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

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Dec 19th. The aggregated net margin trading position is USD19,663m.</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 Furukawa Battery, Kioxia, Skylark, Mitsubishi UFJ Financial, Advantest, Disco, McDonald's, Mizuho Financial, Mitsubishi Heavy Industries, Lasertec, Furukawa Battery, Kioxia, Skylark.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Dec 19th. The aggregated net margin trading position is USD19,663m.
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 Furukawa Battery, Kioxia, Skylark, Mitsubishi UFJ Financial, Advantest, Disco, McDonald's, Mizuho Financial, Mitsubishi Heavy Industries, Lasertec, Furukawa Battery, Kioxia, Skylark.


JPX Margin Trading Weekly (Dec 19th): Furukawa Battery, Kioxia, Skylark, Mitsubishi UFJ Financial

<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

Japan

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

Price Gauge
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G Tekt Corp (5970 JP)