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

Musashi Seimitsu Industry Co / Equity Bottom-Up

<ul><li>Revenue decreased by 0.8% YoY to JPY347.2bn, while operating profit increased by 7.3% YoY to JPY19.7bn.</li><li>Recurring profit rose 15.6% YoY to JPY18.0bn; net income attributable to owners of the parent fell 1.8% YoY.</li><li>Revenue achievement rate was 103.6% against the full-year forecast; operating profit achievement was 106.6%.</li></ul>

Revenue decreased by 0.8% YoY to JPY347.2bn, while operating profit increased by 7.3% YoY to JPY19.7bn.Recurring profit rose 15.6% YoY to JPY18.0bn; net income attributable to owners of the parent fell 1.8% YoY.Revenue achievement rate was 103.6% against the full-year forecast; operating profit achievement was 106.6%.

Musashi Seimitsu Industry Co (7220 JP): Full-year FY03/25 flash update

<ul><li>Revenue increased 2.3% YoY to JPY173.4bn, with operating profit rising 16.9% YoY to JPY7.8bn.</li><li>The company revised FY03/25 forecast: revenue JPY335.0bn, operating profit JPY18.5bn, net income JPY9.5bn.</li><li>Revenue growth in Americas and Asia offset declines in Japan, China, and Europe, achieving record 1H revenue.</li></ul>

Revenue increased 2.3% YoY to JPY173.4bn, with operating profit rising 16.9% YoY to JPY7.8bn.The company revised FY03/25 forecast: revenue JPY335.0bn, operating profit JPY18.5bn, net income JPY9.5bn.Revenue growth in Americas and Asia offset declines in Japan, China, and Europe, achieving record 1H revenue.

Musashi Seimitsu Industry Co (7220 JP): 1H FY03/25 flash update

<ul><li>Revenue increased 7.9% YoY to JPY88.9bn, driven by expansion in the Americas, Asia, and Europe.</li><li>Operating profit rose 73.0% YoY to JPY4.0bn, with OPM improving 1.7pp to 4.5%.</li><li>Net income attributable to owners of the parent grew 65.4% YoY to JPY2.9bn.</li></ul>

Revenue increased 7.9% YoY to JPY88.9bn, driven by expansion in the Americas, Asia, and Europe.Operating profit rose 73.0% YoY to JPY4.0bn, with OPM improving 1.7pp to 4.5%.Net income attributable to owners of the parent grew 65.4% YoY to JPY2.9bn.

Musashi Seimitsu Industry Co (7220 JP): Q1 FY03/25 flash update

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yachiyo-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:6299:1" rel="noopener">Yachiyo Industry (7298 JP)</a> has recommended <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a>’s pre-conditional tender offer of JPY1,390 per share, a 17.5% premium to the undisturbed price.</li>
<li>Post-Completion, Honda will transfer a 81% stake to <a href="https://www.smrpbv.com/" target="_blank" rel="noopener">Samvardhana Motherson Automotive Systems Group BV</a>. The pre-conditions relate to various country approvals (China, the US, Brazil, and India).</li>
<li>The offer is expected to open in October. Achieving the 66.67% minimum ownership ratio requires a 32.6% minority acceptance rate which is doable as the offer is reasonable.   </li>
</ul>



Yachiyo Industry (7298 JP) has recommended Honda Motor (7267 JP)’s pre-conditional tender offer of JPY1,390 per share, a 17.5% premium to the undisturbed price.
Post-Completion, Honda will transfer a 81% stake to Samvardhana Motherson Automotive Systems Group BV. The pre-conditions relate to various country approvals (China, the US, Brazil, and India).
The offer is expected to open in October. Achieving the 66.67% minimum ownership ratio requires a 32.6% minority acceptance rate which is doable as the offer is reasonable.   


Yachiyo Industry (7298 JP): Honda’s Pre-Conditional Tender Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<p>At the end of April, Toyota group parts affiliate <a href="https://www.smartkarma.com/entities/12197" target="_blank" data-smartkarma-citation="entities:12197:1">JTEKT Corp (6473 JP)</a>, its affiliate <a href="https://www.smartkarma.com/entities/20550" target="_blank" data-smartkarma-citation="entities:20550:1">Fuji Kiko Co Ltd (7260 JP)</a>, and <a href="https://www.smartkarma.com/entities/17528" target="_blank" data-smartkarma-citation="entities:17528:1">Tachi S Co Ltd (7239 JP)</a> announced a deal whereby JTEKT would launch a tender offer to take out the 66.6% of shares in Fuji Kiko it does not currently own, and Tachi S would buy the seats business of Fuji Kiko and in return would tender their 24.8% stake in Fuji Kiko to JTEKT. Combined with the corporate crossholdings in Fuji Kiko, that would get JTEKT approximately 63.7% of…</p>

At the end of April, Toyota group parts affiliate JTEKT Corp (6473 JP), its affiliate Fuji Kiko Co Ltd (7260 JP), and Tachi S Co Ltd (7239 JP) announced a deal whereby JTEKT would launch a tender offer to take out the 66.6% of shares in Fuji Kiko it does not currently own, and Tachi S would buy the seats business of Fuji Kiko and in return would tender their 24.8% stake in Fuji Kiko to JTEKT. Combined with the corporate crossholdings in Fuji Kiko, that would get JTEKT approximately 63.7% of…

Fuji Kiko Tender Offer Launch Likely Next Week. Hmmm...

Japan

MUSASHI SEIMITSU INDUSTRY CO., LTD. manufactures automotive parts such as ball joints, camshafts, and gears.  The Company exports its products to North America South America, Asia, and Europe.  Musashi also produces parts for construction equipment.

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Musashi Seimitsu Industry Co (7220 JP)