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>Revenue decreased by 27.6% YoY to JPY849mn, with operating and recurring losses of JPY62mn and JPY61mn, respectively.</li><li>Contract processing services revenue fell 16.4% YoY, with orders declining 12.4% YoY to 4,981 in Q1 FY10/25.</li><li>Medical device sales revenue dropped 26.7% YoY, while cosmetics sales revenue decreased 65.2% YoY in Q1 FY10/25.</li></ul>

Revenue decreased by 27.6% YoY to JPY849mn, with operating and recurring losses of JPY62mn and JPY61mn, respectively.Contract processing services revenue fell 16.4% YoY, with orders declining 12.4% YoY to 4,981 in Q1 FY10/25.Medical device sales revenue dropped 26.7% YoY, while cosmetics sales revenue decreased 65.2% YoY in Q1 FY10/25.

CellSource   (4880 JP): Q1 FY10/25 flash update

<ul><li>Revenue for FY10/24 was JPY4.4bn, a 3.4% YoY decrease, with operating profit down 89.4% YoY to JPY129mn. </li><li>FY10/25 forecasts include revenue of JPY4.5bn (+3.4% YoY) and operating profit of JPY370mn (+186.5% YoY). </li><li>Contract processing services revenue declined 12.8% YoY in FY10/24, with orders decreasing by 13.9% YoY.</li></ul>

Revenue for FY10/24 was JPY4.4bn, a 3.4% YoY decrease, with operating profit down 89.4% YoY to JPY129mn. FY10/25 forecasts include revenue of JPY4.5bn (+3.4% YoY) and operating profit of JPY370mn (+186.5% YoY). Contract processing services revenue declined 12.8% YoY in FY10/24, with orders decreasing by 13.9% YoY.

CellSource   (4880 JP): Full-year FY10/24 flash update

<ul><li>Revenue: JPY3.3bn (-1.9% YoY), Operating profit: JPY388mn (-62.8% YoY), Recurring profit: JPY496mn (-52.3% YoY), Net income: JPY374mn (-44.6% YoY).</li><li>Contract processing services revenue: JPY2.0bn (-12.9% YoY), Consulting services revenue: JPY161mn (-54.9% YoY), Medical device sales: JPY711mn (+35.4% YoY), Cosmetics sales: JPY419mn (+145.0% YoY).</li><li>Revised earnings forecast for FY10/24: Revenue JPY4.4bn (-3.0% YoY), Operating profit JPY420mn (-65.6% YoY), Recurring profit JPY527mn (-55.9% YoY), Net income JPY417mn (-54.8% YoY).</li></ul>

Revenue: JPY3.3bn (-1.9% YoY), Operating profit: JPY388mn (-62.8% YoY), Recurring profit: JPY496mn (-52.3% YoY), Net income: JPY374mn (-44.6% YoY).Contract processing services revenue: JPY2.0bn (-12.9% YoY), Consulting services revenue: JPY161mn (-54.9% YoY), Medical device sales: JPY711mn (+35.4% YoY), Cosmetics sales: JPY419mn (+145.0% YoY).Revised earnings forecast for FY10/24: Revenue JPY4.4bn (-3.0% YoY), Operating profit JPY420mn (-65.6% YoY), Recurring profit JPY527mn (-55.9% YoY), Net income JPY417mn (-54.8% YoY).

CellSource   (4880 JP): Q3 FY10/24 flash update

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>The Tokyo Stock Exchange (TSE) calculates Free-Float Weight (FFW) for each listed company and uses this value as a key component of TOPIX Index Calculation.</li>
<li>For companies with "low liquidity" the FFW will be multiplied by a fixed liquidity factor of 0.75 to derive the final FFW used for index calculation.</li>
<li>Every April, the application of this liquidity factor is reviewed by the TSE. In this insight, we take an early look at what could happen in April 2024.</li>
</ul>


The Tokyo Stock Exchange (TSE) calculates Free-Float Weight (FFW) for each listed company and uses this value as a key component of TOPIX Index Calculation.
For companies with "low liquidity" the FFW will be multiplied by a fixed liquidity factor of 0.75 to derive the final FFW used for index calculation.
Every April, the application of this liquidity factor is reviewed by the TSE. In this insight, we take an early look at what could happen in April 2024.


TOPIX "Big April Basket" 2024 Expectations: More High-Conviction Names; Better Trade Ideas

<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>Our main pre-event candidate <a href="https://www.smartkarma.com/entities/celsys-inc" target="_blank" data-smartkarma-citation="entities:20774:1" rel="noopener">CELSYS (3663 JP)</a> has outperformed TOPIX by ~12.6% since 1 Sep (when it was highlighted) and 6 Nov 2023.</li>
<li>There are three TOPIX Inclusion events confirmed for the end of November and two other interesting pre-event names we are closely monitoring.</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.
Our main pre-event candidate CELSYS (3663 JP) has outperformed TOPIX by ~12.6% since 1 Sep (when it was highlighted) and 6 Nov 2023.
There are three TOPIX Inclusion events confirmed for the end of November and two other interesting pre-event names we are closely monitoring.


TOPIX Inclusions: Who Is Ready (Nov 2023)

Japan

CellSource Co., Ltd. offers regenerative medical services. The Company provides medical institution operating procedures supporting, medical expertise knowledge supporting, and other services. CellSource also operates chemical manufacturing, cell processing, and other businesses.

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CellSource (4880 JP)