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 increased by 8.4% YoY to JPY118.8bn, while operating profit decreased by 2.2% YoY to JPY13.9bn.</li><li>The company raised FY03/25 revenue and profit targets, forecasting JPY227.0bn revenue and JPY21.3bn operating profit.</li><li>Strong performance in Confectionery & Foodstuffs and Frozen Desserts in Japan drove revenue growth, despite rising raw material costs.</li></ul>

Revenue increased by 8.4% YoY to JPY118.8bn, while operating profit decreased by 2.2% YoY to JPY13.9bn.The company raised FY03/25 revenue and profit targets, forecasting JPY227.0bn revenue and JPY21.3bn operating profit.Strong performance in Confectionery & Foodstuffs and Frozen Desserts in Japan drove revenue growth, despite rising raw material costs.

Morinaga & (2201 JP): 1H FY03/25 flash update

<ul><li>Revenue: JPY56.9bn (+11.4% YoY), Operating profit: JPY6.7bn (+16.2% YoY), Recurring profit: JPY6.9bn (+15.9% YoY), Net income: JPY4.9bn (+12.9% YoY).</li><li>In Japan, Confectionery & Foodstuffs, Frozen Desserts, and Operating Subsidiaries performed strongly, and the US business grew sharply.</li><li>Operating profit grew YoY due to higher revenue and price revisions, despite rising raw material prices.</li></ul>

Revenue: JPY56.9bn (+11.4% YoY), Operating profit: JPY6.7bn (+16.2% YoY), Recurring profit: JPY6.9bn (+15.9% YoY), Net income: JPY4.9bn (+12.9% YoY).In Japan, Confectionery & Foodstuffs, Frozen Desserts, and Operating Subsidiaries performed strongly, and the US business grew sharply.Operating profit grew YoY due to higher revenue and price revisions, despite rising raw material prices.

Morinaga & (2201 JP): Q1 FY03/25 flash update

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Thematic (Sector/Industry)

<ul>
<li>
In the past year, cocoa prices have spiked to elevated levels.
</li>
<li>
The culprit has been heavy rainfall in West Africa, leading to poor cocoa crops.
</li>
<li>
There’s nothing suggesting that the tightness in the cocoa market will end anytime soon. 
</li>
</ul>



In the past year, cocoa prices have spiked to elevated levels.


The culprit has been heavy rainfall in West Africa, leading to poor cocoa crops.


There’s nothing suggesting that the tightness in the cocoa market will end anytime soon. 



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

<ul>
<li>At the October rebalance, Free Float Weight (FFW) will be reduced on 284 stocks and increased on 458 stocks. 43 stocks will be removed from Phased Weight Reduction.</li>
<li>Estimated one-way turnover is 1.77% resulting in a one-way trade of ¥1.45tn. 364 stocks have over 4 days ADV to trade, 97 stocks have over 8 days ADV to trade.</li>
<li>Over the last 6 months, the stocks with inflows (&gt;US$25m) have outperformed the stocks with outflows (&gt;US$25m) with most of the outperformance coming in the last three months.</li>
</ul>


At the October rebalance, Free Float Weight (FFW) will be reduced on 284 stocks and increased on 458 stocks. 43 stocks will be removed from Phased Weight Reduction.
Estimated one-way turnover is 1.77% resulting in a one-way trade of ¥1.45tn. 364 stocks have over 4 days ADV to trade, 97 stocks have over 8 days ADV to trade.
Over the last 6 months, the stocks with inflows (&gt;US$25m) have outperformed the stocks with outflows (&gt;US$25m) with most of the outperformance coming in the last three months.


TOPIX October 2023 Rebalance: Round Trip Trade of US$20bn; Upweights Outperform Downweights

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Morinaga &amp; Co is selling down a near-10% stake in Morinaga Milk in a ToSTNeT-3 buyback on 1 March. </li>
<li>Morinaga Milk will see an EPS and ROE uplift. Eventually, there are a lot more cross-holdings to buy back.</li>
<li>Near-, medium-, and longer-term there are different flow patterns worth understanding if you have a position or are looking for one. If you want to sell lots, you can tomorrow.</li>
</ul>


Morinaga &amp; Co is selling down a near-10% stake in Morinaga Milk in a ToSTNeT-3 buyback on 1 March. 
Morinaga Milk will see an EPS and ROE uplift. Eventually, there are a lot more cross-holdings to buy back.
Near-, medium-, and longer-term there are different flow patterns worth understanding if you have a position or are looking for one. If you want to sell lots, you can tomorrow.


Morinaga (2201) Mostly Exits Morinaga Milk (2264) - Big Buyback

Japan

Morinaga & Co., Ltd. produces confectionery products, canned soft drinks, and ice cream.  The Company also produces health foods and pharmaceutical products, and manages restaurant and real estate businesses.

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

Morinaga & (2201 JP)

Morinaga & (2201 JP): 1H FY03/25 flash update

Revenue increased by 8.4% YoY to JPY118.8bn, while operating profit decreased by 2.2% YoY to JPY13.9bn. The company raised FY03/25 revenue and...

Shared Research

Morinaga & (2201 JP): Q1 FY03/25 flash update

Revenue: JPY56.9bn (+11.4% YoY), Operating profit: JPY6.7bn (+16.2% YoY), Recurring profit: JPY6.9bn (+15.9% YoY), Net income: JPY4.9bn (+12.9%...

Shared Research

The cocoa question

In the past year, cocoa prices have spiked to elevated levels. The culprit has been heavy rainfall in West Africa, leading to poor cocoa crops.

Asian Century Stocks

TOPIX October 2023 Rebalance: Round Trip Trade of US$20bn; Upweights Outperform Downweights

There are FFW changes for 700+ stocks and changes to the Phased Weight Reduction list. Round trip trade is around US$20bn and there is over 8 days...

Brian Freitas

Morinaga (2201) Mostly Exits Morinaga Milk (2264) - Big Buyback

Morinaga & Co (2201) is selling a 9% stake in Morinaga Milk (2264) on 1 March in a ToSTNeT-3 buyback. If you want to sell, here is an opportunity....

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)