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>The company reported record-high sales of JPY243.5bn (+5.2% YoY) and operating profit of JPY16.8bn (+8.6% YoY).</li><li>Segment sales and operating profits increased YoY, with notable growth in LP gas, construction, and Aqua services.</li><li>The company forecasts FY03/26 sales of JPY253.0bn (+3.9% YoY) and net income of JPY10.0bn (+8.5% YoY).</li></ul>

The company reported record-high sales of JPY243.5bn (+5.2% YoY) and operating profit of JPY16.8bn (+8.6% YoY).Segment sales and operating profits increased YoY, with notable growth in LP gas, construction, and Aqua services.The company forecasts FY03/26 sales of JPY253.0bn (+3.9% YoY) and net income of JPY10.0bn (+8.5% YoY).

Tokai Holdings (3167 JP): Full-year FY03/25 flash update

<ul><li>The company reported YoY increases: sales JPY173.2bn (+5.2%), operating profit JPY9.7bn (+10.4%), recurring profit JPY10.1bn (+13.0%), net income JPY5.6bn (+14.4%).</li><li>Segment sales: LP gas JPY61.0bn (+8.0%), city gas JPY12.2bn (-4.9%), Information and Communications JPY43.4bn (+3.7%).</li><li>Customer growth: LP gas +29,000, city gas stable, Aqua services +20,000, broadband +3,000, LIBMO -2,000.</li></ul>

The company reported YoY increases: sales JPY173.2bn (+5.2%), operating profit JPY9.7bn (+10.4%), recurring profit JPY10.1bn (+13.0%), net income JPY5.6bn (+14.4%).Segment sales: LP gas JPY61.0bn (+8.0%), city gas JPY12.2bn (-4.9%), Information and Communications JPY43.4bn (+3.7%).Customer growth: LP gas +29,000, city gas stable, Aqua services +20,000, broadband +3,000, LIBMO -2,000.

Tokai Holdings (3167 JP): Q3 FY03/25 flash update

<ul><li>The company reported a YoY sales increase of 5.6% to JPY111.1bn, with operating profit rising 9.5% to JPY4.7bn.</li><li>LP gas sales rose 9.1% YoY to JPY37.5bn, while city gas sales declined 8.0% YoY to JPY7.9bn.</li><li>Construction, Equipment, and Real Estate segment saw sales of JPY11.9bn (+9.1% YoY) and operating profit of JPY375bn (+84.4%).</li></ul>

The company reported a YoY sales increase of 5.6% to JPY111.1bn, with operating profit rising 9.5% to JPY4.7bn.LP gas sales rose 9.1% YoY to JPY37.5bn, while city gas sales declined 8.0% YoY to JPY7.9bn.Construction, Equipment, and Real Estate segment saw sales of JPY11.9bn (+9.1% YoY) and operating profit of JPY375bn (+84.4%).

Tokai Holdings (3167 JP): 1H FY03/25 flash update

<ul><li>The company reported Q1 sales of JPY56.2bn (+4.1% YoY), operating profit of JPY3.3bn (+33.6% YoY), and net income of JPY1.9bn (+39.9% YoY).</li><li>Energy segment sales were JPY24.7bn (+2.9% YoY) with operating profit of JPY933mn (+1,480.0% YoY), driven by customer acquisition.</li><li>Information and Communications segment sales were JPY14.0bn (+3.9% YoY) with operating profit of JPY829mn (-25.0% YoY) due to higher amortization expenses.</li></ul>

The company reported Q1 sales of JPY56.2bn (+4.1% YoY), operating profit of JPY3.3bn (+33.6% YoY), and net income of JPY1.9bn (+39.9% YoY).Energy segment sales were JPY24.7bn (+2.9% YoY) with operating profit of JPY933mn (+1,480.0% YoY), driven by customer acquisition.Information and Communications segment sales were JPY14.0bn (+3.9% YoY) with operating profit of JPY829mn (-25.0% YoY) due to higher amortization expenses.

Tokai Holdings (3167 JP): Q1 FY03/25 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>On 24 July, 3D Investment Partners proposed to privatise <a href="https://www.smartkarma.com/entities/tohokushinsha-film-corp" target="_blank" data-smartkarma-citation="entities:15129:1" rel="noopener">Tohokushinsha Film (2329 JP)</a> through a tender at JPY600-650. 3D has extended the offer validity period from 23 to 30 August.  </li>
<li>The controlling shareholder, Mr Hisako, claims he is not a seller regardless of price. The Board goes through the motions, knowing that Mr Hisako will decide the offer's fate. </li>
<li>3D’s persistence suggests that Mr Hisako's resolve might be checked by bumping the offer. As this outcome is likely, the shares will continue to trade through terms.  </li>
</ul>


On 24 July, 3D Investment Partners proposed to privatise Tohokushinsha Film (2329 JP) through a tender at JPY600-650. 3D has extended the offer validity period from 23 to 30 August.  
The controlling shareholder, Mr Hisako, claims he is not a seller regardless of price. The Board goes through the motions, knowing that Mr Hisako will decide the offer's fate. 
3D’s persistence suggests that Mr Hisako's resolve might be checked by bumping the offer. As this outcome is likely, the shares will continue to trade through terms.  


Tohokushinsha Film (2329 JP): 3D Persists Despite Strong Pushback

Japan

TOKAI Holdings Corporation is a holding company established through reorganization of TOKAI CORPORATION and VIC TOKAI CORPORATION.  The Group mainly provides energy business and information-communication business.  TOKAI Holdings Corporation also provides construction and real estate, bridal and insurance and security businesses.

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Tokai Holdings (3167 JP)