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

Mitsubishi Research Institut / Equity Bottom-Up

<ul><li>Adoption of new revenue recognition standards increased FY09/22 revenue by JPY2.6bn and decreased order backlog by JPY11.2bn.</li><li>FY09/24 revenue reached 99.5% of revised forecast, with operating profit at 94.1% and net income at 96.2%.</li><li>FY09/25 forecast anticipates 11.0% YoY revenue growth, focusing on green, digital, and healthcare transformations and strategic staffing.</li></ul>

Adoption of new revenue recognition standards increased FY09/22 revenue by JPY2.6bn and decreased order backlog by JPY11.2bn.FY09/24 revenue reached 99.5% of revised forecast, with operating profit at 94.1% and net income at 96.2%.FY09/25 forecast anticipates 11.0% YoY revenue growth, focusing on green, digital, and healthcare transformations and strategic staffing.

Mitsubishi Research Institut (3636 JP): Full-year FY09/24 flash update

<ul><li>Adoption of new revenue recognition standards increased FY09/22 revenue by JPY2.6bn, operating profit by JPY1.0bn, and reduced order backlog by JPY11.2bn.</li><li>FY09/23 revenue decreased by 6.8% YoY to JPY90.3bn, with operating profit down 15.8% YoY to JPY7.1bn.</li><li>Revised FY09/24 forecast predicts revenue of JPY116.0bn (-5.0% YoY) and operating profit of JPY7.5bn (-13.7% YoY).</li></ul>

Adoption of new revenue recognition standards increased FY09/22 revenue by JPY2.6bn, operating profit by JPY1.0bn, and reduced order backlog by JPY11.2bn.FY09/23 revenue decreased by 6.8% YoY to JPY90.3bn, with operating profit down 15.8% YoY to JPY7.1bn.Revised FY09/24 forecast predicts revenue of JPY116.0bn (-5.0% YoY) and operating profit of JPY7.5bn (-13.7% YoY).

Mitsubishi Research Institut (3636 JP): Q3 FY09/24 flash update

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Japan Metropolitan Fund Investment Corporation / Equity Capital Markets

Japan Metropolitan Fund Investment Corporation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-metropolitan-fund-investment-corporation" target="_blank" data-smartkarma-citation="entities:735:1" rel="noopener">Japan Metropolitan Fund Investment Corporation (8953 JP)</a> aims to raise around US$140m to partly fund the acquisition of four assets.</li>
<li>The deal will be relatively small, in terms of ADV and dilution.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Japan Metropolitan Fund Investment Corporation (8953 JP) aims to raise around US$140m to partly fund the acquisition of four assets.
The deal will be relatively small, in terms of ADV and dilution.
In this note, we will talk about the placement and run the deal through our ECM framework.


Japan Metropolitan Fund Placement - Relatively Small Deal to Digest

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

NTT (Nippon Telegraph & Telephone) / Event-Driven

<ul>
<li>On 7 April, the JPX announced the changes to the Free Float Weights (FFW) for the TOPIX Index. There are some big changes due to the updated FFW methodology.</li>
<li>From April to June, we see a one-way turnover of 2.87% and a one-way trade of ¥2,285bn. Some stocks have opposite way flows in different months.</li>
<li>Stocks with inflows outperformed stocks with outflows from Oct-Dec 2021 before giving up all the gains. These stocks have started to outperform and could continue outperforming over the next quarter.</li>
</ul>


On 7 April, the JPX announced the changes to the Free Float Weights (FFW) for the TOPIX Index. There are some big changes due to the updated FFW methodology.
From April to June, we see a one-way turnover of 2.87% and a one-way trade of ¥2,285bn. Some stocks have opposite way flows in different months.
Stocks with inflows outperformed stocks with outflows from Oct-Dec 2021 before giving up all the gains. These stocks have started to outperform and could continue outperforming over the next quarter.


TOPIX FFW Transition - Big Flows from April to June

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<ul><li>IT services industry to stay among main growth drivers for consulting demand <ul><li>The business and management consultancies industry in Japan witnessed accelerated growth over 2016 compared with 2015, mostly due to growing demand from the computer and related services industry.</li></ul></li></ul><ul><li>Financial sector undergoes restructuring <ul><li>The local monetary intermediation industry retained its position as the largest spender on consulting in 2016, and together with computer and related services was the main driver of business and management consulting services industry growth.</li></ul></li></ul>

IT services industry to stay among main growth drivers for consulting demand The business and management consultancies industry in Japan witnessed accelerated growth over 2016 compared with 2015, mostly due to growing demand from the computer and related services industry.Financial sector undergoes restructuring The local monetary intermediation industry retained its position as the largest spender on consulting in 2016, and together with computer and related services was the main driver of business and management consulting services industry growth.

Industrial Capsule: Business and Management Consultancies in Japan

Japan

Mitsubishi Research Institute,Inc. provides consulting and Information Technology solution services.  Consulting service includes research, survey analysis and business management strategy. IT solution service includes management system or software development and business process maintenance.

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Mitsubishi Research Institut (3636 JP)