Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Nov 28th. The aggregated net margin trading position is USD19,551m.</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 SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec, Fujikura, Toyoda Gosei, Mitsubishi Electric, Mitsui E&amp;S, Daihen, Sbi, Advantest, Furukawa Electric, Mizuho Financial.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Nov 28th. The aggregated net margin trading position is USD19,551m.
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 SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec, Fujikura, Toyoda Gosei, Mitsubishi Electric, Mitsui E&amp;S, Daihen, Sbi, Advantest, Furukawa Electric, Mizuho Financial.


JPX Margin Trading Weekly (Nov 28th): SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec

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 reached JPY84.0bn, achieving 85.6% of the full-year forecast, with a 20.9% YoY increase.</li><li>Operating profit for the Fund and Consulting segment rose 42.8% YoY, with OPM improving 5.6pp to 63.9%.</li><li>The company acquired 34 buildings and 70 pre-owned condominium units, while selling 32 renovated whole-building properties.</li></ul>

Revenue reached JPY84.0bn, achieving 85.6% of the full-year forecast, with a 20.9% YoY increase.Operating profit for the Fund and Consulting segment rose 42.8% YoY, with OPM improving 5.6pp to 63.9%.The company acquired 34 buildings and 70 pre-owned condominium units, while selling 32 renovated whole-building properties.

Tosei Corp (8923 JP): Q3 FY11/25 flash update

<ul><li>Revenue increased by 14.6% YoY to JPY66.1bn, with operating profit rising 18.1% YoY to JPY17.6bn.</li><li>The company revised its full-year forecast, lowering revenue by 3.9% but raising operating profit by 4.7%.</li><li>Assets under management reached JPY2.67tn, exceeding fiscal year-end targets, driven by new asset management contracts.</li></ul>

Revenue increased by 14.6% YoY to JPY66.1bn, with operating profit rising 18.1% YoY to JPY17.6bn.The company revised its full-year forecast, lowering revenue by 3.9% but raising operating profit by 4.7%.Assets under management reached JPY2.67tn, exceeding fiscal year-end targets, driven by new asset management contracts.

Tosei Corp (8923 JP): 1H FY11/25 flash update

<ul><li>Revenue increased by 32.1% YoY, reaching JPY46.1bn, with operating profit up 28.5% YoY to JPY12.3bn.</li><li>Development business sold eight buildings, including logistics facilities, contributing to overall revenue and profit growth.</li><li>Segment profit margins varied, with notable increases in asset management and hotel segments, driven by improved occupancy rates.</li></ul>

Revenue increased by 32.1% YoY, reaching JPY46.1bn, with operating profit up 28.5% YoY to JPY12.3bn.Development business sold eight buildings, including logistics facilities, contributing to overall revenue and profit growth.Segment profit margins varied, with notable increases in asset management and hotel segments, driven by improved occupancy rates.

Tosei Corp (8923 JP): Q1 FY11/25 flash update

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul><li>Warburg Pincus partners with Eastgate to acquire Tokyo office as part of Life Sciences joint venture, expanding their investment portfolio.</li><li>Greystar purchases GIC-Wee Hur Aussie student housing for $1B, solidifying their presence in the Australian real estate market.</li><li>Iron Mountain makes strategic move by acquiring Web Werks, an Indian data center group, enhancing their capabilities in the data management sector.</li></ul>

Warburg Pincus partners with Eastgate to acquire Tokyo office as part of Life Sciences joint venture, expanding their investment portfolio.Greystar purchases GIC-Wee Hur Aussie student housing for $1B, solidifying their presence in the Australian real estate market.Iron Mountain makes strategic move by acquiring Web Werks, an Indian data center group, enhancing their capabilities in the data management sector.

Asia Real Estate Tracker (03-Apr-2025): Warburg Pincus buys Tokyo office in life sciences JV.

Japan

TOSEI CORPORATION develops and sells residential properties and leases office facilities in central Tokyo.  The Company also invests in real estate and manages investment trust funds such as the Argo Fund.

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Tosei Corp (8923 JP)

JPX Margin Trading Weekly (Nov 28th): SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted SBI (8473 JP), Advantest (6857 JP), Furukawa Electric (5801 JP),...

Ke Yan, CFA, FRM