Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Apr 10th. The aggregated net margin trading position is USD21,502m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Advantest, Kioxia, Lasertec, Fast Retailing, Fujikura, Nintendo, Tokyo Electron, JX Advanced Metals, Mitsubishi Heavy Industries, SoftBank.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Apr 10th. The aggregated net margin trading position is USD21,502m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Advantest, Kioxia, Lasertec, Fast Retailing, Fujikura, Nintendo, Tokyo Electron, JX Advanced Metals, Mitsubishi Heavy Industries, SoftBank.


JPX Margin Trading Weekly (Apr 10th): Advantest, Kioxia, Lasertec, Fast Retailing, Fujikura

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 1H FY11/25, revenue was JPY16.4bn (-4.1% YoY), with operating profit at JPY1.5bn (-45.0% YoY).</li><li>Full-year forecasts revised downward: revenue JPY32.6bn, operating profit JPY2.1bn, net income JPY1.3bn, EPS JPY58.20.</li><li>Dividend forecast remains unchanged at JPY94 per share, despite downward revision of full-year net income forecast.</li></ul>

In 1H FY11/25, revenue was JPY16.4bn (-4.1% YoY), with operating profit at JPY1.5bn (-45.0% YoY).Full-year forecasts revised downward: revenue JPY32.6bn, operating profit JPY2.1bn, net income JPY1.3bn, EPS JPY58.20.Dividend forecast remains unchanged at JPY94 per share, despite downward revision of full-year net income forecast.

FP Partner (7388 JP): 1H FY11/25 flash update

<ul><li>Revenue for Q1 FY11/25 was JPY8.3bn, flat YoY, with operating profit at JPY798mn, down 41.5% YoY.</li><li>The number of sales representatives increased to 2,546, while policy transfer agreements decreased to 4,981, down 27,362 YoY.</li><li>New policies totaled 56,931, down 1.1% YoY, with new customers at 35,339, up 0.7% YoY.</li></ul>

Revenue for Q1 FY11/25 was JPY8.3bn, flat YoY, with operating profit at JPY798mn, down 41.5% YoY.The number of sales representatives increased to 2,546, while policy transfer agreements decreased to 4,981, down 27,362 YoY.New policies totaled 56,931, down 1.1% YoY, with new customers at 35,339, up 0.7% YoY.

FP Partner (7388 JP): Q1 FY11/25 flash update

<ul><li>FY11/24 revenue was JPY35.6bn (+16.6% YoY), operating profit JPY5.3bn (-4.0% YoY), with EPS at JPY169.85. </li><li>FY11/25 forecasts JPY40.2bn revenue (+13.0% YoY), JPY6.1bn operating profit (+15.0% YoY), and JPY175.89 EPS. </li><li>Company plans growth investments, 700 new hires, and aims for 100,000 policy transfers in FY11/25.</li></ul>

FY11/24 revenue was JPY35.6bn (+16.6% YoY), operating profit JPY5.3bn (-4.0% YoY), with EPS at JPY169.85. FY11/25 forecasts JPY40.2bn revenue (+13.0% YoY), JPY6.1bn operating profit (+15.0% YoY), and JPY175.89 EPS. Company plans growth investments, 700 new hires, and aims for 100,000 policy transfers in FY11/25.

FP Partner (7388 JP): Full-year FY11/24 flash update

<ul><li>Revenue for cumulative Q3 FY11/24 reached JPY27.0bn, a 17.7% YoY increase, achieving 75.7% of the full-year forecast. </li><li>Operating profit decreased by 3.1% YoY to JPY4.4bn, with a shift towards foreign currency-denominated products impacting margins. </li><li>Full-year forecasts for operating profit, recurring profit, and net income were revised downward due to sales mix changes.</li></ul>

Revenue for cumulative Q3 FY11/24 reached JPY27.0bn, a 17.7% YoY increase, achieving 75.7% of the full-year forecast. Operating profit decreased by 3.1% YoY to JPY4.4bn, with a shift towards foreign currency-denominated products impacting margins. Full-year forecasts for operating profit, recurring profit, and net income were revised downward due to sales mix changes.

FP Partner (7388 JP): Q3 FY11/24 flash update

Japan

FP Partner Inc. offers financial services. The Company provides financial planning, insurance marketing and consulting, insurance agency, and other services. FP Partner also offers consultation site operation.

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FP Partner (7388 JP)

JPX Margin Trading Weekly (Apr 10th): Advantest, Kioxia, Lasertec, Fast Retailing, Fujikura

We analyzed JPX margin trading positions report for the past week and highlighted Advantest (6857 JP), Kioxia (285A JP), Lasertec (6920 JP), Fast...

Ke Yan, CFA, FRM