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>In Q1 FY03/27, the company reported revenue of JPY732.4bn, operating profit of JPY211.4bn, and net income of JPY164.3bn.</li><li>The company revised its 1H FY03/27 forecast, projecting revenue of JPY1.62tn and operating profit of JPY458.0bn.</li><li>The company forecasts new semiconductor production equipment sales of JPY1.24tn, with DRAM sales increasing by 75.9% YoY.</li></ul>

In Q1 FY03/27, the company reported revenue of JPY732.4bn, operating profit of JPY211.4bn, and net income of JPY164.3bn.The company revised its 1H FY03/27 forecast, projecting revenue of JPY1.62tn and operating profit of JPY458.0bn.The company forecasts new semiconductor production equipment sales of JPY1.24tn, with DRAM sales increasing by 75.9% YoY.

Tokyo Electron (8035 JP): Q1 FY03/27 flash update

Derivatives and Quantitative Strategist

Gaudenz Schneider

Quantitative Analysis

<ul>
<li>
Context: A recent market pullback alongside implied volatility at the 95th–98th percentile has created a fertile environment for cross-sectional analysis across TOPIX and Nikkei 225 constituents.</li>
<li>
 Highlights: A quantitative screen reveals dispersion in both returns and volatility, with distinct clusters supporting different option structures—from premium-selling strategies to asymmetric upside participation.</li>
<li>
 Why read: This note provides a practical framework and illustrative setups (put underwriting, risk reversals) to help investors translate volatility signals into tailored option strategies.</li>
</ul>



Context: A recent market pullback alongside implied volatility at the 95th–98th percentile has created a fertile environment for cross-sectional analysis across TOPIX and Nikkei 225 constituents.

 Highlights: A quantitative screen reveals dispersion in both returns and volatility, with distinct clusters supporting different option structures—from premium-selling strategies to asymmetric upside participation.

 Why read: This note provides a practical framework and illustrative setups (put underwriting, risk reversals) to help investors translate volatility signals into tailored option strategies.


Japan Equities: Volatility Spike and Dispersion Create Options Opportunities

<ul><li>FY03/26 revenue reached JPY2.4tn (+0.5% YoY), with operating profit at JPY624.9bn (-10.4% YoY) and net income JPY574.5bn (+5.6% YoY).</li><li>FY03/27 1H guidance forecasts revenue of JPY1.57tn (+33.1% YoY), operating profit JPY431.0bn (+42.2% YoY), and net income JPY328.0bn (+35.7% YoY).</li><li>New semiconductor production equipment sales forecasted at JPY1.20tn (+41.2% YoY), with DRAM sales increasing by 70.3% YoY.</li></ul>

FY03/26 revenue reached JPY2.4tn (+0.5% YoY), with operating profit at JPY624.9bn (-10.4% YoY) and net income JPY574.5bn (+5.6% YoY).FY03/27 1H guidance forecasts revenue of JPY1.57tn (+33.1% YoY), operating profit JPY431.0bn (+42.2% YoY), and net income JPY328.0bn (+35.7% YoY).New semiconductor production equipment sales forecasted at JPY1.20tn (+41.2% YoY), with DRAM sales increasing by 70.3% YoY.

Tokyo Electron (8035 JP): Full-year FY03/26 flash update

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>SGX has launched futures on the Nikkei Climate 1.5°C Target Index. The index is based on the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei225</a> and uses screens to remove stocks that do not meet certain criteria.</li>
<li>The Nikkei Climate 1.5°C Target Index has a high degree of overlap and correlation and low tracking error with the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a>. </li>
<li>With increased interest in Climate/ESG investing, market participants can use the SGX-listed futures to get the same risk/reward characteristics as the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei225</a> with atleast 50% lower Greenhouse Gas emission intensity.</li>
</ul>


SGX has launched futures on the Nikkei Climate 1.5°C Target Index. The index is based on the Nikkei225 and uses screens to remove stocks that do not meet certain criteria.
The Nikkei Climate 1.5°C Target Index has a high degree of overlap and correlation and low tracking error with the Nikkei 225 (NKY INDEX). 
With increased interest in Climate/ESG investing, market participants can use the SGX-listed futures to get the same risk/reward characteristics as the Nikkei225 with atleast 50% lower Greenhouse Gas emission intensity.


SGX Nikkei 225 Climate PAB Futures: A Cleaner Way to Invest in Japan

<ul><li>In Q1 FY03/26, the company reported revenue of JPY549.6bn, operating profit of JPY144.7bn, and net income of JPY117.8bn.</li><li>The revised FY03/26 forecast projects revenue of JPY2.35tn, operating profit of JPY570.0bn, and net income of JPY444.0bn.</li><li>The company plans aggressive R&D investments, increasing from JPY250.0bn in FY03/25 to JPY295.0bn in FY03/26.</li></ul>

In Q1 FY03/26, the company reported revenue of JPY549.6bn, operating profit of JPY144.7bn, and net income of JPY117.8bn.The revised FY03/26 forecast projects revenue of JPY2.35tn, operating profit of JPY570.0bn, and net income of JPY444.0bn.The company plans aggressive R&D investments, increasing from JPY250.0bn in FY03/25 to JPY295.0bn in FY03/26.

Tokyo Electron (8035 JP): Q1 FY03/26 flash update

Japan

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

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Tokyo Electron (8035 JP)