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>1H FY03/25 sales increased 12.4% YoY, operating profit rose 32.5%, but net income decreased 7.7% YoY.</li><li>Segment sales for Information & Electronics and Plastics were strong, with operating profits exceeding initial forecasts.</li><li>The company revised full-year earnings forecasts upward due to exceeding sales and profit projections in 1H FY03/25.</li></ul>

1H FY03/25 sales increased 12.4% YoY, operating profit rose 32.5%, but net income decreased 7.7% YoY.Segment sales for Information & Electronics and Plastics were strong, with operating profits exceeding initial forecasts.The company revised full-year earnings forecasts upward due to exceeding sales and profit projections in 1H FY03/25.

Inabata & Co (8098 JP): 1H FY03/25 flash update

<ul><li>Q1 FY03/25 results: Sales JPY213.6bn (+15.7% YoY), Operating profit JPY6.8bn (+34.6% YoY), Net income JPY6.4bn (-17.5% YoY).</li><li>Segment performance: FPD-related products strong, solar cell-related products decreased, automotive applications robust, inkjet printer sales increased.</li><li>Full-year targets: Progress 25.7% for sales, 30.3% for operating profit, 33.7% for recurring profit, 37.5% for net income.</li></ul>

Q1 FY03/25 results: Sales JPY213.6bn (+15.7% YoY), Operating profit JPY6.8bn (+34.6% YoY), Net income JPY6.4bn (-17.5% YoY).Segment performance: FPD-related products strong, solar cell-related products decreased, automotive applications robust, inkjet printer sales increased.Full-year targets: Progress 25.7% for sales, 30.3% for operating profit, 33.7% for recurring profit, 37.5% for net income.

Inabata & Co (8098 JP): Q1 FY03/25 flash update

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sumitomo-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:20269:1" rel="noopener">Sumitomo Chemical (4005 JP)</a> and Mizuho Trust &amp; Banking are looking to raise around US$180m through the sale of their stake in <a href="https://www.smartkarma.com/entities/inabata-co-ltd" target="_blank" data-smartkarma-citation="entities:5558:1" rel="noopener">Inabata &amp; Co (8098 JP)</a>.</li>
<li>The deal is a large one to digest, at 90 days of three month ADV and 15% of current mcap. </li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Sumitomo Chemical (4005 JP) and Mizuho Trust &amp; Banking are looking to raise around US$180m through the sale of their stake in Inabata &amp; Co (8098 JP).
The deal is a large one to digest, at 90 days of three month ADV and 15% of current mcap. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Inabata & Co Placement - Should Come as a Surprise

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On Friday after the close, <a href="https://www.smartkarma.com/entities/inabata-co-ltd" target="_blank" data-smartkarma-citation="entities:5558:1" rel="noopener">Inabata &amp; Co (8098 JP)</a> announced <a href="https://www.smartkarma.com/entities/sumitomo-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:20269:1" rel="noopener">Sumitomo Chemical (4005 JP)</a> would sell down a large stake in a ~$200mm secondary equity offering. </li>
<li>Mizuho Bank's Retirement Benefit Trust account sells down too. Sumitomo Chem will keep 10+% and other crossholders remain. </li>
<li>This is "big" at 80 days of ADV with limited early index demand, but a 10% fall would make this cheap enough to buy vs Peers.</li>
</ul>


On Friday after the close, Inabata &amp; Co (8098 JP) announced Sumitomo Chemical (4005 JP) would sell down a large stake in a ~$200mm secondary equity offering. 
Mizuho Bank's Retirement Benefit Trust account sells down too. Sumitomo Chem will keep 10+% and other crossholders remain. 
This is "big" at 80 days of ADV with limited early index demand, but a 10% fall would make this cheap enough to buy vs Peers.


Inabata & Co (8098) - LARGE Equity Secondary Offering by Sumitomo Chemical

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Samsung Electronics / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, a number of large filings over the holidays is somewhat positive for 2024 prospects.</li>
<li>On the placement front, 2024 picked up where 2023 left off, with <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> leading the way.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, a number of large filings over the holidays is somewhat positive for 2024 prospects.
On the placement front, 2024 picked up where 2023 left off, with Samsung Electronics (005930 KS) leading the way.


ECM Weekly (14th Jan 2024) - Samsung, Lasertec, Ayala, Indigo, Amer, IPO Pipeline, 2023 Performance

Japan

Inabata & Co., Ltd. is a trading company specializing in chemicals, electronic materials, synthetic resins, and housing equipment. The Company, affiliated with Sumitomo Chemical, imports foodstuff such as agricultural and marine products as well. Inabata distributes its products globally through a network of sales offices and affiliates.

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Inabata & Co (8098 JP)