and stock prices” announced by the Tokyo Stock Exchange on the 15th, out of 1656 companies listed on the Prime Market as of the end of 23/12, 660 companies, which is 40%, announced specific initiatives, etc. 155 companies, which is 9%, say they are “considering it.” The Tokyo Stock Exchange has a policy of announcing the status of support every month, and it is expected that companies “under consideration” will launch specific initiatives in the future.
Therefore, we narrowed it down to low PBR companies and compared the amount of capacity left to review capital policies aimed at improving capital efficiency from the following three perspectives.
・Payout ratio
・Net cache ratio
Calculated by total market capitalization/ (cash and deposits as of the end of the previous period+short-term securities - interest-bearing liabilities)
・Ratio of total book value (as of the end of the previous fiscal year) of policy holdings (specific investment shares) compared to total market value
The target companies are 20 brands that meet the following 4 conditions.
・Listed on Prime
・PBR is less than 0.7 times
・Respond to the Tokyo Stock Exchange's request as “under consideration”
・Excluding the banking sector
ー MooMoo News Mark
Source: Japan Exchange Group website, securities reports and financial statements of each company, moomoo
Source: Japan Exchange Group website, securities reports and financial statements of each company, moomoo
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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