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.

Equity Bottom-Up

<ul><li>Revenue increased by 33.7% YoY to JPY5.0bn, with significant growth in the Healthy Longevity business segment. </li><li>Operating profit margin declined by 0.5pp to 28.7% due to increased costs from new gym openings and consolidation. </li><li>FY09/25 forecasts revenue of JPY5.6bn (+11.8% YoY) and plans a year-end dividend of JPY7.5 per share. </li></ul>

Revenue increased by 33.7% YoY to JPY5.0bn, with significant growth in the Healthy Longevity business segment. Operating profit margin declined by 0.5pp to 28.7% due to increased costs from new gym openings and consolidation. FY09/25 forecasts revenue of JPY5.6bn (+11.8% YoY) and plans a year-end dividend of JPY7.5 per share. 

Kanamic Network (3939 JP): Full-year FY09/24 flash update

<ul><li>Revenue increased by 37.3% YoY to JPY3.7bn, with significant growth in Healthy Longevity business and Solutions Development business.</li><li>Cost of revenue surged by 84.2% YoY, leading to a GPM decline of 9.8pp to 61.7%, and OPM fell 2.4pp to 27.9%.</li><li>Progress rates against the full-year FY09/24 forecast: revenue 71.6%, operating profit 72.9%, recurring profit 73.3%, and net income 69.9%.</li></ul>

Revenue increased by 37.3% YoY to JPY3.7bn, with significant growth in Healthy Longevity business and Solutions Development business.Cost of revenue surged by 84.2% YoY, leading to a GPM decline of 9.8pp to 61.7%, and OPM fell 2.4pp to 27.9%.Progress rates against the full-year FY09/24 forecast: revenue 71.6%, operating profit 72.9%, recurring profit 73.3%, and net income 69.9%.

Kanamic Network (3939 JP): Q3 FY09/24 flash update

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

The Tokyo Stock Exchange (TSE) calculates Free-Float Weight (FFW) for each listed company and uses this value as a key component of TOPIX Index Calculation. For companies with "low liquidity" the FFW will be multiplied by a fixed liquidity factor of 0.75 to derive the final FFW used for index calculation. This affects both TSE-1 incumbents and new entrants (depending on the date of entry). Every April, the application of this liquidity factor is reviewed by the TSE for all TSE1 constituents. Last April, 71 constituents saw their liquidity factors removed causing an increase in their respective FFWs used for index calculation resulting in a TOPIX upweight.This situation opens up interesting opportunities for a basket trade. Below is a discussion regarding the key details of TSE's FFW Calculation Methodology and the candidate stocks which could potentially experience a change in the application of the liquidity factor (including some surprisingly big names).

The Tokyo Stock Exchange (TSE) calculates Free-Float Weight (FFW) for each listed company and uses this value as a key component of TOPIX Index Calculation. For companies with "low liquidity" the FFW will be multiplied by a fixed liquidity factor of 0.75 to derive the final FFW used for index calculation. This affects both TSE-1 incumbents and new entrants (depending on the date of entry). Every April, the application of this liquidity factor is reviewed by the TSE for all TSE1 constituents. Last April, 71 constituents saw their liquidity factors removed causing an increase in their respective FFWs used for index calculation resulting in a TOPIX upweight.This situation opens up interesting opportunities for a basket trade. Below is a discussion regarding the key details of TSE's FFW Calculation Methodology and the candidate stocks which could potentially experience a change in the application of the liquidity factor (including some surprisingly big names).   

TOPIX Index Upweights: The Big April Basket 2021

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Today, TSE MOTHERS-listed small-cap healthcare company <a href="https://www.smartkarma.com/entities/24396" target="_blank" data-smartkarma-citation="entities:24396:1">Kanamic Network (3939 JP)</a> announced it would conduct a tachiaigai bunbai offering of 400,000 shares on a date between August 16th and August 21st. This is a $150mm market cap with limited float. The 'real event' isn't for months. It is expensive and could be volatile in the meantime. This insight is less bullish the price and more interested in the event as an interesting opportunity. If not interested, please stop here.Each buyer would be…

Today, TSE MOTHERS-listed small-cap healthcare company Kanamic Network (3939 JP) announced it would conduct a tachiaigai bunbai offering of 400,000 shares on a date between August 16th and August 21st. This is a $150mm market cap with limited float. The 'real event' isn't for months. It is expensive and could be volatile in the meantime. This insight is less bullish the price and more interested in the event as an interesting opportunity. If not interested, please stop here.Each buyer would be…

Kanamic (3939 JP) - Tachiaigai Bunbai Aiming at TOPIX Inclusion

Japan

Kanamic Network Co., Ltd provides platforms and management systems for the health care industry. The Company also offers web design, website operation and Internet advertising services for the health care sector.

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