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 YoY to JPY15.9bn (+11.1%), driven by higher subsidy income and improved profitability in key business segments.</li><li>Operating profit declined YoY to JPY110mn (-27.0%) due to higher personnel expenses and rising food costs from inflation.</li><li>Revenue and profit grew in the Nursing Care-Related Service business, supported by higher occupancy rates and new facility openings.</li></ul>

Revenue increased YoY to JPY15.9bn (+11.1%), driven by higher subsidy income and improved profitability in key business segments.Operating profit declined YoY to JPY110mn (-27.0%) due to higher personnel expenses and rising food costs from inflation.Revenue and profit grew in the Nursing Care-Related Service business, supported by higher occupancy rates and new facility openings.

J Com Holdings (2462 JP): Q1 FY05/26 flash update

<ul><li>Revenue increased by 3.1% YoY to JPY62.3bn, while operating profit decreased by 11.5% YoY to JPY3.0bn.</li><li>Child-Rearing Support Service revenue rose 8.6% YoY to JPY33.0bn, but operating profit fell 11.3% YoY.</li><li>Comprehensive Human Resources Service revenue declined 5.6% YoY to JPY20.6bn, yet operating profit increased by 1.0% YoY.</li></ul>

Revenue increased by 3.1% YoY to JPY62.3bn, while operating profit decreased by 11.5% YoY to JPY3.0bn.Child-Rearing Support Service revenue rose 8.6% YoY to JPY33.0bn, but operating profit fell 11.3% YoY.Comprehensive Human Resources Service revenue declined 5.6% YoY to JPY20.6bn, yet operating profit increased by 1.0% YoY.

J Com Holdings (2462 JP): Full-year FY05/25 flash update

<ul><li>Operating profit is highest in Q4 due to subsidies in Child-Rearing Support Service and lowest in Q2.</li><li>Revenue increased in Child-Rearing Support and Nursing Care-Related Services, but declined in Comprehensive Human Resources Service.</li><li>LIKE opened two new facilities in FY05/25, with total childcare facilities reaching 415 as of October 2024.</li></ul>

Operating profit is highest in Q4 due to subsidies in Child-Rearing Support Service and lowest in Q2.Revenue increased in Child-Rearing Support and Nursing Care-Related Services, but declined in Comprehensive Human Resources Service.LIKE opened two new facilities in FY05/25, with total childcare facilities reaching 415 as of October 2024.

J Com Holdings (2462 JP): 1H FY05/25 flash update

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of May 30th. The aggregated net margin trading position is USD17,220m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco, Hitachi, Toyota Industries, Skylark, Toyota Motor, Sanrio, Ihi, Create Sd.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of May 30th. The aggregated net margin trading position is USD17,220m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco, Hitachi, Toyota Industries, Skylark, Toyota Motor, Sanrio, Ihi, Create Sd.


JPX Margin Trading Weekly (May 30th): Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today, <a href="https://www.smartkarma.com/entities/dai-ichi-life-insurance" target="_blank" data-smartkarma-citation="entities:1109:1" rel="noopener">Dai Ichi Life Insurance (8750 JP)</a> announced a TOB for <a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One Inc (2412 JP)</a> having agreed a deal with <a href="https://www.smartkarma.com/entities/pasona-group-inc" target="_blank" data-smartkarma-citation="entities:15778:1" rel="noopener">Pasona Group (2168 JP)</a> to sell into a buyback.</li>
<li>Pasona will get ¥1,526/share, and having agreed, it <a href="https://www.pasonagroup.co.jp/LinkClick.aspx?fileticket=o93EYocia9U%3d&amp;tabid=100&amp;mid=460" target="_blank" rel="noopener">announced</a> the expected special profit to be booked in the FY to 31 May 2024.</li>
<li>At ¥113.6bn on a consolidated basis (¥122.3bn on parent), less ¥1.165bn of associated costs, that's ¥112.4bn at the lower end. That's ¥2,870/share. Then there's the rest of the business.</li>
</ul>


Today, Dai Ichi Life Insurance (8750 JP) announced a TOB for Benefit One Inc (2412 JP) having agreed a deal with Pasona Group (2168 JP) to sell into a buyback.
Pasona will get ¥1,526/share, and having agreed, it announced the expected special profit to be booked in the FY to 31 May 2024.
At ¥113.6bn on a consolidated basis (¥122.3bn on parent), less ¥1.165bn of associated costs, that's ¥112.4bn at the lower end. That's ¥2,870/share. Then there's the rest of the business.


Pasona (2168) - Less Wrong Than Before But How Wrong Still Depends on Nambu-San

Japan

LIKE Co., Ltd. provides provides comprehensive human resource services. The Company provides human resource training, matching, personnel dispatch, outsourcing, recruitment, education support, and other services. LIKE also offers child care support, nursing care services, and other services.

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J Com Holdings (2462 JP)