In response to an article I published yesterday, “Goldman forecasts recovery in Japanese stocks from mid-2009″, which was carried on Seeking Alpha, a reader asked for some “big cap” stocks trading at/near book value, among other things. Following is a quick list of select stocks with ADRs.
Trading below book value
FUJI FILM (4901) (FUJI) — 0.89x […]

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In a report issued today and covered by Reuters (see below for clip and link to Japanese original), Goldman Sachs says it sees a possible full recovery for Japanese stocks from mid-2009. On one hand, GS warns that a further slowdown in the global economy represents further downside risk for Japanese stocks given the […]

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Not a bad way to start the week, but the 1.7% N225 (stock average; futures +1.6%) rally to 12,878 (and 12,870) fell short of the 12,920 N225 futures close Friday in Chicago. Both equities and futures met resistance at 12,950 and trading activity (volume and turnover) for the broader TOPIX was anemic. As expected, […]

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Below are some additional thoughts on the latest MUFG-UB offer (these comments were originally posted in response to an article published by Reuters; edited for style/formatting).
UB’s (UB: 0.00 0.00%) Special Committee is very opportunistic and knows what it is doing. It has effectively taken its minority stake hostage vis a vis its board representation and […]

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$58 a share — no! $63 a share — no! $73 a share — oh, sure, might as well, especially in this market. Hats off to Mr. Farman and company for helping the little guys at Union Bank (UB: 0.00 0.00%) get paid. Still scratching your head about what Mitsubishi UFJ (MTU: 5.09 -7.12%) […]

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This is not a bad deal, at all, for existing (non-MUFG) UnionBanCal (UB: 0.00 0.00%) shareholders: a decent premium pushing the stock to a new 52wk high, amidst ongoing market woes, and not to mention UB’s last quote of $65+, which is above the $63 bid by Mitsubishi UFJ Financial Group (MTU: 5.09 -7.12%). Now, […]

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Shares of Credit Saison (8253) jumped 11%, while Orix (IX: 30.03 -4.30%) (8591) rose a muted 3%, on the report of merger talks. (See Reuters clip below). HOWEVER, shares of both have fallen sharply over the past year (there’s even more red over the past two years) compelling one to wonder why an alliance wasn’t […]

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Mixed signals, as always, from Japan. Activist investors are making some ground, most notably in Steel Partners v. Aderans (8170). Still, the climate for M&A and shareholder value unlocking investors is not made any easier by more expansive cross-shareholdings. A more concerted effort is needed by METI, FSA, TSE and the business lobbies. (See Reuters […]

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