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>For 1H FY03/26, revenue decreased 7.7% YoY to JPY154.5bn, with operating profit down 16.6% YoY to JPY4.5bn.</li><li>The company revised FY03/26 forecast, lowering revenue by JPY19.0bn and operating profit by JPY2.1bn due to external disruptions.</li><li>Full-year dividend forecast remains JPY90.0 per share, with a projected payout ratio of 38.5%.</li></ul>

For 1H FY03/26, revenue decreased 7.7% YoY to JPY154.5bn, with operating profit down 16.6% YoY to JPY4.5bn.The company revised FY03/26 forecast, lowering revenue by JPY19.0bn and operating profit by JPY2.1bn due to external disruptions.Full-year dividend forecast remains JPY90.0 per share, with a projected payout ratio of 38.5%.

G Tekt Corp (5970 JP): 1H FY03/26 flash update

<ul><li>Consolidated revenue decreased 10.9% YoY to JPY77.3bn, with declines in all regions except Asia, due to production cuts.</li><li>Operating profit fell 14.8% YoY to JPY2.6bn, with OPM slipping 0.1pp YoY to 3.4%, despite effective cost control.</li><li>Recurring profit decreased 38.1% YoY to JPY2.6bn, and net income attributable to owners declined 38.7% YoY to JPY1.9bn.</li></ul>

Consolidated revenue decreased 10.9% YoY to JPY77.3bn, with declines in all regions except Asia, due to production cuts.Operating profit fell 14.8% YoY to JPY2.6bn, with OPM slipping 0.1pp YoY to 3.4%, despite effective cost control.Recurring profit decreased 38.1% YoY to JPY2.6bn, and net income attributable to owners declined 38.7% YoY to JPY1.9bn.

G Tekt Corp (5970 JP): Q1 FY03/26 flash update

<ul><li>FY03/25 revenue fell 1.6% YoY to JPY339.2bn, missing the forecast, but operating profit rose 0.8% YoY.</li><li>FY03/26 forecasts revenue at JPY339.0bn, with operating profit at JPY16.3bn, and EPS at JPY268.7.</li><li>FY03/26 forex assumption set at JPY145/USD, expecting a revenue reduction of JPY14.1bn and operating profit impact.</li></ul>

FY03/25 revenue fell 1.6% YoY to JPY339.2bn, missing the forecast, but operating profit rose 0.8% YoY.FY03/26 forecasts revenue at JPY339.0bn, with operating profit at JPY16.3bn, and EPS at JPY268.7.FY03/26 forex assumption set at JPY145/USD, expecting a revenue reduction of JPY14.1bn and operating profit impact.

G Tekt Corp (5970 JP): Full-year FY03/25 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>Effissimo reported a 5.87% ownership ratio in <a href="https://www.smartkarma.com/entities/pacific-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:6261:1" rel="noopener">Pacific Industrial (7250 JP)</a>. The average buy-in price of JPY2,235.91 per share is 9.1% above the JPY2,050 MBO offer.</li>
<li>Effissimo buying significantly above terms is justifiable as the offer implied a P/B of 0.71x. Effissimo is agitating for either a bump or an opportunity to participate in the back-end.</li>
<li>With the offer closing on 8 September and shares trading 16.9% above terms, the Ogawas have little choice but to revise terms.</li>
</ul>


Effissimo reported a 5.87% ownership ratio in Pacific Industrial (7250 JP). The average buy-in price of JPY2,235.91 per share is 9.1% above the JPY2,050 MBO offer.
Effissimo buying significantly above terms is justifiable as the offer implied a P/B of 0.71x. Effissimo is agitating for either a bump or an opportunity to participate in the back-end.
With the offer closing on 8 September and shares trading 16.9% above terms, the Ogawas have little choice but to revise terms.


Pacific Industrial (7250 JP): Effissimo Rears Its Head

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pacific-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:6261:1" rel="noopener">Pacific Industrial (7250 JP)</a> has recommended an MBO at JPY2,050, a 16.4% premium to the last close price and a 40.3% premium to the undisturbed price.</li>
<li>While the offer is below book value (P/B of 0.71x), it represents an all-time high and is above the mid-point of the IFA DCF valuation range. </li>
<li>Pacific Industrial has no history of activism. Therefore, the offer will succeed at current terms unless there is vocal opposition or an activist becomes a substantial shareholder. </li>
</ul>



Pacific Industrial (7250 JP) has recommended an MBO at JPY2,050, a 16.4% premium to the last close price and a 40.3% premium to the undisturbed price.
While the offer is below book value (P/B of 0.71x), it represents an all-time high and is above the mid-point of the IFA DCF valuation range. 
Pacific Industrial has no history of activism. Therefore, the offer will succeed at current terms unless there is vocal opposition or an activist becomes a substantial shareholder. 


Pacific Industrial (7250 JP): MBO at JPY2,050 Is Light but Likely Done

Japan

G-Tekt Corporation manufactures pressed automobile body parts. The Company also produces precision stamping parts for transmission.  G-TEKT exports its products globally.

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G Tekt Corp (5970 JP)