Japan Experts, Extraordinary Performance, Astris Advisory Japan

Astris Advisory Japan

Japan Experts, Extraordinary Performance

Our Corporate Advisory service is designed to give clients access to a wider range of investors. These include Japan specialists as well as global investors. The goal is to help achieve a fair equity valuation.

Equity Bottom-Up

Simplex Holdings, Inc. provides system information technology solutions. The Company offers system consulting, system development, system operation and maintenance, and other services.  Simplex Holdings serves financial institutions across worldwide.

<ul><li>Insurance project cancellation already priced in–Q1-2FY3/25 results confirmed a ¥0.6bn sales write-off for the cancellation of the Insurance System Integration Project.</li><li>We believe positive factors such as continued strong demand for DX services, improving profitability at Operation Service, and high order visibility outweigh this temporary event.</li><li>However, we do seek clarity in terms of understanding the company’s strategic direction over its insurance solutions. </li></ul>

Insurance project cancellation already priced in–Q1-2FY3/25 results confirmed a ¥0.6bn sales write-off for the cancellation of the Insurance System Integration Project.We believe positive factors such as continued strong demand for DX services, improving profitability at Operation Service, and high order visibility outweigh this temporary event.However, we do seek clarity in terms of understanding the company’s strategic direction over its insurance solutions. 

Simplex Holdings (4373 JP) - Positive Underlying Growth Trend, Though Clarity Needed

Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Titan International, Inc. manufactures mounted tire and wheel systems for off-highway equipment used in agriculture, construction, mining, military, recreation, and grounds care. The Company has worldwide manufacturing and distribution facilities.

<ul><li>Titan International is a global manufacturer of off-the-road tires, wheels and undercarriages.</li><li>The company serves the agricultural, earthmoving / construction, and consumer markets.</li><li>Recent strategic actions have created higher margins in recent years and brought the leverage ratio down to 1.9x.</li></ul>

Titan International is a global manufacturer of off-the-road tires, wheels and undercarriages.The company serves the agricultural, earthmoving / construction, and consumer markets.Recent strategic actions have created higher margins in recent years and brought the leverage ratio down to 1.9x.

TWI: Titan announces 3rd quarter 2024 results and provides update on industry conditions. There may be light at the end of the destocking tunnel.

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Braemar Shipping Services PLC / Equity Bottom-Up

Braemar Plc operates as an international ship-brokerage company. The Company offers advisory services in shipping investment, chartering, and risk management. Braemar serves customers worldwide.

<p>Government changes to National Insurance (NI) arrangements have added to Braemar’s costs, implying lower profitability. However, underlying operations continue to expand and diversify, and Braemar remains well-positioned to drive its future growth strategy. The trading outlook is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained our revenue estimates but trimmed our operating profit forecasts to reflect the additional NI charges. However, we maintain our dividend discount model-based valuation of 535p. </p>

Government changes to National Insurance (NI) arrangements have added to Braemar’s costs, implying lower profitability. However, underlying operations continue to expand and diversify, and Braemar remains well-positioned to drive its future growth strategy. The trading outlook is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained our revenue estimates but trimmed our operating profit forecasts to reflect the additional NI charges. However, we maintain our dividend discount model-based valuation of 535p. 

Braemar - Robust trading, but UK budget adds to costs

Global Healthcare Analyst

Tina Banerjee

Aster DM Healthcare Ltd / Equity Bottom-Up

Aster DM Healthcare Limited provides health care services. The Company offers cardiology, cardiac and spine surgery, oncology, orthopedics, neurology and urology, oncology, gastroenterology and hepatology services. Aster DM Healthcare serves patients worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aster-dm-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:23662:1" rel="noopener">Aster DM Healthcare Ltd (ASTERDM IN)</a> plans to add ~1,800 beds by FY27, aligning with its strategic roadmap to expand its footprint and become a top-three healthcare player in India.</li>
<li>Operating EBITDA margin has improved to 21.4% in Q2FY25 as compared to 16.8% in Q2FY24. The company expects continuous margin expansion over the next two-three years.</li>
<li>The company is expected to report high teens revenue growth through FY27, with bottomline growth outpacing topline. Aster DM shares are trading at NTM EV/EBITDA of 24.9x, lower than peers.</li>
</ul>



Aster DM Healthcare Ltd (ASTERDM IN) plans to add ~1,800 beds by FY27, aligning with its strategic roadmap to expand its footprint and become a top-three healthcare player in India.
Operating EBITDA margin has improved to 21.4% in Q2FY25 as compared to 16.8% in Q2FY24. The company expects continuous margin expansion over the next two-three years.
The company is expected to report high teens revenue growth through FY27, with bottomline growth outpacing topline. Aster DM shares are trading at NTM EV/EBITDA of 24.9x, lower than peers.


2025 High Conviction: Aster DM Healthcare Ltd (ASTERDM IN)- Focus on India Augurs Well

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Hana Tour Service Inc. wholesales a variety of travel related services.  The Company provides outbound, inbound and domestic travel packages and cooperates with credit card companies and Internet shopping malls to market its services. Hana Tour Service also works as general sales agency (GSA) of overseas cruise and rail passes.

<ul>
<li>On 4 November, the Chinese government suddenly announced it will waive visa requirements for South Korean citizens entering China. </li>
<li>This is likely to have a major positive impact on major travel/airline stocks including Hana Tour Service, Korean Air Lines,  Very Good Leisure, Yellow Balloon Tour, and Modetour Network.</li>
<li>A no-visa policy by China for South Korean citizens could also imply a reciprocal policy by the South Korean government. </li>
</ul>


On 4 November, the Chinese government suddenly announced it will waive visa requirements for South Korean citizens entering China. 
This is likely to have a major positive impact on major travel/airline stocks including Hana Tour Service, Korean Air Lines,  Very Good Leisure, Yellow Balloon Tour, and Modetour Network.
A no-visa policy by China for South Korean citizens could also imply a reciprocal policy by the South Korean government. 


Chinese Government Announces a No-Visa Policy for South Korean Citizens Entering China

Small Cap Longs
Mighty oaks from tiny acorns grow

Simplex Holdings (4373 JP) - Positive Underlying Growth Trend, Though Clarity Needed

Insurance project cancellation already priced in–Q1-2FY3/25 results confirmed a ¥0.6bn sales write-off for the cancellation of the Insurance System...

Astris Advisory Japan

TWI: Titan announces 3rd quarter 2024 results and provides update on industry conditions. There may be light at the end of the destocking tunnel.

Titan International is a global manufacturer of off-the-road tires, wheels and undercarriages. The company serves the agricultural, earthmoving /...

Zacks Small Cap Research

Braemar - Robust trading, but UK budget adds to costs

Government changes to National Insurance (NI) arrangements have added to Braemar’s costs, implying lower profitability. However, underlying...

Edison Investment Research

2025 High Conviction: Aster DM Healthcare Ltd (ASTERDM IN)- Focus on India Augurs Well

Aster DM Healthcare reported EBITDA margin of 21.4% in Q2FY25 vs. 6.8% in Q2FY24. Margin expansion is expected to continue over the next 2-3...

Tina Banerjee

Chinese Government Announces a No-Visa Policy for South Korean Citizens Entering China

The Chinese government suddenly announced it will waive visa requirements for South Korean citizens entering China. This is likely to have a major...

Douglas Kim

Simplex Holdings (4373 JP) - Positive Underlying Growth Trend, Though Clarity Needed

Insurance project cancellation already priced in–Q1-2FY3/25 results confirmed a ¥0.6bn sales write-off for the cancellation of the Insurance System...

Astris Advisory Japan

TWI: Titan announces 3rd quarter 2024 results and provides update on industry conditions. There may be light at the end of the destocking tunnel.

Titan International is a global manufacturer of off-the-road tires, wheels and undercarriages. The company serves the agricultural, earthmoving /...

Zacks Small Cap Research

Braemar - Robust trading, but UK budget adds to costs

Government changes to National Insurance (NI) arrangements have added to Braemar’s costs, implying lower profitability. However, underlying...

Edison Investment Research

2025 High Conviction: Aster DM Healthcare Ltd (ASTERDM IN)- Focus on India Augurs Well

​Aster DM Healthcare reported EBITDA margin of 21.4% in Q2FY25 vs. 6.8% in Q2FY24. Margin expansion is expected to continue over the next 2-3...

Tina Banerjee

Chinese Government Announces a No-Visa Policy for South Korean Citizens Entering China

The Chinese government suddenly announced it will waive visa requirements for South Korean citizens entering China. This is likely to have a major...

Douglas Kim

Aster DM Healthcare reported EBITDA margin of 21.4% in Q2FY25 vs. 6.8% in Q2FY24. Margin expansion is expected to continue over the next 2-3...