RIZAP赤字決算の実情(2018年7月当社記事より)
RIZAP GROUP (2928), which had been seen as performing well, unexpectedly posted a loss, and its stock price has fallen to the stop-loss level.
The key points are as follows.
- RIZAP also faced a management crisis in 2008 due to reckless acquisitions
- The good performance was merely a accounting trick supported by “negative goodwill” from buying underperforming companies at below net assets
- Underperforming companies may harbor hidden problems, and once they surface there is a possibility of renewed management crisis
All of these can be seen by looking at the securities report. The method resembles the past Livedoor case, and the source of risk was clear. Prudent investors should avoid companies carrying such risks.
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