ITOCF - Itochu: Recent Developments Are Favorable (Rating Upgrade)
2024-06-20 13:30:00 ET
Summary
- Itochu might be considering a potential stock split, which will possibly make its investor base broader and more diverse.
- ITOCF has recently secured the master licensing rights for an apparel brand, and this is consistent with the company's new strategic focus on consumer-related businesses.
- My rating for Itochu is revised from a Hold to a Buy, considering the company's favorable developments and the stock's undervaluation.
Elevator Pitch
ITOCHU Corporation ( ITOCF ) ( ITOCY ) [8001:JP] is rated as a Buy.
My earlier January 3, 2024 initiation article touched on Itochu's capital allocation approach. This update draws attention to ITOCF's recent corporate developments relating to a potential stock split and the latest acquisition of licensing rights for an apparel brand....
Itochu: Recent Developments Are Favorable (Rating Upgrade)