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 FY07/25, the company reported revenue of JPY21.5bn (+14.9% YoY) and operating profit of JPY4.1bn (+16.5% YoY).</li><li>The Consumer Service segment's FY07/25 revenue was JPY19.1bn (+19.5% YoY), with a segment profit of JPY4.0bn (+16.7% YoY).</li><li>For FY07/26, the company projects revenue of JPY22.0bn (+2.2% YoY) and operating profit of JPY4.5bn (+8.9% YoY).</li></ul>

In FY07/25, the company reported revenue of JPY21.5bn (+14.9% YoY) and operating profit of JPY4.1bn (+16.5% YoY).The Consumer Service segment's FY07/25 revenue was JPY19.1bn (+19.5% YoY), with a segment profit of JPY4.0bn (+16.7% YoY).For FY07/26, the company projects revenue of JPY22.0bn (+2.2% YoY) and operating profit of JPY4.5bn (+8.9% YoY).

i-mobile Co Ltd (6535 JP): Full-year FY07/25 flash update

<ul><li>Cumulative Q3 FY07/25 revenue was JPY18.7bn (+14.2% YoY), operating profit JPY4.0bn (+6.5% YoY), net income JPY2.9bn (+11.5% YoY).</li><li>Consumer Service segment revenue reached JPY16.8bn (+18.2% YoY), with a segment profit of JPY3.9bn (+11.3% YoY).</li><li>Online Advertising segment revenue was JPY1.8bn (-13.3% YoY), segment profit JPY121mn (-61.7% YoY), with promotion costs JPY319mn (-14.7% YoY).</li></ul>

Cumulative Q3 FY07/25 revenue was JPY18.7bn (+14.2% YoY), operating profit JPY4.0bn (+6.5% YoY), net income JPY2.9bn (+11.5% YoY).Consumer Service segment revenue reached JPY16.8bn (+18.2% YoY), with a segment profit of JPY3.9bn (+11.3% YoY).Online Advertising segment revenue was JPY1.8bn (-13.3% YoY), segment profit JPY121mn (-61.7% YoY), with promotion costs JPY319mn (-14.7% YoY).

i-mobile Co Ltd (6535 JP): Q3 FY07/25 flash update

<ul><li>In 1H FY07/25, the company reported revenue of JPY16.4bn (+14.5% YoY) and operating profit of JPY3.7bn (+8.2% YoY).</li><li>Consumer Service segment saw revenue of JPY15.1bn (+17.6% YoY), with a 24.7% operating profit margin, down 0.7pp YoY.</li><li>Online Advertising segment reported revenue of JPY1.2bn (-13.9% YoY) and segment profit of JPY77mn (-70.3% YoY).</li></ul>

In 1H FY07/25, the company reported revenue of JPY16.4bn (+14.5% YoY) and operating profit of JPY3.7bn (+8.2% YoY).Consumer Service segment saw revenue of JPY15.1bn (+17.6% YoY), with a 24.7% operating profit margin, down 0.7pp YoY.Online Advertising segment reported revenue of JPY1.2bn (-13.9% YoY) and segment profit of JPY77mn (-70.3% YoY).

i-mobile Co Ltd (6535 JP): 1H FY07/25 flash update

<ul><li>In Q1 FY07/25, the company reported revenue of JPY4.4bn, operating profit of JPY1.1bn, and net income of JPY720mn.</li><li>Consumer Service business revenue was JPY3.8bn, with a segment profit of JPY1.1bn, and promotion costs of JPY2.2bn.</li><li>Online Advertising business revenue was JPY644mn, segment profit was JPY34mn, and promotion costs were JPY114mn.</li></ul>

In Q1 FY07/25, the company reported revenue of JPY4.4bn, operating profit of JPY1.1bn, and net income of JPY720mn.Consumer Service business revenue was JPY3.8bn, with a segment profit of JPY1.1bn, and promotion costs of JPY2.2bn.Online Advertising business revenue was JPY644mn, segment profit was JPY34mn, and promotion costs were JPY114mn.

i-mobile Co Ltd (6535 JP): Q1 FY07/25 flash update

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

The Tokyo Stock Exchange (TSE) calculates Free-Float Weight (FFW) for each listed company and uses this value as a key component of TOPIX Index Calculation. For companies with "low liquidity" the FFW will be multiplied by a fixed liquidity factor of 0.75 to derive the final FFW used for index calculation. This affects both TSE-1 incumbents and new entrants (depending on the date of entry). Every April, the application of this liquidity factor is reviewed by the TSE for all TSE1 constituents. Last April, 71 constituents saw their liquidity factors removed causing an increase in their respective FFWs used for index calculation resulting in a TOPIX upweight.This situation opens up interesting opportunities for a basket trade. Below is a discussion regarding the key details of TSE's FFW Calculation Methodology and the candidate stocks which could potentially experience a change in the application of the liquidity factor (including some surprisingly big names).

The Tokyo Stock Exchange (TSE) calculates Free-Float Weight (FFW) for each listed company and uses this value as a key component of TOPIX Index Calculation. For companies with "low liquidity" the FFW will be multiplied by a fixed liquidity factor of 0.75 to derive the final FFW used for index calculation. This affects both TSE-1 incumbents and new entrants (depending on the date of entry). Every April, the application of this liquidity factor is reviewed by the TSE for all TSE1 constituents. Last April, 71 constituents saw their liquidity factors removed causing an increase in their respective FFWs used for index calculation resulting in a TOPIX upweight.This situation opens up interesting opportunities for a basket trade. Below is a discussion regarding the key details of TSE's FFW Calculation Methodology and the candidate stocks which could potentially experience a change in the application of the liquidity factor (including some surprisingly big names).   

TOPIX Index Upweights: The Big April Basket 2021

i-mobile Co Ltd (6535 JP): Full-year FY07/25 flash update

In FY07/25, the company reported revenue of JPY21.5bn (+14.9% YoY) and operating profit of JPY4.1bn (+16.5% YoY). The Consumer Service segment's...

Shared Research

i-mobile Co Ltd (6535 JP): Q3 FY07/25 flash update

Cumulative Q3 FY07/25 revenue was JPY18.7bn (+14.2% YoY), operating profit JPY4.0bn (+6.5% YoY), net income JPY2.9bn (+11.5% YoY). Consumer...

Shared Research

i-mobile Co Ltd (6535 JP): 1H FY07/25 flash update

In 1H FY07/25, the company reported revenue of JPY16.4bn (+14.5% YoY) and operating profit of JPY3.7bn (+8.2% YoY). Consumer Service segment saw...

Shared Research

i-mobile Co Ltd (6535 JP): Q1 FY07/25 flash update

In Q1 FY07/25, the company reported revenue of JPY4.4bn, operating profit of JPY1.1bn, and net income of JPY720mn. Consumer Service business...

Shared Research

TOPIX Index Upweights: The Big April Basket 2021

TOPIX does an annual exercise to adjust Liquidity Factor. The time for trades around that is upon us. This insight looks at the best trade around...

Janaghan Jeyakumar, CFA