In today’s briefing:
- Monex Group Inc (8698 JP): Q1 FY03/26 flash update
- Japanese Big Cap Banks – Stick with Our Key Positive Picks
- Jaccs Co Ltd (8584 JP): Q1 FY03/26 flash update
- What’s News in Amsterdam – 8 August 2025 (NN Group | SBMO | ForFarmers | bpostgroup)
- Sun Frontier Fudousan (8934 JP): Q1 FY03/26 flash update
- Urbanet Corp (3242 JP): Full-year FY06/25 flash update
Monex Group Inc (8698 JP): Q1 FY03/26 flash update
- Consolidated net operating revenue was JPY15.9bn, down 6.0% YoY and 6.4% QoQ, with decreased commissions and trading income.
- The Crypto Asset segment reported a pre-tax segment loss of JPY1.3bn, with SG&A expenses up 44.4% YoY.
- Asset Management and Wealth Management segment saw net operating revenue rise 41.3% YoY, with significant gains in operating profit.
Japanese Big Cap Banks – Stick with Our Key Positive Picks
- We update our proprietary scorecard and many of our charts based on the latest data; despite the recent lack of BoJ rate hikes, interest rate spreads are widening
- The JGB yield curve has continued to steepen, which is constructive for Japanese banks; in addition, market lending rates to June continue to rise faster than deposit rates
- We stick with our focus on two core attributes; gearing to higher interest rates and cross-holdings to market capitalization keeping Resona, Mizuho, Shizuoka and Kyoto on our list of buys
Jaccs Co Ltd (8584 JP): Q1 FY03/26 flash update
- Operating revenue increased by JPY157mn YoY, driven by deferred installment income reversal and credit guarantees accumulation.
- Consolidated operating expenses rose JPY2.7bn YoY, with increases in general expenses, bad-debt-related expenses, and finance costs.
- Overseas segment saw a transaction volume decline of 21.6% YoY, with losses reduced from JPY734mn to JPY452mn.
What’s News in Amsterdam – 8 August 2025 (NN Group | SBMO | ForFarmers | bpostgroup)
- In this edition: • NN Group | OGC beats consensus; S-II ratio above 150-200% comfort range • SBM Offshore | guidance up, share price down • ForFarmers | post earnings call comment • bpostgroup | 2Q25 beats consensus thanks to strong performance 3PL and Cross-border
Sun Frontier Fudousan (8934 JP): Q1 FY03/26 flash update
- Q1 FY03/26 revenue was JPY27.3bn (+74.2% YoY), with operating profit at JPY6.0bn (+112.5% YoY).
- Segment revenue for the Hotel and Tourism business was JPY4.6bn (+24.9% YoY), with a profit of JPY1.1bn.
- Total assets at end-Q1 FY03/26 were JPY217.9bn, with net assets at JPY107.7bn (+1.7% from end-FY03/25).
Urbanet Corp (3242 JP): Full-year FY06/25 flash update
- FY06/25 sales were JPY33.9bn (-21.3% YoY), with operating profit at JPY3.5bn (-27.7% YoY), and recurring profit at JPY2.8bn (+14.9% YoY).
- Real Estate business sales in FY06/25 were JPY33.7bn (+21.4% YoY), with a segment profit of JPY5.0bn (+29.6% YoY).
- Total assets at end-FY06/25 were JPY62.3bn, with liabilities at JPY45.0bn and net assets at JPY17.3bn.
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