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 increased by 32.0% YoY to JPY5.2bn, driven by growth in Japan and China markets.</li><li>Gross profit margin declined by 5.1pp YoY to 12.9%, with operating loss reduced to JPY75mn.</li><li>Net loss attributable to owners narrowed to JPY42mn, with no extraordinary gains recorded in Q1 FY02/26.</li></ul>

Revenue increased by 32.0% YoY to JPY5.2bn, driven by growth in Japan and China markets.Gross profit margin declined by 5.1pp YoY to 12.9%, with operating loss reduced to JPY75mn.Net loss attributable to owners narrowed to JPY42mn, with no extraordinary gains recorded in Q1 FY02/26.

Zuiko Corp (6279 JP): Q1 FY02/26 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Diaper-Making machine maker <a href="https://www.smartkarma.com/entities/zuiko-corp" target="_blank" data-smartkarma-citation="entities:5568:1" rel="noopener">Zuiko Corp (6279 JP)</a> late last year introduced a shareholder benefit coupon program, and the stock has flown. Earnings improved from the trough too. </li>
<li>Now that the market cap is high enough, the company has applied to, and is now approved, to join TSE Prime, which means a TOPIX inclusion at end-June 2023.</li>
<li>With 30 days of 6mo ADV, and much more of longer average ADV, this looks like a win, but there are.... considerations. Shareholder structure matters. Yet again. </li>
</ul>


Diaper-Making machine maker Zuiko Corp (6279 JP) late last year introduced a shareholder benefit coupon program, and the stock has flown. Earnings improved from the trough too. 
Now that the market cap is high enough, the company has applied to, and is now approved, to join TSE Prime, which means a TOPIX inclusion at end-June 2023.
With 30 days of 6mo ADV, and much more of longer average ADV, this looks like a win, but there are.... considerations. Shareholder structure matters. Yet again. 


ZUIKO (6279 JP) Move to TSE Prime and TOPIX - Again, Shareholder Structure Matters

<ul><li>FY02/25 revenue was JPY20.0bn (-8.2% YoY), with a net loss of JPY788mn, impacted by declining sales in Japan and China.</li><li>FY02/26 revenue is projected at JPY22.0bn (+10.3% YoY), with expected operating profit of JPY1.0bn and EPS of JPY31.0.</li><li>ZUIKO's medium-term plan targets FY02/28 revenue of JPY30bn+, with JPY8.0bn from new businesses, and OPM of 8.1%.</li></ul>

FY02/25 revenue was JPY20.0bn (-8.2% YoY), with a net loss of JPY788mn, impacted by declining sales in Japan and China.FY02/26 revenue is projected at JPY22.0bn (+10.3% YoY), with expected operating profit of JPY1.0bn and EPS of JPY31.0.ZUIKO's medium-term plan targets FY02/28 revenue of JPY30bn+, with JPY8.0bn from new businesses, and OPM of 8.1%.

Zuiko Corp (6279 JP): Full-year FY02/25 flash update

<ul><li>Revenue decreased to JPY13.9bn, a 17.6% YoY decline, with significant drops in Japan and China sales.</li><li>Operating loss of JPY303mn and recurring loss of JPY176mn were reported, with a net loss of JPY734mn.</li><li>FY02/25 revenue forecast revised to JPY20.0bn, with expected operating profit and recurring profit declines.</li></ul>

Revenue decreased to JPY13.9bn, a 17.6% YoY decline, with significant drops in Japan and China sales.Operating loss of JPY303mn and recurring loss of JPY176mn were reported, with a net loss of JPY734mn.FY02/25 revenue forecast revised to JPY20.0bn, with expected operating profit and recurring profit declines.

Zuiko Corp (6279 JP): Q3 FY02/25 flash update

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Index Rebalance

<ul>
<li>In the TOPIX Index, some "low liquidity" names carry a liquidity factor of 0.75x resulting in their actual index weights being smaller than their default weights.</li>
<li>These names are reviewed every April and if the liquidity factor of a stock gets removed, the stock will see index inflows from passive trackers of TOPIX.</li>
<li>The results for April 2025 liquidity factor removal have been confirmed and we achieved very high hit rates for our High and Medium conviction baskets.</li>
</ul>


In the TOPIX Index, some "low liquidity" names carry a liquidity factor of 0.75x resulting in their actual index weights being smaller than their default weights.
These names are reviewed every April and if the liquidity factor of a stock gets removed, the stock will see index inflows from passive trackers of TOPIX.
The results for April 2025 liquidity factor removal have been confirmed and we achieved very high hit rates for our High and Medium conviction baskets.


TOPIX Index Upweights: Great Hit Rate; Strong Trade Performance; A Rare Win!

Japan

ZUIKO CORPORATION manufactures machinery for producing sanitary supplies such as diapers and napkins.  The Company also manufactures pulp crushing machines and provides consulting services in new product engineering.

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Zuiko Corp (6279 JP)