Research Coverage of Japanese Listed Companies, Shared Research Inc

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Research Coverage of Japanese Listed Companies

Shared Research Inc

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Equity Bottom-Up

Core Concept Technologies Inc / Equity Bottom-Up

<ul><li>Revenue increased by 11.6% YoY to JPY11.3bn, with DX support services contributing JPY5.7bn and IT staffing JPY5.6bn.</li><li>Net income declined by 31.7% YoY to JPY520mn due to a JPY297mn loss from trust-type stock options.</li><li>Progress towards full-year FY12/26 targets: 49.3% revenue, 47.3% operating profit, 47.8% recurring profit, 39.1% net income.</li></ul>

Revenue increased by 11.6% YoY to JPY11.3bn, with DX support services contributing JPY5.7bn and IT staffing JPY5.6bn.Net income declined by 31.7% YoY to JPY520mn due to a JPY297mn loss from trust-type stock options.Progress towards full-year FY12/26 targets: 49.3% revenue, 47.3% operating profit, 47.8% recurring profit, 39.1% net income.

Core Concept Technologies Inc (4371 JP): 1H FY12/26 flash update

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>Quiddity's "<strong>Who is Ready</strong>" 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>In the last few days, <a href="https://www.smartkarma.com/entities/sunwels-co-ltd" target="_blank" data-smartkarma-citation="entities:43702:1" rel="noopener">SUNWELS Co (9229 JP)</a> and <a href="https://www.smartkarma.com/entities/macbee-planet-inc" target="_blank" data-smartkarma-citation="entities:39863:1" rel="noopener">Macbee Planet (7095 JP)</a> have announced their moves to TSE prime which would eventually trigger a TOPIX Inclusion event.</li>
<li>
<a href="https://www.smartkarma.com/entities/macbee-planet-inc" target="_blank" data-smartkarma-citation="entities:39863:1" rel="noopener">Macbee Planet</a> was in our highest conviction list but <a href="https://www.smartkarma.com/entities/sunwels-co-ltd" target="_blank" data-smartkarma-citation="entities:43702:1" rel="noopener">SUNWELS Co</a> was not. In this insight, we have made some modifications to our methodology to improve future hit rates.</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.
In the last few days, SUNWELS Co (9229 JP) and Macbee Planet (7095 JP) have announced their moves to TSE prime which would eventually trigger a TOPIX Inclusion event.

Macbee Planet was in our highest conviction list but SUNWELS Co was not. In this insight, we have made some modifications to our methodology to improve future hit rates.


TOPIX Inclusions: Who Is Ready (July 2024)

<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/furuya-metal-co-ltd" target="_blank" data-smartkarma-citation="entities:5196:1" rel="noopener">Furuya Metal (7826 JP)</a> and <a href="https://www.smartkarma.com/entities/visional-inc" target="_blank" data-smartkarma-citation="entities:32977:1" rel="noopener">Visional (4194 JP)</a> are expected to be included in the TOPIX index at the end of January 2024</li>
<li>There are couple of other pre-event names that we have been tracking for the past few months.</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.

Furuya Metal (7826 JP) and Visional (4194 JP) are expected to be included in the TOPIX index at the end of January 2024
There are couple of other pre-event names that we have been tracking for the past few months.


TOPIX Inclusions: Who Is Ready (Jan 2024)

<ul><li>Revenue in Q1 FY12/26 was JPY5.4bn, with a 7.9% YoY increase, driven by DX and IT services.</li><li>Net income decreased by 66.4% YoY due to a JPY297mn loss from changes in stock option grants.</li><li>Progress toward FY12/26 targets: 23.6% revenue, 24.7% operating profit, 25.1% recurring profit, 10.5% net income.</li></ul>

Revenue in Q1 FY12/26 was JPY5.4bn, with a 7.9% YoY increase, driven by DX and IT services.Net income decreased by 66.4% YoY due to a JPY297mn loss from changes in stock option grants.Progress toward FY12/26 targets: 23.6% revenue, 24.7% operating profit, 25.1% recurring profit, 10.5% net income.

Core Concept Technologies Inc (4371 JP): Q1 FY12/26 flash update

<ul><li>Revenue for FY12/25 reached JPY20.9bn (+8.9% YoY), with DX support at JPY10.1bn and IT staffing at JPY10.8bn.</li><li>Cost of revenue was JPY15.2bn (+7.4% YoY), with gross profit at JPY5.7bn (+13.2% YoY) and SG&A expenses JPY3.5bn.</li><li>FY12/26 forecast predicts revenue of JPY23.0bn (+10.2% YoY) and net income of JPY1.3bn (-11.4% YoY).</li></ul>

Revenue for FY12/25 reached JPY20.9bn (+8.9% YoY), with DX support at JPY10.1bn and IT staffing at JPY10.8bn.Cost of revenue was JPY15.2bn (+7.4% YoY), with gross profit at JPY5.7bn (+13.2% YoY) and SG&A expenses JPY3.5bn.FY12/26 forecast predicts revenue of JPY23.0bn (+10.2% YoY) and net income of JPY1.3bn (-11.4% YoY).

Core Concept Technologies Inc (4371 JP): Full-year FY12/25 flash update

Japan

Core Concept Technologies Inc. offers information technology services. The Company provides digital transformation supporting, information technology human resources procurement supporting, and other services. Core Concept Technologies provides its services throughout Japan.

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Core Concept Technologies Inc (4371 JP)