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>Pigeon forecasts FY12/26 sales of JPY113.5bn (+4.0% YoY), gross profit JPY58.5bn (+6.7% YoY), operating profit JPY13.9bn (+5.6% YoY).</li><li>The company expects a higher sales mix of high-margin nursing bottles and nipples to improve GPM and OPM.</li><li>Pigeon projects capital expenditure of JPY4.7bn (+39.9% YoY) and Monozukuri activities expenditure of JPY4.6bn (+13.2% YoY).</li></ul>

Pigeon forecasts FY12/26 sales of JPY113.5bn (+4.0% YoY), gross profit JPY58.5bn (+6.7% YoY), operating profit JPY13.9bn (+5.6% YoY).The company expects a higher sales mix of high-margin nursing bottles and nipples to improve GPM and OPM.Pigeon projects capital expenditure of JPY4.7bn (+39.9% YoY) and Monozukuri activities expenditure of JPY4.6bn (+13.2% YoY).

Pigeon Corp (7956 JP): Q1 FY12/26 flash update

<ul><li> Source: Shared Research based on company data Notes: Figures may differ from company materials due to differences in rounding methods.</li><li> Quarterly segment results Source: Shared Research based on company dataNotes: Figures may differ from company materials due to differences in rounding methods.Segment sales figures are calculated by adding intersegment sales or transfers to external sales.</li><li> Japan segment results by quarter Source: Shared Research based on company dataNotes: Figures may differ from company materials due to differences in rounding methods.Figures are based on estimates by the company’s Business Strategy Office.</li></ul>

 Source: Shared Research based on company data Notes: Figures may differ from company materials due to differences in rounding methods. Quarterly segment results Source: Shared Research based on company dataNotes: Figures may differ from company materials due to differences in rounding methods.Segment sales figures are calculated by adding intersegment sales or transfers to external sales. Japan segment results by quarter Source: Shared Research based on company dataNotes: Figures may differ from company materials due to differences in rounding methods.Figures are based on estimates by the company’s Business Strategy Office.

Pigeon Corp (7956 JP): Q3 FY12/25 flash update

<ul><li>Pigeon's sales increased YoY, with all segments posting higher profits; GPM was 50.7%, SG&A ratio 38.2%, OPM 12.4%.</li><li>In mainland China, sell-in and sell-out sales rose YoY; e-commerce sales increased 13%, brick-and-mortar 9%.</li><li>Lansinoh segment sales grew 8% YoY; North American sales rose 2%, European sales driven by breast pumps.</li></ul>

Pigeon's sales increased YoY, with all segments posting higher profits; GPM was 50.7%, SG&A ratio 38.2%, OPM 12.4%.In mainland China, sell-in and sell-out sales rose YoY; e-commerce sales increased 13%, brick-and-mortar 9%.Lansinoh segment sales grew 8% YoY; North American sales rose 2%, European sales driven by breast pumps.

Pigeon Corp (7956 JP): 1H FY12/25 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

iShares MSCI ACWI ex US ETF / Technical Analysis

<ul>
<li>Many major indexes have broken below critical supports, including MSCI ACWI (ACWI-US), EURO STOXX 50, STOXX Europe 600, and the DAX.</li>
<li>Odds suggest a bearish downside continuation, and a bearish outlook is appropriate as long as the YTD downtrend remains intact on the ACWI-US, MSCI ACWI ex-US (ACWX-US), and EAFE (EFA-US).</li>
<li>There is bounce potential given these broad global indexes are testing their respective downtrend channel supports, but the fact remains that they <em>are</em> in downtrends, a major problem longer-term.</li>
</ul>


Many major indexes have broken below critical supports, including MSCI ACWI (ACWI-US), EURO STOXX 50, STOXX Europe 600, and the DAX.
Odds suggest a bearish downside continuation, and a bearish outlook is appropriate as long as the YTD downtrend remains intact on the ACWI-US, MSCI ACWI ex-US (ACWX-US), and EAFE (EFA-US).
There is bounce potential given these broad global indexes are testing their respective downtrend channel supports, but the fact remains that they are in downtrends, a major problem longer-term.


MSCI ACWI Ex-US, EAFE Testing Downtrend Channel Supports -- Bounce Potential

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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)

<h3>What’s Original?</h3>
<p>In this original, we have discussed some of the key aspects highlighted in Kishida’s policy statements along with the current status of these policies and companies that are likely to benefit.</p>

What’s Original?
In this original, we have discussed some of the key aspects highlighted in Kishida’s policy statements along with the current status of these policies and companies that are likely to benefit.

Kishida as Prime Minister: The Path Ahead

Japan

PIGEON CORPORATION manufactures and sells baby care goods.  The Company also produces maternity and elder care products.

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Pigeon Corp (7956 JP)