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>Orders were JPY11.0bn (-32.0% YoY), order backlog was JPY18.8bn (-11.3% YoY), and sales were JPY12.5bn (+8.4% YoY).</li><li>Revised FY06/26 forecasts: revenue JPY17.2bn, operating profit JPY2.0bn, recurring profit JPY2.1bn, net income JPY1.4bn.</li><li>Operating profit decreased 5.8% YoY, GPM decreased 2.7pp to 27.9%, and OPM declined 1.6pp to 10.9%.</li></ul>

Orders were JPY11.0bn (-32.0% YoY), order backlog was JPY18.8bn (-11.3% YoY), and sales were JPY12.5bn (+8.4% YoY).Revised FY06/26 forecasts: revenue JPY17.2bn, operating profit JPY2.0bn, recurring profit JPY2.1bn, net income JPY1.4bn.Operating profit decreased 5.8% YoY, GPM decreased 2.7pp to 27.9%, and OPM declined 1.6pp to 10.9%.

Intelligent Wave (4847 JP): Q3 FY06/26 flash update

<ul><li>Orders decreased to JPY7.1bn (-44.6% YoY), order backlog declined to JPY19.0bn (-12.7% YoY) due to prior large-scale projects.</li><li>Sales increased by 10.8% YoY, with payment domain sales up 13.0% and security domain sales rising 7.5%.</li><li>Operating profit rose 2.1% YoY; GPM decreased 1.9pp to 27.7%, OPM declined 0.9pp to 10.5%.</li></ul>

Orders decreased to JPY7.1bn (-44.6% YoY), order backlog declined to JPY19.0bn (-12.7% YoY) due to prior large-scale projects.Sales increased by 10.8% YoY, with payment domain sales up 13.0% and security domain sales rising 7.5%.Operating profit rose 2.1% YoY; GPM decreased 1.9pp to 27.7%, OPM declined 0.9pp to 10.5%.

Intelligent Wave (4847 JP): 1H FY06/26 flash update

<ul><li>Orders were JPY3.7bn (-34.3% YoY), order backlog JPY20.2bn (+8.6% YoY), sales JPY3.7bn (+5.7% YoY).</li><li>Operating profit was JPY206mn (-32.4% YoY), recurring profit JPY205mn (-32.7% YoY), net income JPY140mn (-32.9% YoY).</li><li>Sales increased 4.7% YoY in settlement domain, 22.8% in security domain, declined 13.2% in data communication.</li></ul>

Orders were JPY3.7bn (-34.3% YoY), order backlog JPY20.2bn (+8.6% YoY), sales JPY3.7bn (+5.7% YoY).Operating profit was JPY206mn (-32.4% YoY), recurring profit JPY205mn (-32.7% YoY), net income JPY140mn (-32.9% YoY).Sales increased 4.7% YoY in settlement domain, 22.8% in security domain, declined 13.2% in data communication.

Intelligent Wave (4847 JP): Q1 FY06/26 flash update

<ul><li>Orders were JPY19.3bn (-4.0% YoY), order backlog JPY20.3bn (+22.5% YoY), sales JPY15.6bn (+7.4% YoY).</li><li>For FY06/26, forecasted sales JPY17.4bn (+11.6% YoY), operating profit JPY2.4bn (+29.8% YoY), dividend JPY37/share.</li><li>Operating profit decreased 9.0% YoY, GPM decreased 2.5pp to 29.9%, OPM declined 2.1pp to 11.9%.</li></ul>

Orders were JPY19.3bn (-4.0% YoY), order backlog JPY20.3bn (+22.5% YoY), sales JPY15.6bn (+7.4% YoY).For FY06/26, forecasted sales JPY17.4bn (+11.6% YoY), operating profit JPY2.4bn (+29.8% YoY), dividend JPY37/share.Operating profit decreased 9.0% YoY, GPM decreased 2.5pp to 29.9%, OPM declined 2.1pp to 11.9%.

Intelligent Wave (4847 JP): Full-year FY06/25 flash update

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Thematic (Sector/Industry)

<div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/083/132/original/2019-03-25_18-58-11.png?1553507902" class="editor-image img-responsive" data-smartkarma-image-id="83132"></figure>Source: Japan Analytics
</div>There are currently 241 listed Japanese companies that can be categorised as Internet businesses. Our classification overlaps with the TOPIX-33 Information &amp; Communication sub-Sector but is broader in that it encompasses all companies listed on all sections and exchanges but is also narrower in that we have excluded Telecommunications (including <a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315:1">S</a><a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315:1">oftbank Group (9984 JP)</a>) and Information Technology companies. We have adopted a 'quantamental' approach which covers the long-term and current trends for Japan's Internet Sector as a whole, as well as eight sub-Sectors or Peer Groups and the Sectors' leading companies by market capitalisation.  Our focus is exclusively on the locally-listed universe and is based on disclosed financial and market data. We do not provide any forecasts, other than the companies' own forecasts and we do not attempt to make any business model or strategic judgments. Our focus is purely on financial and market performance. We do not cover unlisted and defunct companies such as Livedoor and, therefore, there is implicit survivor bias in the data. The broad themes that are developed in DETAIL below are grouped into six topics as follows: - • SUMMARY •  • FUNDAMENTAL OVERVIEW •  • SCORING - RESULTS &amp; REVISIONS / RELATIVE PRICE •  • RESULTS TRENDS •  • VALUATION • • RECOMMENDATIONS •<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/083/206/original/2019-03-25_17-46-58.png?1553565764" class="editor-image img-responsive" data-smartkarma-image-id="83206"></figure><div class="content-caption">Source: Japan Analytics</div>OVERVIEW - As will be covered in greater DETAIL below, Japan has failed to evolve a substantial Internet Sector and, in many business models, has been passed by global competitors including in the home market. Although Internet Sector revenues have grown steadily and now account for close to 1% of the total for all listed companies, operating margins have declined by half in the last seven years and are now only four percentage points higher than the market average. Accordingly, as measured by our Results &amp; Revision Score, the Sector is close to a twelve-year low. The market's response is an unchanged Sector weight in the market composite despite the addition of 111 new companies in the last six years, and a Relative Price Score that has moved in a narrow range over that period. The Sector averages disguise the weak business and market performance of a handful of Sector leaders as well as the overvaluation of the Sector's more successful business models, which is partly a result of a lack of alternatives. Despite the world's most significant Internet investor - <a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315:1">Softbank Group (9984 JP)</a>'s Vision Fund - being based in Japan, this fund and other global investors in Internet business have been right to give Japan a 'pass'.


Source: Japan Analytics
There are currently 241 listed Japanese companies that can be categorised as Internet businesses. Our classification overlaps with the TOPIX-33 Information &amp; Communication sub-Sector but is broader in that it encompasses all companies listed on all sections and exchanges but is also narrower in that we have excluded Telecommunications (including Softbank Group (9984 JP)) and Information Technology companies. We have adopted a 'quantamental' approach which covers the long-term and current trends for Japan's Internet Sector as a whole, as well as eight sub-Sectors or Peer Groups and the Sectors' leading companies by market capitalisation.  Our focus is exclusively on the locally-listed universe and is based on disclosed financial and market data. We do not provide any forecasts, other than the companies' own forecasts and we do not attempt to make any business model or strategic judgments. Our focus is purely on financial and market performance. We do not cover unlisted and defunct companies such as Livedoor and, therefore, there is implicit survivor bias in the data. The broad themes that are developed in DETAIL below are grouped into six topics as follows: - • SUMMARY •  • FUNDAMENTAL OVERVIEW •  • SCORING - RESULTS &amp; REVISIONS / RELATIVE PRICE •  • RESULTS TRENDS •  • VALUATION • • RECOMMENDATIONS •Source: Japan AnalyticsOVERVIEW - As will be covered in greater DETAIL below, Japan has failed to evolve a substantial Internet Sector and, in many business models, has been passed by global competitors including in the home market. Although Internet Sector revenues have grown steadily and now account for close to 1% of the total for all listed companies, operating margins have declined by half in the last seven years and are now only four percentage points higher than the market average. Accordingly, as measured by our Results &amp; Revision Score, the Sector is close to a twelve-year low. The market's response is an unchanged Sector weight in the market composite despite the addition of 111 new companies in the last six years, and a Relative Price Score that has moved in a narrow range over that period. The Sector averages disguise the weak business and market performance of a handful of Sector leaders as well as the overvaluation of the Sector's more successful business models, which is partly a result of a lack of alternatives. Despite the world's most significant Internet investor - Softbank Group (9984 JP)'s Vision Fund - being based in Japan, this fund and other global investors in Internet business have been right to give Japan a 'pass'. 

🇯🇵 Japan • Internet Sector Review - 'Japan Passing'

Japan

INTELLIGENT WAVE INC. develops computer software and provides consulting services for networking.  The Company also imports, exports, and sells computer equipment.  Intelligent Wave provides the online network of credit and debit cards, the network system of security trading, and the total system of consumer finance.

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Intelligent Wave (4847 JP)