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>FY03/26 revenue was JPY90.1bn (+12.8% YoY), with operating profit at JPY7.8bn (+47.9% YoY), exceeding forecasts.</li><li>FY03/27 forecasts revenue at JPY85.0bn (-5.7% YoY), with operating profit of JPY7.0bn (-9.7% YoY), below target level.</li><li>Dividend per share for FY03/26 was JPY45.00, including a JPY5.00 commemorative dividend; FY03/27 forecast is JPY40.00.</li></ul>

FY03/26 revenue was JPY90.1bn (+12.8% YoY), with operating profit at JPY7.8bn (+47.9% YoY), exceeding forecasts.FY03/27 forecasts revenue at JPY85.0bn (-5.7% YoY), with operating profit of JPY7.0bn (-9.7% YoY), below target level.Dividend per share for FY03/26 was JPY45.00, including a JPY5.00 commemorative dividend; FY03/27 forecast is JPY40.00.

Meiwa Estate (8869 JP): Full-year FY03/26 flash update

<ul><li>Revenue increased by 36.7% YoY to JPY79.6bn, with operating profit up 104.6% YoY to JPY8.2bn.</li><li>New condominium units delivered totaled 802, with completed inventory reduced to 11 units from 135 units YoY.</li><li>Revenue in the purchase and resale business rose to JPY14.0bn, driven by increased staffing and expansion.</li></ul>

Revenue increased by 36.7% YoY to JPY79.6bn, with operating profit up 104.6% YoY to JPY8.2bn.New condominium units delivered totaled 802, with completed inventory reduced to 11 units from 135 units YoY.Revenue in the purchase and resale business rose to JPY14.0bn, driven by increased staffing and expansion.

Meiwa Estate (8869 JP): Q3 FY03/26 flash update

<ul><li>In 1H FY03/26, revenue increased by 69.4% YoY to JPY59.0bn, with operating profit rising 185.0% YoY.</li><li>Built-for-sale condo business saw revenue of JPY40.5bn (+93.6% YoY) and 620 units delivered (+230 units YoY).</li><li>Purchase and resale business revenue reached JPY9.4bn (+81.8% YoY), while brokerage revenue fell 3.3% YoY.</li></ul>

In 1H FY03/26, revenue increased by 69.4% YoY to JPY59.0bn, with operating profit rising 185.0% YoY.Built-for-sale condo business saw revenue of JPY40.5bn (+93.6% YoY) and 620 units delivered (+230 units YoY).Purchase and resale business revenue reached JPY9.4bn (+81.8% YoY), while brokerage revenue fell 3.3% YoY.

Meiwa Estate (8869 JP): 1H FY03/26 flash update

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

As long as market dynamics remain largely positive and the MSCI ACWI (ACWI-US), ACWI ex-US (ACWX-US), and EM (EEM-US) indexes are above their respective intermediate-term support levels we believe a constructive outlook is warranted. To reiterate, support levels to watch include $90 on ACWI-US, $53 on ACWX-US, and $52 on EEM-US. Open the attached file to read our complete International Strategy document, and to find links to detailed comments and recommendations for each of our 12 Sectors.

As long as market dynamics remain largely positive and the MSCI ACWI (ACWI-US), ACWI ex-US (ACWX-US), and EM (EEM-US) indexes are above their respective intermediate-term support levels we believe a constructive outlook is warranted. To reiterate, support levels to watch include $90 on ACWI-US, $53 on ACWX-US, and $52 on EEM-US. Open the attached file to read our complete International Strategy document, and to find links to detailed comments and recommendations for each of our 12 Sectors.

Global Equity Strategy: Constructive Pullback; Overweight Value

While a more cautious outlook is appropriate, as long as $77 holds (the September lows) we are constructive and would be buyers on a pullback. A move below $77 would start to get very concerning, and would leave $75 and the 200-day MA as last-ditch support. Considering the recent pullback we want to be sticking with areas that have continued to outperform in spite of recent broad market weakness. For that we look to the following leadership Sectors: Technology, Consumer Discretionary, Manufacturing, Materials, and Transportation

While a more cautious outlook is appropriate, as long as $77 holds (the September lows) we are constructive and would be buyers on a pullback. A move below $77 would start to get very concerning, and would leave $75 and the 200-day MA as last-ditch support. Considering the recent pullback we want to be sticking with areas that have continued to outperform in spite of recent broad market weakness. For that we look to the following leadership Sectors: Technology, Consumer Discretionary, Manufacturing, Materials, and Transportation

Japan

Meiwa Estate Company, Limited develops, sells, leases, and manages condominiums and other real estate properties.  The Company also provides brokerage services, sells furniture and interior decorations, and lends mortgages.

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Meiwa Estate (8869 JP)