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>Net operating revenue was JPY8.8bn, a decrease of 11.4% YoY and 1.6% QoQ, with operating profit at JPY3.2bn.</li><li>Total commissions were JPY4.8bn, down 23.8% YoY but up 3.6% QoQ; brokerage commissions were JPY4.5bn.</li><li>SG&A expenses totaled JPY5.7bn, increasing 1.1% YoY and 5.2% QoQ, with transaction-related expenses at JPY1.9bn.</li></ul>

Net operating revenue was JPY8.8bn, a decrease of 11.4% YoY and 1.6% QoQ, with operating profit at JPY3.2bn.Total commissions were JPY4.8bn, down 23.8% YoY but up 3.6% QoQ; brokerage commissions were JPY4.5bn.SG&A expenses totaled JPY5.7bn, increasing 1.1% YoY and 5.2% QoQ, with transaction-related expenses at JPY1.9bn.

Matsui Securities (8628 JP): Full-year FY03/25 flash update

<ul><li>Net operating revenue was JPY9.0bn, with a YoY increase of 4.5% and a QoQ decrease of 9.8%.</li><li>SG&A expenses rose to JPY5.4bn, up 6.8% YoY and 2.2% QoQ, with personnel expenses at JPY999mn.</li><li>Net trading profit reached JPY1.1bn, up 3.6% YoY and down 8.3% QoQ, primarily from FX transactions.</li></ul>

Net operating revenue was JPY9.0bn, with a YoY increase of 4.5% and a QoQ decrease of 9.8%.SG&A expenses rose to JPY5.4bn, up 6.8% YoY and 2.2% QoQ, with personnel expenses at JPY999mn.Net trading profit reached JPY1.1bn, up 3.6% YoY and down 8.3% QoQ, primarily from FX transactions.

Matsui Securities (8628 JP): Q3 FY03/25 flash update

<ul><li>Net operating revenue increased by 16.8% YoY and 5.0% QoQ to JPY9.9bn, driven by brokerage commissions.</li><li>SG&A expenses rose 9.2% YoY and 0.9% QoQ to JPY5.3bn, with personnel expenses up 12.5% YoY.</li><li>Net trading profit reached JPY1.2bn, up 90.7% YoY and 77.0% QoQ, primarily from FX transactions.</li></ul>

Net operating revenue increased by 16.8% YoY and 5.0% QoQ to JPY9.9bn, driven by brokerage commissions.SG&A expenses rose 9.2% YoY and 0.9% QoQ to JPY5.3bn, with personnel expenses up 12.5% YoY.Net trading profit reached JPY1.2bn, up 90.7% YoY and 77.0% QoQ, primarily from FX transactions.

Matsui Securities (8628 JP): 1H FY03/25 flash update

<ul><li>Net operating revenue: JPY9.4bn (+14.8% YoY; -5.0% QoQ), Operating profit: JPY4.2bn (+17.8% YoY; -2.8% QoQ).</li><li>Total commissions: JPY5.2bn (+7.6% YoY; -16.7% QoQ), Brokerage commissions: JPY4.9bn (+7.2% YoY; -17.4% QoQ).</li><li>SG&A expenses: JPY5.2bn (+12.4% YoY; -6.7% QoQ), Personnel expenses: JPY976mn (+12.2% YoY; +4.8% QoQ).</li></ul>

Net operating revenue: JPY9.4bn (+14.8% YoY; -5.0% QoQ), Operating profit: JPY4.2bn (+17.8% YoY; -2.8% QoQ).Total commissions: JPY5.2bn (+7.6% YoY; -16.7% QoQ), Brokerage commissions: JPY4.9bn (+7.2% YoY; -17.4% QoQ).SG&A expenses: JPY5.2bn (+12.4% YoY; -6.7% QoQ), Personnel expenses: JPY976mn (+12.2% YoY; +4.8% QoQ).

Matsui Securities (8628 JP): Q1 FY03/25 flash update

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>Short term borrowing rose 2.3x in the past four quarters, alongside rising interest rates</li>
<li>During this time, long term borrowings were actually down, so no locking in of low rates</li>
<li>As such, Chiba is not fully, or hardly benefiting from BOJ policy changes, with NIM down</li>
</ul>


Short term borrowing rose 2.3x in the past four quarters, alongside rising interest rates
During this time, long term borrowings were actually down, so no locking in of low rates
As such, Chiba is not fully, or hardly benefiting from BOJ policy changes, with NIM down


Chiba Bank - Short Term Borrowing Surges, Just at the Wrong Time

Japan

MATSUI SECURITIES CO., LTD. provides online brokerage services through its website.  The Company offers investment news and educational services.

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Matsui Securities (8628 JP)