Heard on the Street: Activist investors have failed to push for corporate-governance reforms at Toshiba, but there are signs that the Japanese company’s fortunes are about to take a turn for the better
. Its stock, however, was kicked out of major indexes Nikkei 225 and Topix after it was demoted to the second section of the Tokyo Stock Exchange.
Toshiba could soon return to the top club of Japanese companies. It applied to rejoin the first section of the TSE in April after the exchange relaxed its rules earlier this year. Last month, Jefferies estimated that Toshiba has a 95% chance of rejoining the first section. That means its stock could be included in major indexes and hence attract inflows from passive funds.
A potential initial public offering of Kioxia, formerly called Toshiba Memory, could give the stock another boost. Toshiba, which invented flash memory in 1984, previously said it had no strategic intention to remain in the memory business and intended to return a majority portion of net proceeds to shareholders in principle. Investment banks have sent research reports on the unlisted company to investors recently, a sign that an IPO could soon be coming.
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