Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Yesterday, post-close, <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>  <a href="https://ssl4.eir-parts.net/doc/TE8795/ir_material3/247966/00.pdf" target="_blank" rel="noopener">announced</a> ¥40 for 31-Mar-25 FY-end dividend (¥80/yr) and ¥120/share/year in the year to March 2026 on a higher planned payout ratio.</li>
<li>The company also <a href="https://ssl4.eir-parts.net/doc/TE8795/ir_material3/247966/00.pdf" target="_blank" rel="noopener">announced</a> guidance for Adjusted Profit for 2025 at ¥130bn (up), and guidance for March 2026 at ¥140bn (lower growth than this past year). </li>
<li>They <a href="https://ssl4.eir-parts.net/doc/TE8795/ir_material3/247814/00.pdf" target="_blank" rel="noopener">announced</a> the current ¥50bn buyback was 87.5% complete (they have until 13 May to complete) and a <a href="https://ssl4.eir-parts.net/doc/TE8795/ir_material3/247965/00.pdf" target="_blank" rel="noopener">new buyback</a> starting 19 May to spend up to ¥100bn over 10.5mos.</li>
</ul>


Yesterday, post-close, T&amp;D Holdings (8795 JP)  announced ¥40 for 31-Mar-25 FY-end dividend (¥80/yr) and ¥120/share/year in the year to March 2026 on a higher planned payout ratio.
The company also announced guidance for Adjusted Profit for 2025 at ¥130bn (up), and guidance for March 2026 at ¥140bn (lower growth than this past year). 
They announced the current ¥50bn buyback was 87.5% complete (they have until 13 May to complete) and a new buyback starting 19 May to spend up to ¥100bn over 10.5mos.


T&D Holdings (8795) - A Really Good Look (Divs Up, Big Buyback, Good Historical Stats)

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

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


<ul>
<li>The horse trading continues with Israel bowing to the US and bilateral talks with Japan set to commence imminently.</li>
<li>US shippers outperformed given lower oil despite an outlook for lower global trade overall.</li>
<li>Samsung numbers beating this morning on strong demand for the Galaxy S25 smartphones and DRAM.</li>
</ul>


The horse trading continues with Israel bowing to the US and bilateral talks with Japan set to commence imminently.
US shippers outperformed given lower oil despite an outlook for lower global trade overall.
Samsung numbers beating this morning on strong demand for the Galaxy S25 smartphones and DRAM.


Japan Morning Connection: US Relief Rally Sending JP Futures Sharply Higher

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)

T&D Holdings (8795) - A Really Good Look (Divs Up, Big Buyback, Good Historical Stats)

T&D announced a div hike and a buyback. The last 4 buybacks have been bigger, longer, lower ADV impact but the stock outperforms during, and...

Travis Lundy