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Corporate Japan: Time for Active Engagement to Unlock Value in Smaller Companies
For the past 25 years Japan was mostly a forgotten story with Corporate Japan cash rich but earnings poor reflecting in weak stock prices. However, the last three years have witnessed sweeping corporate reforms that are likely to continue, thus continuing to offer a conducive climate for unlocking share value. Distinct from large cap export oriented names populating broad market indexes, small cap domestic names offer a compelling opportunity for Japan-based “engagement partners” to unlock shareholder value through myriad means targeting mid-high teen IRRs over 1-3 years.
Note: While Japan is a developed market, its market inefficiencies are as attractive as opportunities in EM.
*Any themes/ideas discussed above is not an offer to buy or sell an investment.