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>Sales increased to JPY364.4bn (+10.3% YoY), with significant growth in Logistics and Property Management segments.</li><li>Operating profit rose to JPY17.3bn (+31.1% YoY), driven by higher profits in Logistics and Property Management.</li><li>Q3 sales and profit growth were influenced by new customer acquisition and a newly consolidated subsidiary.</li></ul>

Sales increased to JPY364.4bn (+10.3% YoY), with significant growth in Logistics and Property Management segments.Operating profit rose to JPY17.3bn (+31.1% YoY), driven by higher profits in Logistics and Property Management.Q3 sales and profit growth were influenced by new customer acquisition and a newly consolidated subsidiary.

Sbs Holdings (2384 JP): Q3 FY12/25 flash update

<ul><li>Sales decreased by JPY993mn (-0.9% YoY), with growth in Logistics offset by a decline in Property Management. </li><li>Logistics segment sales rose by 8.7% YoY, but operating profit fell by 7.4% YoY due to costs. </li><li>Absence of a previous logistics property sale led to a JPY9.8bn sales and JPY4.7bn profit decline. </li></ul>

Sales decreased by JPY993mn (-0.9% YoY), with growth in Logistics offset by a decline in Property Management. Logistics segment sales rose by 8.7% YoY, but operating profit fell by 7.4% YoY due to costs. Absence of a previous logistics property sale led to a JPY9.8bn sales and JPY4.7bn profit decline. 

Sbs Holdings (2384 JP): Q1 FY12/25 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>
<a href="https://www.smartkarma.com/entities/nissin-corp" target="_blank" data-smartkarma-citation="entities:12749:1" rel="noopener">Nissin Corp (9066 JP)</a> shares were up 10.3% based on a <a href="https://news.bloomberglaw.com/antitrust/japans-nissin-corp-said-to-plan-bain-backed-management-buyout" target="_blank" rel="noopener">Bloomberg report</a> that it would be privatised through a Bain-sponsored MBO. </li>
<li>The deal is expected to exceed JPY100 billion. Assuming this refers to a market cap, the implied offer price is around JPY6,500 (21.5% premium to last close).</li>
<li>While the rumoured offer represents an all-time high share price, it is light compared to precedent and peer multiples. A long-dated offer makes it susceptible to a counterbid. </li>
</ul>



Nissin Corp (9066 JP) shares were up 10.3% based on a Bloomberg report that it would be privatised through a Bain-sponsored MBO. 
The deal is expected to exceed JPY100 billion. Assuming this refers to a market cap, the implied offer price is around JPY6,500 (21.5% premium to last close).
While the rumoured offer represents an all-time high share price, it is light compared to precedent and peer multiples. A long-dated offer makes it susceptible to a counterbid. 


Nissin Corp (9066 JP): A Rumoured Bain-Sponsored MBO?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tonami-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:2615:1" rel="noopener">Tonami Holdings (9070 JP)</a> has recommended a <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a>-sponsored MBO at JPY10,200, a 73.8% premium to the last close.</li>
<li>The offer is attractive compared to historical trading ranges and peer multiples. The offer represents an all-time high. </li>
<li>The offer is above the midpoint of the special committee IFA’s DCF valuation range but below that of the target IFA. However, the required minority acceptance rate is not onerous. </li>
</ul>



Tonami Holdings (9070 JP) has recommended a Japan Post Holdings (6178 JP)-sponsored MBO at JPY10,200, a 73.8% premium to the last close.
The offer is attractive compared to historical trading ranges and peer multiples. The offer represents an all-time high. 
The offer is above the midpoint of the special committee IFA’s DCF valuation range but below that of the target IFA. However, the required minority acceptance rate is not onerous. 


Tonami Holdings (9070 JP): Japan Post Holdings’ (6178 JP) JPY10,200 Tender Offer

<ul><li>Sales increased by JPY5.2bn (+1.6% YoY), while operating profit fell JPY3.6bn (-21.3% YoY) due to segment performance.</li><li>Cumulative Q3 results achieved 74.7% of full-year sales target and 76.9% of operating profit target.</li><li>Revised FY12/24 forecast projects sales of JPY442bn (+2.3% YoY) and operating profit of JPY17.2bn (-12.8% YoY).</li></ul>

Sales increased by JPY5.2bn (+1.6% YoY), while operating profit fell JPY3.6bn (-21.3% YoY) due to segment performance.Cumulative Q3 results achieved 74.7% of full-year sales target and 76.9% of operating profit target.Revised FY12/24 forecast projects sales of JPY442bn (+2.3% YoY) and operating profit of JPY17.2bn (-12.8% YoY).

Sbs Holdings (2384 JP): Q3 FY12/24 flash update

Japan

SBS Holdings, Inc. provides integrated logistic services. The Company's services include one-stop marketing such as logistic consulting, logistic management and logistic development, special transportation, and low-temperature logistic. SBS Holdings also offers human resources and information technologies services.

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Sbs Holdings (2384 JP)