IR & Research Intelligence, Sessa Investment Research

Sessa Investment Research

IR & Research Intelligence

Sponsored research focusing on Japanese small cap.

Equity Bottom-Up

Carta Holdings, Inc. provides on-line information retrieval services on a contract or fee basis.

<ul><li>In FY2024/12, CARTA HOLDINGS reported operating profit of JPY 2,139 mn (+64.4% YoY).</li><li>Given the achievement of securing an operating profit of JPY 4,973 mn in FY2021/12, the absolute level remains insufficient.</li><li>However, amid a challenging business environment where the transaction volume of high-margin reservation-based ads declined YoY for 11 consecutive quarters up to the April-June 2024 period, the Company achieved a V-shaped recovery as a result of structural reforms, including the withdrawal from unprofitable businesses and the implementation of a voluntary retirement program. </li></ul>

In FY2024/12, CARTA HOLDINGS reported operating profit of JPY 2,139 mn (+64.4% YoY).Given the achievement of securing an operating profit of JPY 4,973 mn in FY2021/12, the absolute level remains insufficient.However, amid a challenging business environment where the transaction volume of high-margin reservation-based ads declined YoY for 11 consecutive quarters up to the April-June 2024 period, the Company achieved a V-shaped recovery as a result of structural reforms, including the withdrawal from unprofitable businesses and the implementation of a voluntary retirement program. 

Carta Holdings (3688 JP) - A Year Focused on Strengthening Organizational Capabilities

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>KTX expects the index to remain weak and potentially set a new low for the year around 1,100/1,130 points, with the resistance at 1,200/1,211 points.</li><li>A key market- moving highlight is the US announcement of reciprocal tariffs on April 2, targeting countries with trade surpluses with the US, including Thailand, along with potential tariff hikes in specific sectors such as pharmaceuticals, semiconductors, and lumber.</li><li>If the announced rates exceed expectations, this could raise the risk of stagflation — slower economic growth coupled with accelerating inflation. </li></ul>

KTX expects the index to remain weak and potentially set a new low for the year around 1,100/1,130 points, with the resistance at 1,200/1,211 points.A key market- moving highlight is the US announcement of reciprocal tariffs on April 2, targeting countries with trade surpluses with the US, including Thailand, along with potential tariff hikes in specific sectors such as pharmaceuticals, semiconductors, and lumber.If the announced rates exceed expectations, this could raise the risk of stagflation — slower economic growth coupled with accelerating inflation. 

Monthly Report: April 2025 - Outlook: To Weaken Due to Stagflation Risks and Ex-Dividend Effect

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.

ONWARD HOLDINGS CO., LTD. manufactures men's ready-made suits, women's, and children's wear.  The Company has its own brands, Onward and KUMIKYOKU. Onward also manufactures sports goods, books, stationery, cosmetics, art decoration.

<ul><li>Onward's FY02/25 sales reached JPY208.4bn (+9.9% YoY), with a net income of JPY8.5bn (+28.8% YoY).</li><li>FY02/26 projections include sales of JPY230bn (+10.4% YoY) and operating profit growth of 13.3% YoY to JPY11.5bn.</li><li>The company plans to introduce an interim dividend system, targeting a total annual dividend of JPY30 per share.</li></ul>

Onward's FY02/25 sales reached JPY208.4bn (+9.9% YoY), with a net income of JPY8.5bn (+28.8% YoY).FY02/26 projections include sales of JPY230bn (+10.4% YoY) and operating profit growth of 13.3% YoY to JPY11.5bn.The company plans to introduce an interim dividend system, targeting a total annual dividend of JPY30 per share.

Onward Holdings (8016 JP): Full-year FY02/25 flash update

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

CNMC Goldmine Holdings / Equity Bottom-Up

CNMC Goldmine Holdings Ltd. explores for gold and processes mined ore into gold dore.  The Company operates in Kelantan State of Malaysia.

<ul>
<li>
<a target="_blank">CNMC Goldmine Holdings (CNMC SP)</a> is a cash-rich (net cash: 20 million SGD) gold play listed on the SGX with assets in Malaysia. Its market cap is 155 million SGD.</li>
<li>The company is a high-cost gold play, with cash costs of 1200 USD/oz excluding royalties. It is in the process of ramping production from 26,000 oz to 34,000 oz/annum.</li>
<li>Based on a 3000 USD/oz gold price, the stock trades at 5.7x PE, 4.0x EV-EBITDA with a 2.9% dividend yield (based on a 30% payout ratio). </li>
</ul>



CNMC Goldmine Holdings (CNMC SP) is a cash-rich (net cash: 20 million SGD) gold play listed on the SGX with assets in Malaysia. Its market cap is 155 million SGD.
The company is a high-cost gold play, with cash costs of 1200 USD/oz excluding royalties. It is in the process of ramping production from 26,000 oz to 34,000 oz/annum.
Based on a 3000 USD/oz gold price, the stock trades at 5.7x PE, 4.0x EV-EBITDA with a 2.9% dividend yield (based on a 30% payout ratio). 


CNMC Goldmine Holdings Ltd. (CNMC SP): Cash Rich Gold Play In Singapore

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Binjiang Service Group / Equity Bottom-Up

Binjiang Service Group Co. Ltd. operates as a reputable property management service provider. The Company offers property management services including security, cleaning, gardening, repair, maintenance, and ancillary services to at residential and non-residential properties. Binjiang Service Group serves customers in China.

<ul><li>The company’s FY24 revenue grew 28% YoY to RMB 3.6bn, 3% above CMBI estimate, driven by managed GFA expansion and strong renovation business.</li><li>Net profit rose 11% YoY to RMB 550mn, 2% below CMBI expectation, due to: 1) gross margin decline; 2) an extra RMB 50.5mn withholding tax from fund transfer, excluding which core net profit grew 21% YoY to RMB 600mn, 7% above CMBI estimate.</li><li>GFA from third parties expanded 21% YoY, far exceeding peers. With 91%/62% of third-party GFA in Zhejiang/Hangzhou, the company plans to focus on expansion in other high-tier cities outside Zhejiang in the future. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The company’s FY24 revenue grew 28% YoY to RMB 3.6bn, 3% above CMBI estimate, driven by managed GFA expansion and strong renovation business.Net profit rose 11% YoY to RMB 550mn, 2% below CMBI expectation, due to: 1) gross margin decline; 2) an extra RMB 50.5mn withholding tax from fund transfer, excluding which core net profit grew 21% YoY to RMB 600mn, 7% above CMBI estimate.GFA from third parties expanded 21% YoY, far exceeding peers. With 91%/62% of third-party GFA in Zhejiang/Hangzhou, the company plans to focus on expansion in other high-tier cities outside Zhejiang in the future. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Binjiang Service (3316 HK) - Expansion Outside Zhejiang to Support GFA Growth

Dividends
Insights on Dividends

Carta Holdings (3688 JP) - A Year Focused on Strengthening Organizational Capabilities

Given the achievement of securing an operating profit of JPY 4,973 mn in FY2021/12, the absolute level remains insufficient.

Sessa Investment Research

Monthly Report: April 2025 - Outlook: To Weaken Due to Stagflation Risks and Ex-Dividend Effect

KTX expects the index to remain weak and potentially set a new low for the year around 1,100/1,130 points, with the resistance at 1,200/1,211 points.

Krungthai XSpring

Onward Holdings (8016 JP): Full-year FY02/25 flash update

Onward's FY02/25 sales reached JPY208.4bn (+9.9% YoY), with a net income of JPY8.5bn (+28.8% YoY). FY02/26 projections include sales of JPY230bn...

Shared Research

CNMC Goldmine Holdings Ltd. (CNMC SP): Cash Rich Gold Play In Singapore

We evaluate the investment potential of CNMC Goldmine Holdings (CNMC SP), an SGX-listed gold miner, noting a tempting 5.7x PE, 4.0x EV-EBITDA, and...

Sameer Taneja

Binjiang Service (3316 HK) - Expansion Outside Zhejiang to Support GFA Growth

The company’s FY24 revenue grew 28% YoY to RMB 3.6bn, 3% above CMBI estimate, driven by managed GFA expansion and strong renovation business.

CMB International