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 decreased by 3.1% YoY, resulting in an operating loss of JPY213mn, compared to a profit in 1H FY02/25.</li><li>Full-year FY02/26 forecast: Revenue JPY59.9bn (-1.0% YoY), operating profit JPY2.3bn (-15.3% YoY), net income JPY4.1bn (+2.3% YoY).</li><li>2H initiatives include new store openings, procurement cost control, and increasing full-price sales to improve GPM.</li></ul>

Revenue decreased by 3.1% YoY, resulting in an operating loss of JPY213mn, compared to a profit in 1H FY02/25.Full-year FY02/26 forecast: Revenue JPY59.9bn (-1.0% YoY), operating profit JPY2.3bn (-15.3% YoY), net income JPY4.1bn (+2.3% YoY).2H initiatives include new store openings, procurement cost control, and increasing full-price sales to improve GPM.

Sanyo Shokai (8011 JP): 1H FY02/26 flash update

<ul><li>Revenue decreased by 5.7% YoY to JPY14.5bn, with operating profit declining by 95.2% YoY to JPY36m.</li><li>Net income attributable to owners fell 93.9% YoY to JPY36m, with recurring profit down 96.6% YoY to JPY25m.</li><li>Despite reducing SG&A expenses by JPY400m, cost-control efforts failed to offset gross profit decline from lower revenue.</li></ul>

Revenue decreased by 5.7% YoY to JPY14.5bn, with operating profit declining by 95.2% YoY to JPY36m.Net income attributable to owners fell 93.9% YoY to JPY36m, with recurring profit down 96.6% YoY to JPY25m.Despite reducing SG&A expenses by JPY400m, cost-control efforts failed to offset gross profit decline from lower revenue.

Sanyo Shokai (8011 JP): Q1 FY02/26 flash update

<ul><li>In FY02/25, Sanyo Shokai recorded a 1.3% YoY revenue decline and a 10.9% decrease in operating profit.</li><li>For FY02/26, Sanyo Shokai projects revenue of JPY62.5bn (+3.3% YoY) and operating profit of JPY3.3bn (+21.5% YoY).</li><li>The medium-term management plan targets FY02/28 revenue of JPY70.0bn, operating profit of JPY5.0bn, and OPM of 7.1%.</li></ul>

In FY02/25, Sanyo Shokai recorded a 1.3% YoY revenue decline and a 10.9% decrease in operating profit.For FY02/26, Sanyo Shokai projects revenue of JPY62.5bn (+3.3% YoY) and operating profit of JPY3.3bn (+21.5% YoY).The medium-term management plan targets FY02/28 revenue of JPY70.0bn, operating profit of JPY5.0bn, and OPM of 7.1%.

Sanyo Shokai (8011 JP): Full-year FY02/25 flash update

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.

Event-Driven

<ul>
<li>On 14 November, media outlets reported that Sapphireterra has <a href="https://img1.wsimg.com/blobby/go/e7ddad68-3d70-4201-b3f3-16f665298127/downloads/055ae6dd-96a9-457f-baab-01eafcc12759/STC%20IS%20Press%20Release%202025-11-05%20E%20FINAL.pdf?ver=1763150335833" target="_blank" rel="noopener">sent a letter</a> to the <a href="https://www.smartkarma.com/entities/itochu-shokuhin-co-ltd" target="_blank" data-smartkarma-citation="entities:14985:1" rel="noopener">Itochu Shokuhin (2692 JP)</a> Board suggesting two strategic alternatives to improve shareholder returns. </li>
<li>Sapphireterra has suggested that <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu Corp (8001 JP)</a> privatise Itochu-Shokuhin at JPY14,000, a 50.5% takeover premium. Due to the shareholder structure, Itochu does not need to be this generous.</li>
<li>Sapphireterra has also alternatively suggested JPY7,000 special dividend. The strong YTD share performance suggests no pressing need for the Board to act on this proposal. </li>
</ul>


On 14 November, media outlets reported that Sapphireterra has sent a letter to the Itochu Shokuhin (2692 JP) Board suggesting two strategic alternatives to improve shareholder returns. 
Sapphireterra has suggested that Itochu Corp (8001 JP) privatise Itochu-Shokuhin at JPY14,000, a 50.5% takeover premium. Due to the shareholder structure, Itochu does not need to be this generous.
Sapphireterra has also alternatively suggested JPY7,000 special dividend. The strong YTD share performance suggests no pressing need for the Board to act on this proposal. 


Itochu-Shokuhin (2692 JP): Itochu Likely to Shrug off Sapphireterra’s Privatisation Call

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<ul>
<li>TSI Holdings long managed to get away with half-hearted reforms because it was so rich.</li>
<li>Operating losses in 1H2024 and falls in sales at key brands have spurred the company to finally take real action, the last of the big apparel firms to do so.</li>
<li>The good news is that the business is so bulging with inefficiencies that it won't take much to boost income.</li>
</ul>


TSI Holdings long managed to get away with half-hearted reforms because it was so rich.
Operating losses in 1H2024 and falls in sales at key brands have spurred the company to finally take real action, the last of the big apparel firms to do so.
The good news is that the business is so bulging with inefficiencies that it won't take much to boost income.


TSI to Cull Brands and 20% of Staff and Deliver Real Profits – Finally

Japan

SANYO SHOKAI LTD. manufactures and sells women's, men's, and children's clothing such as coats, suits, dresses, and casuals.  The Company also sells bags, belts, handkerchiefs, and other accessories.

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Sanyo Shokai (8011 JP)