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

<ul><li>Revenue increased YoY due to growth in Special Purpose Truck and Parking Systems, despite Industrial Machinery decline.</li><li>Special Purpose Truck business saw YoY growth in orders and revenue, except for forestry machinery orders.</li><li>Industrial Machinery & Environmental Systems experienced YoY revenue decline, mainly due to decreased vacuum product sales.</li></ul>

Revenue increased YoY due to growth in Special Purpose Truck and Parking Systems, despite Industrial Machinery decline.Special Purpose Truck business saw YoY growth in orders and revenue, except for forestry machinery orders.Industrial Machinery & Environmental Systems experienced YoY revenue decline, mainly due to decreased vacuum product sales.

Shinmaywa Industries (7224 JP): 1H FY03/25 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This past week, activist Murakami-san's City Index Eleventh announced that the companies which jointly report now own 20.3%, which translates to 23.5% of voting rights. Average in-price?  ¥2,928/share.</li>
<li>The 2030 Plan from April saw 8% ROE by 2030, 6% by 2026. They've since bought back 11% of shares out. Better, but 1/4 of market cap is net cash+securities.</li>
<li>If one assumes they spend the net cash+securities to buy back stock 10% higher than here, pro-forma PBR is &lt;0.6x. ROE would be 7+%. There's room to run here, still. </li>
</ul>


This past week, activist Murakami-san's City Index Eleventh announced that the companies which jointly report now own 20.3%, which translates to 23.5% of voting rights. Average in-price?  ¥2,928/share.
The 2030 Plan from April saw 8% ROE by 2030, 6% by 2026. They've since bought back 11% of shares out. Better, but 1/4 of market cap is net cash+securities.
If one assumes they spend the net cash+securities to buy back stock 10% higher than here, pro-forma PBR is &lt;0.6x. ROE would be 7+%. There's room to run here, still. 


[JAPAN ACTIVISM] Murakami Group Now 23.5% on Exedy (7278) - LOTS of Room Left To Run

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Gains for Micron on the potential for DDR5 price hikes should help lift <a href="https://www.smartkarma.com/entities/micronics-japan-co-ltd" target="_blank" rel="noopener">6871 Micronics</a> after yesterdays excessive weakness.</li>
<li>More cheer for US home builders after Smith Douglas number beat, adding to the upside story for Sumi Forestry and Selkisui House.</li>
<li>Defence related plays should remain in the spotlight with Kishida replacement candidates Ishiba and Kono both ex-defence ministers.</li>
</ul>


Gains for Micron on the potential for DDR5 price hikes should help lift 6871 Micronics after yesterdays excessive weakness.
More cheer for US home builders after Smith Douglas number beat, adding to the upside story for Sumi Forestry and Selkisui House.
Defence related plays should remain in the spotlight with Kishida replacement candidates Ishiba and Kono both ex-defence ministers.


Japan Morning Connection: Micronics, Mitsubishi Heavy, Kawasaki Heavy

<ul><li>Revenue rose JPY5.0bn (+9.6% YoY) due to higher revenue at Special Purpose Truck and Parking Systems businesses.</li><li>Operating profit increased JPY1.2bn (+189.2% YoY) mainly due to higher profit at Special Purpose Truck and Parking Systems businesses.</li><li>The company did not revise its full-year outlook for revenue and profit at the time of the Q1 earnings announcement.</li></ul>

Revenue rose JPY5.0bn (+9.6% YoY) due to higher revenue at Special Purpose Truck and Parking Systems businesses.Operating profit increased JPY1.2bn (+189.2% YoY) mainly due to higher profit at Special Purpose Truck and Parking Systems businesses.The company did not revise its full-year outlook for revenue and profit at the time of the Q1 earnings announcement.

Shinmaywa Industries (7224 JP): Q1 FY03/25 flash update

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kyokuto-kaihatsu-kogyo-co-ltd" target="_blank" data-smartkarma-citation="entities:14390:1" rel="noopener">Kyokuto Kaihatsu Kogyo Co (7226 JP)</a> has always been cash-rich. Recently there are better noises. Sold real estate. New Mid-Term Plan. Raised the payout ratio to 50%. Slowly selling crossholdings.</li>
<li>But it isn't fast enough, and activist Strategic Capital this spring announced a flurry of AGM agenda items to extract value for shareholders. </li>
<li>The company today announced a buyback - additive, but there is a lot to look at here. Shareholder structure is key. And forward cash-flows tell you more buybacks could come.</li>
</ul>



Kyokuto Kaihatsu Kogyo Co (7226 JP) has always been cash-rich. Recently there are better noises. Sold real estate. New Mid-Term Plan. Raised the payout ratio to 50%. Slowly selling crossholdings.
But it isn't fast enough, and activist Strategic Capital this spring announced a flurry of AGM agenda items to extract value for shareholders. 
The company today announced a buyback - additive, but there is a lot to look at here. Shareholder structure is key. And forward cash-flows tell you more buybacks could come.


Kyokuto Kaihatsu (7226 JP) Buyback - It's Kinda Big, But There May Be More Behind

Japan

ShinMaywa Industries, Ltd. manufactures special duty vehicles such as dump trucks and cranes.  The Company also produces aircraft parts, industrial machinery, sky-parking systems, and environmental systems such as underwater kitchen refuse decomposers.

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Shinmaywa Industries (7224 JP)