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>Revenue: JPY15.6bn (-0.3% YoY); Operating profit: JPY1.4bn (-62.3% YoY); Recurring profit: JPY1.3bn (-64.9% YoY); Net income: JPY885mn (-64.1% YoY).</li><li>Asset Value Creation segment: Revenue decreased 3.5% YoY; Operating profit decreased 53.1% YoY; Operating profit margin fell 15.1pp YoY.</li><li>Future Value Creation segment: Revenue increased 34.2% YoY; Operating loss: JPY382mn; Operating loss widened slightly from Q1 FY03/24.</li></ul>

Revenue: JPY15.6bn (-0.3% YoY); Operating profit: JPY1.4bn (-62.3% YoY); Recurring profit: JPY1.3bn (-64.9% YoY); Net income: JPY885mn (-64.1% YoY).Asset Value Creation segment: Revenue decreased 3.5% YoY; Operating profit decreased 53.1% YoY; Operating profit margin fell 15.1pp YoY.Future Value Creation segment: Revenue increased 34.2% YoY; Operating loss: JPY382mn; Operating loss widened slightly from Q1 FY03/24.

Raysum Co Ltd (8890 JP): Q1 FY03/25 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Over the weekend I wrote about <a href="https://www.smartkarma.com/entities/kasumigaseki-capital-co-ltd" target="_blank" data-smartkarma-citation="entities:40162:1" rel="noopener">Kasumigaseki Capital (3498 JP)</a>'s move to TSE Prime and then move to TOPIX. I noted earnings would be out 3 October.  </li>
<li>I talked about the possibility of a surprise. They had revised full-year to end-Sep to ¥2bn. They got ¥2.05bn. </li>
<li>But after growing revenue 79% last year, and growing net profit 101%, this year they expect revs +60% and Net Profit +144%. </li>
</ul>


Over the weekend I wrote about Kasumigaseki Capital (3498 JP)'s move to TSE Prime and then move to TOPIX. I noted earnings would be out 3 October.  
I talked about the possibility of a surprise. They had revised full-year to end-Sep to ¥2bn. They got ¥2.05bn. 
But after growing revenue 79% last year, and growing net profit 101%, this year they expect revs +60% and Net Profit +144%. 


UPDATE: Kasumigaseki Capital (3498) Moving to TOPIX. Forward Earnings/Aggressive Forecast Surprise

<ul>
<li>Last week I wrote about <a href="https://www.smartkarma.com/insights/ntt-s-partial-offer-for-marketing-consultant-intage-4326" target="_blank" data-smartkarma-citation="insights:112399" rel="noopener">NTT's Partial Offer for Marketing Consultant Intage (4326) -</a> (with a spurious hyphen at the end). </li>
<li>In the last couple of days, there have apparently been a few blocks printed on the tape. I have received questions about pricing and pro-ration. </li>
<li>So here I provide a set of 11 possible pro-ration cases, and suggest ways for traders and investors to think about the risks and possibilities.</li>
</ul>


Last week I wrote about NTT's Partial Offer for Marketing Consultant Intage (4326) - (with a spurious hyphen at the end). 
In the last couple of days, there have apparently been a few blocks printed on the tape. I have received questions about pricing and pro-ration. 
So here I provide a set of 11 possible pro-ration cases, and suggest ways for traders and investors to think about the risks and possibilities.


NTT's Partial Offer for Intage (4326) Part Deux - Refining Pro-Ration Expectations

Sanei Architecture Planning / Event-Driven

<ul>
<li>[cue Tom Hardy gif saying "That's Bait"]. But yes, this story has a backstory to the Japanese underworld, and while the original sin may have been minor, it's everything.</li>
<li>The firm was raided, the CEO resigned, a govt authority "recommended" Sanei get rid of Mr Koike's influence, banks got antsy, employee morale dropped. Sanei needed a saviour.</li>
<li>Koike-San asked <a href="https://www.smartkarma.com/entities/open-house-co-ltd" target="_blank" data-smartkarma-citation="entities:19550:1" rel="noopener">Open House (3288 JP)</a> to buy his shares. They agreed to take over the company. It's basically a done deal with a possible twist.</li>
</ul>


[cue Tom Hardy gif saying "That's Bait"]. But yes, this story has a backstory to the Japanese underworld, and while the original sin may have been minor, it's everything.
The firm was raided, the CEO resigned, a govt authority "recommended" Sanei get rid of Mr Koike's influence, banks got antsy, employee morale dropped. Sanei needed a saviour.
Koike-San asked Open House (3288 JP) to buy his shares. They agreed to take over the company. It's basically a done deal with a possible twist.


Sanei Architecture Planning (3228) Finds Saviour from Mafia-Linked Former Boss and Majority Owner

<ul>
<li>In March, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a> agreed to be bought out by <a href="https://www.smartkarma.com/entities/infroneer-holdings-inc" target="_blank" data-smartkarma-citation="entities:35785:1" rel="noopener">INFRONEER Holdings (5076 JP)</a> for ¥770/share. One activist objected, and bought 28%. They then said they'd pay ¥1,000.</li>
<li>The Infroneer deal failure started an acrimonious back and forth. The hostility lessened over the summer, but despite activist Yamauchi Family Office's protestations of love, no deal as of November.</li>
<li>Today saw another press release, delaying things. The contents are 🌶🌶🌶.  NOW things are getting more interesting. Hostility is back. Medium-spicy. Three 🌶 out of five.</li>
</ul>


In March, Toyo Construction (1890 JP) agreed to be bought out by INFRONEER Holdings (5076 JP) for ¥770/share. One activist objected, and bought 28%. They then said they'd pay ¥1,000.
The Infroneer deal failure started an acrimonious back and forth. The hostility lessened over the summer, but despite activist Yamauchi Family Office's protestations of love, no deal as of November.
Today saw another press release, delaying things. The contents are 🌶🌶🌶.  NOW things are getting more interesting. Hostility is back. Medium-spicy. Three 🌶 out of five.


Toyo (1890) Says "We Reject". YFO Says "But We Didn't Talk". Medium-🌶🌶🌶 Hostile Activism To Ensue

Japan

Raysum Co., Ltd. provides building management, real estate investment, and advisory services as well as securitized real estate properties. The Company also investigates, purchases, and collects non-performing loans as a servicing agent.

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Raysum Co Ltd (8890 JP)