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 FY03/25, SBI ARUHI's operating revenue increased 9.2% YoY to JPY22.3bn, with pre-tax profit up 4.3% YoY.</li><li>For FY03/26, the company forecasts operating revenue of JPY23.0bn (+3.2% YoY) and pre-tax profit of JPY2.5bn (+3.0% YoY).</li><li>SBI ARUHI's five-year plan aims for JPY55.0bn operating revenue, JPY10.0bn pre-tax profit, and over 10.0% ROE.</li></ul>

In FY03/25, SBI ARUHI's operating revenue increased 9.2% YoY to JPY22.3bn, with pre-tax profit up 4.3% YoY.For FY03/26, the company forecasts operating revenue of JPY23.0bn (+3.2% YoY) and pre-tax profit of JPY2.5bn (+3.0% YoY).SBI ARUHI's five-year plan aims for JPY55.0bn operating revenue, JPY10.0bn pre-tax profit, and over 10.0% ROE.

Aruhi Corp (7198 JP): Full-year FY03/25 flash update

<ul><li>Operating revenue increased to JPY16.5bn, driven by origination-related, recurring, and assets and other revenue growth.</li><li>Operating expenses rose to JPY14.2bn due to finance costs, personnel, and commission expenses, despite cost-cutting measures.</li><li>Pre-tax profit reached JPY2.3bn, with a 14.0% margin, as revenue and profit rose year-over-year.</li></ul>

Operating revenue increased to JPY16.5bn, driven by origination-related, recurring, and assets and other revenue growth.Operating expenses rose to JPY14.2bn due to finance costs, personnel, and commission expenses, despite cost-cutting measures.Pre-tax profit reached JPY2.3bn, with a 14.0% margin, as revenue and profit rose year-over-year.

Aruhi Corp (7198 JP): Q3 FY03/25 flash update

<ul><li>Operating revenue increased to JPY10.7bn (+21.0% YoY), driven by origination-related, recurring, and assets and other revenue growth.</li><li>Operating expenses rose to JPY9.4bn (+15.4% YoY) due to full consolidation of SBI Estate Finance and franchisee support.</li><li>Pre-tax profit reached JPY1.3bn (+75.2% YoY), with a pre-tax profit margin of 12.5% (+3.9pp YoY).</li></ul>

Operating revenue increased to JPY10.7bn (+21.0% YoY), driven by origination-related, recurring, and assets and other revenue growth.Operating expenses rose to JPY9.4bn (+15.4% YoY) due to full consolidation of SBI Estate Finance and franchisee support.Pre-tax profit reached JPY1.3bn (+75.2% YoY), with a pre-tax profit margin of 12.5% (+3.9pp YoY).

Aruhi Corp (7198 JP): 1H FY03/25 flash update

<ul><li>Operating revenue: JPY5.5bn (+19.0% YoY), driven by full consolidation of SBI Estate Finance group, origination-related revenue decreased.</li><li>Operating expenses: JPY4.7bn (+11.6% YoY), driven by finance costs increase, personnel expenses decrease, and commission expenses increase.</li><li>Pre-tax profit: JPY795mn (+77.1% YoY), with a pre-tax profit margin of 14.5%, reflecting a one-off factor in personnel expenses.</li></ul>

Operating revenue: JPY5.5bn (+19.0% YoY), driven by full consolidation of SBI Estate Finance group, origination-related revenue decreased.Operating expenses: JPY4.7bn (+11.6% YoY), driven by finance costs increase, personnel expenses decrease, and commission expenses increase.Pre-tax profit: JPY795mn (+77.1% YoY), with a pre-tax profit margin of 14.5%, reflecting a one-off factor in personnel expenses.

Aruhi Corp (7198 JP): Q1 FY03/25 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A year ago, <a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a>'s new MTMP was to get from ¥35bn profit in FY22 to ¥70bn in FY24 including ¥55bn of organic profit, ¥15bn of synergies.</li>
<li>On Friday, SBI Shinsei announced FY22 would be ¥42bn instead of ¥35bn, despite higher interest rates. More aggressive lending and gains in subs were credited. </li>
<li>The MTMP calls for ¥70bn Profit in Mar-25 - ¥341 EPS so Friday's close x 7.1x. The big picture takeout scenario remains intact and Real World Float is still small. </li>
</ul>


A year ago, SBI Shinsei Bank (8303 JP)'s new MTMP was to get from ¥35bn profit in FY22 to ¥70bn in FY24 including ¥55bn of organic profit, ¥15bn of synergies.
On Friday, SBI Shinsei announced FY22 would be ¥42bn instead of ¥35bn, despite higher interest rates. More aggressive lending and gains in subs were credited. 
The MTMP calls for ¥70bn Profit in Mar-25 - ¥341 EPS so Friday's close x 7.1x. The big picture takeout scenario remains intact and Real World Float is still small. 


2023 High Conviction Update - Shinsei Revises Up Profit Forecast - Now Ahead of Plan

Japan

ARUHI Corporation offers finance services. The Company provides mortgage lending, stock acquisition, and other services. ARUHI also operates bank agency, insurance agency, and other businesses.

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Aruhi Corp (7198 JP)