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>Sales increased by JPY1.3bn (+16.4% YoY), but operating profit decreased by JPY17mn (-2.0% YoY) due to higher SG&A expenses.</li><li>Non-consolidated sales rose 19.7% YoY, but operating profit declined 7.5% YoY due to tender offer costs.</li><li>Overseas subsidiaries' sales grew 10.4% YoY, with a 5.5% increase in segment profit, driven by ASEAN and China performance.</li></ul>

Sales increased by JPY1.3bn (+16.4% YoY), but operating profit decreased by JPY17mn (-2.0% YoY) due to higher SG&A expenses.Non-consolidated sales rose 19.7% YoY, but operating profit declined 7.5% YoY due to tender offer costs.Overseas subsidiaries' sales grew 10.4% YoY, with a 5.5% increase in segment profit, driven by ASEAN and China performance.

Naigai Trans Line (9384 JP): Q1 FY12/25 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/naigai-trans-line-ltd" target="_blank" data-smartkarma-citation="entities:8938:1" rel="noopener">Naigai Trans Line (9384 JP)</a> is a small logistics provider. They specialise in LCL ("Less-Than-Container-Load" shipments around Asia. </li>
<li>On 7 March 2025, the company agreed to a buyout via Tender Offer by IAPF2 - a buyout vehicle of IA Partners - a 3yr old PE firm in Japan.</li>
<li>This is 5.9x EBITDA. There's minimal transparency. No guidance. The PE firm is putting down an equity check of 2x EBITDA and 4x earnings. But it'll probably get done.</li>
</ul>



Naigai Trans Line (9384 JP) is a small logistics provider. They specialise in LCL ("Less-Than-Container-Load" shipments around Asia. 
On 7 March 2025, the company agreed to a buyout via Tender Offer by IAPF2 - a buyout vehicle of IA Partners - a 3yr old PE firm in Japan.
This is 5.9x EBITDA. There's minimal transparency. No guidance. The PE firm is putting down an equity check of 2x EBITDA and 4x earnings. But it'll probably get done.


NaiGai Trans (9384 JP) - Small LCL Shipping Founder Gets an Exit

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/naigai-trans-line-ltd" target="_blank" data-smartkarma-citation="entities:8938:1" rel="noopener">Naigai Trans Line (9384 JP)</a> has recommended a tender offer from IA Partners at JPY4,065 per share, a 62.3% premium to the last close.</li>
<li>Despite being below the midpoint of the target IFA’s DCF valuation range, the offer is attractive compared to historical trading ranges and represents an all-time high. </li>
<li>Given that the offer is reasonable, the required minority acceptance rate is attainable. The offer is from 10 March to 21 April, with payment on 28 April. </li>
</ul>



Naigai Trans Line (9384 JP) has recommended a tender offer from IA Partners at JPY4,065 per share, a 62.3% premium to the last close.
Despite being below the midpoint of the target IFA’s DCF valuation range, the offer is attractive compared to historical trading ranges and represents an all-time high. 
Given that the offer is reasonable, the required minority acceptance rate is attainable. The offer is from 10 March to 21 April, with payment on 28 April. 


Naigai Trans Line (9384 JP): IA Partners’ JPY4,065 Tender Offer

<ul><li>Sales increased by JPY3.4bn (+13.9% YoY) due to strong overseas subsidiary performance and yen depreciation impact.</li><li>Operating profit decreased by JPY291mn (-8.9% YoY) due to increased SG&A expenses and a decline in high GPM export LCL cargo.</li><li>Overseas subsidiaries saw a 31.2% YoY sales increase, driven by strong warehouse operations in India and South Korea.</li></ul>

Sales increased by JPY3.4bn (+13.9% YoY) due to strong overseas subsidiary performance and yen depreciation impact.Operating profit decreased by JPY291mn (-8.9% YoY) due to increased SG&A expenses and a decline in high GPM export LCL cargo.Overseas subsidiaries saw a 31.2% YoY sales increase, driven by strong warehouse operations in India and South Korea.

Naigai Trans Line (9384 JP): Q3 FY12/24 flash update

<ul><li>Sales rose to JPY17.2bn (+6.1% YoY), driven by strong overseas subsidiaries and a weaker yen.</li><li>Operating profit decreased to JPY1.9bn (-15.3% YoY) due to increased SG&A expenses and reduced high GPM LCL export cargo.</li><li>Overseas segment sales grew to JPY6.0bn (+30.2% YoY), with solid warehouse operations in India and South Korea.</li></ul>

Sales rose to JPY17.2bn (+6.1% YoY), driven by strong overseas subsidiaries and a weaker yen.Operating profit decreased to JPY1.9bn (-15.3% YoY) due to increased SG&A expenses and reduced high GPM LCL export cargo.Overseas segment sales grew to JPY6.0bn (+30.2% YoY), with solid warehouse operations in India and South Korea.

Naigai Trans Line (9384 JP): 1H FY12/24 flash update

Japan

NAIGAI TRANS LINE LTD is a marine transportation company. The Company mainly offers international and domestic container marine transportation services. NAIGAI TRANS LINE LTD also operates warehousing and cargo handling services.

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Naigai Trans Line (9384 JP)