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>Net operating revenue increased by 16.8% YoY and 5.0% QoQ to JPY9.9bn, driven by brokerage commissions.</li><li>SG&A expenses rose 9.2% YoY and 0.9% QoQ to JPY5.3bn, with personnel expenses up 12.5% YoY.</li><li>Net trading profit reached JPY1.2bn, up 90.7% YoY and 77.0% QoQ, primarily from FX transactions.</li></ul>

Net operating revenue increased by 16.8% YoY and 5.0% QoQ to JPY9.9bn, driven by brokerage commissions.SG&A expenses rose 9.2% YoY and 0.9% QoQ to JPY5.3bn, with personnel expenses up 12.5% YoY.Net trading profit reached JPY1.2bn, up 90.7% YoY and 77.0% QoQ, primarily from FX transactions.

Matsui Securities (8628 JP): 1H FY03/25 flash update

<ul><li>Net operating revenue: JPY9.4bn (+14.8% YoY; -5.0% QoQ), Operating profit: JPY4.2bn (+17.8% YoY; -2.8% QoQ).</li><li>Total commissions: JPY5.2bn (+7.6% YoY; -16.7% QoQ), Brokerage commissions: JPY4.9bn (+7.2% YoY; -17.4% QoQ).</li><li>SG&A expenses: JPY5.2bn (+12.4% YoY; -6.7% QoQ), Personnel expenses: JPY976mn (+12.2% YoY; +4.8% QoQ).</li></ul>

Net operating revenue: JPY9.4bn (+14.8% YoY; -5.0% QoQ), Operating profit: JPY4.2bn (+17.8% YoY; -2.8% QoQ).Total commissions: JPY5.2bn (+7.6% YoY; -16.7% QoQ), Brokerage commissions: JPY4.9bn (+7.2% YoY; -17.4% QoQ).SG&A expenses: JPY5.2bn (+12.4% YoY; -6.7% QoQ), Personnel expenses: JPY976mn (+12.2% YoY; +4.8% QoQ).

Matsui Securities (8628 JP): Q1 FY03/25 flash update

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>Short term borrowing rose 2.3x in the past four quarters, alongside rising interest rates</li>
<li>During this time, long term borrowings were actually down, so no locking in of low rates</li>
<li>As such, Chiba is not fully, or hardly benefiting from BOJ policy changes, with NIM down</li>
</ul>


Short term borrowing rose 2.3x in the past four quarters, alongside rising interest rates
During this time, long term borrowings were actually down, so no locking in of low rates
As such, Chiba is not fully, or hardly benefiting from BOJ policy changes, with NIM down


Chiba Bank - Short Term Borrowing Surges, Just at the Wrong Time

Thematic (Sector/Industry)

<ul>
<li>Japan's domestic credit growth is now running at 4.2% YoY in the latest month in February 2024. </li>
<li>The slope of Japan's domestic credit growth is greater than all developed Asia Pacific peer countries.</li>
<li>Weaker JPY can further raise interest in tourism, and USD translation of earnings for megabanks.</li>
</ul>


Japan's domestic credit growth is now running at 4.2% YoY in the latest month in February 2024. 
The slope of Japan's domestic credit growth is greater than all developed Asia Pacific peer countries.
Weaker JPY can further raise interest in tourism, and USD translation of earnings for megabanks.


Japan - Domestic Credit Growth Acceleration Higher Than Developed Asian Countries

Mizuho Financial Group / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mizuho-financial-group-inc" target="_blank" data-smartkarma-citation="entities:219:1" rel="noopener">Mizuho Financial Group (8411 JP)</a> can see higher profit guidance change than many in Japan, the region, given its first quarter was 40% of full-year guidance</li>
<li>Riding JGB yields will support this, with less loans to total financial assets, and the bank has even seen its unrealized losses on JGBs decline. Good ALM.</li>
<li>Credit metrics are better. Its credit costs are in reversal. This can continue or at least remain low. This is supported by granular, macro data. </li>
</ul>



Mizuho Financial Group (8411 JP) can see higher profit guidance change than many in Japan, the region, given its first quarter was 40% of full-year guidance
Riding JGB yields will support this, with less loans to total financial assets, and the bank has even seen its unrealized losses on JGBs decline. Good ALM.
Credit metrics are better. Its credit costs are in reversal. This can continue or at least remain low. This is supported by granular, macro data. 


Mizuho - Expect Profit Guidance Surge | JGBs Up, JGBs Unrealized Losses Down | Credit Metrics Better

Japan

MATSUI SECURITIES CO., LTD. provides online brokerage services through its website.  The Company offers investment news and educational services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Matsui Securities (8628 JP)