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 increased to JPY12.3bn (+16.2% YoY) with operating profit at JPY2.8bn (+18.8% YoY) and net income at JPY1.7bn (+28.2% YoY).</li><li>Total contracts in force reached 489,000 (+2.1% YoY), with Guarantee business contracts at 400,000 (+10.1% YoY).</li><li>Carol System acquisition contributed JPY324mn to revenue, enhancing digital transformation initiatives and strengthening client relationships.</li></ul>

Revenue increased to JPY12.3bn (+16.2% YoY) with operating profit at JPY2.8bn (+18.8% YoY) and net income at JPY1.7bn (+28.2% YoY).Total contracts in force reached 489,000 (+2.1% YoY), with Guarantee business contracts at 400,000 (+10.1% YoY).Carol System acquisition contributed JPY324mn to revenue, enhancing digital transformation initiatives and strengthening client relationships.

Entrust Inc (7191 JP): Full-year FY03/26 flash update

<ul><li>Revenue increased to JPY8.9bn (+14.4% YoY), with operating profit at JPY2.0bn (+18.8% YoY) and OPM at 22.8%.</li><li>Total contracts in force reached 487,000 (+2.4% YoY), with Guarantee business contracts at 390,000 (+11.7% YoY).</li><li>Revenue in the Solution business declined 13.4% YoY due to customer shifts to guarantee contracts.</li></ul>

Revenue increased to JPY8.9bn (+14.4% YoY), with operating profit at JPY2.0bn (+18.8% YoY) and OPM at 22.8%.Total contracts in force reached 487,000 (+2.4% YoY), with Guarantee business contracts at 390,000 (+11.7% YoY).Revenue in the Solution business declined 13.4% YoY due to customer shifts to guarantee contracts.

Entrust Inc (7191 JP): Q3 FY03/26 flash update

<ul><li>Revenue increased by 15.8% YoY to JPY5.9bn, driven by growth in rent guarantee services.</li><li>Operating profit rose 22.4% YoY to JPY1.4bn, with an operating profit margin of 23.7%.</li><li>Total contracts in force reached 485,000, with Guarantee business contracts increasing 18.9% YoY to 382,000.</li></ul>

Revenue increased by 15.8% YoY to JPY5.9bn, driven by growth in rent guarantee services.Operating profit rose 22.4% YoY to JPY1.4bn, with an operating profit margin of 23.7%.Total contracts in force reached 485,000, with Guarantee business contracts increasing 18.9% YoY to 382,000.

Entrust Inc (7191 JP): 1H FY03/26 flash update

<ul><li>Revenue increased 15.9% YoY to JPY2.9bn, driven by growth in rent guarantee services, despite Solution business decline.</li><li>Operating profit rose 22.0% YoY to JPY660mn, with an OPM increase of 1.1pp YoY to 22.9%.</li><li>Total contracts in force reached 482,000, with Guarantee business contracts up 19.9% YoY, Solution business contracts down 23.8% YoY.</li></ul>

Revenue increased 15.9% YoY to JPY2.9bn, driven by growth in rent guarantee services, despite Solution business decline.Operating profit rose 22.0% YoY to JPY660mn, with an OPM increase of 1.1pp YoY to 22.9%.Total contracts in force reached 482,000, with Guarantee business contracts up 19.9% YoY, Solution business contracts down 23.8% YoY.

Entrust Inc (7191 JP): Q1 FY03/26 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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ns-group-inc" target="_blank" data-smartkarma-citation="entities:46003:1" rel="noopener">NS Group (471A JP)</a> is a Japanese property rent guarantee company. It is seeking to raise up to US$255 million. Pricing is on 1 December and listing is on 16 December.   </li>
<li>The controlling shareholder is Bain Capital, which owns 51.0% of voting rights. The offering is a pure secondary sale by Bain.   </li>
<li>The investment case rests on its unique market positioning, accelerating growth, sector-leading profitability, cash generation, and low leverage. </li>
</ul>



NS Group (471A JP) is a Japanese property rent guarantee company. It is seeking to raise up to US$255 million. Pricing is on 1 December and listing is on 16 December.   
The controlling shareholder is Bain Capital, which owns 51.0% of voting rights. The offering is a pure secondary sale by Bain.   
The investment case rests on its unique market positioning, accelerating growth, sector-leading profitability, cash generation, and low leverage. 


Japan

Entrust Inc. offers rent guarantee and guarantee-related solution services. The Company provides rent arrear guarantee related services, nursing-care, and medical-care guarantee. Entrust serves customers in Japan.

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Entrust Inc (7191 JP)