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 grew 9.2% YoY to JPY22.4bn, with increases across all segments, but operating profit declined 21.5% YoY.</li><li>Q1 FY03/25 revenue was 49.9% of the 1H forecast, with strong net income progress due to a JPY3.4bn extraordinary gain.</li><li>Belts (Outside Japan) segment revenue increased 10.2% YoY, but operating profit fell 29.4% YoY due to weak repair parts sales.</li></ul>

Revenue grew 9.2% YoY to JPY22.4bn, with increases across all segments, but operating profit declined 21.5% YoY.Q1 FY03/25 revenue was 49.9% of the 1H forecast, with strong net income progress due to a JPY3.4bn extraordinary gain.Belts (Outside Japan) segment revenue increased 10.2% YoY, but operating profit fell 29.4% YoY due to weak repair parts sales.

Mitsuboshi Belting (5192 JP): Q1 FY03/25 flash update

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsuboshi-belting-ltd" target="_blank" data-smartkarma-citation="entities:11569:1" rel="noopener">Mitsuboshi Belting (5192 JP)</a> manufactures power transmission belts for automobiles and general industrial machinery. The company belongs to a group of six or seven global leaders in this space.</li>
<li>In FY03/23, revenue was JPY82.9bn (+10.7% YoY), operating profit JPY9.0bn (+18.2% YoY), recurring profit JPY10.5bn (+22.4% YoY), and net income attributable to owners of the parent JPY7.1bn (+10.8% YoY).</li>
<li>In May 2022, the company announced the following targets as its vision for FY2030 (FY03/31): JPY100.0bn in revenue, operating profit of JPY13.0bn, and ROE of 10.0%.</li>
</ul>



Mitsuboshi Belting (5192 JP) manufactures power transmission belts for automobiles and general industrial machinery. The company belongs to a group of six or seven global leaders in this space.
In FY03/23, revenue was JPY82.9bn (+10.7% YoY), operating profit JPY9.0bn (+18.2% YoY), recurring profit JPY10.5bn (+22.4% YoY), and net income attributable to owners of the parent JPY7.1bn (+10.8% YoY).
In May 2022, the company announced the following targets as its vision for FY2030 (FY03/31): JPY100.0bn in revenue, operating profit of JPY13.0bn, and ROE of 10.0%.


Mitsuboshi Belting (5192): Q3 FY03/24 Update

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/c-i-takiron-corporation" target="_blank" data-smartkarma-citation="entities:18675:1" rel="noopener">C.I. TAKIRON Corporation (4215 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu Corp (8001 JP)</a> at JPY870, a 9.7% premium to the undisturbed price of JPY793 (2 August).</li>
<li>The lower limit of the tender offer is set at a 10.97% ownership ratio. The tender offer runs from 6 August to 18 September, with payment from 26 September. </li>
<li>While attractive vs peer multiples, the offer is light due to a skinny takeover premium, an implied P/B below 1x, and 9% below the mid-point IFA DCF valuation. </li>
</ul>



C.I. TAKIRON Corporation (4215 JP) has recommended a tender offer from Itochu Corp (8001 JP) at JPY870, a 9.7% premium to the undisturbed price of JPY793 (2 August).
The lower limit of the tender offer is set at a 10.97% ownership ratio. The tender offer runs from 6 August to 18 September, with payment from 26 September. 
While attractive vs peer multiples, the offer is light due to a skinny takeover premium, an implied P/B below 1x, and 9% below the mid-point IFA DCF valuation. 


C.I.TAKIRON (4215 JP): Itochu’s (8001 JP) Light Tender Offer at JPY870

Japan

Mitsuboshi Belting Ltd processes rubber and other resin materials.  The Company's products are industrial belts, such as conveyor belts and V-belts. Mitsuboshi Belting also produces various interior and exterior goods for automobiles.

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Mitsuboshi Belting (5192 JP)