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>The company reported Q3 FY03/25 revenue of JPY498.8bn (+11.7% YoY) and operating profit of JPY86.6bn (+16.2% YoY).</li><li>Revised FY03/25 forecast: Revenue JPY670.0bn, operating profit JPY105.0bn, net income JPY115.0bn, driven by increased customer contracts.</li><li>Year-end dividend per share raised to JPY167, annual dividend JPY651, reflecting strong earnings and future developments.</li></ul>

The company reported Q3 FY03/25 revenue of JPY498.8bn (+11.7% YoY) and operating profit of JPY86.6bn (+16.2% YoY).Revised FY03/25 forecast: Revenue JPY670.0bn, operating profit JPY105.0bn, net income JPY115.0bn, driven by increased customer contracts.Year-end dividend per share raised to JPY167, annual dividend JPY651, reflecting strong earnings and future developments.

Hikari Tsushin (9435 JP): Q3 FY03/25 flash update, and revision of full-year earnings forecasts 

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>WellNeo Sugar (2117) today announced a deal to buy <a href="https://www.smartkarma.com/entities/toyo-sugar-refining-co-ltd" target="_blank" data-smartkarma-citation="entities:2182:1" rel="noopener">Toyo Sugar Refining (2107 JP)</a> at a 27% premium. This is a small ¥11bn deal where insiders own 45%. </li>
<li>Normally I wouldn't even talk about a deal this small but this one has something going for it. Two things actually. </li>
<li>And readers will have to read all the way down to the conclusions to find out the key one, but the setup is that it is too cheap.</li>
</ul>


WellNeo Sugar (2117) today announced a deal to buy Toyo Sugar Refining (2107 JP) at a 27% premium. This is a small ¥11bn deal where insiders own 45%. 
Normally I wouldn't even talk about a deal this small but this one has something going for it. Two things actually. 
And readers will have to read all the way down to the conclusions to find out the key one, but the setup is that it is too cheap.


WellNeo Sugar (2117) To Buy Toyo Sugar (2107) - Too Cheap, No Synergies Paid, but Too Small

<ul>
<li>Today after the close, <a href="https://www.smartkarma.com/entities/global-food-creators-co-ltd" target="_blank" data-smartkarma-citation="entities:20883:1" rel="noopener">Global Food Creators (7559 JP)</a> announced that the CEO would sell his 1.23% of the company into an MBO by a company he set up. </li>
<li>The family company which owns 27%, and he would fund the takeover of the other 73% with 1% equity taken from his share sale, and 99% bank loans. </li>
<li>The TOB is at 0.65x book for a cash-rich company. Liquidate the cash and the rest is being taken over at 0.33x book. Aaaaargh. </li>
</ul>


Today after the close, Global Food Creators (7559 JP) announced that the CEO would sell his 1.23% of the company into an MBO by a company he set up. 
The family company which owns 27%, and he would fund the takeover of the other 73% with 1% equity taken from his share sale, and 99% bank loans. 
The TOB is at 0.65x book for a cash-rich company. Liquidate the cash and the rest is being taken over at 0.33x book. Aaaaargh. 


Global Foods Creators (7559) - Another Stupidly Cheap MBO With Rigged DCF

<ul><li>The company reported revenue of JPY325.8bn (+9.9% YoY) and operating profit of JPY57.4bn (+18.4% YoY).</li><li>Effective Q1 FY03/25, the company adopted new segmentation with seven reportable segments, retroactively adjusted for Q1 FY03/24.</li><li>The company announced a quarterly dividend of JPY161 per share, raising annual dividend forecast to JPY639 per share.</li></ul>

The company reported revenue of JPY325.8bn (+9.9% YoY) and operating profit of JPY57.4bn (+18.4% YoY).Effective Q1 FY03/25, the company adopted new segmentation with seven reportable segments, retroactively adjusted for Q1 FY03/24.The company announced a quarterly dividend of JPY161 per share, raising annual dividend forecast to JPY639 per share.

Hikari Tsushin (9435 JP): 1H FY03/25 flash update, dividend payment, and dividend forecast revision

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/t-gaia-corp" target="_blank" rel="noopener">T Gaia Corp (3738 JP)</a> disclosed a Bain tender offer at JPY2,670, a 35.9% premium to the undisturbed price but a 27.2% discount to the last close.</li>
<li>Bain has set the minimum number of shares to be purchased at a 12.67% ownership ratio to appease the Board, which has a neutral recommendation. </li>
<li>Bain hopes the offer’s harsh reality check will burst the share price bubble, nudging minorities to accept. An auction process suggests that the chance of a competing offer is low.   </li>
</ul>



T Gaia Corp (3738 JP) disclosed a Bain tender offer at JPY2,670, a 35.9% premium to the undisturbed price but a 27.2% discount to the last close.
Bain has set the minimum number of shares to be purchased at a 12.67% ownership ratio to appease the Board, which has a neutral recommendation. 
Bain hopes the offer’s harsh reality check will burst the share price bubble, nudging minorities to accept. An auction process suggests that the chance of a competing offer is low.   


T-Gaia (3738 JP): Reality Check as Bain Launches a Takeunder

Japan

HIKARI TSUSHIN, INC. is a mobile telecommunication service subscription agency. The Company also operates telecommunication services stores, HIT SHOP, which sell cellular telephones, and related goods.  Hikari Tsushin also sells office automation equipment and insurance.

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Hikari Tsushin (9435 JP)