December 2024 – Dalton Investments issued the letter below publicly to the management and directors of its portfolio companies. Though the capital market reforms undertaken jointly by the Tokyo Stock Exchange (TSE), the Ministry of Economy, Trade and Industry (METI), and the Financial Services Agency (FSA) are starting to improve the value enhancement efforts of many listed companies, Dalton continues to expect all portfolio companies to take actions that are directly linked to medium- to long-term improvements in corporate value. Dalton is conducting the following activities for each of our investee companies in order to contribute to their initiatives.
1. Provide independent analysis and evaluation of the current status of portfolio companies based on publicly available information
2. Dialogue with portfolio companies to align perceptions
3. Propose areas for improvement and request feedback from the board of directors