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>Toumei's 1H FY08/26 revenue was JPY14.9bn (+2.8% YoY), with operating profit at JPY1.7bn (-4.9% YoY).</li><li>Office Denki 119 segment revenue increased 6.7% YoY, with a 6.4% YoY rise in segment profit, supported by contract growth.</li><li>Office Solutions segment revenue declined 22.0% YoY, with segment profit decreasing 23.3% YoY, despite strong demand for security products.</li></ul>

Toumei's 1H FY08/26 revenue was JPY14.9bn (+2.8% YoY), with operating profit at JPY1.7bn (-4.9% YoY).Office Denki 119 segment revenue increased 6.7% YoY, with a 6.4% YoY rise in segment profit, supported by contract growth.Office Solutions segment revenue declined 22.0% YoY, with segment profit decreasing 23.3% YoY, despite strong demand for security products.

Toumei   (4439 JP): 1H FY08/26 flash update 

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

The Tokyo Stock Exchange (TSE) calculates Free-Float Weight (FFW) for each listed company and uses this value as a key component of TOPIX Index Calculation. For companies with "low liquidity" the FFW will be multiplied by a fixed liquidity factor of 0.75 to derive the final FFW used for index calculation. This affects both TSE-1 incumbents and new entrants (depending on the date of entry). Every April, the application of this liquidity factor is reviewed by the TSE for all TSE1 constituents. Last April, 71 constituents saw their liquidity factors removed causing an increase in their respective FFWs used for index calculation resulting in a TOPIX upweight.This situation opens up interesting opportunities for a basket trade. Below is a discussion regarding the key details of TSE's FFW Calculation Methodology and the candidate stocks which could potentially experience a change in the application of the liquidity factor (including some surprisingly big names).

The Tokyo Stock Exchange (TSE) calculates Free-Float Weight (FFW) for each listed company and uses this value as a key component of TOPIX Index Calculation. For companies with "low liquidity" the FFW will be multiplied by a fixed liquidity factor of 0.75 to derive the final FFW used for index calculation. This affects both TSE-1 incumbents and new entrants (depending on the date of entry). Every April, the application of this liquidity factor is reviewed by the TSE for all TSE1 constituents. Last April, 71 constituents saw their liquidity factors removed causing an increase in their respective FFWs used for index calculation resulting in a TOPIX upweight.This situation opens up interesting opportunities for a basket trade. Below is a discussion regarding the key details of TSE's FFW Calculation Methodology and the candidate stocks which could potentially experience a change in the application of the liquidity factor (including some surprisingly big names).   

TOPIX Index Upweights: The Big April Basket 2021

<ul><li>In Q1 FY08/26, Toumei's revenue reached JPY7.2bn (+3.8% YoY), with operating profit at JPY744mn (-5.3% YoY).</li><li>Toumei's Office Hikari 119 and Office Denki 119 segments saw revenue increases, while Office Solutions experienced an 18.3% decline.</li><li>Toumei raised its FY08/26 dividend forecast to JPY13.0 per share, reflecting a JPY3.5 YoY increase.</li></ul>

In Q1 FY08/26, Toumei's revenue reached JPY7.2bn (+3.8% YoY), with operating profit at JPY744mn (-5.3% YoY).Toumei's Office Hikari 119 and Office Denki 119 segments saw revenue increases, while Office Solutions experienced an 18.3% decline.Toumei raised its FY08/26 dividend forecast to JPY13.0 per share, reflecting a JPY3.5 YoY increase.

Toumei   (4439 JP): Q1 FY08/26 flash update and dividend forecast increase

<ul><li>Toumei reported FY08/25 revenue of JPY29.1bn (+21.5% YoY) and net income of JPY2.4bn (+56.6% YoY).</li><li>For FY08/26, Toumei forecasts revenue of JPY34.8bn (+19.7% YoY) and net income of JPY2.6bn (+6.2% YoY).</li><li>Toumei plans to pay an annual dividend of JPY11 per share for FY08/26 (JPY19 for FY08/25).</li></ul>

Toumei reported FY08/25 revenue of JPY29.1bn (+21.5% YoY) and net income of JPY2.4bn (+56.6% YoY).For FY08/26, Toumei forecasts revenue of JPY34.8bn (+19.7% YoY) and net income of JPY2.6bn (+6.2% YoY).Toumei plans to pay an annual dividend of JPY11 per share for FY08/26 (JPY19 for FY08/25).

Toumei   (4439 JP): Full-year FY08/25 flash update

<ul><li>Toumei's Q3 FY08/25 revenue reached JPY21.2bn, a 25.8% YoY increase, with record highs in all profit categories.</li><li>Office Denki 119 revenue rose 44.9% YoY to JPY9.3bn, with segment profit up 104.8% YoY to JPY1.5bn.</li><li>Office Solutions segment revenue grew 64.9% YoY to JPY2.5bn, with profit increasing 47.5% YoY to JPY276mn.</li></ul>

Toumei's Q3 FY08/25 revenue reached JPY21.2bn, a 25.8% YoY increase, with record highs in all profit categories.Office Denki 119 revenue rose 44.9% YoY to JPY9.3bn, with segment profit up 104.8% YoY to JPY1.5bn.Office Solutions segment revenue grew 64.9% YoY to JPY2.5bn, with profit increasing 47.5% YoY to JPY276mn.

Toumei   (4439 JP): Q3 FY08/25 flash update

Japan

Toumei Co., Ltd. offers optical line services. The Company provides optical line internet connection, optical line internet supporting, and other services. Toumei also operates electric power sales agency, information terminal equipment sales, financial planning, and other services. Toumei serves customers in Japan.

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Toumei (4439 JP)

Toumei (4439 JP): 1H FY08/26 flash update

Toumei's 1H FY08/26 revenue was JPY14.9bn (+2.8% YoY), with operating profit at JPY1.7bn (-4.9% YoY). Office Denki 119 segment revenue increased...

Shared Research

TOPIX Index Upweights: The Big April Basket 2021

TOPIX does an annual exercise to adjust Liquidity Factor. The time for trades around that is upon us. This insight looks at the best trade around...

Janaghan Jeyakumar, CFA

Toumei (4439 JP): Q1 FY08/26 flash update and dividend forecast increase

In Q1 FY08/26, Toumei's revenue reached JPY7.2bn (+3.8% YoY), with operating profit at JPY744mn (-5.3% YoY). Toumei's Office Hikari 119 and Office...

Shared Research

Toumei (4439 JP): Full-year FY08/25 flash update

Toumei reported FY08/25 revenue of JPY29.1bn (+21.5% YoY) and net income of JPY2.4bn (+56.6% YoY). For FY08/26, Toumei forecasts revenue of...

Shared Research

Toumei (4439 JP): Q3 FY08/25 flash update

Toumei's Q3 FY08/25 revenue reached JPY21.2bn, a 25.8% YoY increase, with record highs in all profit categories. Office Denki 119 revenue rose...

Shared Research

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