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>The company reported YoY sales growth of 28.5% to JPY6.3bn, with operating profit up 37.6% to JPY1.2bn.</li><li>The Idle Asset Utilization segment, driven by parking services, achieved sales of JPY6.0bn, with a 92.9% occupancy rate.</li><li>The Visualization segment reported 1H sales of JPY115mn, with a segment operating loss of JPY5mn, despite launching "MyRenderer."</li></ul>

The company reported YoY sales growth of 28.5% to JPY6.3bn, with operating profit up 37.6% to JPY1.2bn.The Idle Asset Utilization segment, driven by parking services, achieved sales of JPY6.0bn, with a 92.9% occupancy rate.The Visualization segment reported 1H sales of JPY115mn, with a segment operating loss of JPY5mn, despite launching "MyRenderer."

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Core Concept Technologies Inc / Index Rebalance

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>
<a href="https://www.smartkarma.com/entities/gmo-financial-gate-inc" target="_blank" data-smartkarma-citation="entities:35234:1" rel="noopener">GMO Financial Gate (4051 JP)</a>, <a href="https://www.smartkarma.com/entities/azoom-co-ltd" target="_blank" data-smartkarma-citation="entities:32232:1" rel="noopener">Azoom (3496 JP)</a> and <a href="https://www.smartkarma.com/entities/kitazato-corp" target="_blank" data-smartkarma-citation="entities:45255:1" rel="noopener">Kitazato (368A JP)</a> (recent IPO) were included in the TOPIX index at the end of July 2025.</li>
<li>Our long-term pre-event candidate Core Concept Technologies Inc (4371 JP) is getting close to meeting the key Section Transfer requirements.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.

GMO Financial Gate (4051 JP), Azoom (3496 JP) and Kitazato (368A JP) (recent IPO) were included in the TOPIX index at the end of July 2025.
Our long-term pre-event candidate Core Concept Technologies Inc (4371 JP) is getting close to meeting the key Section Transfer requirements.


TOPIX Inclusions: Who Is Ready (Aug 2025)

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

<ul>
<li>Four times a year, the TSE reassesses free float weights for listed stocks. Indices run by the TSE adjust their index shares (shares out x FFW x coefficient) in Jan/Apr/Jul/October.</li>
<li>Yesterday, the TSE announced its changes for this quarter. Combined with other adjustments on 30 July at the close, we expect 190+ events.</li>
<li>For now, we expect the trade is about US$3.3bn a side. At the top of the buy side, 16 names with more than $30mm to buy, averaging 5x ADV.</li>
</ul>


Four times a year, the TSE reassesses free float weights for listed stocks. Indices run by the TSE adjust their index shares (shares out x FFW x coefficient) in Jan/Apr/Jul/October.
Yesterday, the TSE announced its changes for this quarter. Combined with other adjustments on 30 July at the close, we expect 190+ events.
For now, we expect the trade is about US$3.3bn a side. At the top of the buy side, 16 names with more than $30mm to buy, averaging 5x ADV.


[Quiddity Index] TOPIX July 2025 FFW Rebalance - $3bn+ a Side to Trade

<ul><li>Sales increased by 27.4% YoY, with the Idle Asset Utilization segment driving growth, achieving JPY10.0bn in sales.</li><li>The company forecasts FY09/25 sales of JPY12.5bn, operating profit of JPY2.5bn, and net income of JPY1.6bn.</li><li>Visualization segment reported full-year sales of JPY214mn, focusing on technical skill improvement and expanding the sales team.</li></ul>

Sales increased by 27.4% YoY, with the Idle Asset Utilization segment driving growth, achieving JPY10.0bn in sales.The company forecasts FY09/25 sales of JPY12.5bn, operating profit of JPY2.5bn, and net income of JPY1.6bn.Visualization segment reported full-year sales of JPY214mn, focusing on technical skill improvement and expanding the sales team.

Azoom (3496 JP): Full-year FY09/24 flash update

<ul><li>Sales increased 26.3% YoY to JPY7.6bn, with operating profit up 36.9% YoY to JPY1.3bn.</li><li>Idle Asset Utilization segment Q3 sales were JPY7.4bn (+27.4% YoY), with an operating profit of JPY1.3bn (+39.1% YoY).</li><li>Visualization segment Q3 sales were JPY149mn (-6.0% YoY), with an operating loss of JPY9mn (profit of JPY5mn in Q3 FY09/23).</li></ul>

Sales increased 26.3% YoY to JPY7.6bn, with operating profit up 36.9% YoY to JPY1.3bn.Idle Asset Utilization segment Q3 sales were JPY7.4bn (+27.4% YoY), with an operating profit of JPY1.3bn (+39.1% YoY).Visualization segment Q3 sales were JPY149mn (-6.0% YoY), with an operating loss of JPY9mn (profit of JPY5mn in Q3 FY09/23).

Japan

AZOOM Co.,Ltd offers parking management services. The Company provides outsourced parking lot operations for property owners. AZOOM also conducts Internet media development, real estate marketing, and other businesses.

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Azoom (3496 JP)

Azoom (3496 JP): 1H FY09/25 flash update

The company reported YoY sales growth of 28.5% to JPY6.3bn, with operating profit up 37.6% to JPY1.2bn. The Idle Asset Utilization segment, driven...

Shared Research

TOPIX Inclusions: Who Is Ready (Aug 2025)

There are currently 133 names that satisfy all 5 key Segment Transfer requirements based on current data. Another 138 names can satisfy 4 out of 5...

Janaghan Jeyakumar, CFA

[Quiddity Index] TOPIX July 2025 FFW Rebalance - $3bn+ a Side to Trade

The TOPIX July FFW rebal has been announced. It is largely as the Street expected. There is $3.3bn a side to trade by my calcs. Some of that is...

Travis Lundy

Azoom (3496 JP): Full-year FY09/24 flash update

Sales increased by 27.4% YoY, with the Idle Asset Utilization segment driving growth, achieving JPY10.0bn in sales. The company forecasts FY09/25...

Shared Research

Azoom (3496 JP): Q3 FY09/24 flash update

Sales increased 26.3% YoY to JPY7.6bn, with operating profit up 36.9% YoY to JPY1.3bn. Idle Asset Utilization segment Q3 sales were JPY7.4bn...

Shared Research

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