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 Q1 FY08/25, the company reported sales of JPY30.2bn, gross profit of JPY10.0bn, and net income of JPY2.0bn.</li><li>Software Testing Related Services segment sales reached JPY19.3bn, with operating profit at JPY4.8bn, driven by higher utilization rates.</li><li>Software Development Related Services segment sales were JPY9.7bn, with operating profit of JPY711mn, aided by ERP project expansion.</li></ul>

In Q1 FY08/25, the company reported sales of JPY30.2bn, gross profit of JPY10.0bn, and net income of JPY2.0bn.Software Testing Related Services segment sales reached JPY19.3bn, with operating profit at JPY4.8bn, driven by higher utilization rates.Software Development Related Services segment sales were JPY9.7bn, with operating profit of JPY711mn, aided by ERP project expansion.

Shift Inc (3697 JP): Q1 FY08/25 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In December, I thought the March 2025 Nikkei 225 Rebalance was going to be 2 ADDs 2 DELETEs and a double-capping for Fast Retailing. </li>
<li>Fast Retailing has fallen sharply vs Nikkei 225, and another stock has announced a large-multiple share split, making it a strong candidate for Nikkei 225 ADDITION in March 2025.</li>
<li>There is short-term path risk on all three ADDs, but they are definitely worth watching. Keep an eye out for separate insights on two of these names.</li>
</ul>


In December, I thought the March 2025 Nikkei 225 Rebalance was going to be 2 ADDs 2 DELETEs and a double-capping for Fast Retailing. 
Fast Retailing has fallen sharply vs Nikkei 225, and another stock has announced a large-multiple share split, making it a strong candidate for Nikkei 225 ADDITION in March 2025.
There is short-term path risk on all three ADDs, but they are definitely worth watching. Keep an eye out for separate insights on two of these names.


[Quiddity Index Jan25] Nikkei 225 Mar Rebal: 3 IN, 3 OUT, $3bn One Way

Japanese Turnaround Situations, Short-Ideas, Azabu Research

Michael Allen

Japanese Turnaround Situations, Short-Ideas

Azabu Research

Azabu Research is a publishing and consulting firm focused on distressed equities in the Japanese market. We specialize in turnaround strategies, corporate combinations, divestitures, and restructuring.

Publisher of the Tokyo Turnaround Letter, which conducts the most thorough research possible of publicly available information, including forensic tests for fraudulent overstatement of assets and understatement of liabilities, as well as rigorous market and industry analysis to assess the underlying strengths of the company’s products or services, the appropriateness of the company’s turnaround strategy, and the skill of its current management team. The average length of a report exceeds 25 pages of text and tables, excluding any disclosures or executive summaries.

We have more than 30 years of experience in applying this process to distressed equities in Japan. Additionally, subscribers have free access to detailed, yet easily navigated earnings models for the target company as well as the top five comparable companies, and unlimited access to the analyst for follow-up questions.

Azabu Research also conducts be-spoke research on a project basis, and provides consulting services to companies looking to restructure, divest, make acquisitions, go public, or improve investor sentiment toward their stock.

Independent Research and Consulting Firm

Thematic (Sector/Industry)

<ul>
<li>The median stock in our Dogs of Topix basket outperformed the median stock in the Topix 400 by 4% through Sept 2024.</li>
<li>This is below the average of 7% achieved by such stocks over the past 9 years, but it was a much tougher stretch than it looked. </li>
<li>Do we need to re-think? Much can be learned comparing the outperformers, whose median return was +34%, compared to the underperformers, which declined 23%.</li>
</ul>


The median stock in our Dogs of Topix basket outperformed the median stock in the Topix 400 by 4% through Sept 2024.
This is below the average of 7% achieved by such stocks over the past 9 years, but it was a much tougher stretch than it looked. 
Do we need to re-think? Much can be learned comparing the outperformers, whose median return was +34%, compared to the underperformers, which declined 23%.


Have the Rules for Bottom Fishing Changed?

Index Rebalance

Pan Pacific International Holdings / Index Rebalance

<ul>
<li>The March 2026 review for the Nikkei 225 is turning out to be a little more interesting than one might have expected a few months ago. </li>
<li>As of the end of August, the 3mo ADTV for Kioxia (285A) was ¥18bn despite expectations it would go into M _ _ _. The 1mo average today? ¥383bn.</li>
<li>That means it has rapidly climbed into the top echelons of 5yr trading history. Importantly, <a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> and <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> are not far behind.</li>
</ul>


The March 2026 review for the Nikkei 225 is turning out to be a little more interesting than one might have expected a few months ago. 
As of the end of August, the 3mo ADTV for Kioxia (285A) was ¥18bn despite expectations it would go into M _ _ _. The 1mo average today? ¥383bn.
That means it has rapidly climbed into the top echelons of 5yr trading history. Importantly, JX Advanced Metals (5016 JP) and Kokusai Electric (6525 JP) are not far behind.


[Quiddity Index] Nikkei 225 Mar26 - Kioxia (285A) On the Menu, Others Not Far Behind

Japan Specialist

Mark Chadwick

<ul>
<li>
 For the week: Nikkei: -1.1%, TPX -0.8%, JPY 149.70 (-1.48¥), Gold +8.8%, Oil: -3.4%, BTC: -7.2%</li>
<li>A week remains a lifetime in financial markets. The exuberance that lifted Japanese equities to record highs only last week has given way to a more cautious tone</li>
<li>
Sector wise, Retail outperformed, suggesting defensive positioning, but also reflecting strong underlying business performance. Aeon, Ryohin and Fast all saw major gains. </li>
</ul>



 For the week: Nikkei: -1.1%, TPX -0.8%, JPY 149.70 (-1.48¥), Gold +8.8%, Oil: -3.4%, BTC: -7.2%
A week remains a lifetime in financial markets. The exuberance that lifted Japanese equities to record highs only last week has given way to a more cautious tone

Sector wise, Retail outperformed, suggesting defensive positioning, but also reflecting strong underlying business performance. Aeon, Ryohin and Fast all saw major gains. 


Japan Strategy Weekly | Global Jitters Spread

Japan

SHIFT Inc. offers information technology outsourcing services. The Company provides outsourcing software testing services to corporations and individual clients. SHIFT also provides software solutions and consulting services, as well as educational classes and programs.

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Shift Inc (3697 JP)

Shift Inc (3697 JP): Q1 FY08/25 flash update

In Q1 FY08/25, the company reported sales of JPY30.2bn, gross profit of JPY10.0bn, and net income of JPY2.0bn. Software Testing Related Services...

Shared Research

[Quiddity Index Jan25] Nikkei 225 Mar Rebal: 3 IN, 3 OUT, $3bn One Way

Nikkei 225 March 2025 Rebalance could easily be three ADDs and three DELETEs this time. Last time it could have been too, but they only went for...

Travis Lundy

Have the Rules for Bottom Fishing Changed?

Increased passive investing and a rising interest rate environment have made the bottom-fishing game more treacherous, but the rules are still the...

Michael Allen

[Quiddity Index] Nikkei 225 Mar26 - Kioxia (285A) On the Menu, Others Not Far Behind

The Nikkei 225 Mar-26 rebalance is shaping up to be something different than one might have predicted just a month ago. High volume has trumped the...

Travis Lundy

Japan Strategy Weekly | Global Jitters Spread

Japanese markets experienced a shift from exuberance to caution in just one week, with Retail sector outperforming and showing strong business...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shift Inc (3697 JP): Q1 FY08/25 flash update

In Q1 FY08/25, the company reported sales of JPY30.2bn, gross profit of JPY10.0bn, and net income of JPY2.0bn. Software Testing Related Services...

Shared Research

[Quiddity Index Jan25] Nikkei 225 Mar Rebal: 3 IN, 3 OUT, $3bn One Way

Nikkei 225 March 2025 Rebalance could easily be three ADDs and three DELETEs this time. Last time it could have been too, but they only went for...

Travis Lundy

Have the Rules for Bottom Fishing Changed?

Increased passive investing and a rising interest rate environment have made the bottom-fishing game more treacherous, but the rules are still the...

Michael Allen

[Quiddity Index] Nikkei 225 Mar26 - Kioxia (285A) On the Menu, Others Not Far Behind

The Nikkei 225 Mar-26 rebalance is shaping up to be something different than one might have predicted just a month ago. High volume has trumped the...

Travis Lundy

Japan Strategy Weekly | Global Jitters Spread

​Japanese markets experienced a shift from exuberance to caution in just one week, with Retail sector outperforming and showing strong business...

Mark Chadwick

Japanese markets experienced a shift from exuberance to caution in just one week, with Retail sector outperforming and showing strong business...