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>Revenue increased by 5.4% YoY to JPY265.7bn, driven by demand for office relocations and renovations.</li><li>Operating profit rose by 20.1% YoY to JPY21.5bn, with an OPM increase of 1.0pp to 8.1%.</li><li>Japan's revenue grew 9.9% YoY, while overseas revenue declined 6.8% YoY due to China's sluggish market.</li></ul>

Revenue increased by 5.4% YoY to JPY265.7bn, driven by demand for office relocations and renovations.Operating profit rose by 20.1% YoY to JPY21.5bn, with an OPM increase of 1.0pp to 8.1%.Japan's revenue grew 9.9% YoY, while overseas revenue declined 6.8% YoY due to China's sluggish market.

Kokuyo Co Ltd (7984 JP): Q3 FY12/25 flash update

<ul><li>KOKUYO's revenue increased by 3.5% YoY, driven by strong demand in the Furniture business for office relocations and renovations.</li><li>Operating profit rose by 11.1% YoY due to price revisions, while recurring profit declined by 3.0% YoY from foreign exchange losses.</li><li>The full-year forecast for FY12/25 was revised, projecting revenue of JPY357.0bn and operating profit of JPY25.0bn.</li></ul>

KOKUYO's revenue increased by 3.5% YoY, driven by strong demand in the Furniture business for office relocations and renovations.Operating profit rose by 11.1% YoY due to price revisions, while recurring profit declined by 3.0% YoY from foreign exchange losses.The full-year forecast for FY12/25 was revised, projecting revenue of JPY357.0bn and operating profit of JPY25.0bn.

Kokuyo Co Ltd (7984 JP): 1H FY12/25 report update

<ul><li>Revenue increased by 3.5% YoY to JPY99.5bn, driven by demand in the Furniture business for office relocations.</li><li>Operating profit rose by 14.4% YoY to JPY13.5bn, with a 1.6pp increase in GPM due to price revisions.</li><li>Net income attributable to owners of the parent decreased by 16.4% YoY, despite increases in operating and recurring profits.</li></ul>

Revenue increased by 3.5% YoY to JPY99.5bn, driven by demand in the Furniture business for office relocations.Operating profit rose by 14.4% YoY to JPY13.5bn, with a 1.6pp increase in GPM due to price revisions.Net income attributable to owners of the parent decreased by 16.4% YoY, despite increases in operating and recurring profits.

Kokuyo Co Ltd (7984 JP): Q1 FY12/25 flash update

<ul><li>Revenue increased by 2.9% YoY to JPY338.2bn, with net income rising 14.3% YoY to JPY21.8bn.</li><li>The FY12/25 forecast predicts revenue of JPY366.0bn (+8.2% YoY) and operating profit of JPY24.0bn (+9.0% YoY).</li><li>The company plans an annual dividend per share of JPY91.0, targeting a consolidated payout ratio of 50.1%.</li></ul>

Revenue increased by 2.9% YoY to JPY338.2bn, with net income rising 14.3% YoY to JPY21.8bn.The FY12/25 forecast predicts revenue of JPY366.0bn (+8.2% YoY) and operating profit of JPY24.0bn (+9.0% YoY).The company plans an annual dividend per share of JPY91.0, targeting a consolidated payout ratio of 50.1%.

Kokuyo Co Ltd (7984 JP): Full-year FY12/24 flash update

Japanese Turnaround Situations, Short-Ideas, Azabu Research

Michael Allen

Japanese Turnaround Situations, Short-Ideas

Azabu Research

Azabu Research is a publishing and consulting firm focused on distressed equities in the Japanese market. We specialize in turnaround strategies, corporate combinations, divestitures, and restructuring.

Publisher of the Tokyo Turnaround Letter, which conducts the most thorough research possible of publicly available information, including forensic tests for fraudulent overstatement of assets and understatement of liabilities, as well as rigorous market and industry analysis to assess the underlying strengths of the company’s products or services, the appropriateness of the company’s turnaround strategy, and the skill of its current management team. The average length of a report exceeds 25 pages of text and tables, excluding any disclosures or executive summaries.

We have more than 30 years of experience in applying this process to distressed equities in Japan. Additionally, subscribers have free access to detailed, yet easily navigated earnings models for the target company as well as the top five comparable companies, and unlimited access to the analyst for follow-up questions.

Azabu Research also conducts be-spoke research on a project basis, and provides consulting services to companies looking to restructure, divest, make acquisitions, go public, or improve investor sentiment toward their stock.

Independent Research and Consulting Firm

<ul>
<li>Okamura trades at a PBR of 1.0 and a PER of 8.6 despite earning more than 12% return on equity.</li>
<li>Okamura’s new AI-driven warehouse automation system is a potential game-changer as it reduces costs and improves decision making for mid-sized enterprises.</li>
<li>Management’s incentives are still poorly aligned with the interests of shareholders, and their performance is well below potential.</li>
</ul>


Okamura trades at a PBR of 1.0 and a PER of 8.6 despite earning more than 12% return on equity.
Okamura’s new AI-driven warehouse automation system is a potential game-changer as it reduces costs and improves decision making for mid-sized enterprises.
Management’s incentives are still poorly aligned with the interests of shareholders, and their performance is well below potential.


Okamura (7994): Why Management Incentives Are So Important

Japan

KOKUYO CO., LTD. manages Kokuyo group companies that produces and sells a vast line of stationery goods and office furniture through a domestic sales network as a holding company.  The group's products include magazine files, box binders, drawing tubes, desk chairs, lockers, and wall storage units.  Kokuyo also manufactures office automation equipment and computer supplies.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kokuyo Co Ltd (7984 JP)