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 for Q3 FY03/25 was JPY196.8bn, a 4.1% YoY decline, with a 66.9% progress rate.</li><li>Full-year forecast revisions include JPY6.9bn operating profit and JPY5.0bn net income, with unchanged dividend expectations.</li><li>Strategic shareholdings reduced to JPY14.4bn by March 2024, aiming for below 10% ratio by FY03/31.</li></ul>

Revenue for Q3 FY03/25 was JPY196.8bn, a 4.1% YoY decline, with a 66.9% progress rate.Full-year forecast revisions include JPY6.9bn operating profit and JPY5.0bn net income, with unchanged dividend expectations.Strategic shareholdings reduced to JPY14.4bn by March 2024, aiming for below 10% ratio by FY03/31.

Tokyu Construction (1720 JP): Q3 FY03/25 flash update

<ul><li>Revenue for 1H FY03/25 was JPY118.6bn, a YoY decrease of 11.9%, with an operating loss of JPY5mn.</li><li>Non-consolidated orders totaled JPY121.0bn, a YoY decline of 3.4%, with Building Construction orders down 9.9% YoY.</li><li>The company maintained its full-year FY03/25 earnings forecast despite decreased profits and increased SG&A expenses.</li></ul>

Revenue for 1H FY03/25 was JPY118.6bn, a YoY decrease of 11.9%, with an operating loss of JPY5mn.Non-consolidated orders totaled JPY121.0bn, a YoY decline of 3.4%, with Building Construction orders down 9.9% YoY.The company maintained its full-year FY03/25 earnings forecast despite decreased profits and increased SG&A expenses.

Tokyu Construction (1720 JP): 1H FY03/25 flash update

<ul><li>Q1 FY03/25 revenue was JPY55.3bn (-12.1% YoY) with an operating loss of JPY953mn and recurring loss of JPY482mn.</li><li>Non-consolidated revenue was JPY51.3bn (-12.8% YoY) with gross profit at JPY3.5bn (-10.3% YoY) and gross profit margin at 5.7%.</li><li>Non-consolidated orders totaled JPY40.6bn (+16.5% YoY) with Building Construction orders at JPY19.8bn (-9.2% YoY) and Civil Engineering orders at JPY20.8bn (-59.3% YoY).</li></ul>

Q1 FY03/25 revenue was JPY55.3bn (-12.1% YoY) with an operating loss of JPY953mn and recurring loss of JPY482mn.Non-consolidated revenue was JPY51.3bn (-12.8% YoY) with gross profit at JPY3.5bn (-10.3% YoY) and gross profit margin at 5.7%.Non-consolidated orders totaled JPY40.6bn (+16.5% YoY) with Building Construction orders at JPY19.8bn (-9.2% YoY) and Civil Engineering orders at JPY20.8bn (-59.3% YoY).

Tokyu Construction (1720 JP): Q1 FY03/25 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>As designed, the JPX-Nikkei400 Index is something of a disaster. It aims to be slightly 'smart' vs other cap-weighted indices like TOPIX, but tracking error vs TOPIX is de minimus.</li>
<li>This year, in week 1, the ADD vs DELETE performance is positive. If we sector-hedge the ADDs vs DELETEs, it's doing even better.</li>
<li>This is probably due to relatively low pre-positioning, and cares. Momentum suggests one could be long ADDs vs DELETEs. And there is the perennial trade to watch out for.</li>
</ul>


As designed, the JPX-Nikkei400 Index is something of a disaster. It aims to be slightly 'smart' vs other cap-weighted indices like TOPIX, but tracking error vs TOPIX is de minimus.
This year, in week 1, the ADD vs DELETE performance is positive. If we sector-hedge the ADDs vs DELETEs, it's doing even better.
This is probably due to relatively low pre-positioning, and cares. Momentum suggests one could be long ADDs vs DELETEs. And there is the perennial trade to watch out for.


2022 JPX Nikkei 400 Rebal Update - Going the Right Way

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

Independent Leading Corporate Governance Research

Metrical Inc

METRICAL INC. is an independent leading Corporate Governance research firm in Japan where Corporate Governance is increasingly recognized as an important element on corporate management in these days. Thus, CG research and solutions would become an essential component of global capital markets and play important to contribute to transparency of the markets and maximize shareholders’ value in Japan. 

METRICAL INC. provides Corporate Governance research and analysis including rating services, and  also offers investment research and IR services with solutions and customized profound research on CG and IR issues.

<ul>
<li>This article would like to focus on Tokyu Corporation with regard to its handling of scandals. Once a company is mired in scandals, it often gets involved in scandals again.</li>
<li>There are few ambiguities in the explanations, and the outlook seems to include a lot of risks not only for construction quality issues but also for general construction projects.</li>
<li>As far as I can see, there is little commonality between 3 types of construction quality issues, so the risk of the same type of issue being repeated is small.</li>
</ul>


This article would like to focus on Tokyu Corporation with regard to its handling of scandals. Once a company is mired in scandals, it often gets involved in scandals again.
There are few ambiguities in the explanations, and the outlook seems to include a lot of risks not only for construction quality issues but also for general construction projects.
As far as I can see, there is little commonality between 3 types of construction quality issues, so the risk of the same type of issue being repeated is small.


Japan's Governance: Construction Quality Issues: Tokyu Construction (1720)

Japan

TOKYU CONSTRUCTION CO., LTD. is established through the reorganization of Tokyu Construction.  The Company is a general contractor that builds commercial, institutional, and residential buildings.  Tokyu Construction also performs civil engineering works for dams, bridges, and transportation system. The Company is a member of Tokyu group.

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Tokyu Construction (1720 JP)