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>Sales and operating profit increased year-over-year, with Membership and Medical segments achieving higher sales and profits.</li><li>The company revised its FY03/25 forecast, projecting sales of JPY245.0bn and operating profit of JPY25.0bn.</li><li>Contract value rose year-over-year, driven by membership sales for Sanctuary Court Biwako and Sanctuary Court Nikko.</li></ul>

Sales and operating profit increased year-over-year, with Membership and Medical segments achieving higher sales and profits.The company revised its FY03/25 forecast, projecting sales of JPY245.0bn and operating profit of JPY25.0bn.Contract value rose year-over-year, driven by membership sales for Sanctuary Court Biwako and Sanctuary Court Nikko.

Resorttrust Inc (4681 JP): 1H FY03/25 flash update

Japan Experts, Extraordinary Performance, Astris Advisory Japan

Astris Advisory Japan

Japan Experts, Extraordinary Performance

Our Corporate Advisory service is designed to give clients access to a wider range of investors. These include Japan specialists as well as global investors. The goal is to help achieve a fair equity valuation.

<ul><li>Committed to profitability improvement – Resorttrust is a timeshare resort hotel operator, offering exclusive, high-quality services to resort hotel membership owners in Japan.</li><li>Successful unit price hikes on the back of outstanding customer loyalty in the hotel business and operational efficiency optimization in membership-based medical services, the profitability is set to improve throughout the current medium-term plan (FY3/23- FY3/28).</li><li>With a healthy balance sheet, Resorttrust is poised to accelerate growth through facility development. </li></ul>

Committed to profitability improvement – Resorttrust is a timeshare resort hotel operator, offering exclusive, high-quality services to resort hotel membership owners in Japan.Successful unit price hikes on the back of outstanding customer loyalty in the hotel business and operational efficiency optimization in membership-based medical services, the profitability is set to improve throughout the current medium-term plan (FY3/23- FY3/28).With a healthy balance sheet, Resorttrust is poised to accelerate growth through facility development. 

Resorttrust (4681) - Strong Profit Expansion Through Membership Business for the Wealthy

<ul><li>Q4 sees increased repair costs and reduced profits due to off-season and intensive facility repairs.</li><li>Sales and profits are higher in quarters when new hotels open, with deferred real estate value recorded as a lump sum.</li><li>Net income attributable to owners declined YoY due to a JPY1.8bn impairment loss, despite higher sales and operating profit.</li></ul>

Q4 sees increased repair costs and reduced profits due to off-season and intensive facility repairs.Sales and profits are higher in quarters when new hotels open, with deferred real estate value recorded as a lump sum.Net income attributable to owners declined YoY due to a JPY1.8bn impairment loss, despite higher sales and operating profit.

Resorttrust Inc (4681 JP): Q1 FY03/25 flash update

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

S&P BSE SENSEX Index / Technical Analysis

<ul>
<li>Many major indexes are still testing (and holding above) critical supports. This includes MSCI ACWI (ACWI-US), TOPIX/TOPIX Small/Nikkei 225, EURO STOXX 50, STOXX Europe 600, and the DAX</li>
<li>Our overall outlook remains neutral, and we continue to see many attractive buying opportunities, especially out of Japan, India, and a new one -- Brazil.</li>
<li>Buy ideas focus on the Consumer Discretionary and Financials Sectors, with the vast majority of stock recommendations from Japan, India, and Brazil</li>
</ul>


Many major indexes are still testing (and holding above) critical supports. This includes MSCI ACWI (ACWI-US), TOPIX/TOPIX Small/Nikkei 225, EURO STOXX 50, STOXX Europe 600, and the DAX
Our overall outlook remains neutral, and we continue to see many attractive buying opportunities, especially out of Japan, India, and a new one -- Brazil.
Buy ideas focus on the Consumer Discretionary and Financials Sectors, with the vast majority of stock recommendations from Japan, India, and Brazil


Europe, Japan, $ACWI Testing Critical Supports; Rising DXY, Global Sovereign Yields a Major Headwind

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Although Japan is not out of the woods in terms of COVID-19 and the vaccine is not yet found, let alone distributed, investors have rushed to own <a href="https://www.smartkarma.com/entities/tkp-corp" target="_blank" data-smartkarma-citation="entities:28305:1" rel="noopener"> TKP Corporation (3479 JP)</a> as it was seemingly cheap in terms of PBR. The reality was that COVID-19 economic impact caused a weak earning and a secondary offering that boosted the book value has made the company's PBR looks cheap. TKP is the only one with negative earnings compared to its peers, underlining the economic reality that the company is more exposed to.
TKP's share price has risen more than doubled to some of its peers amidst the tough business outlook. Its peers such as <a href="https://www.smartkarma.com/entities/kenedix-inc" target="_blank" data-smartkarma-citation="entities:11321:1" rel="noopener">Kenedix Inc (4321 JP)</a> and <a href="https://www.smartkarma.com/entities/katitas-co-ltd" target="_blank" data-smartkarma-citation="entities:26073:1" rel="noopener">Katitas Co Ltd (8919 JP)</a> share price rose almost double but their business remains profitable during COVID-19 while TKP's earnings have turned negative. Turned Bearish on TKP on slow business condition improvement and the meteoric share price increase.

Although Japan is not out of the woods in terms of COVID-19 and the vaccine is not yet found, let alone distributed, investors have rushed to own  TKP Corporation (3479 JP) as it was seemingly cheap in terms of PBR. The reality was that COVID-19 economic impact caused a weak earning and a secondary offering that boosted the book value has made the company's PBR looks cheap. TKP is the only one with negative earnings compared to its peers, underlining the economic reality that the company is more exposed to.
TKP's share price has risen more than doubled to some of its peers amidst the tough business outlook. Its peers such as Kenedix Inc (4321 JP) and Katitas Co Ltd (8919 JP) share price rose almost double but their business remains profitable during COVID-19 while TKP's earnings have turned negative. Turned Bearish on TKP on slow business condition improvement and the meteoric share price increase. 

TKP (3479): Slow Recovery yet Share Price Has More than Doubled?

Japan

RESORTTRUST, INC. plans, develops, markets, and operates timeshare resort hotels under the "XIV" and "SUN MEMBERS" brand name.  The Company's resort facilities are located in the suburb of major Japanese cities.  Resorttrust operates golf courses.

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Resorttrust Inc (4681 JP)