In today’s briefing:
- TOTO (5332 JP) | Beyond China
- Sustainable Investing Surveyor Focus on Fuel Tech
- Ohba (9765 Jp) – Q4 Follow-Up
TOTO (5332 JP) | Beyond China
- Toto stock price -16% over past year vs index +24% as China growth story collapses. Restructuring China ops; targeting breakeven FY3/27
- New growth drivers: US capacity buildout underpins Americas sales growth, while electrostatic chucks beneficiary of SPE spend
- Stock trading at 30% discount to historical average and deep discount to global peers
Sustainable Investing Surveyor Focus on Fuel Tech
- Last week, the WTR Sustainable Index was up 2.1% W/W versus the S&P 500 Index (up 1.6%), the Russell 2000 Index (up 0.3%), and the Nasdaq Index (up 1.9%).
- Energy Technology (43% of the index) was up 3.3%, while Transportation Solutions (33% of the index) was up 2.0%, Climate Tech and Clean Tech (18% of the index) was up 1.4%, and Climate Tech Mining and Processing (7% of the index) was down 1.1%.
- Top 10 Performers: SAENF, SNRG, ASYS, RAIN, SKYQ, KARX, BLNK, NEOV, LBNKF, MVST
Ohba (9765 Jp) – Q4 Follow-Up
- Q4 FY2025/5 Results | On July 10, 2025, OHBA (hereinafter, “the Company”) announced its Q4 FY2025/5 results. The full year figures saw an increase in both sales and profits.
- In the three-month period of Q4, orders recovered mainly in the design field, with a steady accumulation of orders in the core construction consulting business.
- Although the Company projects lower sales in FY2026/5 due to the absence of one-off projects from a year earlier, it plans to report its 15th consecutive year of operating profit growth, underpinned by improved profitability.
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