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 for Q1 FY03/25 was JPY18.9bn, with a YoY decline of 0.5%, and operating profit fell 34.9%. </li><li>Information processing services revenue increased 1.3% YoY, while system development services revenue decreased 2.2% YoY. </li><li>System product sales revenue rose 4.9% YoY, with gross profit increasing 9.5% YoY due to equipment sales. </li></ul>

Revenue for Q1 FY03/25 was JPY18.9bn, with a YoY decline of 0.5%, and operating profit fell 34.9%. Information processing services revenue increased 1.3% YoY, while system development services revenue decreased 2.2% YoY. System product sales revenue rose 4.9% YoY, with gross profit increasing 9.5% YoY due to equipment sales. 

I Net Corp (9600 JP): 1H FY03/25 flash update 

<ul><li> FY03/24 results: revenue of JPY37.8bn (+7.9% YoY), operating profit of JPY2.9bn (+35.6% YoY), recurring profit of JPY2.9bn (+34.9% YoY), net income attributable to owners of the parent of JPY2.2bn (+63.6% YoY), and dividend per share of JPY53.0 (+JPY5.0).</li><li>All services saw higher revenue YoY, while the company succeeded in implementing price revisions, mainly in the data center business, and reducing overall costs.</li><li>FY03/25 forecast: revenue of JPY40.4bn (+7.0% YoY), operating profit of JPY3.3bn (+12.6% YoY), recurring profit of JPY3.2bn (+9.9% YoY), and net income attributable to owners of the parent of JPY2.6bn (+19.4% YoY).</li></ul>

 FY03/24 results: revenue of JPY37.8bn (+7.9% YoY), operating profit of JPY2.9bn (+35.6% YoY), recurring profit of JPY2.9bn (+34.9% YoY), net income attributable to owners of the parent of JPY2.2bn (+63.6% YoY), and dividend per share of JPY53.0 (+JPY5.0).All services saw higher revenue YoY, while the company succeeded in implementing price revisions, mainly in the data center business, and reducing overall costs.FY03/25 forecast: revenue of JPY40.4bn (+7.0% YoY), operating profit of JPY3.3bn (+12.6% YoY), recurring profit of JPY3.2bn (+9.9% YoY), and net income attributable to owners of the parent of JPY2.6bn (+19.4% YoY).

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>
<a href="https://www.smartkarma.com/entities/jastec-co-ltd" target="_blank" data-smartkarma-citation="entities:9201:1" rel="noopener">Jastec Co Ltd (9717 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a> at JPY1,940 per share, a 37.6% premium to the undisturbed price (5 April). </li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 66.67% ownership ratio.</li>
<li>Based on the irrevocables, the minimum acceptance condition requires a 56.4% minority acceptance rate. The acceptance condition is achievable as the offer represents a 22-year high.</li>
</ul>



Jastec Co Ltd (9717 JP) has recommended a tender offer from NTT Data Corp (9613 JP) at JPY1,940 per share, a 37.6% premium to the undisturbed price (5 April). 
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 66.67% ownership ratio.
Based on the irrevocables, the minimum acceptance condition requires a 56.4% minority acceptance rate. The acceptance condition is achievable as the offer represents a 22-year high.


Jastec (9717 JP): NTT Data (9613 JP)’s Tender Offer at JPY1,940

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/toei-animation-co-ltd" target="_blank" data-smartkarma-citation="entities:18641:1" rel="noopener">Toei Animation (4816 JP)</a>'s US$550 Million secondary offering and <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> IPO.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a>, <a href="https://www.smartkarma.com/entities/boral-ltd" target="_blank" data-smartkarma-citation="entities:1487:1" rel="noopener">Boral Ltd (BLD AU)</a>, <a href="https://www.smartkarma.com/entities/csr-ltd" target="_blank" data-smartkarma-citation="entities:17380:1" rel="noopener">CSR Ltd (CSR AU)</a>,  <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a>, <a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a>, <a href="https://www.smartkarma.com/entities/snow-peak-inc" target="_blank" data-smartkarma-citation="entities:7218:1" rel="noopener">Snow Peak Inc (7816 JP)</a>. 
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Toei Animation (4816 JP)'s US$550 Million secondary offering and Trial Holdings (5882 JP) IPO.
Event-Driven developments: Azure Minerals (AZS AU), Boral Ltd (BLD AU), CSR Ltd (CSR AU),  China Traditional Chinese Medicine (570 HK), Outsourcing Inc (2427 JP), Snow Peak Inc (7816 JP). 



Weekly Deals Digest (25 Feb) - Azure, A2B, Boral, CSR, China TCM, Outsourcing, Payroll, Snow Peak

<ul>
<li>
<a href="https://www.smartkarma.com/entities/payroll-inc" target="_blank" data-smartkarma-citation="entities:33434:1" rel="noopener">Payroll (4489 JP)</a> has recommended TA Associates' sponsored MBO tender offer of JPY1,380 per share, a 42.4% premium to the undisturbed (23 January). </li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 61.28% ownership ratio. </li>
<li>Based on the irrevocables, the minimum acceptance condition requires a 30.5% minority acceptance rate, which is achievable as the offer is marginally short of the all-time high. </li>
</ul>



Payroll (4489 JP) has recommended TA Associates' sponsored MBO tender offer of JPY1,380 per share, a 42.4% premium to the undisturbed (23 January). 
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 61.28% ownership ratio. 
Based on the irrevocables, the minimum acceptance condition requires a 30.5% minority acceptance rate, which is achievable as the offer is marginally short of the all-time high. 


Payroll (4489 JP): TA Associates’ Tender Offer at the IPO Price (JPY1,380)

Japan

I-NET CORP. primarily provides information processing services and develops software.  The Company provides data system services to manage sales, inventory, credit, and customer data.  I-NET also designs, develops, and sells customized software and network systems.

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I Net Corp (9600 JP)

I Net Corp (9600 JP): 1H FY03/25 flash update

Revenue for Q1 FY03/25 was JPY18.9bn, with a YoY decline of 0.5%, and operating profit fell 34.9%. Information processing services revenue...

Shared Research

I Net Corp (9600 JP): Initial Coverage

FY03/24 results: revenue of JPY37.8bn (+7.9% YoY), operating profit of JPY2.9bn (+35.6% YoY), recurring profit of JPY2.9bn (+34.9% YoY), net...

Shared Research

Jastec (9717 JP): NTT Data (9613 JP)’s Tender Offer at JPY1,940

Based on the irrevocables, the minimum acceptance condition requires a 56.4% minority acceptance rate. The acceptance condition is achievable as...

Arun George

Weekly Deals Digest (25 Feb) - Azure, A2B, Boral, CSR, China TCM, Outsourcing, Payroll, Snow Peak

Last week, notable developments occurred in Event-Driven (Azure, A2B, Boral, CSR, China TCM, CPMC, Outsourcing, Payroll, Snow Peak, Genetron) and...

Arun George

Payroll (4489 JP): TA Associates’ Tender Offer at the IPO Price (JPY1,380)

I-Net (5.43% ownership ratio) has provided an irrevocable, splitting its shareholding to tender (1.52%) and NOT tender but vote in favour of share...

Arun George

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