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

Symbio Pharmaceuticals / Equity Bottom-Up

<ul><li>Sales declined 27.3% YoY to JPY470mn, with operating loss increasing to JPY3.6bn from JPY2.2bn YoY.</li><li>SG&A expenses rose 50.1% YoY to JPY4.0bn, including R&D expenses of JPY3.0bn, up 89.5% YoY.</li><li>Net loss attributable to owners of the parent was JPY3.6bn, 83.6% of the full-year forecast.</li></ul>

Sales declined 27.3% YoY to JPY470mn, with operating loss increasing to JPY3.6bn from JPY2.2bn YoY.SG&A expenses rose 50.1% YoY to JPY4.0bn, including R&D expenses of JPY3.0bn, up 89.5% YoY.Net loss attributable to owners of the parent was JPY3.6bn, 83.6% of the full-year forecast.

Symbio Pharmaceuticals (4582 JP): 1H FY12/26 flash update

<ul><li>Sales declined 11.6% YoY to JPY233mn, with gross profit down 14.6% YoY to JPY173mn, and SG&A expenses up 83.3% YoY to JPY2.5bn.</li><li>Operating loss increased to JPY2.3bn from JPY1.2bn, with recurring loss and net loss both at JPY2.4bn, compared to JPY1.3bn.</li><li>The company secured use patents for IV BCV in the US and Japan, aiming to strengthen its business foundation.</li></ul>

Sales declined 11.6% YoY to JPY233mn, with gross profit down 14.6% YoY to JPY173mn, and SG&A expenses up 83.3% YoY to JPY2.5bn.Operating loss increased to JPY2.3bn from JPY1.2bn, with recurring loss and net loss both at JPY2.4bn, compared to JPY1.3bn.The company secured use patents for IV BCV in the US and Japan, aiming to strengthen its business foundation.

Symbio Pharmaceuticals (4582 JP): Q1 FY12/26 flash update

<ul><li>SymBio's FY12/25 sales dropped 46.7% YoY to JPY1.3bn, with an operating loss of JPY4.4bn and recurring loss of JPY4.6bn.</li><li>The FY12/26 forecast anticipates sales of JPY3.9bn (+197.6% YoY), with a gross profit margin increase to 93.5%.</li><li>R&D expenses for FY12/26 are projected at JPY6.1bn (+84.3% YoY), with total SG&A expenses reaching JPY7.9bn (+46.1% YoY).</li></ul>

SymBio's FY12/25 sales dropped 46.7% YoY to JPY1.3bn, with an operating loss of JPY4.4bn and recurring loss of JPY4.6bn.The FY12/26 forecast anticipates sales of JPY3.9bn (+197.6% YoY), with a gross profit margin increase to 93.5%.R&D expenses for FY12/26 are projected at JPY6.1bn (+84.3% YoY), with total SG&A expenses reaching JPY7.9bn (+46.1% YoY).

Symbio Pharmaceuticals (4582 JP): Full-year FY12/25 flash update

<ul><li>Sales dropped 48.9% YoY to JPY971mn, with a gross profit margin of 71.6%, down 4.5pp YoY.</li><li>Operating loss was JPY3.3bn, compared to a loss of JPY2.8bn in cumulative Q3 FY12/24.</li><li>SG&A expenses declined 4.7% YoY to JPY4.0bn, including R&D expenses of JPY2.5bn, down 1.7% YoY.</li></ul>

Sales dropped 48.9% YoY to JPY971mn, with a gross profit margin of 71.6%, down 4.5pp YoY.Operating loss was JPY3.3bn, compared to a loss of JPY2.8bn in cumulative Q3 FY12/24.SG&A expenses declined 4.7% YoY to JPY4.0bn, including R&D expenses of JPY2.5bn, down 1.7% YoY.

Symbio Pharmaceuticals (4582 JP): Q3 FY12/25 flash update

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

<div>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/139/997/original/2020-06-15_11-08-56.png?1592186965" class="editor-image img-responsive" data-smartkarma-image-id="139997"></figure><div class="content-caption">Source: Japan Analytics</div>
STRESS TESTS - This Insight is the second in our Japan Stress Test series in which we endeavour to assess where business risk is concentrated among larger Japanese companies. <a href="https://www.smartkarma.com/insights/japan-stress-tests-part-1-altman-z-scores" target="_blank" data-smartkarma-citation="insights:40180" rel="noopener">Part 1</a> looked at the time-worn Altman-Z Score for both manufacturing and non-manufacturing companies. In Part 2 will we turn our attention to the cash flow statement starting with the 'lifeblood' of all businesses - Operating Cash Flow.
ACCRUAL ACCOUNTING - Despite the sacrosanctity in some quarters of discounted cash flow analysis, for valuation purposes, our preference is to use accrual accounting. As Professor Stephen Penman states, "Accrual accounting brings the future forward in time and anticipates future cash flows."  Nevertheless, cash flow accounting, and the level of accounting accruals, can provide early insights into periodic stress. <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan Motor (7201 JP)'s</a> Accruals (Operating Income less Operating Cash Flow) as a percentage of period-end market capitalisation correlate with the company's Relative Price Score over the last thirty years. Further Insights in this series will continue to 'mine'  the Cash Flow statement by exploring Financing Cash Flows and the Working Capital Cycle.
REFORMULATED CASH FLOWSTATEMENTS - Our Operating Cash Flow calculation is derived from each company's Balance Sheet and Income Statement for periods of up to twenty-eight years. Cash Flow items relating to operating activities are divided into Operating Cash Flow and Investing Cash Flow, which includes Fixed Asset and Inventory Cash Flows.  Cash flows relating to financing activities are divided into Financing Cash Flow and Shareholder Cash Flow. The reformulated Balance Sheets, Income and Cash Flow Statements follow a clean-surplus relationship. All three Statements are fully articulated to include items of Other Comprehensive Income which are added to or subtracted from Shareholders' Equity. 
</div>UNIVERSE - The universe for this Insight comprises the 614 Japanese companies with a market capitalisation excluding Treasury Stock over ¥100 million and for which we have at least two years of cash flow data.  Five non-financial companies, which have significant financial subsidiaries (<a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a>, <a href="https://www.smartkarma.com/entities/z-holdings-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">Z Holdings (4689 JP)</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 (6178 JP)</a>, <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> and <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony (6758 JP)</a>), have been excluded from this analysis.


Source: Japan Analytics
STRESS TESTS - This Insight is the second in our Japan Stress Test series in which we endeavour to assess where business risk is concentrated among larger Japanese companies. Part 1 looked at the time-worn Altman-Z Score for both manufacturing and non-manufacturing companies. In Part 2 will we turn our attention to the cash flow statement starting with the 'lifeblood' of all businesses - Operating Cash Flow.
ACCRUAL ACCOUNTING - Despite the sacrosanctity in some quarters of discounted cash flow analysis, for valuation purposes, our preference is to use accrual accounting. As Professor Stephen Penman states, "Accrual accounting brings the future forward in time and anticipates future cash flows."  Nevertheless, cash flow accounting, and the level of accounting accruals, can provide early insights into periodic stress. Nissan Motor (7201 JP)'s Accruals (Operating Income less Operating Cash Flow) as a percentage of period-end market capitalisation correlate with the company's Relative Price Score over the last thirty years. Further Insights in this series will continue to 'mine'  the Cash Flow statement by exploring Financing Cash Flows and the Working Capital Cycle.
REFORMULATED CASH FLOWSTATEMENTS - Our Operating Cash Flow calculation is derived from each company's Balance Sheet and Income Statement for periods of up to twenty-eight years. Cash Flow items relating to operating activities are divided into Operating Cash Flow and Investing Cash Flow, which includes Fixed Asset and Inventory Cash Flows.  Cash flows relating to financing activities are divided into Financing Cash Flow and Shareholder Cash Flow. The reformulated Balance Sheets, Income and Cash Flow Statements follow a clean-surplus relationship. All three Statements are fully articulated to include items of Other Comprehensive Income which are added to or subtracted from Shareholders' Equity. 
UNIVERSE - The universe for this Insight comprises the 614 Japanese companies with a market capitalisation excluding Treasury Stock over ¥100 million and for which we have at least two years of cash flow data.  Five non-financial companies, which have significant financial subsidiaries (Rakuten (4755 JP), Z Holdings (4689 JP), Japan Post (6178 JP), Softbank Group (9984 JP) and Sony (6758 JP)), have been excluded from this analysis. 

🇯🇵 JAPAN - Stress Tests Part 2 - Operating Cash Flow & Accruals

Japan

Symbio Pharmaceuticals Limited develops and commercializes prescription drugs n oncology, hematology and auto-immune disease for Japan and other Asia Pacific markets.

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Symbio Pharmaceuticals (4582 JP)