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>FY12/24 sales reached JPY1.07tn (+3.1% YoY), with operating profit at JPY44.5bn (+148.1% YoY), driven by product mix and cost reductions.</li><li>Sales in Packaging and Graphic segment increased due to jet inks demand, while Functional Products saw divestitures impact.</li><li>FY12/25 forecasts project JPY1,110.0bn sales (+3.6% YoY) and JPY48.0bn operating profit (+7.8% YoY), with dividend policy maintained.</li></ul>

FY12/24 sales reached JPY1.07tn (+3.1% YoY), with operating profit at JPY44.5bn (+148.1% YoY), driven by product mix and cost reductions.Sales in Packaging and Graphic segment increased due to jet inks demand, while Functional Products saw divestitures impact.FY12/25 forecasts project JPY1,110.0bn sales (+3.6% YoY) and JPY48.0bn operating profit (+7.8% YoY), with dividend policy maintained.

Dic Corp (4631 JP): Full-year FY12/24 flash update

<ul><li>Cumulative Q3 FY12/24 sales reached JPY807.7bn, a 3.3% YoY increase, with operating profit up 158.5% YoY. </li><li>Packaging and Graphics segment saw improved product mix and price adjustments, boosting operating profit by 78.1% YoY. </li><li>Functional Products segment sales rose 7.4% excluding divestiture impact, with operating profit increasing 41.8% YoY. </li></ul>

Cumulative Q3 FY12/24 sales reached JPY807.7bn, a 3.3% YoY increase, with operating profit up 158.5% YoY. Packaging and Graphics segment saw improved product mix and price adjustments, boosting operating profit by 78.1% YoY. Functional Products segment sales rose 7.4% excluding divestiture impact, with operating profit increasing 41.8% YoY. 

Dic Corp (4631 JP): Q3 FY12/24 flash update

<ul><li>Sales in 1H FY12/24 were JPY538.8bn (+4.6% YoY), with a 1.5% decrease on a local currency basis.</li><li>Operating profit in 1H FY12/24 was JPY21.9bn (+120.3% YoY), with a 116.7% increase on a local currency basis.</li><li>The company revised its FY12/24 forecast to JPY1.10tn in sales and JPY40.0bn in operating profit.</li></ul>

Sales in 1H FY12/24 were JPY538.8bn (+4.6% YoY), with a 1.5% decrease on a local currency basis.Operating profit in 1H FY12/24 was JPY21.9bn (+120.3% YoY), with a 116.7% increase on a local currency basis.The company revised its FY12/24 forecast to JPY1.10tn in sales and JPY40.0bn in operating profit.

Dic Corp (4631 JP): 1H FY12/24 flash update

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Nomura Research Institute / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nomura-research-institute-ltd" target="_blank" data-smartkarma-citation="entities:18129:1" rel="noopener">Nomura Research Institute (4307 JP)</a> and <a href="https://www.smartkarma.com/entities/ryohin-keikaku-co-ltd" target="_blank" data-smartkarma-citation="entities:2765:1" rel="noopener">Ryohin Keikaku (7453 JP)</a> will replace <a href="https://www.smartkarma.com/entities/nippon-paper-industries-co-l" target="_blank" data-smartkarma-citation="entities:557:1" rel="noopener">Nippon Paper Industries Co L (3863 JP)</a> and <a href="https://www.smartkarma.com/entities/dic-corp" target="_blank" data-smartkarma-citation="entities:7343:1" rel="noopener">Dic Corp (4631 JP)</a> in the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a>'s CPAF will drop from 3 to 2.7 and there will be further selling in March 2025 as the CPAF drops to 2.4 (or possibly even 2.1!) </li>
<li>Passives will need to buy 7-15x ADV (13-14% of real float) in the adds and sell 2.7-6.5x ADV in the deletes. There is a big reverse funding trade too.</li>
</ul>



Nomura Research Institute (4307 JP) and Ryohin Keikaku (7453 JP) will replace Nippon Paper Industries Co L (3863 JP) and Dic Corp (4631 JP) in the Nikkei 225 (NKY INDEX). 

Fast Retailing (9983 JP)'s CPAF will drop from 3 to 2.7 and there will be further selling in March 2025 as the CPAF drops to 2.4 (or possibly even 2.1!) 
Passives will need to buy 7-15x ADV (13-14% of real float) in the adds and sell 2.7-6.5x ADV in the deletes. There is a big reverse funding trade too.


Nikkei 225 Index Rebalance: NRI, Ryohin Keikaku IN; Nippon Paper, DIC OUT; Fast Retailing Capped

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>NKY225 rebalance decision was made yesterday: Ryohin Keikaku and NRI replaced Nippon Paper and DIC. A focus on sector balance should continue to be positive for future consumer goods candidates.</li>
<li>With US markets stabilizing there are several names with strong fundamental drivers which look attractive as buy the dip candidates after yesterdays heavy selling.</li>
<li>US job opening data below street estimates increases likelihood that Fed will start with a 50 bps cut this month. Should help the likes of Shin Etsu and Sumitomo Forestry.</li>
</ul>


NKY225 rebalance decision was made yesterday: Ryohin Keikaku and NRI replaced Nippon Paper and DIC. A focus on sector balance should continue to be positive for future consumer goods candidates.
With US markets stabilizing there are several names with strong fundamental drivers which look attractive as buy the dip candidates after yesterdays heavy selling.
US job opening data below street estimates increases likelihood that Fed will start with a 50 bps cut this month. Should help the likes of Shin Etsu and Sumitomo Forestry.


Tokyo Morning Connection: NKY225 Rebalance Decision, Likely Dip Buying After Yesterdays Rout

Japan

DIC Corp. is a chemical company that specializes in printing inks, organic pigments, and thermosetting resins.  The Company also manufactures polymers, specialty plastics and compounds, and others which include building materials, pressure-sensitive adhesives materials, and biochemicals.

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Dic Corp (4631 JP)

Dic Corp (4631 JP): Full-year FY12/24 flash update

FY12/24 sales reached JPY1.07tn (+3.1% YoY), with operating profit at JPY44.5bn (+148.1% YoY), driven by product mix and cost reductions. Sales in...

Shared Research

Dic Corp (4631 JP): Q3 FY12/24 flash update

Cumulative Q3 FY12/24 sales reached JPY807.7bn, a 3.3% YoY increase, with operating profit up 158.5% YoY. Packaging and Graphics segment saw...

Shared Research

Dic Corp (4631 JP): 1H FY12/24 flash update

Sales in 1H FY12/24 were JPY538.8bn (+4.6% YoY), with a 1.5% decrease on a local currency basis. Operating profit in 1H FY12/24 was JPY21.9bn...

Shared Research

Nikkei 225 Index Rebalance: NRI, Ryohin Keikaku IN; Nippon Paper, DIC OUT; Fast Retailing Capped

Nomura Research Institute and Ryohin Keikaku replace Nippon Paper and DIC in the Nikkei 225. Fast Retailing will be capped (and probably again in...

Brian Freitas

Tokyo Morning Connection: NKY225 Rebalance Decision, Likely Dip Buying After Yesterdays Rout

A focus on sector balance continues to be positive for consumer goods candidates. US markets stabilizing with strong buy the dip candidates. Fed...

Andrew Jackson

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