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>Ordinary revenues in FY03/25 reached JPY3.7tn, a 16.3% YoY increase, with insurance premiums at JPY2.6tn.</li><li>Group adjusted profit rose 36.7% YoY to JPY141.5bn, driven by strong domestic life insurance business performance.</li><li>T&D Holdings forecasts FY03/26 ordinary revenues to decline 19.3% YoY to JPY3.0tn, with a 12.3% YoY profit increase.</li></ul>

Ordinary revenues in FY03/25 reached JPY3.7tn, a 16.3% YoY increase, with insurance premiums at JPY2.6tn.Group adjusted profit rose 36.7% YoY to JPY141.5bn, driven by strong domestic life insurance business performance.T&D Holdings forecasts FY03/26 ordinary revenues to decline 19.3% YoY to JPY3.0tn, with a 12.3% YoY profit increase.

T&D Holdings (8795 JP): Full-year FY03/25 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Yesterday, post-close, <a href="https://www.smartkarma.com/entities/t-d-holdings-inc" target="_blank" data-smartkarma-citation="entities:3431:1" rel="noopener">T&amp;D Holdings (8795 JP)</a>  <a href="https://ssl4.eir-parts.net/doc/TE8795/ir_material3/247966/00.pdf" target="_blank" rel="noopener">announced</a> ¥40 for 31-Mar-25 FY-end dividend (¥80/yr) and ¥120/share/year in the year to March 2026 on a higher planned payout ratio.</li>
<li>The company also <a href="https://ssl4.eir-parts.net/doc/TE8795/ir_material3/247966/00.pdf" target="_blank" rel="noopener">announced</a> guidance for Adjusted Profit for 2025 at ¥130bn (up), and guidance for March 2026 at ¥140bn (lower growth than this past year). </li>
<li>They <a href="https://ssl4.eir-parts.net/doc/TE8795/ir_material3/247814/00.pdf" target="_blank" rel="noopener">announced</a> the current ¥50bn buyback was 87.5% complete (they have until 13 May to complete) and a <a href="https://ssl4.eir-parts.net/doc/TE8795/ir_material3/247965/00.pdf" target="_blank" rel="noopener">new buyback</a> starting 19 May to spend up to ¥100bn over 10.5mos.</li>
</ul>


Yesterday, post-close, T&amp;D Holdings (8795 JP)  announced ¥40 for 31-Mar-25 FY-end dividend (¥80/yr) and ¥120/share/year in the year to March 2026 on a higher planned payout ratio.
The company also announced guidance for Adjusted Profit for 2025 at ¥130bn (up), and guidance for March 2026 at ¥140bn (lower growth than this past year). 
They announced the current ¥50bn buyback was 87.5% complete (they have until 13 May to complete) and a new buyback starting 19 May to spend up to ¥100bn over 10.5mos.


T&D Holdings (8795) - A Really Good Look (Divs Up, Big Buyback, Good Historical Stats)

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Kawasaki Heavy Industries / Equity Bottom-Up

<ul>
<li>Expect continued buying in defense related, as well as banks and life insurance, renewable energy, rails, and medical IT plays with Shigeru Ishiba at the helm. </li>
<li>The Market will be quick to rotate out of names which spiked into Friday's close on expectation for a Sanae Takaichi win in the LDP election.  </li>
<li>Ishiba has been a vocal critic of Abenomics, and his potential policies aimed at higher taxes for investment incomes and capital gains are set to weigh on the Japanese market. </li>
</ul>


Expect continued buying in defense related, as well as banks and life insurance, renewable energy, rails, and medical IT plays with Shigeru Ishiba at the helm. 
The Market will be quick to rotate out of names which spiked into Friday's close on expectation for a Sanae Takaichi win in the LDP election.  
Ishiba has been a vocal critic of Abenomics, and his potential policies aimed at higher taxes for investment incomes and capital gains are set to weigh on the Japanese market. 


Best Outright and Pair Trades for an Ishiba-Led LDP

<ul><li>In 1H FY03/24, ordinary revenues rose 10.6% YoY to JPY1.7tn, driven by higher insurance premiums.</li><li>Group adjusted profit increased 46.1% YoY to JPY81.8bn, with strong performance across all main life insurance companies.</li><li>The consolidated solvency margin ratio rose to 1,023.0%, with significant increases at Daido Life and TDF Life.</li></ul>

In 1H FY03/24, ordinary revenues rose 10.6% YoY to JPY1.7tn, driven by higher insurance premiums.Group adjusted profit increased 46.1% YoY to JPY81.8bn, with strong performance across all main life insurance companies.The consolidated solvency margin ratio rose to 1,023.0%, with significant increases at Daido Life and TDF Life.

T&D Holdings (8795 JP): 1H FY03/25 flash update

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>New LDP leader and Japanese PM favours interest rate normalisation</li>
<li>This supports our outlook for a strengthening JPY against the USD</li>
<li>The Japanese central bank may now face pressure to raise rates</li>
</ul>


New LDP leader and Japanese PM favours interest rate normalisation
This supports our outlook for a strengthening JPY against the USD
The Japanese central bank may now face pressure to raise rates


Japan

T&D Holdings, Inc. is a holding company established through the merger of Taiyo Life Insurance, Daido Life Insurance, and T&D Financial Life Insurance. The Company manages life insurance operations for its subsidiaries.

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T&D Holdings (8795 JP)