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>Tsumura's revenue for FY03/26 is revised to JPY198.0bn, reflecting the consolidation of Shanghai Hongqiao Traditional Chinese Drug Pieces Co., Ltd.</li><li>Operating profit forecast increased to JPY35.0bn, with minor impact from consolidation and controlled SG&A expenses contributing to higher profit.</li><li>Dividend forecast revised upward, with a total annual dividend of JPY144.0 and a payout ratio of 45.0%.</li></ul>

Tsumura's revenue for FY03/26 is revised to JPY198.0bn, reflecting the consolidation of Shanghai Hongqiao Traditional Chinese Drug Pieces Co., Ltd.Operating profit forecast increased to JPY35.0bn, with minor impact from consolidation and controlled SG&A expenses contributing to higher profit.Dividend forecast revised upward, with a total annual dividend of JPY144.0 and a payout ratio of 45.0%.

Tsumura & Co (4540 JP): 1H FY03/26 flash update

<ul><li>Revenue was JPY43.1bn (-1.4% YoY), with domestic business at JPY38.9bn (-3.1% YoY) and China business at JPY4.2bn (+18.8% YoY).</li><li>Operating profit decreased to JPY7.7bn (-27.0% YoY), impacted by increased cost of revenue and SG&A expenses.</li><li>Tsumura acquired a 51% stake in Shanghai Hongqiao Pharmaceutical Co., Ltd., focusing on decoction pieces business.</li></ul>

Revenue was JPY43.1bn (-1.4% YoY), with domestic business at JPY38.9bn (-3.1% YoY) and China business at JPY4.2bn (+18.8% YoY).Operating profit decreased to JPY7.7bn (-27.0% YoY), impacted by increased cost of revenue and SG&A expenses.Tsumura acquired a 51% stake in Shanghai Hongqiao Pharmaceutical Co., Ltd., focusing on decoction pieces business.

Tsumura & Co (4540 JP): Q1 FY03/26 flash update

<ul><li>Revenue reached JPY181.1bn (+20.1% YoY), with domestic business contributing JPY160.5bn and China business JPY20.6bn. </li><li>Operating profit doubled to JPY40.1bn (+100.5% YoY), with a 4.5pp decline in SG&A expense ratio to 27.9%. </li><li>FY03/26 projections: revenue JPY188.0bn (+3.8% YoY), operating profit JPY34.2bn (-14.8% YoY), net income JPY23.0bn (-29.1%). </li></ul>

Revenue reached JPY181.1bn (+20.1% YoY), with domestic business contributing JPY160.5bn and China business JPY20.6bn. Operating profit doubled to JPY40.1bn (+100.5% YoY), with a 4.5pp decline in SG&A expense ratio to 27.9%. FY03/26 projections: revenue JPY188.0bn (+3.8% YoY), operating profit JPY34.2bn (-14.8% YoY), net income JPY23.0bn (-29.1%). 

Tsumura & Co (4540 JP): Full-year FY03/25 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tsumura-co" target="_blank" data-smartkarma-citation="entities:8042:1" rel="noopener">Tsumura &amp; Co (4540 JP)</a> shocked everyone a year ago when they announced an immediate large price hike across the board for its kampo medicines. The stock was +35% immediately.</li>
<li>It did not fall back. Now the stock is up 60% from a year ago and earnings are too. It's still &lt;10x PER. Now we get a ¥10bn secondary offering.</li>
<li>It's 12 days of ADV but not super heavy, and there is a buyback on the back end.</li>
</ul>



Tsumura &amp; Co (4540 JP) shocked everyone a year ago when they announced an immediate large price hike across the board for its kampo medicines. The stock was +35% immediately.
It did not fall back. Now the stock is up 60% from a year ago and earnings are too. It's still &lt;10x PER. Now we get a ¥10bn secondary offering.
It's 12 days of ADV but not super heavy, and there is a buyback on the back end.


Tsumura (4540 JP) Equity Offering - Easy To Swallow, and Not Expensive

<ul><li>Revenue reached JPY136.8bn, with a 20.6% YoY increase in domestic business and flat growth in China business.</li><li>Operating profit rose 69.1% YoY to JPY32.4bn, driven by revenue growth and a decline in cost ratios.</li><li>The company revised its full-year forecast, lowering revenue but raising profit forecasts due to lower expenses and yen depreciation.</li></ul>

Revenue reached JPY136.8bn, with a 20.6% YoY increase in domestic business and flat growth in China business.Operating profit rose 69.1% YoY to JPY32.4bn, driven by revenue growth and a decline in cost ratios.The company revised its full-year forecast, lowering revenue but raising profit forecasts due to lower expenses and yen depreciation.

Tsumura & Co (4540 JP): Q3 FY03/25 flash update

Japan

TSUMURA & CO. manufactures and sells pharmaceutical products including Chinese medicines.  The Company also manufactures and sells bathing products, cosmetics, and other healthcare and toiletry products.  Tsumura & Co. sells its products in Japan and overseas markets.

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Tsumura & Co (4540 JP)