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>FY09/24 sales were JPY14.9bn (+2.8% YoY), with operating profit at JPY1.3bn (+15.3% YoY), exceeding forecasts.</li><li>The Preventative Healthcare Platform exited, transferring operations to subsidiaries of Advantage Risk Management, effective September 30, 2024.</li><li>FY09/25 forecast predicts sales of JPY12.4bn (-17.0% YoY) and net income of JPY500mn (-66.3% YoY).</li></ul>

FY09/24 sales were JPY14.9bn (+2.8% YoY), with operating profit at JPY1.3bn (+15.3% YoY), exceeding forecasts.The Preventative Healthcare Platform exited, transferring operations to subsidiaries of Advantage Risk Management, effective September 30, 2024.FY09/25 forecast predicts sales of JPY12.4bn (-17.0% YoY) and net income of JPY500mn (-66.3% YoY).

Medpeer Inc (6095 JP): Full-year FY09/24 flash update 

<ul><li>Sales were JPY11.4bn (+7.1% YoY), EBITDA JPY1.5bn (+10.3% YoY), operating profit JPY1.0bn (+24.7% YoY), net income JPY429mn (+5.0% YoY).</li><li>Revised FY09/24 forecast: Sales JPY14.6bn, EBITDA JPY1.8bn, operating profit JPY1.2bn, recurring profit JPY1.1bn, net income JPY1.4bn.</li><li>Segment performance: Collective Intelligence Platform sales JPY9.3bn (+8.5% YoY), Medical Institution Support sales JPY377mn (+2.6% YoY), Preventative Healthcare sales JPY1.7bn (+1.4% YoY).</li></ul>

Sales were JPY11.4bn (+7.1% YoY), EBITDA JPY1.5bn (+10.3% YoY), operating profit JPY1.0bn (+24.7% YoY), net income JPY429mn (+5.0% YoY).Revised FY09/24 forecast: Sales JPY14.6bn, EBITDA JPY1.8bn, operating profit JPY1.2bn, recurring profit JPY1.1bn, net income JPY1.4bn.Segment performance: Collective Intelligence Platform sales JPY9.3bn (+8.5% YoY), Medical Institution Support sales JPY377mn (+2.6% YoY), Preventative Healthcare sales JPY1.7bn (+1.4% YoY).

Medpeer Inc (6095 JP): Q3 FY09/24 Flash Update, Revision of Full-Year FY09/24 Earnings Forecast

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/jmdc-inc" target="_blank" data-smartkarma-citation="entities:28673:1" rel="noopener">JMDC (4483 JP)</a> announced a partial tender offer for <a href="https://www.smartkarma.com/entities/omron-corp" target="_blank" data-smartkarma-citation="entities:15904:1" rel="noopener">Omron Corp (6645 JP)</a>, the largest shareholder. Omron aims to make JMDC a consolidated subsidiary.  </li>
<li>The offer is for a minimum of 12.0m shares (18.52% ownership ratio) and a maximum of 15.0m shares (23.08%) at JPY5,700 per share, a 22.4% premium to the undisturbed price.</li>
<li>Irrevocables (<a href="https://www.smartkarma.com/entities/noritsu-koki-co-ltd" target="_blank" data-smartkarma-citation="entities:3091:1" rel="noopener">Noritsu Koki (7744 JP)</a>) represent a 13.63% ownership ratio. While the offer is light, it will likely succeed as the minimum acceptance condition requires a 7.1% minority acceptance rate. </li>
</ul>



JMDC (4483 JP) announced a partial tender offer for Omron Corp (6645 JP), the largest shareholder. Omron aims to make JMDC a consolidated subsidiary.  
The offer is for a minimum of 12.0m shares (18.52% ownership ratio) and a maximum of 15.0m shares (23.08%) at JPY5,700 per share, a 22.4% premium to the undisturbed price.
Irrevocables (Noritsu Koki (7744 JP)) represent a 13.63% ownership ratio. While the offer is light, it will likely succeed as the minimum acceptance condition requires a 7.1% minority acceptance rate. 


JMDC (4483 JP): Omron’s Partial Tender Offer

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Quantitative Analysis

<div>
When Japanese small-cap stocks listed on JASDAQ, MOTHERS, and the Second Section of the Tokyo Stock Exchange aim at the big leagues and apply for reassignment to the First Section of the Tokyo Stock Exchange and are accepted, it causes significant events to occur.
This triggers inclusion into the TOPIX Index which means passive funds tracking TOPIX need to buy on an inclusion event. This opens up several interesting trading opportunities for investors. 
In this insight, I have provided performance updates for 3 "Live" event stocks which have announced their TSE1 move in  October 2020 and 5 "Post" event stocks that completed their Inclusion Events today and some Pre-event trades involving stocks that are likely to become TSE1-promotion candidates in the near future. 
</div>


When Japanese small-cap stocks listed on JASDAQ, MOTHERS, and the Second Section of the Tokyo Stock Exchange aim at the big leagues and apply for reassignment to the First Section of the Tokyo Stock Exchange and are accepted, it causes significant events to occur.
This triggers inclusion into the TOPIX Index which means passive funds tracking TOPIX need to buy on an inclusion event. This opens up several interesting trading opportunities for investors. 
In this insight, I have provided performance updates for 3 "Live" event stocks which have announced their TSE1 move in  October 2020 and 5 "Post" event stocks that completed their Inclusion Events today and some Pre-event trades involving stocks that are likely to become TSE1-promotion candidates in the near future. 


In late July 2020, the Tokyo Stock Exchange issued Revisions to Listing Rules to Enhance Functions for Raising Funds through the Capital Market. These were discussed by <a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> in <a href="https://www.smartkarma.com/insights/the-tse-s-listing-criteria-revisions-part-i" target="_blank" data-smartkarma-citation="insights:43150" rel="noopener">The TSE's Listing Criteria Revisions - Part I</a>.These revisions have very important implications to Pre-event trades in the TOPIX Inclusions Universe as fewer candidates will be able to meet these more-stringent new requirements. In this insight, we take a look at how these new requirements will influence our Pre-event trades. In addition, I have also provided performance updates for 5 "Live" events which have announced their TSE1 move in September 2020 and 6 "Post" events that involves stocks which have already had their Inclusion events in August 2020. As noted last month, unusually there were no inclusions for September due to section/segment reassignment.As always, there is more below the fold.

In late July 2020, the Tokyo Stock Exchange issued Revisions to Listing Rules to Enhance Functions for Raising Funds through the Capital Market. These were discussed by Travis Lundy in The TSE's Listing Criteria Revisions - Part I.These revisions have very important implications to Pre-event trades in the TOPIX Inclusions Universe as fewer candidates will be able to meet these more-stringent new requirements. In this insight, we take a look at how these new requirements will influence our Pre-event trades. In addition, I have also provided performance updates for 5 "Live" events which have announced their TSE1 move in September 2020 and 6 "Post" events that involves stocks which have already had their Inclusion events in August 2020. As noted last month, unusually there were no inclusions for September due to section/segment reassignment.As always, there is more below the fold. 

Japan

MEDPPEER provide social network services for the medical/pharmaceutical professionals. The service is intended to share knowledge, analysis, and treatment results to improve their medical practice.

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Medpeer Inc (6095 JP)