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 FY04/26, the company reported revenue of JPY15.2bn, operating profit of JPY1.7bn, and net income of JPY1.1bn.</li><li>Business support services for MVNOs expanded, resulting in revenue growth of 12.7% YoY and operating profit increase of 53.3% YoY.</li><li>Revenue for 5G Homestyle service increased 11.3% YoY to JPY6.9bn, while operating profit rose 19.3% YoY.</li></ul>

In Q1 FY04/26, the company reported revenue of JPY15.2bn, operating profit of JPY1.7bn, and net income of JPY1.1bn.Business support services for MVNOs expanded, resulting in revenue growth of 12.7% YoY and operating profit increase of 53.3% YoY.Revenue for 5G Homestyle service increased 11.3% YoY to JPY6.9bn, while operating profit rose 19.3% YoY.

Freebit Co Ltd (3843 JP): Q1 FY04/26 flash update

<ul><li>Cumulative Q3 FY04/25 revenue, operating, and recurring profit increased 1.4%, 0.4%, and 1.0% YoY, respectively; net income declined 11.9%.</li><li>Revenue grew 5.6% YoY, but operating profit declined 25.7% YoY due to communication equipment and human resource costs.</li><li>Revenue declined 3.7% YoY, operating profit rose 7.0% YoY; excluding fiscal change, revenue and profit increased 5.5% and 27.3%.</li></ul>

Cumulative Q3 FY04/25 revenue, operating, and recurring profit increased 1.4%, 0.4%, and 1.0% YoY, respectively; net income declined 11.9%.Revenue grew 5.6% YoY, but operating profit declined 25.7% YoY due to communication equipment and human resource costs.Revenue declined 3.7% YoY, operating profit rose 7.0% YoY; excluding fiscal change, revenue and profit increased 5.5% and 27.3%.

Freebit Co Ltd (3843 JP): Q3 FY04/25 flash update

<ul><li>In 1H FY04/25, revenue, operating profit, and net income declined YoY, while recurring profit increased 2.1% YoY.</li><li>Excluding fiscal year-end changes, 1H FY04/25 revenue and operating profit grew 8.0% and 15.5% YoY, respectively.</li><li>Revenue and operating profit for 5G Homestyle services increased 5.8% and 25.7% YoY, excluding fiscal year-end impact.</li></ul>

In 1H FY04/25, revenue, operating profit, and net income declined YoY, while recurring profit increased 2.1% YoY.Excluding fiscal year-end changes, 1H FY04/25 revenue and operating profit grew 8.0% and 15.5% YoY, respectively.Revenue and operating profit for 5G Homestyle services increased 5.8% and 25.7% YoY, excluding fiscal year-end impact.

Freebit Co Ltd (3843 JP): 1H FY04/25 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>For the month of March 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$14bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in March was ~53%, with a year-to-date average also of 55%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31% .</li>
</ul>


For the month of March 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$14bn.
The average premium for the new transactions announced (or first discussed) in March was ~53%, with a year-to-date average also of 55%.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31% .


(Mostly) Asia M&A, Mar 2025 Wrap: ENN Energy, Gold Road, Spartan, Aeon Delight, Sinarmas, Topcon

<ul>
<li>Buy <a href="https://www.smartkarma.com/entities/hankyu-hanshin-reit-inc" target="_blank" data-smartkarma-citation="entities:12654:1" rel="noopener">Hankyu Hanshin REIT, Inc. (8977 JP)</a> on any weakness. There will be strength ahead.</li>
<li>With <a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a> suspended pursuant to the Takeovers Code, a third party Offer, as opposed to ENN Group, seems more likely. </li>
<li>Be long <a href="https://www.smartkarma.com/entities/idemitsu-kosan-co-ltd" target="_blank" data-smartkarma-citation="entities:109:1" rel="noopener">Idemitsu (5019 JP)</a> vs <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS</a> for the next several weeks. Light and easy drift trade based on pressure increasing and pressure ending before new news in May.</li>
</ul>


Buy Hankyu Hanshin REIT, Inc. (8977 JP) on any weakness. There will be strength ahead.
With ENN Energy (2688 HK) suspended pursuant to the Takeovers Code, a third party Offer, as opposed to ENN Group, seems more likely. 
Be long Idemitsu (5019 JP) vs ENEOS for the next several weeks. Light and easy drift trade based on pressure increasing and pressure ending before new news in May.


Last Week in Event SPACE: Hankyu Hanshin REIT, ENN Energy, Idemitsu, HKBN, Jardine Matheson

Japan

FreeBit Co., Ltd. provides Internet connectivity outsourcing services for Internet service providers.  The Company also offers ubiquitous networking environment.  FreeBit provides consulting services for Internet related businesses as well.

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Freebit Co Ltd (3843 JP)