At Cadira Capital Management, our mission is "Connecting the Investment Chain and Beyond". Collaborative relationships with internal and external stakeholders are essential to achieving our mission. We therefore seek to deepen the relationship of trust with our stakeholders by disclosing specific details of our activities, including dialogue with the companies in which we invest.
This month, we'll report on the following activities.
Our Dialogue with Honda Motor Co., Ltd.
Cadira Capital Management is currently proposing that Honda Motor Co., Ltd. ("Honda") set impact KPIs. Honda has the largest market share of motorcycles in the world. The company sells many affordable motorcycles in emerging markets, and because these motorcycles are used for daily transportation, the business has a significant impact on improving the quality of life for local people. Improving the quality of life with affordable motorcycles is a business the company has been in since its founder, the late Soichiro Honda, put an internal combustion engine in a bicycle and began selling them.
Over time, however, as the four-wheel vehicle business has become a larger component of the company's sales, the motorcycle business has become less of a mainstay and is less emphasized in investor presentations. At this time, there is no clear disclosure from Honda regarding life in emerging markets.
Honda has announced its goal of eliminating gasoline-powered four-wheel vehicles by 2040, but the complete elimination of gasoline-powered two-wheel vehicles is expected to be slower than that of four-wheel vehicles due to local energy conditions and consumer purchasing power. It seems necessary to clarify the social importance of the motorcycle business in order for external stakeholders to understand the appropriateness of a slower environmental response.
Thinking about social importance can also lead to the development of new services. For example, Yamaha Motor, another motorcycle manufacturer, is preparing to offer services in emerging markets that will enable local people to increase their income through motorcycle leasing. Honda, with its dealer network and financial business, is well positioned for similar developments. Any contribution to improving the quality of life would be expected to enhance brand strength and have a positive effect on earnings in the long run. Cadira Capital Management put this point on the agenda and conveyed our expectations for Honda to evolve their business model from an impact perspective.
Our Dialogue with Recruit Holdings Co., Ltd.
Cadira Capital Management measures corporate intrinsic value using a proprietary model that incorporates impact into fundamental analysis. This model allows us to visually capture the impact of various financial and non-financial factors on a company's value. At IR meetings, we present this model and engage in specific discussions about the challenges facing the company and how to address them. This type of dialogue tends to be embraced by companies with high aspirations.
One such company is Recruit Holdings Co., Ltd. ("Recruit"). Recruit operates human resources services and lifestyle information media. With the acquisition of Indeed in 2012, the company has achieved global growth, particularly in the area of HR technology. Recruit currently operates in 60 countries around the world and continues to take on progressive challenges not only in its business, but also in the area of sustainability, particularly in setting its own impact KPIs.
In 2021, Recruit set KPIs of "Reduce the Time to Get Hired by Half" and "Helping 30M Job Seekers Facing Barriers". These KPIs were set as what the company can do by leveraging its strengths to solve the problem that "nearly 40% of people in OECD households around the world would fall into poverty if they had no income for three months or more".
Cadira's Chief Investment Officer has been in dialogue with Recruit since 2020, and continues to provide feedback on the company's sustainability efforts. For example, he exchanged views on impact management methodologies, which encouraged the establishment of impact KPIs. When Recruit subsequently announced the aforementioned impact KPIs, we prepared a report evaluating these KPIs from an investor perspective, which we shared with Recruit. In addition, in 2023, we brought together investors and nonprofit operators with expertise in impact evaluation and held an exchange of views with Recruit. The company seems to have successfully used this exchange of ideas as a networking opportunity. At the recent meeting, we provided information in the form of a detailed explanation of the aforementioned corporate intrinsic value model.
This unique approach is not only meaningful to the company, but also allows us to learn new aspects of the company that are useful in making investment decisions. We intend to continue to refine our investment and engagement methodologies.
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