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>In 1H FY03/24, ordinary revenues rose 10.6% YoY to JPY1.7tn, driven by higher insurance premiums.</li><li>Group adjusted profit increased 46.1% YoY to JPY81.8bn, with strong performance across all main life insurance companies.</li><li>The consolidated solvency margin ratio rose to 1,023.0%, with significant increases at Daido Life and TDF Life.</li></ul>

In 1H FY03/24, ordinary revenues rose 10.6% YoY to JPY1.7tn, driven by higher insurance premiums.Group adjusted profit increased 46.1% YoY to JPY81.8bn, with strong performance across all main life insurance companies.The consolidated solvency margin ratio rose to 1,023.0%, with significant increases at Daido Life and TDF Life.

T&D Holdings (8795 JP): 1H FY03/25 flash update

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Kawasaki Heavy Industries / Equity Bottom-Up

<ul>
<li>Expect continued buying in defense related, as well as banks and life insurance, renewable energy, rails, and medical IT plays with Shigeru Ishiba at the helm. </li>
<li>The Market will be quick to rotate out of names which spiked into Friday's close on expectation for a Sanae Takaichi win in the LDP election.  </li>
<li>Ishiba has been a vocal critic of Abenomics, and his potential policies aimed at higher taxes for investment incomes and capital gains are set to weigh on the Japanese market. </li>
</ul>


Expect continued buying in defense related, as well as banks and life insurance, renewable energy, rails, and medical IT plays with Shigeru Ishiba at the helm. 
The Market will be quick to rotate out of names which spiked into Friday's close on expectation for a Sanae Takaichi win in the LDP election.  
Ishiba has been a vocal critic of Abenomics, and his potential policies aimed at higher taxes for investment incomes and capital gains are set to weigh on the Japanese market. 


Best Outright and Pair Trades for an Ishiba-Led LDP

<ul>
<li>
<a href="https://www.smartkarma.com/entities/t-d-holdings-inc" target="_blank" data-smartkarma-citation="entities:3431:1" rel="noopener">T&amp;D Holdings (8795 JP)</a> , formed in 2004, is Japan’s first life insurance holding company.</li>
<li>In FY03/23, ordinary revenues were JPY3.2tn, ordinary loss was JPY74.1bn, and loss attributable to owners of the parent was JPY132.2bn.</li>
<li>T&amp;D Holdings, Inc. has announced a change in its president.</li>
</ul>



T&amp;D Holdings (8795 JP) , formed in 2004, is Japan’s first life insurance holding company.
In FY03/23, ordinary revenues were JPY3.2tn, ordinary loss was JPY74.1bn, and loss attributable to owners of the parent was JPY132.2bn.
T&amp;D Holdings, Inc. has announced a change in its president.


Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>New LDP leader and Japanese PM favours interest rate normalisation</li>
<li>This supports our outlook for a strengthening JPY against the USD</li>
<li>The Japanese central bank may now face pressure to raise rates</li>
</ul>


New LDP leader and Japanese PM favours interest rate normalisation
This supports our outlook for a strengthening JPY against the USD
The Japanese central bank may now face pressure to raise rates


Cross Asset Strategy

<ul>
<li>The main Japanese indices have been moving sideways this year</li>
<li>Continued weakness in the JPY has diminished returns in USD terms</li>
<li>Technically the market has similar weak underlying breadth as the US market</li>
</ul>


The main Japanese indices have been moving sideways this year
Continued weakness in the JPY has diminished returns in USD terms
Technically the market has similar weak underlying breadth as the US market


Revisiting the Japanese Market – Time to Increase Allocations?

Japan

T&D Holdings, Inc. is a holding company established through the merger of Taiyo Life Insurance, Daido Life Insurance, and T&D Financial Life Insurance. The Company manages life insurance operations for its subsidiaries.

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T&D Holdings (8795 JP)