Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

TKP Corporation provides convention and event management services. The Company offers hotel banquet arrangement, business conference management, restaurant operation, and other services. TKP also operates equipment rental, travel arrangement, and other businesses.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tkp-corp" target="_blank" data-smartkarma-citation="entities:28305:1" rel="noopener"> TKP Corporation (3479 JP)</a> is a fascinating little company. It rents space. From people. To people. Then adds on services. Meeting, recruiting, training, seminar, banquet, party, etc rooms.</li>
<li>Last year they bought control of two small businesses to add features. Revenues are up. The new FY suggests revenue growth, OP growth, and now a buyback.</li>
<li>The buyback is the interesting bit. They did one last FY with interesting parameters, and Quiddity has a new tool we are trying out, so we showcase an example here.</li>
</ul>



 TKP Corporation (3479 JP) is a fascinating little company. It rents space. From people. To people. Then adds on services. Meeting, recruiting, training, seminar, banquet, party, etc rooms.
Last year they bought control of two small businesses to add features. Revenues are up. The new FY suggests revenue growth, OP growth, and now a buyback.
The buyback is the interesting bit. They did one last FY with interesting parameters, and Quiddity has a new tool we are trying out, so we showcase an example here.


TKP Corp (3479) - A Second Big Buyback In Short Order

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Tech and AI leading gains but the current rally feels like its running out of steam.</li>
<li>Languid outlook from Advantest will not enthuse Japan SPE names.</li>
<li>Shin Etsu blowing the doors off with a Y500bn buyback.</li>
</ul>


Tech and AI leading gains but the current rally feels like its running out of steam.
Languid outlook from Advantest will not enthuse Japan SPE names.
Shin Etsu blowing the doors off with a Y500bn buyback.


Japan Morning Connection: Rebound Continues with the SPX Clocking Its Best Run Since January

Shin-Etsu Chemical Co., Ltd. produces and distributes synthetic resins and other chemical products such as fertilizers. The Company also manufactures electronic materials such as semiconductor silicon, synthetic, and rare earth quartz. Shin-Etsu Chemical operates in Japan and overseas.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shin-etsu-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:4481:1" rel="noopener">Shin Etsu Chemical (4063 JP)</a> reported FY earnings to beat January guidance for all four major measures, just slightly. They only guide 1 quarter out, and Q1 is up year-on-year... </li>
<li>...in revenues, but down in OP and NP. Note: OP and NP guidance is nearly identical to what they guided for Q1 last year on ¥585bn revenues (vs ¥610bn now)</li>
<li>The BIG news here is a Very Large Buyback. The company has long has huge piles of cash. This buyback (~90% of annual profit) starts to make use of it.</li>
</ul>



Shin Etsu Chemical (4063 JP) reported FY earnings to beat January guidance for all four major measures, just slightly. They only guide 1 quarter out, and Q1 is up year-on-year... 
...in revenues, but down in OP and NP. Note: OP and NP guidance is nearly identical to what they guided for Q1 last year on ¥585bn revenues (vs ¥610bn now)
The BIG news here is a Very Large Buyback. The company has long has huge piles of cash. This buyback (~90% of annual profit) starts to make use of it.


Shin-Etsu Chemical (4063) - OK Earnings, OK Forecast, But Ground-Breaking Buyback

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Daiichi Sankyo Co, Ltd is a holding company established through merger of Sankyo and Daiichi pharmaceutical. The Group manufactures pharmaceuticals for human/veterinary use and medical tools and equipment. It also researches and promotes products through related companies throughout the world. The Group also produces food, food additives, livestock feeds, and agrochemicals.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/daiichi-sankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:3014:1" rel="noopener">Daiichi Sankyo (4568 JP)</a> reported strong FY25 results, with revenue and operating profit increasing 18% and 57%, YoY, to ¥1,886B and ¥332B, respectively. Performance was mainly driven by Enhertu (+45%).</li>
<li>The company expects FY26 revenue to increase 6% YoY to ¥2,000B. Core operating profit and operating profit are expected to increase 12% and 5%, YoY, respectively to ¥350B.</li>
<li>The company has announced a ¥200B buyback plan to acquire a maximum of 80M shares from May 1, 2025 to March 24, 2026.</li>
</ul>



Daiichi Sankyo (4568 JP) reported strong FY25 results, with revenue and operating profit increasing 18% and 57%, YoY, to ¥1,886B and ¥332B, respectively. Performance was mainly driven by Enhertu (+45%).
The company expects FY26 revenue to increase 6% YoY to ¥2,000B. Core operating profit and operating profit are expected to increase 12% and 5%, YoY, respectively to ¥350B.
The company has announced a ¥200B buyback plan to acquire a maximum of 80M shares from May 1, 2025 to March 24, 2026.


Daiichi Sankyo (4568 JP): Strong FY25 Result; Guidance Initiated for FY26; ¥200B Buyback Announced

Fujitsu Ltd manufactures semiconductor, computer, and communication equipment. The Company provides comprehensive information technology, network and telecommunication solutions, and Internet services.

<ul>
<li>
<strong>Fujitsu <a href="https://pr.fujitsu.com/jp/ir/finance/2024/pdf/en/01.pdf" target="_blank" rel="noopener">Earnings</a></strong>. Revenues +2.1%, OP +77.5%, Pretax +65.1%, Net -13.0% (basis effect from FY23 one-offs). Forecast? Revs -2.8%, OP/adj +35.8%/+17.2%, Net/adj +77.4%/+3.7%. All guided measures shy vs the Street consensus.</li>
<li>The company presented a progress update on its <a href="https://pr.fujitsu.com/jp/ir/finance/2024/pdf/en/md.pdf" target="_blank" rel="noopener">Medium-Term Management Plan</a>. Core profits are better. Things are improving. </li>
<li>The company also <a href="https://pr.fujitsu.com/jp/news/2025/04/en/24-2.pdf" target="_blank" rel="noopener">announced</a> a big 11-month ¥170bn buyback. Last year's was ¥180bn (completed 24 March). Worth checking out the details (and our brand-new buyback tool)</li>
</ul>



Fujitsu Earnings. Revenues +2.1%, OP +77.5%, Pretax +65.1%, Net -13.0% (basis effect from FY23 one-offs). Forecast? Revs -2.8%, OP/adj +35.8%/+17.2%, Net/adj +77.4%/+3.7%. All guided measures shy vs the Street consensus.
The company presented a progress update on its Medium-Term Management Plan. Core profits are better. Things are improving. 
The company also announced a big 11-month ¥170bn buyback. Last year's was ¥180bn (completed 24 March). Worth checking out the details (and our brand-new buyback tool)


Fujitsu (6702) - Earnings/Guidance OK, Margins Better, But New Quiddity Buyback Data Tool 🥳

Japan Buybacks
Insights on Japanese buybacks

TKP Corp (3479) - A Second Big Buyback In Short Order

TKP's buyback is short and very sharp. It is a LOT of stock in a short while. But we still have 3/4 of the time frame left and the stock hit a new...

Travis Lundy

Japan Morning Connection: Rebound Continues with the SPX Clocking Its Best Run Since January

Tech and AI stocks still leading gains but may be losing momentum. Advantest's lackluster forecast will dampen enthusiasm for Japan SPE names....

Andrew Jackson

Shin-Etsu Chemical (4063) - OK Earnings, OK Forecast, But Ground-Breaking Buyback

ShinEtsu Chemical is plugging along. Earnings were OK, Guidance is OK not beautiful (is anyone's now?) but they announced a Very Big Buyback. 5x...

Travis Lundy

Daiichi Sankyo (4568 JP): Strong FY25 Result; Guidance Initiated for FY26; ¥200B Buyback Announced

Daiichi Sankyo reports strong FY25 results with double-digit growth in revenue and profit, driven by Enhertu. The company expects further growth...

Tina Banerjee

Fujitsu (6702) - Earnings/Guidance OK, Margins Better, But New Quiddity Buyback Data Tool 🥳

Fujitsu earnings came out. A little light on both results and guidance (waves hand at world). We also got a buyback. Supply/demand dynamics are not...

Travis Lundy

TKP Corp (3479) - A Second Big Buyback In Short Order

TKP's buyback is short and very sharp. It is a LOT of stock in a short while. But we still have 3/4 of the time frame left and the stock hit a new...

Travis Lundy

Japan Morning Connection: Rebound Continues with the SPX Clocking Its Best Run Since January

​Tech and AI stocks still leading gains but may be losing momentum. Advantest's lackluster forecast will dampen enthusiasm for Japan SPE names....

Andrew Jackson

Shin-Etsu Chemical (4063) - OK Earnings, OK Forecast, But Ground-Breaking Buyback

ShinEtsu Chemical is plugging along. Earnings were OK, Guidance is OK not beautiful (is anyone's now?) but they announced a Very Big Buyback. 5x...

Travis Lundy

Daiichi Sankyo (4568 JP): Strong FY25 Result; Guidance Initiated for FY26; ¥200B Buyback Announced

​Daiichi Sankyo reports strong FY25 results with double-digit growth in revenue and profit, driven by Enhertu. The company expects further growth...

Tina Banerjee

Fujitsu (6702) - Earnings/Guidance OK, Margins Better, But New Quiddity Buyback Data Tool 🥳

Fujitsu earnings came out. A little light on both results and guidance (waves hand at world). We also got a buyback. Supply/demand dynamics are not...

Travis Lundy

Tech and AI stocks still leading gains but may be losing momentum. Advantest's lackluster forecast will dampen enthusiasm for Japan SPE names....

Daiichi Sankyo reports strong FY25 results with double-digit growth in revenue and profit, driven by Enhertu. The company expects further growth...