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>FY12/25 sales were JPY1.05tn (-1.8% YoY), with operating profit JPY52.2bn (+17.2% YoY) and net income JPY32.4bn (+51.8% YoY).</li><li>DIC forecasts FY12/26 sales of JPY1,110.0bn (+4.5% YoY) and operating profit of JPY56.0bn (+7.3% YoY).</li><li>The company plans a FY12/26 dividend per share of JPY140, with a consolidated payout ratio of 40.2%.</li></ul>

FY12/25 sales were JPY1.05tn (-1.8% YoY), with operating profit JPY52.2bn (+17.2% YoY) and net income JPY32.4bn (+51.8% YoY).DIC forecasts FY12/26 sales of JPY1,110.0bn (+4.5% YoY) and operating profit of JPY56.0bn (+7.3% YoY).The company plans a FY12/26 dividend per share of JPY140, with a consolidated payout ratio of 40.2%.

Dic Corp (4631 JP): Full-year FY12/25 flash update

<ul><li>Sales in Q3 FY12/25 were JPY785.9bn, down 2.7% YoY, with a 1.6% decline on a local currency basis.</li><li>Operating profit increased by 18.9% YoY to JPY40.5bn, driven by strong shipments and cost control measures.</li><li>Net income attributable to owners rose 104.4% YoY to JPY21.7bn, aided by extraordinary gains and reduced losses.</li></ul>

Sales in Q3 FY12/25 were JPY785.9bn, down 2.7% YoY, with a 1.6% decline on a local currency basis.Operating profit increased by 18.9% YoY to JPY40.5bn, driven by strong shipments and cost control measures.Net income attributable to owners rose 104.4% YoY to JPY21.7bn, aided by extraordinary gains and reduced losses.

Dic Corp (4631 JP): Q3 FY12/25 flash update

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

<ul>
<li>Since KKR's JPY4,750 preconditional offer was announced, <a href="https://www.smartkarma.com/entities/taiyo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15154:1" rel="noopener">Taiyo Holdings (4626 JP)</a> shares have traded above terms on 75% of days, with the offer due to open in late October.</li>
<li>Pressure for a bump: Results beat guidance, peers have rerated, the offer lacks a control premium compared to peer multiples, IFA valuations look stale and competing-offer clauses.</li>
<li>However, KKR can likely close without a bump: minimum acceptance is within reach and could be lowered, no activist has emerged, an interloper looks unlikely, and the price is defensible.</li>
</ul>


Since KKR's JPY4,750 preconditional offer was announced, Taiyo Holdings (4626 JP) shares have traded above terms on 75% of days, with the offer due to open in late October.
Pressure for a bump: Results beat guidance, peers have rerated, the offer lacks a control premium compared to peer multiples, IFA valuations look stale and competing-offer clauses.
However, KKR can likely close without a bump: minimum acceptance is within reach and could be lowered, no activist has emerged, an interloper looks unlikely, and the price is defensible.


Taiyo Holdings (4626 JP): Bump Pressure Builds, but KKR Holds the Cards

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>NKY225 rebalance decision was made yesterday: Ryohin Keikaku and NRI replaced Nippon Paper and DIC. A focus on sector balance should continue to be positive for future consumer goods candidates.</li>
<li>With US markets stabilizing there are several names with strong fundamental drivers which look attractive as buy the dip candidates after yesterdays heavy selling.</li>
<li>US job opening data below street estimates increases likelihood that Fed will start with a 50 bps cut this month. Should help the likes of Shin Etsu and Sumitomo Forestry.</li>
</ul>


NKY225 rebalance decision was made yesterday: Ryohin Keikaku and NRI replaced Nippon Paper and DIC. A focus on sector balance should continue to be positive for future consumer goods candidates.
With US markets stabilizing there are several names with strong fundamental drivers which look attractive as buy the dip candidates after yesterdays heavy selling.
US job opening data below street estimates increases likelihood that Fed will start with a 50 bps cut this month. Should help the likes of Shin Etsu and Sumitomo Forestry.


Tokyo Morning Connection: NKY225 Rebalance Decision, Likely Dip Buying After Yesterdays Rout

<ul>
<li>Echoes of August with Japan looking to start the day very weak on the lead from US semi related.</li>
<li>Expect heavy selling for recent retail margin favourites e.g. Mercari, IHI, KHI and Socionext, and SPE winners such as Kokusai and Advantest, although the sector will start under heavy pressure.</li>
<li>Nothing from Nikkei Inc. yet on their NKY225 rebalance decision, but expect outsized volatility today with many multi-strategy pods shuttered during the August sell off.</li>
</ul>


Echoes of August with Japan looking to start the day very weak on the lead from US semi related.
Expect heavy selling for recent retail margin favourites e.g. Mercari, IHI, KHI and Socionext, and SPE winners such as Kokusai and Advantest, although the sector will start under heavy pressure.
Nothing from Nikkei Inc. yet on their NKY225 rebalance decision, but expect outsized volatility today with many multi-strategy pods shuttered during the August sell off.


Japan Morning Connection: Expect Volatility with Retail and SPE Stocks Under Pressure

Japan

DIC Corp. is a chemical company that specializes in printing inks, organic pigments, and thermosetting resins.  The Company also manufactures polymers, specialty plastics and compounds, and others which include building materials, pressure-sensitive adhesives materials, and biochemicals.

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Dic Corp (4631 JP)

Dic Corp (4631 JP): Full-year FY12/25 flash update

FY12/25 sales were JPY1.05tn (-1.8% YoY), with operating profit JPY52.2bn (+17.2% YoY) and net income JPY32.4bn (+51.8% YoY). DIC forecasts...

Shared Research

Dic Corp (4631 JP): Q3 FY12/25 flash update

Sales in Q3 FY12/25 were JPY785.9bn, down 2.7% YoY, with a 1.6% decline on a local currency basis. Operating profit increased by 18.9% YoY to...

Shared Research

Taiyo Holdings (4626 JP): Bump Pressure Builds, but KKR Holds the Cards

The tender launch has moved to around late November, from early October. Approvals still outstanding: China’s competition clearance and Japan’s...

Arun George

Tokyo Morning Connection: NKY225 Rebalance Decision, Likely Dip Buying After Yesterdays Rout

A focus on sector balance continues to be positive for consumer goods candidates. US markets stabilizing with strong buy the dip candidates. Fed...

Andrew Jackson

Japan Morning Connection: Expect Volatility with Retail and SPE Stocks Under Pressure

Japan's market set to open weak following US semi-related lead, heavy selling expected for retail margin favorites and SPE winners, potential...

Andrew Jackson

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52-week Range

Market Cap (USDm)

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Dic Corp (4631 JP): Full-year FY12/25 flash update

FY12/25 sales were JPY1.05tn (-1.8% YoY), with operating profit JPY52.2bn (+17.2% YoY) and net income JPY32.4bn (+51.8% YoY). DIC forecasts...

Shared Research

Dic Corp (4631 JP): Q3 FY12/25 flash update

Sales in Q3 FY12/25 were JPY785.9bn, down 2.7% YoY, with a 1.6% decline on a local currency basis. Operating profit increased by 18.9% YoY to...

Shared Research

Taiyo Holdings (4626 JP): Bump Pressure Builds, but KKR Holds the Cards

The tender launch has moved to around late November, from early October. Approvals still outstanding: China’s competition clearance and Japan’s...

Arun George

Tokyo Morning Connection: NKY225 Rebalance Decision, Likely Dip Buying After Yesterdays Rout

A focus on sector balance continues to be positive for consumer goods candidates. US markets stabilizing with strong buy the dip candidates. Fed...

Andrew Jackson

Japan Morning Connection: Expect Volatility with Retail and SPE Stocks Under Pressure

​Japan's market set to open weak following US semi-related lead, heavy selling expected for retail margin favorites and SPE winners, potential...

Andrew Jackson

Japan's market set to open weak following US semi-related lead, heavy selling expected for retail margin favorites and SPE winners, potential...