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 reached JPY3.7bn (+47.5% YoY), with increases in Global Telecommunications but declines in Domestic Telecommunications and Medical & Healthcare.</li><li>Operating profit was JPY760mn (+84.0% YoY), with cost ratio falling 7.1pp YoY and SG&A ratio rising 3.0pp YoY.</li><li>Foreign exchange gains of JPY350mn were booked in Q1 FY03/25 due to valuation of foreign currency-denominated receivables and payables.</li></ul>

Revenue reached JPY3.7bn (+47.5% YoY), with increases in Global Telecommunications but declines in Domestic Telecommunications and Medical & Healthcare.Operating profit was JPY760mn (+84.0% YoY), with cost ratio falling 7.1pp YoY and SG&A ratio rising 3.0pp YoY.Foreign exchange gains of JPY350mn were booked in Q1 FY03/25 due to valuation of foreign currency-denominated receivables and payables.

IPS Inc (4390 JP): Initial Coverage,Q1 FY03/25 flash update

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

In the month of January 2021, one of the most anticipated TOPIX Inclusion candidates, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> announced its move to TSE1 triggering what could potentially be one of the largest TOPIX Inclusion events in recent memory. The stock could see its TOPIX Inclusion take place at the end of February, along with <a href="https://www.smartkarma.com/entities/sansan-inc" target="_blank" data-smartkarma-citation="entities:28112:1" rel="noopener">Sansan Inc (4443 JP)</a> - another larger-than-usual candidate - and two other super-high-impact names <a href="https://www.smartkarma.com/entities/bull-dog-sauce-co-ltd" target="_blank" data-smartkarma-citation="entities:16235:1" rel="noopener">Bull Dog Sauce (2804 JP)</a> and <a href="https://www.smartkarma.com/entities/alps-logistics-co-ltd" target="_blank" data-smartkarma-citation="entities:3935:1" rel="noopener">Alps Logistics (9055 JP)</a>. There is plenty to look forward to. In this insight, I have provided performance updates for 6 "Live" event stocks (including the names mentioned above) which are expected to have Inclusion Events at the end of February 2021 and 14 "Post" event stocks that completed their Inclusion Events at the end of December 2020 and January 2021 (on 28 January 2021).Furthermore, I have also highlighted some interesting Pre-event situations involving stocks that are likely to become TSE1-promotion candidates in the near future.

In the month of January 2021, one of the most anticipated TOPIX Inclusion candidates, Toshiba Corp (6502 JP) announced its move to TSE1 triggering what could potentially be one of the largest TOPIX Inclusion events in recent memory. The stock could see its TOPIX Inclusion take place at the end of February, along with Sansan Inc (4443 JP) - another larger-than-usual candidate - and two other super-high-impact names Bull Dog Sauce (2804 JP) and Alps Logistics (9055 JP). There is plenty to look forward to. In this insight, I have provided performance updates for 6 "Live" event stocks (including the names mentioned above) which are expected to have Inclusion Events at the end of February 2021 and 14 "Post" event stocks that completed their Inclusion Events at the end of December 2020 and January 2021 (on 28 January 2021).Furthermore, I have also highlighted some interesting Pre-event situations involving stocks that are likely to become TSE1-promotion candidates in the near future. 

On Friday after market close, telecoms company <a href="https://www.smartkarma.com/entities/ips-inc" target="_blank" data-smartkarma-citation="entities:31091:1" rel="noopener">IPS Inc (4390 JP)</a> announced they had <a href="https://contents.xj-storage.jp/xcontents/AS96841/02ccef30/e547/4511/9db2/8b3a749386c8/140120201218436441.pdf" target="_blank" rel="noopener">received approval</a> to move from the MOTHERS Section to the First Section of the Tokyo Stock Exchange as of 25th December 2020. TSE1 reassignment triggers inclusion into the TOPIX Index and the Inclusion Event can be expected to be at the close of trading 28th January 2021. IPS provides international communication lines targeting cable TV operators in the Philippines connecting Manila with Hong Kong, North America and many other countries. They purchase large-scale lines from domestic and overseas telecommunications carriers and offer the lines to cable TV carriers in small lots in accordance with customer demands. On the other hand, they also have a domestic telecommunications business in Japan where they provide many services including toll-free services, services for MVNO businesses, data centre operations, and cloud computing services. In this insight, we take a look at the Index Inclusion Parameters and the Fundamentals of the company to evaluate the upside potential of the TOPIX Inclusion Event.

On Friday after market close, telecoms company IPS Inc (4390 JP) announced they had received approval to move from the MOTHERS Section to the First Section of the Tokyo Stock Exchange as of 25th December 2020. TSE1 reassignment triggers inclusion into the TOPIX Index and the Inclusion Event can be expected to be at the close of trading 28th January 2021. IPS provides international communication lines targeting cable TV operators in the Philippines connecting Manila with Hong Kong, North America and many other countries. They purchase large-scale lines from domestic and overseas telecommunications carriers and offer the lines to cable TV carriers in small lots in accordance with customer demands. On the other hand, they also have a domestic telecommunications business in Japan where they provide many services including toll-free services, services for MVNO businesses, data centre operations, and cloud computing services. In this insight, we take a look at the Index Inclusion Parameters and the Fundamentals of the company to evaluate the upside potential of the TOPIX Inclusion Event. 

Japan

IPS, Inc. offers wireless communication services. The Company mainly provides telephone voice data center, and data communication services. IPS also offers human training, dispatch, and other services. IPS serves customers worldwide.

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IPS Inc (4390 JP)

IPS Inc (4390 JP): Initial Coverage,Q1 FY03/25 flash update

Revenue reached JPY3.7bn (+47.5% YoY), with increases in Global Telecommunications but declines in Domestic Telecommunications and Medical &...

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TOPIX Inclusion : IPS, Inc (4390 JP)

IPS (4390) is going into TOPIX. It's a BLUE - "large" but small impact - and "large" has to be taken with a grain of salt, but traditionally they...

Janaghan Jeyakumar, CFA

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