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

Bell System24 Holdings Inc / Equity Bottom-Up

<ul><li>In 1H FY02/26, revenue was JPY73.1bn (+1.5% YoY) with operating profit at JPY5.9bn (+23.0% YoY).</li><li>Revenue from SC operations was JPY62.6bn (+1.0% YoY) and SB operations JPY10.4bn (+5.4% YoY).</li><li>Gross profit in 1H FY02/26 was JPY13.6bn (+6.5% YoY) with a GPM of 18.5% (+0.9pp YoY).</li></ul>

In 1H FY02/26, revenue was JPY73.1bn (+1.5% YoY) with operating profit at JPY5.9bn (+23.0% YoY).Revenue from SC operations was JPY62.6bn (+1.0% YoY) and SB operations JPY10.4bn (+5.4% YoY).Gross profit in 1H FY02/26 was JPY13.6bn (+6.5% YoY) with a GPM of 18.5% (+0.9pp YoY).

Bell System24 Holdings Inc (6183 JP): 1H FY02/26 flash update

<ul><li> In FY02/25, Bellsystem24 Holdings reported revenue of JPY143.6bn (-3.4% YoY), operating profit of JPY11.6bn (+0.9% YoY), and profit attributable to owners of the parent of JPY8.0bn (+6.1% YoY).</li><li>The company captured outsourcing demand for contact center and back-office operations, raising the number of clients to 1,586 (from 1,520 in FY02/24).</li><li>As a result, SC operations generated revenue of JPY123.2bn (+2.4% YoY) and SB operations, JPY20.0bn (+6.0% YoY).</li></ul>

 In FY02/25, Bellsystem24 Holdings reported revenue of JPY143.6bn (-3.4% YoY), operating profit of JPY11.6bn (+0.9% YoY), and profit attributable to owners of the parent of JPY8.0bn (+6.1% YoY).The company captured outsourcing demand for contact center and back-office operations, raising the number of clients to 1,586 (from 1,520 in FY02/24).As a result, SC operations generated revenue of JPY123.2bn (+2.4% YoY) and SB operations, JPY20.0bn (+6.0% YoY).

Bell System24 Holdings Inc (6183 JP): Coverage Initiation

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.</li>
<li>Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-<em>November</em> 2024.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-November 2024.


Quiddity JPX-Nikkei 400 Rebal 2025: End-Nov 2024 Ranks

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.</li>
<li>Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-October 2024.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-October 2024.


Quiddity JPX-Nikkei 400 Rebal 2025: End-Oct 2024 Ranks

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Event-Driven

<ul>
<li>Today saw the publication of three different articles regarding the <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> approach and offer to purchase all the shares of <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> </li>
<li>The first in the Nikkei said ATD could push offer a high price, even up to ¥8 trillion. The second mentioned debt financing being feasible because of prodigious cash flow.</li>
<li>The third in Bloomberg noted that 7&amp;i had requested the government upgrade its FEFTA status to "core", which would lead to a more burdensome/restrictive government approval process.</li>
</ul>


Today saw the publication of three different articles regarding the Alimentation Couche-Tard (ATD CN) approach and offer to purchase all the shares of Seven &amp; I Holdings (3382 JP) 
The first in the Nikkei said ATD could push offer a high price, even up to ¥8 trillion. The second mentioned debt financing being feasible because of prodigious cash flow.
The third in Bloomberg noted that 7&amp;i had requested the government upgrade its FEFTA status to "core", which would lead to a more burdensome/restrictive government approval process.


Updates on The Couche-Tard Deal for 7&I (3382 JP)

Japan

BELLSYSTEM24 HOLDINGS, INC. provides CRM (Customer Relationship Management) related solutions including call center outsourcing services, technology, and consulting services. The company also provides clinical trial support services through its group companies.

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Bell System24 Holdings Inc (6183 JP)