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 17.9% YoY to JPY7.8bn, driven by growth in rent guarantee services; operating profit rose 11.0% YoY.</li><li>Total contracts in force reached 475,000 (+4.0% YoY), with Guarantee business contracts increasing 20.7% YoY to 349,000.</li><li>Solution business revenue declined 14.5% YoY as customers switched to guarantee contracts, reducing contracts in force by 24.7% YoY.</li></ul>

Revenue increased 17.9% YoY to JPY7.8bn, driven by growth in rent guarantee services; operating profit rose 11.0% YoY.Total contracts in force reached 475,000 (+4.0% YoY), with Guarantee business contracts increasing 20.7% YoY to 349,000.Solution business revenue declined 14.5% YoY as customers switched to guarantee contracts, reducing contracts in force by 24.7% YoY.

Entrust Inc (7191 JP): Q3 FY03/25 flash update

<ul><li>Revenue increased 18.0% YoY to JPY5.1bn, driven by growth in rent guarantee services, despite a 7.5% YoY decline in the Solution business.</li><li>Operating profit rose 11.4% YoY to JPY1.1bn, with an OPM of 22.4%, while recurring profit increased 12.6% YoY to JPY1.1bn.</li><li>Total contracts in force reached 455,000, with Guarantee business contracts up 16.4% YoY, while Solution business contracts fell 25.1% YoY.</li></ul>

Revenue increased 18.0% YoY to JPY5.1bn, driven by growth in rent guarantee services, despite a 7.5% YoY decline in the Solution business.Operating profit rose 11.4% YoY to JPY1.1bn, with an OPM of 22.4%, while recurring profit increased 12.6% YoY to JPY1.1bn.Total contracts in force reached 455,000, with Guarantee business contracts up 16.4% YoY, while Solution business contracts fell 25.1% YoY.

Entrust Inc (7191 JP): 1H FY03/25 flash update

Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Quality-first, Business-perspective Strategy

<ul>
<li>Entrust is one of the major players in the Japanese rent debt guarantee space;</li>
<li>The company possesses a solid track record of developing and growing new adjacent businesses by leveraging its know-how from the core business;</li>
<li>I am hoping for a more visible economic moat (especially from the company's new adjacencies), a higher free cash flow conversion, and/or a lower valuation.</li>
</ul>


Entrust is one of the major players in the Japanese rent debt guarantee space;
The company possesses a solid track record of developing and growing new adjacent businesses by leveraging its know-how from the core business;
I am hoping for a more visible economic moat (especially from the company's new adjacencies), a higher free cash flow conversion, and/or a lower valuation.


Entrust: Emerging Quality but Unattractive Valuation

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>MOTHERS-listed <a href="https://www.smartkarma.com/entities/26758" target="_blank" data-smartkarma-citation="entities:26758:1">J-Lease Co Ltd (7187 JP)</a> is a rent-guarantee company for residential and office properties which was listed in June 2016. In the year to March 2017, the company cleared the two-year profit hurdle for listing on TSE1 and in June of 2017 cleared the 1-year-since-listing hurdle. </p><p>The company did not meet the shareholder count hurdle (2200 shareholders) but applied for reassignment to the TSE anyway, and two weeks after under-shooting expectations when reporting Q3 earnings on Feb 7th…</p>

MOTHERS-listed J-Lease Co Ltd (7187 JP) is a rent-guarantee company for residential and office properties which was listed in June 2016. In the year to March 2017, the company cleared the two-year profit hurdle for listing on TSE1 and in June of 2017 cleared the 1-year-since-listing hurdle. The company did not meet the shareholder count hurdle (2200 shareholders) but applied for reassignment to the TSE anyway, and two weeks after under-shooting expectations when reporting Q3 earnings on Feb 7th…

J-Lease (7187 JP) - Smallcap TSE1 Promotion & TOPIX Inclusion

Japan

Entrust Inc. offers rent guarantee and guarantee-related solution services. The Company provides rent arrear guarantee related services, nursing-care, and medical-care guarantee. Entrust serves customers in Japan.

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