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 reached JPY116.0bn (+1.1% YoY) with operating profit at JPY6.0bn (+12.3% YoY) and recurring profit JPY6.1bn (+11.6% YoY).</li><li>Net income attributable to owners decreased 12.3% YoY due to absence of JPY1.1bn gain on investment securities.</li><li>FY03/25 outlook: Rising mortgage rates, energy prices, and costs; company focuses on product appeal and productivity improvements.</li></ul>

Revenue reached JPY116.0bn (+1.1% YoY) with operating profit at JPY6.0bn (+12.3% YoY) and recurring profit JPY6.1bn (+11.6% YoY).Net income attributable to owners decreased 12.3% YoY due to absence of JPY1.1bn gain on investment securities.FY03/25 outlook: Rising mortgage rates, energy prices, and costs; company focuses on product appeal and productivity improvements.

Takara Standard (7981 JP): 1H FY03/25 flash update

<ul><li>Revenue reached JPY57.3bn (+0.1% YoY), operating profit JPY3.1bn (+15.4% YoY), and recurring profit JPY3.3bn (+14.2% YoY).</li><li>Revenue from the new housing complex market increased by 15.9% YoY, while the remodeling market declined by 9.3% YoY.</li><li>Shipment volumes decreased across all segments, with the highest decline in the JPY14.3bn revenue segment at -9.5% YoY.</li></ul>

Revenue reached JPY57.3bn (+0.1% YoY), operating profit JPY3.1bn (+15.4% YoY), and recurring profit JPY3.3bn (+14.2% YoY).Revenue from the new housing complex market increased by 15.9% YoY, while the remodeling market declined by 9.3% YoY.Shipment volumes decreased across all segments, with the highest decline in the JPY14.3bn revenue segment at -9.5% YoY.

Takara Standard (7981 JP): Q1 FY03/25 flash update

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

NTT (Nippon Telegraph & Telephone) / Event-Driven

<ul>
<li>On 7 April, the JPX announced the changes to the Free Float Weights (FFW) for the TOPIX Index. There are some big changes due to the updated FFW methodology.</li>
<li>From April to June, we see a one-way turnover of 2.87% and a one-way trade of ¥2,285bn. Some stocks have opposite way flows in different months.</li>
<li>Stocks with inflows outperformed stocks with outflows from Oct-Dec 2021 before giving up all the gains. These stocks have started to outperform and could continue outperforming over the next quarter.</li>
</ul>


On 7 April, the JPX announced the changes to the Free Float Weights (FFW) for the TOPIX Index. There are some big changes due to the updated FFW methodology.
From April to June, we see a one-way turnover of 2.87% and a one-way trade of ¥2,285bn. Some stocks have opposite way flows in different months.
Stocks with inflows outperformed stocks with outflows from Oct-Dec 2021 before giving up all the gains. These stocks have started to outperform and could continue outperforming over the next quarter.


TOPIX FFW Transition - Big Flows from April to June

Japan

TAKARA STANDARD CO., LTD. manufactures and sells housing equipment including system kitchens, bath tabs, and automated electric and gas-burning water heaters.  The Company puts stress on technology development for enamel applications such as enameled kitchen utensils.  Takara Standard facilitates showrooms and training centers nationwide.

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Takara Standard (7981 JP)