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 to JPY391.2bn (+8.0% YoY), with operating profit at JPY22.9bn (+188.6% YoY) and recurring profit at JPY27.0bn (+43.8% YoY).</li><li>The company revised its full-year FY03/25 forecast, projecting revenue of JPY800.0bn (+4.3% YoY) and operating profit of JPY50.0bn (+44.3% YoY).</li><li>The semiconductor market recovery and demand for high-capacity HDDs contributed to increased revenue and profit across segments.</li></ul>

Revenue increased to JPY391.2bn (+8.0% YoY), with operating profit at JPY22.9bn (+188.6% YoY) and recurring profit at JPY27.0bn (+43.8% YoY).The company revised its full-year FY03/25 forecast, projecting revenue of JPY800.0bn (+4.3% YoY) and operating profit of JPY50.0bn (+44.3% YoY).The semiconductor market recovery and demand for high-capacity HDDs contributed to increased revenue and profit across segments.

Nhk Spring (5991 JP): 1H FY03/25 flash update

<ul><li>Revenue increased by JPY14.5bn (+8.1% YoY), with all businesses posting higher revenue, and operating profit rose by JPY7.2bn (+146.2% YoY).</li><li>The company revised its full-year FY03/25 forecast upward by JPY20.0bn for revenue, JPY8.0bn for operating profit, and JPY5.0bn for net income.</li><li>Q1 progress rates against revised full-year forecast: 24.2% for revenue, 25.3% for operating profit, 34.9% for recurring profit, 33.5% for net income.</li></ul>

Revenue increased by JPY14.5bn (+8.1% YoY), with all businesses posting higher revenue, and operating profit rose by JPY7.2bn (+146.2% YoY).The company revised its full-year FY03/25 forecast upward by JPY20.0bn for revenue, JPY8.0bn for operating profit, and JPY5.0bn for net income.Q1 progress rates against revised full-year forecast: 24.2% for revenue, 25.3% for operating profit, 34.9% for recurring profit, 33.5% for net income.

Nhk Spring (5991 JP): Q1 FY03/25 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>NHK Spring released an announcement mid-week to the effect that they were selling a golf practice facility they owned. The profit on the sale will exceed 10% of Enterprise Value.</li>
<li>In addition, the company has another 25-30+% of Enterprise Value in shareholdings which return far less than the Mid-Term Management Plan target ROE of 8%. </li>
<li>On an Adjusted EV basis (EV less non-operating financial assets), this stock trades at less than 1.5x EBITDA two years out. </li>
</ul>


NHK Spring released an announcement mid-week to the effect that they were selling a golf practice facility they owned. The profit on the sale will exceed 10% of Enterprise Value.
In addition, the company has another 25-30+% of Enterprise Value in shareholdings which return far less than the Mid-Term Management Plan target ROE of 8%. 
On an Adjusted EV basis (EV less non-operating financial assets), this stock trades at less than 1.5x EBITDA two years out. 


NHK Spring (5991) - A Cheap Stock With "Hidden Assets" Making It Cheaper

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.</li>
<li>As long as these base supports hold, we would use any election-related pullback as an opportunity to add exposure.</li>
<li>Following the election, we see a high probability of significant upside going into year-end.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.
As long as these base supports hold, we would use any election-related pullback as an opportunity to add exposure.
Following the election, we see a high probability of significant upside going into year-end.


Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Seagate Technology Holdings PL / Event-Driven

<p style="text-align: justify;">We attended a presentation by <a href="https://www.smartkarma.com/entities/9129" target="_blank" data-smartkarma-citation="entities:9129:1">Seagate's (STX US)</a> CEO Stephen Luczo on April 5th. The presentation was sponsored by <a href="https://www.smartkarma.com/entities/7245" target="_blank" data-smartkarma-citation="entities:7245:1">Nidec (6594 JP)</a> at its new auditorium in Kyoto. The presentation came about after <a href="https://www.smartkarma.com/entities/7245" target="_blank" data-smartkarma-citation="entities:7245:1">Nidec's</a> chairman Shigenobu Nagamori remarked to Mr. Luczo at the end of 2016 that he always feels better about the outlook for HDDs after their meetings, and he wished that feeling could be more broadly shared. Consequently, the audience consisted not only of financial analysts, but was attended by a…</p>

We attended a presentation by Seagate's (STX US) CEO Stephen Luczo on April 5th. The presentation was sponsored by Nidec (6594 JP) at its new auditorium in Kyoto. The presentation came about after Nidec's chairman Shigenobu Nagamori remarked to Mr. Luczo at the end of 2016 that he always feels better about the outlook for HDDs after their meetings, and he wished that feeling could be more broadly shared. Consequently, the audience consisted not only of financial analysts, but was attended by a…

Seagate CEO Bullish on HDDs – Consider the Source, but Still Interesting

Japan

NHK SPRING CO., LTD. manufactures springs for automobiles and electronic equipment.  The Company's products are used for suspension, engine valves, seats, and hard disk drives(HDD).

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Nhk Spring (5991 JP)