Mitsubishi Corp. Jumps to Record on ‘Monster' Buyback, Profits [BNN Bloomberg (Canada)]
KDDI CORP UNSP/ADR (KDDIY)
NASDAQ:AMEX Investor Relations:
kddi.com/english/corporate/ir
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Source: BNN Bloomberg
The stock soared as much as 11% on heavy volume. The company plans to repurchase up to 10% of its shares for ¥500 billion ($3.4 billion), and net income for the October-December period nearly tripled from a year earlier, the company said on Tuesday. Separately, Mitsubishi also said it's agreed with the Japanese telecom firm KDDI Corp. to take the convenience store chain Lawson Inc. private. The jump in Mitsubishi shares is good news for investors including Warren Buffett, who has taken big stakes in the company and the four other largest Japanese trading firms. It's another sign of companies taking steps to increase shareholder value in line with the push for better corporate governance by the Tokyo Stock Exchange. “We think that market participants were not expecting” the share repurchase to be so big, Jefferies analyst Thanh Ha Pham wrote in a note, calling it a “monster buyback.” Mitsubishi still has ¥500 billion left that could be used for investments and stock buybacks, he s
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