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>In 1H FY03/26, revenue increased 1.6% YoY to JPY24.2bn, driven by ROIHI-TSUBOKO Coin Plaster launch.</li><li>Operating profit decreased 12.7% YoY to JPY1.0bn, due to lower high-margin product revenue and higher SG&A expenses.</li><li>Revenue in the Tape business segment was JPY12.1bn (+1.3% YoY), with segment profit decreasing 8.1% YoY.</li></ul>

In 1H FY03/26, revenue increased 1.6% YoY to JPY24.2bn, driven by ROIHI-TSUBOKO Coin Plaster launch.Operating profit decreased 12.7% YoY to JPY1.0bn, due to lower high-margin product revenue and higher SG&A expenses.Revenue in the Tape business segment was JPY12.1bn (+1.3% YoY), with segment profit decreasing 8.1% YoY.

Nichiban Co Ltd (4218 JP): 1H FY03/26 flash update

<ul><li>For FY03/25, the company reported revenue of JPY49.5bn (+5.5% YoY) and operating profit of JPY2.6bn (+24.7% YoY).</li><li>Revenue growth was driven by the healthcare field, price revisions, and increased demand for CARELEAVES™ and ROIHI-TSUBOKO.</li><li>The company forecasts FY03/26 revenue of JPY51.5bn (+4.1% YoY) and operating profit of JPY3.0bn (+16.0% YoY).</li></ul>

For FY03/25, the company reported revenue of JPY49.5bn (+5.5% YoY) and operating profit of JPY2.6bn (+24.7% YoY).Revenue growth was driven by the healthcare field, price revisions, and increased demand for CARELEAVES™ and ROIHI-TSUBOKO.The company forecasts FY03/26 revenue of JPY51.5bn (+4.1% YoY) and operating profit of JPY3.0bn (+16.0% YoY).

Nichiban Co Ltd (4218 JP): Full-year FY03/25 flash update

<ul><li>Revenue increased 5.3% YoY to JPY37.4bn, driven by healthcare growth and price revisions in the Tape business. </li><li>Operating profit rose 37.4% YoY to JPY2.4bn, with improved profitability from high-margin products and price adjustments. </li><li>Overseas revenue grew 43.5% YoY to JPY1.7bn, aided by strong sales in Asia and Europe and a weaker yen.</li></ul>

Revenue increased 5.3% YoY to JPY37.4bn, driven by healthcare growth and price revisions in the Tape business. Operating profit rose 37.4% YoY to JPY2.4bn, with improved profitability from high-margin products and price adjustments. Overseas revenue grew 43.5% YoY to JPY1.7bn, aided by strong sales in Asia and Europe and a weaker yen.

Nichiban Co Ltd (4218 JP): Q3 FY03/25 flash update

<ul><li>Revenue increased by 5.6% YoY to JPY11.5bn, driven by healthcare demand recovery and price revisions in the Tape business.</li><li>Operating profit rose 48.6% YoY to JPY514mn, with a gross profit margin increase of 0.7pp YoY to 30.4%.</li><li>Net income attributable to owners of the parent grew 18.5% YoY to JPY333mn, despite JPY53mn impairment losses.</li></ul>

Revenue increased by 5.6% YoY to JPY11.5bn, driven by healthcare demand recovery and price revisions in the Tape business.Operating profit rose 48.6% YoY to JPY514mn, with a gross profit margin increase of 0.7pp YoY to 30.4%.Net income attributable to owners of the parent grew 18.5% YoY to JPY333mn, despite JPY53mn impairment losses.

Nichiban Co Ltd (4218 JP): Q1 FY03/25 flash update

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/129/019/original/2020-04-22_06-23-27.png?1587504229" class="editor-image img-responsive" data-smartkarma-image-id="129019"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/129/021/original/2020-04-22_06-24-35.png?1587504305" class="editor-image img-responsive" data-smartkarma-image-id="129021"></figure><div class="content-caption">Source • Financial Times</div><p><strong>CATCHING UP</strong> - Japan has now surpassed South Korea in terms of both the number of confirmed cases of COVID-19 (11,431) and the cumulative number of deaths (275). Although the daily number of new cases has peaked, the number of daily death will increase for the rest of this month which will likely require an extension of the nationwide 'state of emergency' beyond the end of the Golden Week holidays on March 6th. Such a prolongation is not yet discounted in the equity market. A recent YouGov survey suggests that only 18% of Japan people have stopped going to work, the lowest level amongst the 26 countries covered.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/129/022/original/2020-04-22_06-48-21.png?1587505730" class="editor-image img-responsive" data-smartkarma-image-id="129022"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>DAIRY DEFICIENCY</strong> - With schools and many restaurants and hotels closed, the consumption of dairy products in Japan has declined to the point that the food ministry (MAFF) is requesting those at home to drink milk to save farms and livestock. Please see our recent bearish <a href="https://www.smartkarma.com/insights/quantamental-analysis-shows-meiji-s-perception-as-a-defensive-stock-could-be-a-delusion" target="_blank" data-smartkarma-citation="insights:38288" rel="noopener">Insight</a> on <a href="https://www.smartkarma.com/entities/meiji-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15996:1" rel="noopener">Meiji Holdings (2269 JP)</a>.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/129/024/original/2020-04-22_06-53-01.png?1587506077" class="editor-image img-responsive" data-smartkarma-image-id="129024"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>TAXI FARE</strong> - The are now hordes of empty taxis roaming the streets plying for non-existent fares.  The transport ministry (MLITT) has decided to loosen its taxi regulations to allow taxis to engage in food delivery. While a negative for <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a>'s Uber Eats in Japan, this news seems to have prompted a 'pop' in the shares of Japan's only listed, and normally uninvestable, taxi company - <a href="https://www.smartkarma.com/entities/daiwa-motor-transportation" target="_blank" data-smartkarma-citation="entities:11886:1" rel="noopener">Daiwa Motor Transportation (9082 JP)</a>. </p><p>In the<strong> DETAIL </strong>below, we shall review the results, revisions and initial forecast announcements made yesterday.  The positive/neutral/negative balance for the seven results was 2:2:3; and for the 13 revisions/forecasts, the split was 3:1:9. Of the six companies reporting annual results, only one made a forecast for the current year. Three companies withdrew annual forecasts, of which one also cancelled its dividend, while one REIT, <a href="https://www.smartkarma.com/entities/mirai-corp" target="_blank" data-smartkarma-citation="entities:27741:1" rel="noopener">Mirai (3476 JP)</a>, cut its dividend. </p>

Source • Financial TimesCATCHING UP - Japan has now surpassed South Korea in terms of both the number of confirmed cases of COVID-19 (11,431) and the cumulative number of deaths (275). Although the daily number of new cases has peaked, the number of daily death will increase for the rest of this month which will likely require an extension of the nationwide 'state of emergency' beyond the end of the Golden Week holidays on March 6th. Such a prolongation is not yet discounted in the equity market. A recent YouGov survey suggests that only 18% of Japan people have stopped going to work, the lowest level amongst the 26 countries covered.Source • Japan AnalyticsDAIRY DEFICIENCY - With schools and many restaurants and hotels closed, the consumption of dairy products in Japan has declined to the point that the food ministry (MAFF) is requesting those at home to drink milk to save farms and livestock. Please see our recent bearish Insight on Meiji Holdings (2269 JP).Source • Japan AnalyticsTAXI FARE - The are now hordes of empty taxis roaming the streets plying for non-existent fares.  The transport ministry (MLITT) has decided to loosen its taxi regulations to allow taxis to engage in food delivery. While a negative for Softbank Group (9984 JP)'s Uber Eats in Japan, this news seems to have prompted a 'pop' in the shares of Japan's only listed, and normally uninvestable, taxi company - Daiwa Motor Transportation (9082 JP). In the DETAIL below, we shall review the results, revisions and initial forecast announcements made yesterday.  The positive/neutral/negative balance for the seven results was 2:2:3; and for the 13 revisions/forecasts, the split was 3:1:9. Of the six companies reporting annual results, only one made a forecast for the current year. Three companies withdrew annual forecasts, of which one also cancelled its dividend, while one REIT, Mirai (3476 JP), cut its dividend. 

🇯🇵 JAPAN • Revisions & Results 21st April - Catching Up : Revising Down

Japan

NICHIBAN CO., LTD. produces and sells office supplies such as adhesive cellophane tapes.  The Company's tapes are used for office, medical, and industrial use.  Nichiban also produces and sells pharmaceutical products including sports and medical tapes.

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Nichiban Co Ltd (4218 JP)