IR & Research Intelligence, Sessa Investment Research

Sessa Investment Research

IR & Research Intelligence

Sponsored research focusing on Japanese small cap.

Equity Bottom-Up

TSUBAKIMOTO KOGYO CO., LTD. is a wholesaler of machinery, equipment, and parts, most of which are produced by Tsubakimoto Chain and Mitsubishi Heavy Industries. The Company primarily distributes transmission equipment and industry materials. Tsubakimoto Kogyo also handles factory automation equipment/systems including robots and control systems.

<ul><li>Tsubakimoto Kogyo Co., Ltd., (hereafter, the Company) announced its Q3(9M) FY2025/3 results on January 31, 2025.</li><li>Net sales and profit were higher than in Q3 FY2024/3 due to the substantial order backlog.</li><li>Growth in Q3 FY2025/3 orders was lackluster due to a falloff from large Q3 FY2024/3 orders from China, but if one excludes those particularly large orders, net sales grew year on year.</li></ul>

Tsubakimoto Kogyo Co., Ltd., (hereafter, the Company) announced its Q3(9M) FY2025/3 results on January 31, 2025.Net sales and profit were higher than in Q3 FY2024/3 due to the substantial order backlog.Growth in Q3 FY2025/3 orders was lackluster due to a falloff from large Q3 FY2024/3 orders from China, but if one excludes those particularly large orders, net sales grew year on year.

Tsubakimoto Kogyo (8052 Jp) - Q3 Follow-Up

Equity Derivatives Broker - Delta One Japan, Vantage Capital Markets Japan

François-Xavier Pustoc'h

Equity Derivatives Broker - Delta One Japan

Vantage Capital Markets Japan

We provide world class financial solutions to our extensive institutional client base including rapidly growing corporations, leading investment banks, commercial banks, asset managers, private equity funds, family offices and hedge funds.

Our services include capital market offerings and placements, wholesale brokerage and execution of cash and derivative products (both listed and OTC) across a range of asset classes.

VCM has offices in London, Hong Kong, Tokyo and Dubai from where we service our global client base. Our strength lies in the experience and quality of our teams, supported by excellent operations and infrastructure.

Independent Financial Broker

Equity Derivatives

TSE Tokyo Price Index TOPIX / Equity Derivatives

The TOPIX, also known as the Tokyo Stock Price Index, is a capitalization-weighted index of all companies listed on the First Section of the Tokyo Stock Exchange. The index is supplemented by the subindices of the 33 industry sectors. The index calculation excludes temporary issues and preferred stocks, and has a base value of 100 as of January 4, 1968.

<ul><li>The Nikkei 225/TOPIX ratio is underperforming due to the rally in banks and insurance stocks.</li><li>The TPNBNK/TOPIX ratio has returned to its 2013 level.</li><li>The TSEREIT/TOPIX ratio is now trading at a 15-year low.</li></ul>

The Nikkei 225/TOPIX ratio is underperforming due to the rally in banks and insurance stocks.The TPNBNK/TOPIX ratio has returned to its 2013 level.The TSEREIT/TOPIX ratio is now trading at a 15-year low.

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>The Indian rupee strengthens to a three-month high, erasing 2025 losses amid foreign inflows and RBI’s forex swap auction.</li>
<li>Groww in talks to raise $200 million at a $6.5 billion valuation ahead of its IPO filing.</li>
<li>India exempts import duties on 35 items for EV batteries and 28 for mobile phones to boost domestic production.</li>
</ul>


The Indian rupee strengthens to a three-month high, erasing 2025 losses amid foreign inflows and RBI’s forex swap auction.
Groww in talks to raise $200 million at a $6.5 billion valuation ahead of its IPO filing.
India exempts import duties on 35 items for EV batteries and 28 for mobile phones to boost domestic production.


#127 India Insight: Rupee Hits 3-Month High, Groww Eyes $6.5B Valuation, India Cuts Import Duties

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India’s electricity demand is witnessing a structural boom driven by rising temperatures, AC sales, urbanization, and smart tariff reforms, not just seasonal summer spikes.</li>
<li>Cooling demand alone could drive one-third of peak load by 2030, stressing grids, accelerating coal use, and challenging India’s clean energy transition.</li>
<li>The power story is no longer about generation alone, transmission, storage, smart meters, and efficient cooling are the real investment and policy frontiers to watch.</li>
</ul>


India’s electricity demand is witnessing a structural boom driven by rising temperatures, AC sales, urbanization, and smart tariff reforms, not just seasonal summer spikes.
Cooling demand alone could drive one-third of peak load by 2030, stressing grids, accelerating coal use, and challenging India’s clean energy transition.
The power story is no longer about generation alone, transmission, storage, smart meters, and efficient cooling are the real investment and policy frontiers to watch.


India’s Power Surge: What Is Fueling the Demand Boom in 2025?

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

ITOCHU Corporation is a general trading firm handling textiles, wood, machinery, metals, food, chemicals, construction materials, commodities, and energy related products such as oil and gas. The Company operates around the world. Itochu diversifies by operating in satellite communication and data communication businesses.

<ul>
<li>Warren Buffett is investing more in Japan's trading companies for a variety of reasons but Itochu stands alone in its dominance of Japan's fashion sector.</li>
<li>Itochu continues to emphasise investment in consumer brands, particularly fashion and sports, but will now adjust its decades-old playbook, introducing more direct oversight of subsidiaries and affiliates.</li>
<li>This will include a big new push to turn Vivienne Westwood into a luxury brand, upgrading Paul Smith and bringing <a href="https://www.smartkarma.com/entities/descente-ltd" target="_blank" data-smartkarma-citation="entities:8225:1" rel="noopener">Descente Ltd (8114 JP)</a> in-house</li>
</ul>


Warren Buffett is investing more in Japan's trading companies for a variety of reasons but Itochu stands alone in its dominance of Japan's fashion sector.
Itochu continues to emphasise investment in consumer brands, particularly fashion and sports, but will now adjust its decades-old playbook, introducing more direct oversight of subsidiaries and affiliates.
This will include a big new push to turn Vivienne Westwood into a luxury brand, upgrading Paul Smith and bringing Descente Ltd (8114 JP) in-house


Itochu the Fashion Giant Doubles Down on Brand Business

Japan
Insights on Japan

Tsubakimoto Kogyo (8052 Jp) - Q3 Follow-Up

Earnings likely to exceed full–year forecasts as progress through Q3 FY2025/3 exceeds 75% - Company expected to achieve its forecasts due to...

Sessa Investment Research

Japan Equity Indices Vs. TOPIX Ratios

The Nikkei 225/TOPIX ratio is underperforming due to the rally in banks and insurance stocks. The TPNBNK/TOPIX ratio has returned to its 2013 level.

François-Xavier Pustoc'h

#127 India Insight: Rupee Hits 3-Month High, Groww Eyes $6.5B Valuation, India Cuts Import Duties

Indian rupee strengthens, Groww eyes $200M funding, India exempts import duties on EV batteries and mobile phones to boost domestic production.

Sudarshan Bhandari

India’s Power Surge: What Is Fueling the Demand Boom in 2025?

India's electricity demand is rising due to various factors, including cooling needs, urbanization, and smart tariff reforms, posing challenges...

Nimish Maheshwari

Itochu the Fashion Giant Doubles Down on Brand Business

Warren Buffett is investing in Japan's trading companies for good reason but only Itochu has a big share of the fashion sector through Itochu...

Michael Causton

Tsubakimoto Kogyo (8052 Jp) - Q3 Follow-Up

Earnings likely to exceed full–year forecasts as progress through Q3 FY2025/3 exceeds 75% - Company expected to achieve its forecasts due to...

Sessa Investment Research

Japan Equity Indices Vs. TOPIX Ratios

The Nikkei 225/TOPIX ratio is underperforming due to the rally in banks and insurance stocks. The TPNBNK/TOPIX ratio has returned to its 2013 level.

François-Xavier Pustoc'h

#127 India Insight: Rupee Hits 3-Month High, Groww Eyes $6.5B Valuation, India Cuts Import Duties

​Indian rupee strengthens, Groww eyes $200M funding, India exempts import duties on EV batteries and mobile phones to boost domestic production.

Sudarshan Bhandari

India’s Power Surge: What Is Fueling the Demand Boom in 2025?

​India's electricity demand is rising due to various factors, including cooling needs, urbanization, and smart tariff reforms, posing challenges...

Nimish Maheshwari

Itochu the Fashion Giant Doubles Down on Brand Business

​Warren Buffett is investing in Japan's trading companies for good reason but only Itochu has a big share of the fashion sector through Itochu...

Michael Causton

Indian rupee strengthens, Groww eyes $200M funding, India exempts import duties on EV batteries and mobile phones to boost domestic production.

India's electricity demand is rising due to various factors, including cooling needs, urbanization, and smart tariff reforms, posing challenges...

Warren Buffett is investing in Japan's trading companies for good reason but only Itochu has a big share of the fashion sector through Itochu...