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>Operating revenue increased by JPY11.9bn YoY to JPY65.4bn (+22.2% YoY), driven by growth in financial and real estate businesses.</li><li>Operating profit decreased by JPY7.5bn YoY to JPY2.1bn (-78.4% YoY), with significant declines in the Real Estate Business.</li><li>Profit attributable to owners of parent decreased by 83.6% to JPY2.8bn, impacted by deferred tax liabilities reversal and forex gains.</li></ul>

Operating revenue increased by JPY11.9bn YoY to JPY65.4bn (+22.2% YoY), driven by growth in financial and real estate businesses.Operating profit decreased by JPY7.5bn YoY to JPY2.1bn (-78.4% YoY), with significant declines in the Real Estate Business.Profit attributable to owners of parent decreased by 83.6% to JPY2.8bn, impacted by deferred tax liabilities reversal and forex gains.

J Trust Co Ltd (8508 JP): 1H FY12/24 flash update

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-trust-co-ltd" target="_blank" data-smartkarma-citation="entities:20246:1" rel="noopener">J Trust Co Ltd (8508 JP)</a> is a financial services group operating banking and finance businesses in Asia. </li>
<li>In FY12/23, the company reported full-year consolidated operating revenue of JPY114.3bn, operating profit of JPY8.1bn, pre-tax profit of JPY9.8bn, and profit attributable to owners of parent of JPY16.3bn.</li>
<li>On February 13, 2024, J Trust Co., Ltd. announced it has resolved on matters concerning the repurchase and cancellation of own shares.</li>
</ul>



J Trust Co Ltd (8508 JP) is a financial services group operating banking and finance businesses in Asia. 
In FY12/23, the company reported full-year consolidated operating revenue of JPY114.3bn, operating profit of JPY8.1bn, pre-tax profit of JPY9.8bn, and profit attributable to owners of parent of JPY16.3bn.
On February 13, 2024, J Trust Co., Ltd. announced it has resolved on matters concerning the repurchase and cancellation of own shares.


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Thursday post-close, HS announced Q1 earnings, and Khan Bank Q2 earnings. Both magnificent. Book Value is up HUGE, and combined HS Q1-Khan Q2 is ¥7.7bn - 20% of mkt cap.</li>
<li>On Friday 29 July, HS Holdings (8699 JP) announced it had sold HS Debt Collection Agency - the last "earning asset" except for the 55% stake in Khan Bank. </li>
<li>This lifts shadow book value even higher... Deep value with a catalyst. BUT... in an otherwise unannounced postscript to Q1 earnings, HS announced it bought a stake in a... <em>pawnshop?</em>
</li>
</ul>


Thursday post-close, HS announced Q1 earnings, and Khan Bank Q2 earnings. Both magnificent. Book Value is up HUGE, and combined HS Q1-Khan Q2 is ¥7.7bn - 20% of mkt cap.
On Friday 29 July, HS Holdings (8699 JP) announced it had sold HS Debt Collection Agency - the last "earning asset" except for the 55% stake in Khan Bank. 
This lifts shadow book value even higher... Deep value with a catalyst. BUT... in an otherwise unannounced postscript to Q1 earnings, HS announced it bought a stake in a... pawnshop?



HS Holdings (8699 JP) - Huge Q1, Even Better Q2 Ahead, The 2nd To Last Asset Sale... And a Pawnshop?

<ul>
<li>The saga that has been the Sawada now <a href="https://www.smartkarma.com/entities/hs-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:7311:1" rel="noopener">HS Holdings (8699 JP)</a> effective control change and change in Mongolian Banking Law has been interesting but the end game is clear.</li>
<li>Last week, the Mongolian parliament extended the listing deadline for the top 5 Mongolian banks from June 2022 to June 2023. The IPO has been pushed back. Which is good.</li>
<li>The stock is not what people think it is, and the implied PBR and PER of Khan Bank exposure on a cash-adjusted basis is VERY low. </li>
</ul>


The saga that has been the Sawada now HS Holdings (8699 JP) effective control change and change in Mongolian Banking Law has been interesting but the end game is clear.
Last week, the Mongolian parliament extended the listing deadline for the top 5 Mongolian banks from June 2022 to June 2023. The IPO has been pushed back. Which is good.
The stock is not what people think it is, and the implied PBR and PER of Khan Bank exposure on a cash-adjusted basis is VERY low. 


HS Holdings (8699 JP): Khan Bank IPO Delayed but Path Clear

<ul>
<li>Sawada/<a href="https://www.smartkarma.com/entities/hs-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:7311:1" rel="noopener">HS Holdings (8699 JP)</a> yesterday announced it would receive a large dividend from its namesake brokerage business, and then announced it would sell it to its own 2nd largest shareholder. </li>
<li>Then HS Holdings said it would buy back up to 23% of its shares out this morning in a ToSTNeT-3 transaction. </li>
<li>The sale of what was its second most important remaining asset is good. Buying back shares below book is normally good. </li>
</ul>


Sawada/HS Holdings (8699 JP) yesterday announced it would receive a large dividend from its namesake brokerage business, and then announced it would sell it to its own 2nd largest shareholder. 
Then HS Holdings said it would buy back up to 23% of its shares out this morning in a ToSTNeT-3 transaction. 
The sale of what was its second most important remaining asset is good. Buying back shares below book is normally good. 


Sawada/HS Holdings (8699) - A Quite Salutary Development.. And We Wait...

Japan

J Trust Co., Ltd. provides various financial services. The company provides financial business mainly banking services in South Korea and Indonesia. The company's services also include credit guarantee and debt recovery business in Japan.  They also provide entertainment business associated with amusement machine.

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J Trust Co Ltd (8508 JP)