Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
  <li>Ricoh is navigating a strategic pivot from its legacy office printing business to a growth-oriented digital services company. This transition is driving revenue growth, with a notable contribution from the Digital Services segment.</li>
  <li>The company's stock is currently trading at a discount compared to its peers, which, combined with a consistent dividend history, presents a potential value opportunity for investors. However, this is contrasted by recent market underperformance.</li>
  <li>A significant near-term risk is the potential deletion from a global index in August, which could lead to substantial passive selling pressure on the stock. This technical factor may overshadow fundamental performance in the short term.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Ricoh is navigating a strategic pivot from its legacy office printing business to a growth-oriented digital services company. This transition is driving revenue growth, with a notable contribution from the Digital Services segment.
  The company's stock is currently trading at a discount compared to its peers, which, combined with a consistent dividend history, presents a potential value opportunity for investors. However, this is contrasted by recent market underperformance.
  A significant near-term risk is the potential deletion from a global index in August, which could lead to substantial passive selling pressure on the stock. This technical factor may overshadow fundamental performance in the short term.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Ricoh Company Ltd (7752 JP) - Oct 2025

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The slide in <a href="https://www.smartkarma.com/entities/ricoh-company-ltd" target="_blank" data-smartkarma-citation="entities:15359:1" rel="noopener">Ricoh Company Ltd (7752 JP)</a>'s stock price over the last few months could lead to the deletion of the stock from a global index in August. </li>
<li>
<a href="https://www.smartkarma.com/entities/ricoh-company-ltd" target="_blank" data-smartkarma-citation="entities:15359:1" rel="noopener">Ricoh Company Ltd (7752 JP)</a> has underperformed its peers over the last couple of months and trades cheaper than the average of its peers.</li>
<li>There are indications of positioning in the stock. However, positioning is likely smaller than the estimated passive selling and there could be more downside for the stock near-term.</li>
</ul>


The slide in Ricoh Company Ltd (7752 JP)'s stock price over the last few months could lead to the deletion of the stock from a global index in August. 

Ricoh Company Ltd (7752 JP) has underperformed its peers over the last couple of months and trades cheaper than the average of its peers.
There are indications of positioning in the stock. However, positioning is likely smaller than the estimated passive selling and there could be more downside for the stock near-term.


Ricoh (7752 JP): Potential Global Index Deletion in August

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/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 JP)</a> announced a second buyback this fiscal year on 15 June. As discussed here previously, Canon buybacks are short, sharp, and sweet. </li>
<li>The recent one should be done imminently (15 May start ended 13 July). 16 June start? (Note: Canon reports buyback results at 3pm local time, and did not report today).</li>
<li>This time we have a double-setup with buyback ending and a large TOPIX sell on Canon on 28 July. </li>
</ul>



Canon Inc (7751 JP) announced a second buyback this fiscal year on 15 June. As discussed here previously, Canon buybacks are short, sharp, and sweet. 
The recent one should be done imminently (15 May start ended 13 July). 16 June start? (Note: Canon reports buyback results at 3pm local time, and did not report today).
This time we have a double-setup with buyback ending and a large TOPIX sell on Canon on 28 July. 


Canon (7751) Buyback Almost Done, TPX Selldown to Come = Trade Vs Ricoh or Basket

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>IPO catalyst already priced in – Tekscend Photomask IPO (¥300 bn base case) crystallizes hidden value, but with TOPPAN at ~¥3,900, the upside to bull case (~¥4,100) is limited.</li>
<li>Core execution the swing factor – Information &amp; Communication (~54% sales) and BPO/Digital DX must expand margins (target 10% by FY2030 vs. ~5% today) for further re-rating.</li>
<li>Balanced risk–reward – Strong balance sheet and shareholder returns (2.5% equity cancelled FY25) support valuation, but high capex and legacy print drag keep FCF and ROE volatile.</li>
</ul>


IPO catalyst already priced in – Tekscend Photomask IPO (¥300 bn base case) crystallizes hidden value, but with TOPPAN at ~¥3,900, the upside to bull case (~¥4,100) is limited.
Core execution the swing factor – Information &amp; Communication (~54% sales) and BPO/Digital DX must expand margins (target 10% by FY2030 vs. ~5% today) for further re-rating.
Balanced risk–reward – Strong balance sheet and shareholder returns (2.5% equity cancelled FY25) support valuation, but high capex and legacy print drag keep FCF and ROE volatile.


TOPPAN Holdings – IPO Premium Priced In, Core Execution the Next Test

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Pure Storage surging 32% showcasing the growth potential for NAND as a viable and cost effective storage medium for AI/enterprise use. Watch Kioxia.</li>
<li>HP up but its printing business not so good -however this could be a 'bad is good' scenario for Japan's desperately in need of consolidation printer industry.</li>
<li>Marvell getting hit hard after-hours may see ASIC related Socionext trade lower.</li>
</ul>


Pure Storage surging 32% showcasing the growth potential for NAND as a viable and cost effective storage medium for AI/enterprise use. Watch Kioxia.
HP up but its printing business not so good -however this could be a 'bad is good' scenario for Japan's desperately in need of consolidation printer industry.
Marvell getting hit hard after-hours may see ASIC related Socionext trade lower.


Japan Morning Connection: Tech Shakes off Initial Weakness with Talks of Blackwell Sales to China

Japan

RICOH COMPANY, LTD. manufactures and markets office automation equipment, electronic devices, and photographic instruments.  The Company's diverse product line includes facsimiles, image scanners, printers, digital cameras, and personal computers, as well as a full range of analog, digital, and color copiers. Ricoh operates with a network of sales offices and tie-ups worldwide.

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Ricoh Company Ltd (7752 JP)

Primer: Ricoh Company Ltd (7752 JP) - Oct 2025

Ricoh is navigating a strategic pivot from its legacy office printing business to a growth-oriented digital services company. This transition is...

αSK

Ricoh (7752 JP): Potential Global Index Deletion in August

Ricoh has underperformed its peers this year and the stock could be deleted from a global index later this month. Small increase in shorts and...

Brian Freitas

Canon (7751) Buyback Almost Done, TPX Selldown to Come = Trade Vs Ricoh or Basket

Canon's recent buyback should almost be done. Historically, Canon underperforms Peers post buyback end. This time, we also have a TOPIX downweight...

Travis Lundy

TOPPAN Holdings – IPO Premium Priced In, Core Execution the Next Test

Tekscend Photomask IPO priced in, limited upside with TOPPAN at ¥3,900. Core execution key for margin expansion. Balanced risk-reward with strong...

Rahul Jain

Japan Morning Connection: Tech Shakes off Initial Weakness with Talks of Blackwell Sales to China

Memory plays continue to trade well with strong growth outlook for NAND memory, watch Kioxia as a squeeze candidate. Dell down with numbers showing...

Andrew Jackson

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52-week Range

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Primer: Ricoh Company Ltd (7752 JP) - Oct 2025

Ricoh is navigating a strategic pivot from its legacy office printing business to a growth-oriented digital services company. This transition is...

αSK

Ricoh (7752 JP): Potential Global Index Deletion in August

Ricoh has underperformed its peers this year and the stock could be deleted from a global index later this month. Small increase in shorts and...

Brian Freitas

Canon (7751) Buyback Almost Done, TPX Selldown to Come = Trade Vs Ricoh or Basket

Canon's recent buyback should almost be done. Historically, Canon underperforms Peers post buyback end. This time, we also have a TOPIX downweight...

Travis Lundy

TOPPAN Holdings – IPO Premium Priced In, Core Execution the Next Test

​Tekscend Photomask IPO priced in, limited upside with TOPPAN at ¥3,900. Core execution key for margin expansion. Balanced risk-reward with strong...

Rahul Jain

Japan Morning Connection: Tech Shakes off Initial Weakness with Talks of Blackwell Sales to China

Memory plays continue to trade well with strong growth outlook for NAND memory, watch Kioxia as a squeeze candidate. Dell down with numbers showing...

Andrew Jackson

Tekscend Photomask IPO priced in, limited upside with TOPPAN at ¥3,900. Core execution key for margin expansion. Balanced risk-reward with strong...