What we hope Tosho to improve the shareholders’ value as a shareholder are 1) improvement of its extremely low operating profit margin through reconsidering mid-term management plan and investment plan and 2) Special dividend funded by disposal of RECRUIT shares to optimize excess net assets.

Improve Tosho’s shareholders’ value

Strategic Capital and our fund are shareholders of Tosho Printing Company, Limited (hereinafter referred to as “Tosho”).
We hope Tosho to prosecute our proposals as below, in order to increase its shareholders’ value.

  1. Turnaround of its struggling business
  2. Distribution of special dividends for the optimization of its capital structure
<Tosho’s challenges>
Extremely low operating profit margin
Excess of net assets and cash

Comparison of Tosho’s situation, now and 15 years ago

Op.margin Adj.ROE Net assets Cash & investment sec. Market cap.
15yr.Ago 4.5%
5.4%
29bil
7bil
23bil
Now 0.1%
▲4.4%pt
(FY2017)
0.6%
▲4.8%pt
(FY2017)
75bil
+46bil
(Q3 of FY2018)
65bil
+58bil
(Q3 of FY2018)
41bil
+18bil
(Jan.2019)

Comparison of Tosho’s situation, now and 15 years ago

15yr.Ago Now
Op.margin 4.5% 0.1%
▲4.4%pt
(FY2017)
Adj.ROE 5.4% 0.6%
▲4.8%pt
(FY2017)
Net assets 29bil 75bil
+46bil
(Q3 of FY2018)
Cash
&
investment sec.
7bil 65bil
+58bil
(Q3 of FY2018)
Market cap. 23bil 41bil
+18bil
(Jan.2019)
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