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, AUM reached JPY1.5tn, increasing 11.1% YoY and 6.2% QoQ, driven by market gains.</li><li>Operating revenue rose to JPY5.9bn (+3.3% YoY), while operating profit fell to JPY1.0bn (-6.3% YoY).</li><li>The average trust fee ratio increased to 62.9bps, with a direct sales ratio decrease to 19.6% YoY.</li></ul>

In 1H FY03/26, AUM reached JPY1.5tn, increasing 11.1% YoY and 6.2% QoQ, driven by market gains.Operating revenue rose to JPY5.9bn (+3.3% YoY), while operating profit fell to JPY1.0bn (-6.3% YoY).The average trust fee ratio increased to 62.9bps, with a direct sales ratio decrease to 19.6% YoY.

SBI RHEOS HIFUMI (165A JP): 1H FY03/26 flash update

<ul><li>AUM was JPY1.4tn, slightly down YoY, but increased 8.5% QoQ, with net outflows of JPY2.9bn.</li><li>Operating revenue decreased to JPY2.8bn (-2.5% YoY), while operating and G&A expenses rose to JPY2.3bn (+2.4% YoY).</li><li>Operating profit fell to JPY442mn (-22.3% YoY) due to lower AUM and increased personnel and advertising expenses.</li></ul>

AUM was JPY1.4tn, slightly down YoY, but increased 8.5% QoQ, with net outflows of JPY2.9bn.Operating revenue decreased to JPY2.8bn (-2.5% YoY), while operating and G&A expenses rose to JPY2.3bn (+2.4% YoY).Operating profit fell to JPY442mn (-22.3% YoY) due to lower AUM and increased personnel and advertising expenses.

SBI RHEOS HIFUMI (165A JP): Q1 FY03/26 flash update

<ul><li>AUM decreased to JPY1.3tn (-6.8% YoY, -6.5% QoQ), while operating revenue rose to JPY11.4bn (+10.8% YoY).</li><li>Operating expenses and G&A expenses increased to JPY9.4bn (+9.7% YoY), resulting in an operating profit of JPY2.1bn (+16.2% YoY).</li><li>The company plans an annual dividend of JPY6.8 per share post an 8-for-1 stock split.</li></ul>

AUM decreased to JPY1.3tn (-6.8% YoY, -6.5% QoQ), while operating revenue rose to JPY11.4bn (+10.8% YoY).Operating expenses and G&A expenses increased to JPY9.4bn (+9.7% YoY), resulting in an operating profit of JPY2.1bn (+16.2% YoY).The company plans an annual dividend of JPY6.8 per share post an 8-for-1 stock split.

SBI RHEOS HIFUMI (165A JP): Full-year FY03/25 flash update

<ul><li> In FY03/24, AUM was JPY1.4tn (+19.6% YoY), operating revenue JPY10.3bn (+6.7% YoY), operating profit JPY1.8bn (+10.6% YoY), recurring profit JPY1.8bn (+10.6% YoY), and net income attributable to owners of the parent JPY1.3bn (+20.8% YoY).</li><li>The company continued to expand its distribution partner network and product lineup.</li><li>The Japanese equity market remained strong, and the rise in NAV per share drove up AUM to JPY1.4tn (+19.6% YoY).</li></ul>

 In FY03/24, AUM was JPY1.4tn (+19.6% YoY), operating revenue JPY10.3bn (+6.7% YoY), operating profit JPY1.8bn (+10.6% YoY), recurring profit JPY1.8bn (+10.6% YoY), and net income attributable to owners of the parent JPY1.3bn (+20.8% YoY).The company continued to expand its distribution partner network and product lineup.The Japanese equity market remained strong, and the rise in NAV per share drove up AUM to JPY1.4tn (+19.6% YoY).

SBI RHEOS HIFUMI (165A JP): Coverage Initiation

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/fuji-media-holdings-inc" target="_blank" data-smartkarma-citation="entities:3191:1" rel="noopener">Fuji Media Holdings (4676 JP)</a> has for years been "undervalued" and owned by value-oriented actively-managed fund managers. Under-used real estate and IP assets. Lack of governance regarding capital. </li>
<li>A Shukan Bunshun article in Dec-2024 reported a former boy band SMAP member and Fuji TV regular made a big payment to an unidentified woman after a June 2023 "incident."</li>
<li>Fuji TV hemmed and hawed about its involvement. Advertisers bolted. Activists activisted. The chairman resigned. Now Major Activist Dalton has a director slate for the AGM. What Next?</li>
</ul>



Fuji Media Holdings (4676 JP) has for years been "undervalued" and owned by value-oriented actively-managed fund managers. Under-used real estate and IP assets. Lack of governance regarding capital. 
A Shukan Bunshun article in Dec-2024 reported a former boy band SMAP member and Fuji TV regular made a big payment to an unidentified woman after a June 2023 "incident."
Fuji TV hemmed and hawed about its involvement. Advertisers bolted. Activists activisted. The chairman resigned. Now Major Activist Dalton has a director slate for the AGM. What Next?


[Japan Activism] The Upcoming Fuji Media AGM Stoush - Foreigners Vs Voting Right Limits

Japan

SBI RHEOS HIFUMI Inc. offers investment management services. The Company provides investment trust management, investment advisory, and other services. SBI RHEOS HIFUMI provides its services throughout Japan.

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SBI RHEOS HIFUMI (165A JP)