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>Revenue increased by 10.7% YoY to JPY22.2bn, driven by inbound tourism recovery and new restaurant openings.</li><li>Operating profit declined 20.5% YoY to JPY1.3bn due to higher SG&A expenses from overseas expansion and wage increases.</li><li>Gross profit margin decreased to 69.1%, while SG&A ratio rose to 63.1%, impacting operating profit margin.</li></ul>

Revenue increased by 10.7% YoY to JPY22.2bn, driven by inbound tourism recovery and new restaurant openings.Operating profit declined 20.5% YoY to JPY1.3bn due to higher SG&A expenses from overseas expansion and wage increases.Gross profit margin decreased to 69.1%, while SG&A ratio rose to 63.1%, impacting operating profit margin.

Torikizoku (3193 JP): Coverage Initiation,1H FY07/25 flash update

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 1st. The aggregated net margin trading position is USD16,072m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Tokyo Electron, Advantest, Hitachi, SoftBank, Fujikura, Japan Tobacco, Sumitomo Mitsui Financial, IHI, Shimano, Capcom, Tokyo Electron, Advantest, Hitachi, Softbank, Fujikura, Japan Tobacco.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 1st. The aggregated net margin trading position is USD16,072m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Tokyo Electron, Advantest, Hitachi, SoftBank, Fujikura, Japan Tobacco, Sumitomo Mitsui Financial, IHI, Shimano, Capcom, Tokyo Electron, Advantest, Hitachi, Softbank, Fujikura, Japan Tobacco.


JPX Margin Trading Weekly (Aug 1st): Tokyo Electron, Advantest, Hitachi, SoftBank, Fujikura

Research from Mita Securities, Mita Securities

Mita Securities

Research from Mita Securities

Mita Securities provides a full scale diversified investment banking and financial services. A comprehensive investment banking department, specializes in rights offerings advisory, take-over bids agents, M&A etc. Including a proprietary trading desk, and wealth management department that offers brokerage, custody, real estate, and full proxy services.

<ul><li>Same-store sales were 643.8% vs. June 2021 (1648.4% for May), 115.9% vs. June 2020 (684.1% for May), and 84.7% vs. June 2019 (83.2% for May)</li><li>Compared to June 2021, the guest count was 601.0% (1591.9% for May), and the average check was 107.1% (103.5% for May)</li><li>The number of stores at the end of June was 617 (flat MoM). The number of company-owned stores was 386 (flat MoM)</li></ul>

Same-store sales were 643.8% vs. June 2021 (1648.4% for May), 115.9% vs. June 2020 (684.1% for May), and 84.7% vs. June 2019 (83.2% for May)Compared to June 2021, the guest count was 601.0% (1591.9% for May), and the average check was 107.1% (103.5% for May)The number of stores at the end of June was 617 (flat MoM). The number of company-owned stores was 386 (flat MoM)

Torikizoku Holdings (3193): June SSS Recovered to 85% of Pre-Pandemic Levels

<ul><li>We update our earnings forecast for Torikizoku Holdings (3193, the company) and raise our target price to 2,500 yen. We reiterate our Hold rating.</li><li>On June 10, the company announced 1-3Q FY7/22 sales of 13.260bn yen (-6.9% YoY), OP of -2.583bn yen (-2.588bn yen in 1-3Q FY7/21), and RP of 1.817bn yen (-2.027bn yen in 1- 3Q FY7/21)</li><li>We raise our FY7/22 OP forecast from -3.544bn yen to -2.289bn yen (-4.663bn yen in FY7/21), and RP forecast from -575m yen to 2.104bn yen (-315m yen in FY7/21)</li></ul>

We update our earnings forecast for Torikizoku Holdings (3193, the company) and raise our target price to 2,500 yen. We reiterate our Hold rating.On June 10, the company announced 1-3Q FY7/22 sales of 13.260bn yen (-6.9% YoY), OP of -2.583bn yen (-2.588bn yen in 1-3Q FY7/21), and RP of 1.817bn yen (-2.027bn yen in 1- 3Q FY7/21)We raise our FY7/22 OP forecast from -3.544bn yen to -2.289bn yen (-4.663bn yen in FY7/21), and RP forecast from -575m yen to 2.104bn yen (-315m yen in FY7/21)

Torikizoku Holdings (3193): Earnings Forecast Update. Raising Target Price

<ul><li>Sales were 13.260bn yen (-6.9% YoY), OP was -2.583bn yen (vs. -2.588bn yen in 1-3Q FY7/21), and RP was 1.817bn yen (vs. -2.027bn yen in 1-3Q FY7/21)</li><li>RP includes subsidy income of 4.404bn yen (vs. 389m yen in 1-3Q FY7/21). Same-store sales growth for company-owned stores was -6.6% YoY.</li><li>On April 28, the company raised the price of all dishes from 327 yen (298 yen without tax) to 350 yen (319 yen without tax) at all Torikizoku stores</li></ul>

Sales were 13.260bn yen (-6.9% YoY), OP was -2.583bn yen (vs. -2.588bn yen in 1-3Q FY7/21), and RP was 1.817bn yen (vs. -2.027bn yen in 1-3Q FY7/21)RP includes subsidy income of 4.404bn yen (vs. 389m yen in 1-3Q FY7/21). Same-store sales growth for company-owned stores was -6.6% YoY.On April 28, the company raised the price of all dishes from 327 yen (298 yen without tax) to 350 yen (319 yen without tax) at all Torikizoku stores

Torikizoku Holdings (3193): Izakaya Earnings No Longer Tricky but Predictable

Japan

Torikizoku Co. Ltd. operates Japanese style bars serving char-broiled chicken as main foods.  The Company operates franchise stores as well as direct management stores in Japan.

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Torikizoku (3193 JP)