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 FY03/26, Department Store business operating profit fell 56.6% YoY due to lower gross profit and higher SG&A expenses.</li><li>Supermarket business operating profit increased 35.7% YoY, driven by higher gross profit from sales growth and new store formats.</li><li>Shopping Center business sales fell 8.5% YoY, impacted by subsidiary divestitures and ongoing guest room renovations at Ours Inn Hankyu.</li></ul>

In Q1 FY03/26, Department Store business operating profit fell 56.6% YoY due to lower gross profit and higher SG&A expenses.Supermarket business operating profit increased 35.7% YoY, driven by higher gross profit from sales growth and new store formats.Shopping Center business sales fell 8.5% YoY, impacted by subsidiary divestitures and ongoing guest room renovations at Ours Inn Hankyu.

H2O Retailing (8242 JP): Q1 FY03/26 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Two and a half years ago, <a href="https://www.smartkarma.com/entities/h2o-retailing-corp" target="_blank" data-smartkarma-citation="entities:17562:1" rel="noopener">H2O Retailing (8242 JP)</a> the 10.9% owner, arranged to merge its own units into <a href="https://www.smartkarma.com/entities/kansai-super-market-ltd" target="_blank" data-smartkarma-citation="entities:15519:1" rel="noopener">Kansai Super Market (9919 JP)</a> to get control. OK Corp complained.</li>
<li>
OK Corp offered to double the price in a Tender Offer but wouldn't go hostile. KSM/KFM said no go. Shares popped to ¥2,000+ then when the deal failed, they fell. </li>
<li>
H₂O ended up with 58% (64.9% of votes now). The ultimate goal was to swallow it paying zero premium. On 15 May, it announced the merger to do just that. </li>
</ul>


Two and a half years ago, H2O Retailing (8242 JP) the 10.9% owner, arranged to merge its own units into Kansai Super Market (9919 JP) to get control. OK Corp complained.

OK Corp offered to double the price in a Tender Offer but wouldn't go hostile. KSM/KFM said no go. Shares popped to ¥2,000+ then when the deal failed, they fell. 

H₂O ended up with 58% (64.9% of votes now). The ultimate goal was to swallow it paying zero premium. On 15 May, it announced the merger to do just that. 


Kansai Food Market (9919) Minorities Get Squeezed into H2O Retailing (8242)

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Sky Network Television / Equity Bottom-Up

<ul><li>Netflix’s acquisition of Warner Bros. (WB) has potential implications for Sky TV (SKT) and, in particular, Neon.</li><li>Given SKT’s existing deal and acquisition timing, the impact to FY26 for SKT is likely to be minimal, but FY27 and beyond have become slightly more uncertain.</li><li>We leave our forecasts unchanged for now and retain OUTPERFORM, with its 13% 12-month forward gross yield attractive and free cashflow set to grow from its sports and ad platforms.</li></ul>

Netflix’s acquisition of Warner Bros. (WB) has potential implications for Sky TV (SKT) and, in particular, Neon.Given SKT’s existing deal and acquisition timing, the impact to FY26 for SKT is likely to be minimal, but FY27 and beyond have become slightly more uncertain.We leave our forecasts unchanged for now and retain OUTPERFORM, with its 13% 12-month forward gross yield attractive and free cashflow set to grow from its sports and ad platforms.

<ul><li>Gross sales reached JPY1,159.6bn (+8.0% YoY), with operating profit at JPY34.8bn (+33.0% YoY), achieving record highs.</li><li>Department Store business saw operating profit increase 43.8% YoY, driven by strong sales to tourists and domestic customers.</li><li>Supermarket business operating profit grew 26.2% YoY, supported by sales growth and reduced SG&A expenses.</li></ul>

Gross sales reached JPY1,159.6bn (+8.0% YoY), with operating profit at JPY34.8bn (+33.0% YoY), achieving record highs.Department Store business saw operating profit increase 43.8% YoY, driven by strong sales to tourists and domestic customers.Supermarket business operating profit grew 26.2% YoY, supported by sales growth and reduced SG&A expenses.

H2O Retailing (8242 JP): Full-year FY03/25 flash update

<ul><li>The company applied the Accounting Standard for Revenue Recognition in FY03/22, affecting sales and profit calculations.</li><li>Operating profit in the Department Store business rose 52.3% YoY, driven by domestic sales and inbound tourist demand.</li><li>H2O revised FY03/25 forecasts, lowering sales by JPY20.0bn but raising operating and recurring profit forecasts.</li></ul>

The company applied the Accounting Standard for Revenue Recognition in FY03/22, affecting sales and profit calculations.Operating profit in the Department Store business rose 52.3% YoY, driven by domestic sales and inbound tourist demand.H2O revised FY03/25 forecasts, lowering sales by JPY20.0bn but raising operating and recurring profit forecasts.

H2O Retailing (8242 JP): Q3 FY03/25 flash update

Japan

H2O RETAILING CORPORATION founded in Osaka in 1929, operates railway terminal department stores.  The Company's main store is located at Hankyu terminal in Umeda (Osaka) and sells clothing, foods, sundry goods, furniture, and household utensils.  H2O Retailing also operates restaurants and coffee shops.

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H2O Retailing (8242 JP)