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

Financial Products Group Co / Equity Bottom-Up

<ul><li>FY09/24 revenues reached JPY107.7bn, a 51.5% YoY increase, with an achievement rate of 108.3% against forecasts.</li><li>FY09/25 forecasts include revenues of JPY123.5bn (+14.6% YoY) and net income of JPY22.0bn (+7.5% YoY).</li><li>The company plans an annual dividend of JPY130.40 per share for FY09/25, maintaining a 50% payout ratio.</li></ul>

FY09/24 revenues reached JPY107.7bn, a 51.5% YoY increase, with an achievement rate of 108.3% against forecasts.FY09/25 forecasts include revenues of JPY123.5bn (+14.6% YoY) and net income of JPY22.0bn (+7.5% YoY).The company plans an annual dividend of JPY130.40 per share for FY09/25, maintaining a 50% payout ratio.

Financial Products Group Co (7148 JP): Full-year FY09/24 flash update

<ul><li>Revenues: JPY81.3bn (+69.3% YoY); Operating profit: JPY23.0bn (+50.0% YoY); Net income: JPY16.6bn (+56.7% YoY).</li><li>Leasing Fund Business: Equity placement JPY153.2bn (+52.8% YoY); Assets arranged JPY337.1bn (+17.5% YoY); Inventory JPY72.6bn (-30.8% YoY).</li><li>Real Estate Fund Business: Revenue JPY55.2bn (+99.4% YoY); Gross profit JPY7.5bn (+101.2% YoY); Inventory JPY78.0bn (+49.7% YoY).</li></ul>

Revenues: JPY81.3bn (+69.3% YoY); Operating profit: JPY23.0bn (+50.0% YoY); Net income: JPY16.6bn (+56.7% YoY).Leasing Fund Business: Equity placement JPY153.2bn (+52.8% YoY); Assets arranged JPY337.1bn (+17.5% YoY); Inventory JPY72.6bn (-30.8% YoY).Real Estate Fund Business: Revenue JPY55.2bn (+99.4% YoY); Gross profit JPY7.5bn (+101.2% YoY); Inventory JPY78.0bn (+49.7% YoY).

Financial Products Group Co (7148 JP): Q3 FY09/24 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>As designed, the JPX-Nikkei400 Index is something of a disaster. It aims to be slightly 'smart' vs other cap-weighted indices like TOPIX, but tracking error vs TOPIX is de minimus.</li>
<li>This year, in week 1, the ADD vs DELETE performance is positive. If we sector-hedge the ADDs vs DELETEs, it's doing even better.</li>
<li>This is probably due to relatively low pre-positioning, and cares. Momentum suggests one could be long ADDs vs DELETEs. And there is the perennial trade to watch out for.</li>
</ul>


As designed, the JPX-Nikkei400 Index is something of a disaster. It aims to be slightly 'smart' vs other cap-weighted indices like TOPIX, but tracking error vs TOPIX is de minimus.
This year, in week 1, the ADD vs DELETE performance is positive. If we sector-hedge the ADDs vs DELETEs, it's doing even better.
This is probably due to relatively low pre-positioning, and cares. Momentum suggests one could be long ADDs vs DELETEs. And there is the perennial trade to watch out for.


2022 JPX Nikkei 400 Rebal Update - Going the Right Way

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.</li>
<li>A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the potential forward inclusions and removals every month.</li>
<li>Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2022 based on trading data as of end-May 2022.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the potential forward inclusions and removals every month.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2022 based on trading data as of end-May 2022.


JPX-Nikkei 400 Rebalance 2022: Leaderboard End-May 2022

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

TSE Tokyo Price Index TOPIX / Technical Analysis

Continue to favor EAFE over EM. As long as the U.S. dollar remains elevated, we believe  developed international (EAFE) will remain in a leadership position relative to EM (MSCI EM). In this report we highlight actionable set ups within Japan, Switzerland and Australia. Within Japanese Sectors, we focus on opportunities within Technology, Financials, Health Care, and Staples. We also highlight attractive setups within European/UK Sectors, including Health Care, Industrials, Staples and Utilities.

Continue to favor EAFE over EM. As long as the U.S. dollar remains elevated, we believe  developed international (EAFE) will remain in a leadership position relative to EM (MSCI EM). In this report we highlight actionable set ups within Japan, Switzerland and Australia. Within Japanese Sectors, we focus on opportunities within Technology, Financials, Health Care, and Staples. We also highlight attractive setups within European/UK Sectors, including Health Care, Industrials, Staples and Utilities.

Japan

Financial Products Group Co Ltd provides integrated financial services and Japanese Operating Lease (JOL) arrangements, which includes the structuring, sale and management of large transportation assets such as shipping vessels, marine containers and aircraft.

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Financial Products Group Co (7148 JP)