Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

ZAPPALLAS, INC. plans, produces and manages a wide variety of Internet contents for mobile phone users.  The Company offers a contents such as horoscopes, music, graphics, and stories.  Zappallas also offers online shopping and digital content solution services.

<ul><li> Source: Shared Research based on company data Note: Figures may differ from company materials due to differences in rounding methods.</li><li>Note: Gross profit adjusted for sales returns.</li><li>Note: Net income refers to net income attributable to owners of the parent.</li></ul>

 Source: Shared Research based on company data Note: Figures may differ from company materials due to differences in rounding methods.Note: Gross profit adjusted for sales returns.Note: Net income refers to net income attributable to owners of the parent.

Zappallas Inc (3770 JP): 1H FY04/25 flash update

IR & Research Intelligence, Sessa Investment Research

Sessa Investment Research

IR & Research Intelligence

Sponsored research focusing on Japanese small cap.

Gurunavi, Inc. operates search engine for restaurants. The Company also offers sales promotion support service to its participating restaurants. Gurunavi provides information on restaurants throughout Japan in multiple languages.

<ul><li>As outlined in its initial forecasts from May 2024, Gurunavi (hereafter, the Company) projected an operating loss of JPY 330 mn and a net loss of JPY 350 mn for the first half of FY2025/3.</li><li>The Company anticipated a recovery in the second half to achieve full-year operating profit of JPY 150 mn and net profit of JPY 110 mn.</li><li>However, following an upward revision announced with Q1 results, the Company reported an operating profit of JPY 278 mn and a net profit of JPY 247 mn for the first half, successfully achieving profitability during the period.</li></ul>

As outlined in its initial forecasts from May 2024, Gurunavi (hereafter, the Company) projected an operating loss of JPY 330 mn and a net loss of JPY 350 mn for the first half of FY2025/3.The Company anticipated a recovery in the second half to achieve full-year operating profit of JPY 150 mn and net profit of JPY 110 mn.However, following an upward revision announced with Q1 results, the Company reported an operating profit of JPY 278 mn and a net profit of JPY 247 mn for the first half, successfully achieving profitability during the period.

Gurunavi (2440 JP) - From Defense to Offense

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Serko Ltd operates as an online corporate travel booking and expense management company.

<ul><li>Serko (SKO) delivered a high-level strategy update during its 2024 investor day, reinforcing confidence in its ability to drive growth.</li><li>While quantitative details were generally light, we walked away with greater clarity around SKO's cost trajectory, particularly as it integrates GetThere.</li><li>Our other key takeaways were: (1) SKO has assembled a high-calibre team, with strong global experience, (2) the Booking.com for Business (B4B) relationship is progressing well, and (3) the opportunity for SKO as an integrated travel platform is significant. </li></ul>

Serko (SKO) delivered a high-level strategy update during its 2024 investor day, reinforcing confidence in its ability to drive growth.While quantitative details were generally light, we walked away with greater clarity around SKO's cost trajectory, particularly as it integrates GetThere.Our other key takeaways were: (1) SKO has assembled a high-calibre team, with strong global experience, (2) the Booking.com for Business (B4B) relationship is progressing well, and (3) the opportunity for SKO as an integrated travel platform is significant. 

Serko - Investor Day — Scaling Globally with GetThere

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

FUJI SOFT INCORPORATED is an independent software developer, specializing in communications and machine control software, business application software for bank and insurance companies, and operating system software.  Fuji Soft also installs, manages, and maintains computer systems.  The Company develops and sells word processing packaged software and also provides internet service.

<ul>
<li>The battle for <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" rel="noopener">Fuji Soft Inc. (9749 JP)</a> took an unexpected turn. Bain <a href="https://www.baincapital.co.jp/sites/default/files/2024-12/BCP_9749_11122024-jp1.pdf" target="_blank" rel="noopener">revised its offer</a> to JPY9,600, a 1.6% premium to KKR’s JPY9,451 second tender offer. </li>
<li>Bain has introduced a minimum number of shares to be purchased criterion. Bain’s offer is structured to address most but not all of the special committee’s reasons for opposition.</li>
<li>The Board’s first reaction will be to ask KKR, its preferred bidder, to bump. Given the amount of time and effort KKR has put into this bid, it will bump. </li>
</ul>


The battle for Fuji Soft Inc. (9749 JP) took an unexpected turn. Bain revised its offer to JPY9,600, a 1.6% premium to KKR’s JPY9,451 second tender offer. 
Bain has introduced a minimum number of shares to be purchased criterion. Bain’s offer is structured to address most but not all of the special committee’s reasons for opposition.
The Board’s first reaction will be to ask KKR, its preferred bidder, to bump. Given the amount of time and effort KKR has put into this bid, it will bump. 


Fuji Soft (9749 JP): Bain Can’t Take No for an Answer and Returns with a JPY9,600 Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Nec Networks & System Integr / Event-Driven

NEC Networks & System Integration Corporation designs, constructs, and maintains communication systems.  The Company's services include system integration services for digital switching, local area network (LAN), and mobile communication systems.  NEC Networks & System Integration also constructs information infrastructure and intelligent building facilities.

<ul>
<li>Two days before the close of its TOB on subsidiary <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks &amp; System Integr (1973 JP)</a>, <a href="https://www.smartkarma.com/entities/nec-corp" target="_blank" data-smartkarma-citation="entities:17084:1" rel="noopener">NEC Corp (6701 JP)</a> announced it had no plans to raise the price. </li>
<li>The next day, the second largest shareholder reported a stake increase from 11.68% to 13.12%. That changes the dynamic further, and a change in terms was likely. </li>
<li>Today post-close, NEC extended the Tender Offer by 10 days. It is worthwhile understanding the likely current disposition of shares. </li>
</ul>


Two days before the close of its TOB on subsidiary Nec Networks &amp; System Integr (1973 JP), NEC Corp (6701 JP) announced it had no plans to raise the price. 
The next day, the second largest shareholder reported a stake increase from 11.68% to 13.12%. That changes the dynamic further, and a change in terms was likely. 
Today post-close, NEC extended the Tender Offer by 10 days. It is worthwhile understanding the likely current disposition of shares. 


NEC Networks (1973 JP) Final Showdown I - Extendy-Extendy, But Not Yet Bumpity Bumpity

Insights in the Information Technology Space

Information Technology
Insights in the Information Technology Space

Zappallas Inc (3770 JP): 1H FY04/25 flash update

Source: Shared Research based on company data Note: Figures may differ from company materials due to differences in rounding methods. Note:...

Shared Research

Gurunavi (2440 JP) - From Defense to Offense

As outlined in its initial forecasts from May 2024, Gurunavi (hereafter, the Company) projected an operating loss of JPY 330 mn and a net loss of...

Sessa Investment Research

Serko - Investor Day — Scaling Globally with GetThere

Serko (SKO) delivered a high-level strategy update during its 2024 investor day, reinforcing confidence in its ability to drive growth.

Forsyth Barr

Fuji Soft (9749 JP): Bain Can’t Take No for an Answer and Returns with a JPY9,600 Offer

Despite repeated stonewalling, Bain returns with a revised offer. The Board’s first reaction will be to ask KKR, its preferred bidder, to bump. KKR...

Arun George

NEC Networks (1973 JP) Final Showdown I - Extendy-Extendy, But Not Yet Bumpity Bumpity

After warning they wouldn't pay more and begging holders to tender, NEC today extended their TOB for NEC Networks. There are 3-4 possible outcomes....

Travis Lundy