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>Sales increased by JPY580mn (+2.3% YoY), driven by growth in Creative (Japan) and Other sectors, despite project reductions.</li><li>Operating profit decreased by JPY407mn (-15.6% YoY), impacted by development costs and reduced profits in most segments except Creative (South Korea).</li><li>Medical Principle's sales and operating profit decreased YoY due to reduced COVID-19 projects and structural reforms.</li></ul>

Sales increased by JPY580mn (+2.3% YoY), driven by growth in Creative (Japan) and Other sectors, despite project reductions.Operating profit decreased by JPY407mn (-15.6% YoY), impacted by development costs and reduced profits in most segments except Creative (South Korea).Medical Principle's sales and operating profit decreased YoY due to reduced COVID-19 projects and structural reforms.

Creek & River (4763 JP): 1H FY02/25 flash update

<ul><li>Sales increased by JPY108mn (+0.8% YoY), driven by growth in Creative (Japan), Accounting and Legal, and Other sectors.</li><li>Operating profit decreased by JPY318mn (-20.2% YoY), mainly due to reduced profits in Creative (Japan) and Medical Staffing.</li><li>Sales and operating profit decreased YoY due to reduced COVID-19 vaccination projects and structural reforms in Medical Principle.</li></ul>

Sales increased by JPY108mn (+0.8% YoY), driven by growth in Creative (Japan), Accounting and Legal, and Other sectors.Operating profit decreased by JPY318mn (-20.2% YoY), mainly due to reduced profits in Creative (Japan) and Medical Staffing.Sales and operating profit decreased YoY due to reduced COVID-19 vaccination projects and structural reforms in Medical Principle.

Creek & River (4763 JP): Q1 FY02/25 flash update

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>On 24 July, 3D Investment Partners proposed to privatise <a href="https://www.smartkarma.com/entities/tohokushinsha-film-corp" target="_blank" data-smartkarma-citation="entities:15129:1" rel="noopener">Tohokushinsha Film (2329 JP)</a> through a tender at JPY600-650. 3D has extended the offer validity period from 23 to 30 August.  </li>
<li>The controlling shareholder, Mr Hisako, claims he is not a seller regardless of price. The Board goes through the motions, knowing that Mr Hisako will decide the offer's fate. </li>
<li>3D’s persistence suggests that Mr Hisako's resolve might be checked by bumping the offer. As this outcome is likely, the shares will continue to trade through terms.  </li>
</ul>


On 24 July, 3D Investment Partners proposed to privatise Tohokushinsha Film (2329 JP) through a tender at JPY600-650. 3D has extended the offer validity period from 23 to 30 August.  
The controlling shareholder, Mr Hisako, claims he is not a seller regardless of price. The Board goes through the motions, knowing that Mr Hisako will decide the offer's fate. 
3D’s persistence suggests that Mr Hisako's resolve might be checked by bumping the offer. As this outcome is likely, the shares will continue to trade through terms.  


Tohokushinsha Film (2329 JP): 3D Persists Despite Strong Pushback

<ul>
<li>On 24 July, 3D Investment Partners proposed to privatise <a href="https://www.smartkarma.com/entities/tohokushinsha-film-corp" target="_blank" data-smartkarma-citation="entities:15129:1" rel="noopener">Tohokushinsha Film (2329 JP)</a> through a tender offer at JPY600-650 per share. A special committee will evaluate the proposal. </li>
<li>3D’s privatisation plan, in its current terms, is a non-starter as the price is low, and its activism campaign has so far been met with the Board’s scepticism.</li>
<li>The possible scenarios are that a white knight emerges to buy 3D’s stake/launch a counteroffer, 3D bumps the offer price, or the Board introduces a more ambitious MTM plan.</li>
</ul>


On 24 July, 3D Investment Partners proposed to privatise Tohokushinsha Film (2329 JP) through a tender offer at JPY600-650 per share. A special committee will evaluate the proposal. 
3D’s privatisation plan, in its current terms, is a non-starter as the price is low, and its activism campaign has so far been met with the Board’s scepticism.
The possible scenarios are that a white knight emerges to buy 3D’s stake/launch a counteroffer, 3D bumps the offer price, or the Board introduces a more ambitious MTM plan.


Tohokushinsha Film (2329 JP): Potential Scenarios as 3D Lobs a Privatisation Proposal

Japan

CREEK & RIVER Co., Ltd. is an agency which matches freelance or short-term self-employed individuals with firms seeking to outsource certain jobs. The Company operates mainly in the film/TV related, game programming, and advertising industries.  Creek & River also offers a variety of courses including website design, digital content creation, and desk top publishing.

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Creek & River (4763 JP)