Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Quality-first, Business-perspective Strategy

Equity Bottom-Up

<ul>
<li>Entrust is one of the major players in the Japanese rent debt guarantee space;</li>
<li>The company possesses a solid track record of developing and growing new adjacent businesses by leveraging its know-how from the core business;</li>
<li>I am hoping for a more visible economic moat (especially from the company's new adjacencies), a higher free cash flow conversion, and/or a lower valuation.</li>
</ul>


Entrust is one of the major players in the Japanese rent debt guarantee space;
The company possesses a solid track record of developing and growing new adjacent businesses by leveraging its know-how from the core business;
I am hoping for a more visible economic moat (especially from the company's new adjacencies), a higher free cash flow conversion, and/or a lower valuation.


Entrust: Emerging Quality but Unattractive Valuation

Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

In this insight, we take a look at the monthly performance of the trading opportunities surrounding TOPIX Index Rebalance events. After a dry spell in March and April, two new Section Transfers were announced in May 2021: <a href="https://www.smartkarma.com/entities/anshin-guarantor-service-co" target="_blank" data-smartkarma-citation="entities:33234:1" rel="noopener">Anshin Guarantor Service (7183 JP)</a> and <a href="https://www.smartkarma.com/entities/nomura-micro-science-co-ltd" target="_blank" data-smartkarma-citation="entities:11317:1" rel="noopener">Nomura Micro Science (6254 JP)</a>. On the other hand, we also witnessed some Inclusion Events resulting from TSE1 Direct Listings: <a href="https://www.smartkarma.com/entities/tess-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:32979:1" rel="noopener">Tess Holdings Co Ltd (5074 JP)</a> and <a href="https://www.smartkarma.com/entities/kibun-foods-inc" target="_blank" data-smartkarma-citation="entities:33019:1" rel="noopener">Kibun Foods Inc (2933 JP)</a>. Below is a discussion of the situations covered by Quiddity in the Pre-event, Live-event, and Post-event categories during the month of May 2021.

In this insight, we take a look at the monthly performance of the trading opportunities surrounding TOPIX Index Rebalance events. After a dry spell in March and April, two new Section Transfers were announced in May 2021: Anshin Guarantor Service (7183 JP) and Nomura Micro Science (6254 JP). On the other hand, we also witnessed some Inclusion Events resulting from TSE1 Direct Listings: Tess Holdings Co Ltd (5074 JP) and Kibun Foods Inc (2933 JP). Below is a discussion of the situations covered by Quiddity in the Pre-event, Live-event, and Post-event categories during the month of May 2021.   

After the close on Friday (30th April 2021), Japan-based rental payment guarantor <a href="https://www.smartkarma.com/entities/anshin-guarantor-service-co" target="_blank" data-smartkarma-citation="entities:33234:1" rel="noopener">Anshin Guarantor Service (7183 JP)</a> announced (<a href="https://anshin-gs.co.jp/wp-content/uploads/2021/04/72a6e69660d8ea521ea96c5f8516f19b.pdf" target="_blank" rel="noopener">J-only</a>) they had received approval to move from the MOTHERS Section to the First Section (Prime) of the Tokyo Stock Exchange as of 12th May 2021.TSE1 reassignment triggers inclusion into the TOPIX Index and the Inclusion Event can be expected to occur at the close of trading on 29th June 2021.Founded in 2002, Anshin Guarantor Service engages in the business of guaranteeing rental payment in Japan. The company provides products such as Anshin Plus, Life Anshin Plus, AEON Card De Yachin, and Aplus Anshin Rent Guarantee. They also provide online application and remittance services. In this insight, we take a look at the Index Inclusion Parameters and the Fundamentals of the company to evaluate the upside potential of the TOPIX Inclusion Event.

After the close on Friday (30th April 2021), Japan-based rental payment guarantor Anshin Guarantor Service (7183 JP) announced (J-only) they had received approval to move from the MOTHERS Section to the First Section (Prime) of the Tokyo Stock Exchange as of 12th May 2021.TSE1 reassignment triggers inclusion into the TOPIX Index and the Inclusion Event can be expected to occur at the close of trading on 29th June 2021.Founded in 2002, Anshin Guarantor Service engages in the business of guaranteeing rental payment in Japan. The company provides products such as Anshin Plus, Life Anshin Plus, AEON Card De Yachin, and Aplus Anshin Rent Guarantee. They also provide online application and remittance services. In this insight, we take a look at the Index Inclusion Parameters and the Fundamentals of the company to evaluate the upside potential of the TOPIX Inclusion Event. 

TOPIX Inclusion: Anshin Guarantor Service (7183 JP)

Japan

Anshin Guarantor Service Co.,Ltd. provides guarantor services to individuals seeking cosigners for housing leases.  The Company offers various types of guarantor products that meet the needs of lessors as well.

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Anshin Guarantor Service (7183 JP)

Entrust: Emerging Quality but Unattractive Valuation

The company has constantly been building new growth drivers and enhancing its competitive edge, but I would like to see more evidence and/or a...

Steven Chen

TOPIX Inclusion Trade Summary: May 2021

TOPIX Index Changes Review for May 2021. There are a couple of new names, a list of ongoing pre-event trades, a couple of post-event trades. Things...

Janaghan Jeyakumar, CFA

TOPIX Inclusion: Anshin Guarantor Service (7183 JP)

Small cap rent guarantee co Anshin Guarantor Service will move to the TSE1 in May, setting up a TOPIX inclusion in June. RED but could be PURPLE...

Janaghan Jeyakumar, CFA

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