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>Sales in Q3 FY12/25 were JPY785.9bn, down 2.7% YoY, with a 1.6% decline on a local currency basis.</li><li>Operating profit increased by 18.9% YoY to JPY40.5bn, driven by strong shipments and cost control measures.</li><li>Net income attributable to owners rose 104.4% YoY to JPY21.7bn, aided by extraordinary gains and reduced losses.</li></ul>

Sales in Q3 FY12/25 were JPY785.9bn, down 2.7% YoY, with a 1.6% decline on a local currency basis.Operating profit increased by 18.9% YoY to JPY40.5bn, driven by strong shipments and cost control measures.Net income attributable to owners rose 104.4% YoY to JPY21.7bn, aided by extraordinary gains and reduced losses.

Dic Corp (4631 JP): Q3 FY12/25 flash update

<ul><li>Consolidated sales reached JPY262.1bn (+2.5% YoY), with operating profit at JPY13.1bn (+54.0% YoY), driven by market recovery.</li><li>Segment sales varied, with packaging inks declining in Asia, while jet inks for digital printing increased significantly.</li><li>Operating profit rose in Japan and overseas, supported by cost savings and stable sales prices across product lines.</li></ul>

Consolidated sales reached JPY262.1bn (+2.5% YoY), with operating profit at JPY13.1bn (+54.0% YoY), driven by market recovery.Segment sales varied, with packaging inks declining in Asia, while jet inks for digital printing increased significantly.Operating profit rose in Japan and overseas, supported by cost savings and stable sales prices across product lines.

Dic Corp (4631 JP): Q1 FY12/25 flash update

<ul><li>FY12/24 sales reached JPY1.07tn (+3.1% YoY), with operating profit at JPY44.5bn (+148.1% YoY), driven by product mix and cost reductions.</li><li>Sales in Packaging and Graphic segment increased due to jet inks demand, while Functional Products saw divestitures impact.</li><li>FY12/25 forecasts project JPY1,110.0bn sales (+3.6% YoY) and JPY48.0bn operating profit (+7.8% YoY), with dividend policy maintained.</li></ul>

FY12/24 sales reached JPY1.07tn (+3.1% YoY), with operating profit at JPY44.5bn (+148.1% YoY), driven by product mix and cost reductions.Sales in Packaging and Graphic segment increased due to jet inks demand, while Functional Products saw divestitures impact.FY12/25 forecasts project JPY1,110.0bn sales (+3.6% YoY) and JPY48.0bn operating profit (+7.8% YoY), with dividend policy maintained.

Dic Corp (4631 JP): Full-year FY12/24 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/taiyo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15154:1" rel="noopener">Taiyo Holdings (4626 JP)</a> shares were up 19.1% based on a <a href="https://news.bloombergtax.com/private-equity/taiyo-holdings-gets-buyout-proposals-from-firms-including-kkr" target="_blank" rel="noopener">Bloomberg report</a> that it received privatisation proposals from KKR and Nippon Sangyo Suishin Kiko. </li>
<li>Taiyo confirmed that it has received privatisation offers. The Board would view privatisation as a solution to rid itself of Oasis, which has recently waged an <a href="https://www.corpgovfortaiyo.com/taiyo-corp-gov" target="_blank" rel="noopener">activist campaign</a>. </li>
<li>At the last close price of JPY6,230, Oasis would be up 45.9% on its highest price of JPY4,720. My analysis suggests that an offer around JPY7,000 can be justified.</li>
</ul>



Taiyo Holdings (4626 JP) shares were up 19.1% based on a Bloomberg report that it received privatisation proposals from KKR and Nippon Sangyo Suishin Kiko. 
Taiyo confirmed that it has received privatisation offers. The Board would view privatisation as a solution to rid itself of Oasis, which has recently waged an activist campaign. 
At the last close price of JPY6,230, Oasis would be up 45.9% on its highest price of JPY4,720. My analysis suggests that an offer around JPY7,000 can be justified.


Taiyo Holdings (4626 JP): Privatisation Interest as Oasis Agitates

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Nomura Research Institute / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nomura-research-institute-ltd" target="_blank" data-smartkarma-citation="entities:18129:1" rel="noopener">Nomura Research Institute (4307 JP)</a> and <a href="https://www.smartkarma.com/entities/ryohin-keikaku-co-ltd" target="_blank" data-smartkarma-citation="entities:2765:1" rel="noopener">Ryohin Keikaku (7453 JP)</a> will replace <a href="https://www.smartkarma.com/entities/nippon-paper-industries-co-l" target="_blank" data-smartkarma-citation="entities:557:1" rel="noopener">Nippon Paper Industries Co L (3863 JP)</a> and <a href="https://www.smartkarma.com/entities/dic-corp" target="_blank" data-smartkarma-citation="entities:7343:1" rel="noopener">Dic Corp (4631 JP)</a> in the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a>'s CPAF will drop from 3 to 2.7 and there will be further selling in March 2025 as the CPAF drops to 2.4 (or possibly even 2.1!) </li>
<li>Passives will need to buy 7-15x ADV (13-14% of real float) in the adds and sell 2.7-6.5x ADV in the deletes. There is a big reverse funding trade too.</li>
</ul>



Nomura Research Institute (4307 JP) and Ryohin Keikaku (7453 JP) will replace Nippon Paper Industries Co L (3863 JP) and Dic Corp (4631 JP) in the Nikkei 225 (NKY INDEX). 

Fast Retailing (9983 JP)'s CPAF will drop from 3 to 2.7 and there will be further selling in March 2025 as the CPAF drops to 2.4 (or possibly even 2.1!) 
Passives will need to buy 7-15x ADV (13-14% of real float) in the adds and sell 2.7-6.5x ADV in the deletes. There is a big reverse funding trade too.


Nikkei 225 Index Rebalance: NRI, Ryohin Keikaku IN; Nippon Paper, DIC OUT; Fast Retailing Capped

Japan

DIC Corp. is a chemical company that specializes in printing inks, organic pigments, and thermosetting resins.  The Company also manufactures polymers, specialty plastics and compounds, and others which include building materials, pressure-sensitive adhesives materials, and biochemicals.

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Dic Corp (4631 JP)

Dic Corp (4631 JP): Q3 FY12/25 flash update

Sales in Q3 FY12/25 were JPY785.9bn, down 2.7% YoY, with a 1.6% decline on a local currency basis. Operating profit increased by 18.9% YoY to...

Shared Research

Dic Corp (4631 JP): Q1 FY12/25 flash update

Consolidated sales reached JPY262.1bn (+2.5% YoY), with operating profit at JPY13.1bn (+54.0% YoY), driven by market recovery. Segment sales...

Shared Research

Dic Corp (4631 JP): Full-year FY12/24 flash update

FY12/24 sales reached JPY1.07tn (+3.1% YoY), with operating profit at JPY44.5bn (+148.1% YoY), driven by product mix and cost reductions. Sales in...

Shared Research

Taiyo Holdings (4626 JP): Privatisation Interest as Oasis Agitates

The Board would view privatisation as a solution to rid itself of Oasis, which has recently waged an activist campaign. My analysis suggests that...

Arun George

Nikkei 225 Index Rebalance: NRI, Ryohin Keikaku IN; Nippon Paper, DIC OUT; Fast Retailing Capped

Nomura Research Institute and Ryohin Keikaku replace Nippon Paper and DIC in the Nikkei 225. Fast Retailing will be capped (and probably again in...

Brian Freitas

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