Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published in the past two weeks on Smartkarma</li>
<li>In this cut, we compare Japanese insurers versus banks, look at the Chinese EV sector and explore how tariff hikes benefit Asian port operators</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published in the past two weeks on Smartkarma
In this cut, we compare Japanese insurers versus banks, look at the Chinese EV sector and explore how tariff hikes benefit Asian port operators
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: Japan Insurers Vs Banks, the State of the Chinese EV Sector & Asian Ports in Focus

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.

Hokkoku Financial Holdings / Equity Bottom-Up

<ul><li>Consolidated ordinary income decreased by 1.4% YoY to JPY89.6bn, while gross profit increased by 39.3% YoY.</li><li>Hokkoku Bank's core operating profit rose 87.8% YoY, driven by increased net interest income and operating income.</li><li>For FY03/26, the company forecasts a 46.4% YoY increase in consolidated ordinary profit to JPY18.0bn.</li></ul>

Consolidated ordinary income decreased by 1.4% YoY to JPY89.6bn, while gross profit increased by 39.3% YoY.Hokkoku Bank's core operating profit rose 87.8% YoY, driven by increased net interest income and operating income.For FY03/26, the company forecasts a 46.4% YoY increase in consolidated ordinary profit to JPY18.0bn.

Hokkoku Financial Holdings (7381 JP): Full-year FY03/25 flash update

<ul><li>Consolidated ordinary income decreased by 4.7% YoY to JPY66.0bn, mainly due to reduced gains on securities sales.</li><li>Hokkoku Bank's core operating profit rose by 99.9% YoY to JPY7.0bn, driven by increased net interest income.</li><li>Ordinary profit at Hokkoku Bank fell by 24.3% YoY to JPY9.9bn, impacted by a decline in non-recurring gains.</li></ul>

Consolidated ordinary income decreased by 4.7% YoY to JPY66.0bn, mainly due to reduced gains on securities sales.Hokkoku Bank's core operating profit rose by 99.9% YoY to JPY7.0bn, driven by increased net interest income.Ordinary profit at Hokkoku Bank fell by 24.3% YoY to JPY9.9bn, impacted by a decline in non-recurring gains.

Hokkoku Financial Holdings (7381 JP): Q3 FY03/25 flash update

<ul><li>Consolidated ordinary income decreased by 6.5% YoY to JPY44.9bn, influenced by reduced gains on securities sales.</li><li>Hokkoku Bank's core operating profit increased by 63.0% YoY to JPY4.7bn, driven by higher net interest income.</li><li>Profit attributable to owners of parent fell by 17.3% YoY to JPY5.7bn, with a progress rate of 56.6%.</li></ul>

Consolidated ordinary income decreased by 6.5% YoY to JPY44.9bn, influenced by reduced gains on securities sales.Hokkoku Bank's core operating profit increased by 63.0% YoY to JPY4.7bn, driven by higher net interest income.Profit attributable to owners of parent fell by 17.3% YoY to JPY5.7bn, with a progress rate of 56.6%.

Hokkoku Financial Holdings (7381 JP): 1H FY03/25 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>So far, 10 regional banks have upgraded guidance since Q1 results. One of them (Iyogin) twice. The average gain is +71.7% vs original H1 guidance (if we count Iyogin once).</li>
<li>This week will be the big push for new guidance ahead of a flood earnings reports the following week. Election results will cause concern, and the BOJ meets Thursday.</li>
<li>I expect a move in December (positive for banks), but it may be US Fed and $/¥-dependent. In the meantime banks enjoy tailwinds.</li>
</ul>


So far, 10 regional banks have upgraded guidance since Q1 results. One of them (Iyogin) twice. The average gain is +71.7% vs original H1 guidance (if we count Iyogin once).
This week will be the big push for new guidance ahead of a flood earnings reports the following week. Election results will cause concern, and the BOJ meets Thursday.
I expect a move in December (positive for banks), but it may be US Fed and $/¥-dependent. In the meantime banks enjoy tailwinds.


Japan 2024 H1 Bank Guidance: Interest/Fees ⬆︎, Expenses/Credit Costs⬇︎ - Opportunity Good Still

Japan

The Hokkoku Bank, Ltd. is a regional bank based in Ishikawa prefecture.  The Bank provides banking services such as deposits, loans, and foreign exchange transactions.  Hokkoku Bank also provides other financial services including securities brokerage, letter of credit, lease, credit cards, and real estate services.

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Hokkoku Financial Holdings (7381 JP)

Curator's Cut: Japan Insurers Vs Banks, the State of the Chinese EV Sector & Asian Ports in Focus

This Curator's Cut issue compares Japanese insurers vs banks amidst rising yields, the state of the Chinese EV sector and how Asian port operators...

Pranav Rao