Nikkei Report on Delisting of Subsidiary Dentsu Soken; Dentsu Stake Unchanged, Minority Interests to be Bought out by Fujitsu and Others

研报英文原文证据摘录

Nikkei Report on Delisting of Subsidiary Dentsu Soken; Dentsu Stake Unchanged, Minority Interests to be Bought out by Fujitsu and Others

Update

July 3, 2026 01:01 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MDentsu (4324) | Japan Tetsuro Tsusaka, CFA

Equity Analyst

Nikkei Report on Delisting of Tetsuro.Tsusaka@morganstanleymufg.com +81 3 6836-8412

Subsidiary Dentsu Soken;

Dentsu Stake Unchanged,

Dentsu (4324.T, 4324 JT)

Internet & Media | Japan

Minority Interests to be Bought Stock Rating Underweight

Industry View In-Line

Price target ¥2,500out by Fujitsu and Others Shr price, close (Jul 2, 2026) ¥3,105

Mkt cap, curr, basic (bn) ¥806.0

Avg daily trading value (bn) ¥5.3

The Jul 2 Nikkei Shimbun has reported on the delisting of Dentsu's listed subsidiary

Dentsu Soken: Dentsu has made general comments that it has been considering this

matter for some time, but the companies concerned have not confirmed the

situation. The Nikkei reports that Dentsu intends to delist Dentsu Soken, a listed

subsidiary of Dentsu. Under the reported transaction, Dentsu's ownership stake

would remain unchanged, while minority shareholders would be bought out by

Fujitsu and others. If Dentsu’s ownership stake remains unchanged as reported, we

assume there would be no impact on Dentsu’s financial metrics. This would not

appear to improve the current situation in which distributable profits are negative.

Although unconfirmed, the report indicates that Fujitsu would contribute

approximately ¥200bn and, together with other parties, execute the delisting. We

believe it is unlikely that such capital allocation (committing approximately ¥200bn

to acquire a minority stake in Dentsu Soken) would be well received by the market.