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>1H FY03/26 revenue increased 3.8% YoY to JPY10.3bn, with Construction Machinery Filter segment driving growth.</li><li>Full-year FY03/26 forecasts upgraded: revenue JPY20.8bn, operating profit JPY2.9bn, net income JPY2.0bn, dividend JPY18.0/share.</li><li>Air Filter segment underperformed due to shipment delays; Construction Machinery Filter business exceeded expectations, offsetting losses.</li></ul>

1H FY03/26 revenue increased 3.8% YoY to JPY10.3bn, with Construction Machinery Filter segment driving growth.Full-year FY03/26 forecasts upgraded: revenue JPY20.8bn, operating profit JPY2.9bn, net income JPY2.0bn, dividend JPY18.0/share.Air Filter segment underperformed due to shipment delays; Construction Machinery Filter business exceeded expectations, offsetting losses.

Yamashin Filter (6240 JP): 1H FY03/26 flash update

<ul><li>FY03/25 revenue reached JPY20.1bn, up 11.5% YoY, with operating profit at JPY2.6bn, up 86.4% YoY.</li><li>Construction Machinery Filter segment drove revenue growth; service parts surged 26.6% YoY, offsetting line parts decline.</li><li>FY03/26 forecast: revenue JPY20.2bn (+1.6% YoY), operating profit JPY2.7bn (+3.4% YoY), dividend payout ratio 58.4%.</li></ul>

FY03/25 revenue reached JPY20.1bn, up 11.5% YoY, with operating profit at JPY2.6bn, up 86.4% YoY.Construction Machinery Filter segment drove revenue growth; service parts surged 26.6% YoY, offsetting line parts decline.FY03/26 forecast: revenue JPY20.2bn (+1.6% YoY), operating profit JPY2.7bn (+3.4% YoY), dividend payout ratio 58.4%.

Yamashin Filter (6240 JP): Full-year FY03/25 flash update

<ul><li>Revenue for 1H FY03/25 was JPY9.9bn, a 13.8% YoY increase, driven by service parts sales.</li><li>Yamashin-Filter Corp. revised FY03/25 forecasts, projecting JPY19.3bn revenue and JPY2.2bn operating profit, citing strong service parts sales.</li><li>The annual dividend forecast increased to JPY12.0 per share, with a year-end dividend of JPY7.0 per share.</li></ul>

Revenue for 1H FY03/25 was JPY9.9bn, a 13.8% YoY increase, driven by service parts sales.Yamashin-Filter Corp. revised FY03/25 forecasts, projecting JPY19.3bn revenue and JPY2.2bn operating profit, citing strong service parts sales.The annual dividend forecast increased to JPY12.0 per share, with a year-end dividend of JPY7.0 per share.

Yamashin Filter (6240 JP): 1H FY03/25 flash update

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

TSE Tokyo Price Index TOPIX / Technical Analysis

<p>Continue to favor EAFE over EM. As long as the U.S. dollar remains elevated, we believe  developed international (EAFE) will remain in a leadership position relative to EM (MSCI EM). In this report we highlight actionable set ups within Japan, Switzerland and Australia. Within Japanese Sectors, we focus on opportunities within Technology, Financials, Health Care, and Staples. We also highlight attractive setups within European/UK Sectors, including Health Care, Industrials, Staples and Utilities<em>.</em></p>

Continue to favor EAFE over EM. As long as the U.S. dollar remains elevated, we believe  developed international (EAFE) will remain in a leadership position relative to EM (MSCI EM). In this report we highlight actionable set ups within Japan, Switzerland and Australia. Within Japanese Sectors, we focus on opportunities within Technology, Financials, Health Care, and Staples. We also highlight attractive setups within European/UK Sectors, including Health Care, Industrials, Staples and Utilities.

Japan

Yamashin-Filter Corporation is a filter manufacturing and selling company. The Company focuses on filters for construction and agricultural machines, drive-train, fuel systems, and other filter-related products for industrial and precision machines.

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Yamashin Filter (6240 JP)