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 Q1, revenue decreased by 1.4% YoY, while operating profit increased by 25.8% YoY in Long-term Care.</li><li>The company maintained high occupancy rates at assisted-living facilities, with average rates at 95.2% and 99.4%.</li><li>Revenue from Good Partners increased by 103.2% YoY, with operating profit rising by 163.5% YoY.</li></ul>

In Q1, revenue decreased by 1.4% YoY, while operating profit increased by 25.8% YoY in Long-term Care.The company maintained high occupancy rates at assisted-living facilities, with average rates at 95.2% and 99.4%.Revenue from Good Partners increased by 103.2% YoY, with operating profit rising by 163.5% YoY.

Charm Care Corp (6062 JP): Q1 FY06/25 flash update

<ul><li>Revenue for FY06/23 was JPY47.8bn (+26.2% YoY), with operating profit at JPY5.4bn (+28.3% YoY).</li><li>The company recorded an impairment loss of JPY600mn on investment securities as an extraordinary loss for FY06/24.</li><li>For FY06/25, the company forecasts revenue of JPY50.2bn (+4.9% YoY) and operating profit of JPY4.9bn (-8.9% YoY).</li></ul>

Revenue for FY06/23 was JPY47.8bn (+26.2% YoY), with operating profit at JPY5.4bn (+28.3% YoY).The company recorded an impairment loss of JPY600mn on investment securities as an extraordinary loss for FY06/24.For FY06/25, the company forecasts revenue of JPY50.2bn (+4.9% YoY) and operating profit of JPY4.9bn (-8.9% YoY).

Charm Care Corp (6062 JP): Full-year FY06/24 flash update

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/benesse-holdings-inc" target="_blank" data-smartkarma-citation="entities:12877:1" rel="noopener">Benesse Holdings (9783 JP)</a> notes that the pre-condition for EQT-backed MBO has been satisfied. The offer price remains unchanged at JPY2,600 per share, a 45.1% premium to the undisturbed price.</li>
<li>EQT has noted a possibility of extending the tender offer close from 4 to 13 March, which suggests a limited appetite to bump the offer.</li>
<li>The shares are trading 1.3% above terms. A 51% minority acceptance rate and no competing bidder indicate an unfavourable risk/reward profile - a 27% downside on deal break. </li>
</ul>



Benesse Holdings (9783 JP) notes that the pre-condition for EQT-backed MBO has been satisfied. The offer price remains unchanged at JPY2,600 per share, a 45.1% premium to the undisturbed price.
EQT has noted a possibility of extending the tender offer close from 4 to 13 March, which suggests a limited appetite to bump the offer.
The shares are trading 1.3% above terms. A 51% minority acceptance rate and no competing bidder indicate an unfavourable risk/reward profile - a 27% downside on deal break. 


Benesse Holdings (9783 JP): EQT-Backed MBO Offer Unchanged at JPY2,600

<ul>
<li>
<a href="https://www.smartkarma.com/entities/benesse-holdings-inc" target="_blank" data-smartkarma-citation="entities:12877:1" rel="noopener">Benesse Holdings (9783 JP)</a> has recommended an EQT-backed pre-conditional MBO offer of JPY2,600 per share, a 45.1% and 36.3% premium to the undisturbed price and last close, respectively.</li>
<li>The pre-conditions primarily relate to Japanese and Chinese approvals, which can be waived. Chinese SAMR approval should be forthcoming as education is not a geopolitical fraught sector.</li>
<li>The offer is long-dated and opens in early February 2024. While not a knockout bid, the offer is fair in the context of Benesse’s muted outlook. </li>
</ul>



Benesse Holdings (9783 JP) has recommended an EQT-backed pre-conditional MBO offer of JPY2,600 per share, a 45.1% and 36.3% premium to the undisturbed price and last close, respectively.
The pre-conditions primarily relate to Japanese and Chinese approvals, which can be waived. Chinese SAMR approval should be forthcoming as education is not a geopolitical fraught sector.
The offer is long-dated and opens in early February 2024. While not a knockout bid, the offer is fair in the context of Benesse’s muted outlook. 


Benesse Holdings (9783 JP): EQT Backed Pre-Conditional MBO Tender Offer at JPY2,600

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/10235" target="_blank" data-smartkarma-citation="entities:10235:1">Charm Care Corp (6062 JP)</a> is a relatively fast-growing Osaka-based smallcap ($130mm) JASDAQ-listed private senior-care facilities operator with 40+ care facilities and a total of 2,930 rooms under management as of end-December in the Tokyo and Kanagawa areas, the Osaka area, and the Hyogo and Kyoto areas. The company was listed in April 2012 as a <em>truly</em> tiny cap. Since then, revenues are up 3-fold and the market cap is up 8-fold. It is still growing quickly.  </p><div class="content-highlight"><p><em>This is a small cap offering. The</em>…</p></div>

Charm Care Corp (6062 JP) is a relatively fast-growing Osaka-based smallcap ($130mm) JASDAQ-listed private senior-care facilities operator with 40+ care facilities and a total of 2,930 rooms under management as of end-December in the Tokyo and Kanagawa areas, the Osaka area, and the Hyogo and Kyoto areas. The company was listed in April 2012 as a truly tiny cap. Since then, revenues are up 3-fold and the market cap is up 8-fold. It is still growing quickly.  This is a small cap offering. The…

Charm Care (6062) Offering, TSE2 Listing, and Growth

Japan

Charm Care Corporation, K.K. provides residential and personal care services.

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Charm Care Corp (6062 JP)