SpaceX’s true market capitalization is not 392 trillion yen, but 33.55 trillion yen.

投稿日: 投稿者: タダシ

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My forecast for the Nikkei 225 this year was 70,000 yen, which it has already achieved. Japanese stocks will likely aim for 100,000 yen as they escape deflation.

 

In the US, SpaceX’s market capitalization is 392 trillion yen, roughly the same size as Amazon’s 424 trillion yen. However, this only refers to the number of outstanding shares. In the stock market, in addition to outstanding shares, there are also floating shares (the number of shares actually circulating in the market). The chart shows the floating share ratio (floating shares ÷ outstanding shares) for FAANG stocks and SpaceX. Meta is at 99.9%, Alphabet at 85.7%, Tesla at 88.9%, Amazon at 91.7%, and Microsoft at 99.9%, indicating that the vast majority of outstanding shares are circulating. However, SpaceX’s floating share ratio is only 8.56%, showing an extremely low number of floating shares.

Based on the market capitalization calculated by multiplying the number of floating shares by the share price, SpaceX’s market capitalization is 33.55 trillion yen.

 

SpaceX’s nominal market capitalization is 392 trillion yen, which is why this stock is included in the Nasdaq 100 index. This means that Nasdaq 100 ETFs and mutual funds are compelled to buy this stock. It seems Musk intends to maintain SpaceX’s stock price by reducing the number of floating shares, thereby creating a premium on the share price due to its extremely large nominal market capitalization. Clever Musk. Is this even permissible?

 

〇Stock Market: Semiconductor-Related Stocks in Both Japan and the US

The semiconductor index (SOX index) rose 7.26% last week, significantly exceeding the S&P 500’s 0.93%, the Dow Jones Industrial Average’s 0.71%, and the Nasdaq’s 2.430%.

In Japan, Kioxia, Lasertec, and SCREEN also surged. The stock market is showing signs of polarization. The Nikkei 225-TOPIX ratio (NT ratio) is 17.61 times, indicating a lag in performance compared to TOPIX.

In Japan, the Tokyo Stock Exchange is leading efforts to improve corporate value. However, approximately 36% of TOPIX constituent stocks (584 stocks) still have a PBR below 1. Let’s find the next Panasonic.

Japan has emerged from a long period of deflation. From now on, we need to be mindful of inflation. Stock investment is necessary for asset protection. Investing in stocks of companies whose corporate returns exceed the inflation rate can increase assets.

 

 

Caterpillar-Komatsu Ratio: Expands to 12.1 times

Caterpillar’s stock price has reached a new all-time high. On the other hand, Komatsu’s stock price is down compared to last week, facing upward resistance.

 

Caterpillar’s market capitalization is 73.2 trillion yen, compared to Komatsu’s 6.04 trillion yen. Reconstruction is likely to become a major theme soon. Komatsu will also likely reach a new all-time high.

 

India: Lower oil prices boost IPOs

The Indian stock market rose for the first time in a while. The BSE mid-cap index recovered to its year-to-date level. The market is showing signs of increased activity, particularly in small and mid-cap stocks.

Data: Bloomberg

Certified International Investment Analyst (CIIA)

Certified Manager of Securities Analysts (CMA)

AFP

Tadashi Fujii

投稿者プロフィール

タダシ
大学時代から株式投資をはじめ、証券会社のトレーダーとなる。以後、30年
金融畑一筋。専門分野は債券、クレジット。
日本証券アナリスト協会検定会員（CMA）、国際公認投資アナリスト（CIIA)

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