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

Usen-Next Holdings Co Ltd / Equity Bottom-Up

<ul><li>FY08/25 revenue rose 19.5% YoY to JPY390.4bn, with all segments surpassing expectations and achieving high progress rates.</li><li>FY08/26 forecast expects revenue of JPY424.0bn (+8.6% YoY), operating profit of JPY33.5bn (+6.1% YoY), and EBITDA of JPY46.5bn.</li><li>New medium-term plan "Road to 2030" targets revenue of JPY600.0–645.0bn and operating profit of JPY45.0–51.5bn.</li></ul>

FY08/25 revenue rose 19.5% YoY to JPY390.4bn, with all segments surpassing expectations and achieving high progress rates.FY08/26 forecast expects revenue of JPY424.0bn (+8.6% YoY), operating profit of JPY33.5bn (+6.1% YoY), and EBITDA of JPY46.5bn.New medium-term plan "Road to 2030" targets revenue of JPY600.0–645.0bn and operating profit of JPY45.0–51.5bn.

Usen-Next Holdings Co Ltd (9418 JP): Full-year FY08/25 flash update

<ul><li>Cumulative Q3 FY08/25 revenue rose 20.3% YoY, with operating profit up 2.9% YoY; no full-year forecast revision.</li><li>Segment revenue progress rates: Content Distribution 77.8%, Store & Facility Solutions 78.6%, Communications & Energy 79.4%, Finance 92.0%.</li><li>Full-year FY08/25 forecast: Revenue JPY360.0bn (+10.2% YoY), operating profit JPY31.0bn (+6.5% YoY), dividend JPY14.0/share.</li></ul>

Cumulative Q3 FY08/25 revenue rose 20.3% YoY, with operating profit up 2.9% YoY; no full-year forecast revision.Segment revenue progress rates: Content Distribution 77.8%, Store & Facility Solutions 78.6%, Communications & Energy 79.4%, Finance 92.0%.Full-year FY08/25 forecast: Revenue JPY360.0bn (+10.2% YoY), operating profit JPY31.0bn (+6.5% YoY), dividend JPY14.0/share.

Usen-Next Holdings Co Ltd (9418 JP): Q3 FY08/25 flash update

<ul><li>1H FY08/25 revenue increased 22.7% YoY to JPY186.8bn, with progress toward full-year forecast at 51.9%.</li><li>Operating profit rose 5.0% YoY to JPY16.6bn, with all segments showing growth except Communications & Energy.</li><li>Subscriber count for U-NEXT increased by 150,000, while former Paravi subscribers declined by 20,000 in 1H FY08/25.</li></ul>

1H FY08/25 revenue increased 22.7% YoY to JPY186.8bn, with progress toward full-year forecast at 51.9%.Operating profit rose 5.0% YoY to JPY16.6bn, with all segments showing growth except Communications & Energy.Subscriber count for U-NEXT increased by 150,000, while former Paravi subscribers declined by 20,000 in 1H FY08/25.

Usen-Next Holdings Co Ltd (9418 JP): 1H FY08/25 flash update

<ul><li>Q1 FY08/25 revenue rose 24.7% YoY to JPY91.9bn, with all segments showing YoY revenue growth.</li><li>Operating profit increased 10.3% YoY to JPY8.3bn, with all segments except Communications & Energy showing profit growth.</li><li>Subscriber growth boosted annual recurring revenue to JPY106.4bn, while advertising expenses decreased by 9.7% YoY.</li></ul>

Q1 FY08/25 revenue rose 24.7% YoY to JPY91.9bn, with all segments showing YoY revenue growth.Operating profit increased 10.3% YoY to JPY8.3bn, with all segments except Communications & Energy showing profit growth.Subscriber growth boosted annual recurring revenue to JPY106.4bn, while advertising expenses decreased by 9.7% YoY.

Usen-Next Holdings Co Ltd (9418 JP): Q1 FY08/25 flash update

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & 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

Japan

USEN-NEXT HOLDINGS Co.,Ltd. provides network information services. The Company provides video contents distribution, music contents distribution, and other services. USEN-NEXT HOLDINGS also provides internet agency, mobile communication, and other services.

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Usen-Next Holdings Co Ltd (9418 JP)