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>Consolidated net operating revenue was JPY15.4bn, down 25.6% YoY and 9.0% QoQ, with decreased commissions and trading income.</li><li>US segment net operating revenue was USD24.1mn, down 2.6% YoY and 0.9% QoQ, with stable net financial income.</li><li>Crypto Asset segment net trading income rose 45.6% YoY, fell 25.6% QoQ; SG&A expenses increased 42.9% YoY.</li></ul>

Consolidated net operating revenue was JPY15.4bn, down 25.6% YoY and 9.0% QoQ, with decreased commissions and trading income.US segment net operating revenue was USD24.1mn, down 2.6% YoY and 0.9% QoQ, with stable net financial income.Crypto Asset segment net trading income rose 45.6% YoY, fell 25.6% QoQ; SG&A expenses increased 42.9% YoY.

Monex Group Inc (8698 JP): 1H FY03/25 flash update

<ul><li>Consolidated net operating revenue: JPY17.0bn (-16.0% YoY; -2.7% QoQ), with commissions received at JPY8.7bn (-11.5% YoY; +10.0% QoQ).</li><li>US segment: Net operating revenue USD74.1mn (+4.5% YoY; +0.7% QoQ), SG&A expenses USD59.4mn (-1.1% YoY; -4.5% QoQ).</li><li>Crypto Asset segment: Net operating revenue JPY3.1bn (+164.3% YoY; -29.6% QoQ), SG&A expenses JPY2.5bn (+55.3% YoY; +22.4% QoQ).</li></ul>

Consolidated net operating revenue: JPY17.0bn (-16.0% YoY; -2.7% QoQ), with commissions received at JPY8.7bn (-11.5% YoY; +10.0% QoQ).US segment: Net operating revenue USD74.1mn (+4.5% YoY; +0.7% QoQ), SG&A expenses USD59.4mn (-1.1% YoY; -4.5% QoQ).Crypto Asset segment: Net operating revenue JPY3.1bn (+164.3% YoY; -29.6% QoQ), SG&A expenses JPY2.5bn (+55.3% YoY; +22.4% QoQ).

Monex Group Inc (8698 JP): Q1 FY03/25 flash update

<ul>
<li>
<a href="https://www.smartkarma.com/entities/monex-group-inc" target="_blank" data-smartkarma-citation="entities:14211:1" rel="noopener">Monex Group Inc (8698 JP)</a> started as online brokerage Monex, Inc. in April 1999 with CEO Oki Matsumoto and Sony Corporation as core investors.</li>
<li>For FY03/23, the company reported full-year consolidated operating revenue of JPY79.3bn, net operating revenue of JPY73.3bn, operating profit equivalent of JPY4.8bn, pre-tax profit of JPY4.7bn.</li>
<li>Monex Group, Inc. has announced that it will record a gain on fair value remeasurements under the equity method of accounting.</li>
</ul>



Monex Group Inc (8698 JP) started as online brokerage Monex, Inc. in April 1999 with CEO Oki Matsumoto and Sony Corporation as core investors.
For FY03/23, the company reported full-year consolidated operating revenue of JPY79.3bn, net operating revenue of JPY73.3bn, operating profit equivalent of JPY4.8bn, pre-tax profit of JPY4.7bn.
Monex Group, Inc. has announced that it will record a gain on fair value remeasurements under the equity method of accounting.


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today, <a href="https://www.smartkarma.com/entities/monex-group-inc" target="_blank" data-smartkarma-citation="entities:14211:1" rel="noopener">Monex Group Inc (8698 JP)</a> and <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a>'s NTT Docomo announced a Capital and Business Alliance Agreement. It is a complicated deal.</li>
<li>Monex GROUP will create a holdco which owns Monex Inc (the broker) and sell 51% to Docomo. Docomo will consolidate. Monex Group will own 49% as an equity method affiliate.</li>
<li>Monex GROUP will then double its dividend, maybe buy back shares, and expects to grow as Docomo pushes and Monex invests. But what remains is a mixed bag.</li>
</ul>


Today, Monex Group Inc (8698 JP) and NTT (Nippon Telegraph &amp; Telephone) (9432 JP)'s NTT Docomo announced a Capital and Business Alliance Agreement. It is a complicated deal.
Monex GROUP will create a holdco which owns Monex Inc (the broker) and sell 51% to Docomo. Docomo will consolidate. Monex Group will own 49% as an equity method affiliate.
Monex GROUP will then double its dividend, maybe buy back shares, and expects to grow as Docomo pushes and Monex invests. But what remains is a mixed bag.


NTT Docomo's Deal with Monex (8698); The Goal Is Bigger and Better but Not Compelling Yet

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Coincheck and Thunder Bridge Capital Partners IV announced today that an SPAC deal would occur to list Coincheck on the NASDAQ. </li>
<li>With a pre-money valuation of $1.25bn the deal values Coincheck noticeably more modestly than Monex’s prior SOTP presentation. </li>
<li>Nevertheless, in combination with the announced TradeStation SPAC it starts to make the extent of Monex’s holdco discount apparent.</li>
</ul>


Coincheck and Thunder Bridge Capital Partners IV announced today that an SPAC deal would occur to list Coincheck on the NASDAQ. 
With a pre-money valuation of $1.25bn the deal values Coincheck noticeably more modestly than Monex’s prior SOTP presentation. 
Nevertheless, in combination with the announced TradeStation SPAC it starts to make the extent of Monex’s holdco discount apparent.


Japan

Monex Group, Inc. is a holding company, which was established through merger between Monex and Nikko Beans. The Company manages its subsidiaries that provides investing services for self-directed investors through Internet and telephone.

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Monex Group Inc (8698 JP)