Well Investments Research aims to identify situations where Japan’s capital markets have overlooked opaque, suspect or confusing issues around listed Japanese firms and provide an insight into them based on clear, actionable analysis
ACCOUNTABILITY BY THE MAIN BANK, INSTITUTIONAL INVESTORS, PENSION FUND MANAGERS AND SELL SIDE ANALYSTS Nearly two months have passed since we published the report on SMC, “Puncturing the Accounting Myth.” Since then we’ve been contacted by a number of institutional investors around the world and sent additional questions to SMC […]
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February 9, 2017 Questions relating to SMC Corporation Dear Resona Holdings Board Members, Mr. Kazuhiro Higashi, Director, President and Representative Executive Officer, Mr. Tetsuya Suga, Director and Representative Executive Officer, Mr. Yuji Koga, Director and Representative Executive Officer, Mr. Koaru Isono, Director, Ms. Emi Ozono, Non-executive Director, Mr. Toshio […]
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January 27, 2017 Letter to SMC management Raises new question about SMC’s finances Asks SMC to provide clarification at financial results announcement in February Well Investments Research (“WIR”) has announced that on January 16, 2017 it sent a letter to seven members of SMC Corporation (TSE: 6273, “SMC”), namely […]
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SMC responses, dated December 13, 2016 and December 14, 2016, to our original report “SMC (6273): Puncturing the Myth” barely address the key issues we have raised. The company claims there is “no problem” with their accounts and offers no evidence to support its position. The company’s comment on Seiyo is simply that they “have […]
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SMC Corporation (6273:JP), is a ¥2 trillion market cap company, which manufactures pneumatic control equipment for factory automation. We believe SMC Corp has ‘fake’ cash and dramatically overvalued inventory on its balance sheet as a result of inflated margins if not other undisclosed losses. These questionable accounts have been enabled […]
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