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.

Equity Bottom-Up

<ul><li>Substantial OP growth – Q4FY9/ 24 results showed strong OP growth in Mechatronics / Noise &amp; Vibration / Sensors (+80.2% YoY), Physics / Energies (+37.0% YoY), and Others (+50.0% YoY).</li><li>The OP growth of Others was primarily driven by the expansion of Ocean, Defense &amp; Security.</li><li>Negative near term but positive long term<strong> - </strong>whilst FY9/25 guidance indicates a sharp 28.7% decline in OP YoY, the new medium-term plan indicates 10%+ CAGR for OP growth, and ROE expansion to 11.0% during FY9/25-FY9/27, which we view positively.</li></ul>

Substantial OP growth – Q4FY9/ 24 results showed strong OP growth in Mechatronics / Noise &amp; Vibration / Sensors (+80.2% YoY), Physics / Energies (+37.0% YoY), and Others (+50.0% YoY).The OP growth of Others was primarily driven by the expansion of Ocean, Defense &amp; Security.Negative near term but positive long term - whilst FY9/25 guidance indicates a sharp 28.7% decline in OP YoY, the new medium-term plan indicates 10%+ CAGR for OP growth, and ROE expansion to 11.0% during FY9/25-FY9/27, which we view positively.

Toyo Corporation (8151 JP) - Poised to Enjoy Structural Growth from Increasing Defense Spending

<ul><li>Toyo Corporation announced a share buyback of up to 1.2 million shares or ¥1.5 billion for FY9/24, which equals about 5% of the current shares outstanding in addition to an upward revision of DPS to ¥67 from ¥62.</li><li>This reflects Toyo’s commitment to improving total shareholder returns and ROE. OP margin declined significantly (-6.4% Q3 FY9/23, -6.5% Q3 FY9/24) but it was due to cyclicality.</li><li>Physics / Energies continued to see strong growth (+35.0% YoY) on the back of robust demand for carbon neutrality. </li></ul>

Toyo Corporation announced a share buyback of up to 1.2 million shares or ¥1.5 billion for FY9/24, which equals about 5% of the current shares outstanding in addition to an upward revision of DPS to ¥67 from ¥62.This reflects Toyo’s commitment to improving total shareholder returns and ROE. OP margin declined significantly (-6.4% Q3 FY9/23, -6.5% Q3 FY9/24) but it was due to cyclicality.Physics / Energies continued to see strong growth (+35.0% YoY) on the back of robust demand for carbon neutrality. 

Toyo Corporation (8151 JP) - Q3 FY9/24 Results Update

<ul><li>Toyo Corporation is a trading company specializing in measurement technologies.</li><li>With several initiatives and strong structural demand in the electric vehicles space in particular, we expect the company to achieve higher revenue and profitability.</li><li>Higher recurring revenue and proprietary product ratios will support a margin improvement in the future. </li></ul>

Toyo Corporation is a trading company specializing in measurement technologies.With several initiatives and strong structural demand in the electric vehicles space in particular, we expect the company to achieve higher revenue and profitability.Higher recurring revenue and proprietary product ratios will support a margin improvement in the future. 

Toyo Corporation (8151 JP) - Initiating Coverage

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toyo-corp" target="_blank" data-smartkarma-citation="entities:12301:1" rel="noopener">Toyo Corp (8151 JP)</a> is a smallcap electronics firm specialising in sensors/testers/loggers for industrial and data system processes, large scale antennae systems, high tech medical equipment, remote sensing equipment, etc. </li>
<li>They have seen their (extraordinarily seasonal) revenues go mostly nowhere over the past ten years, but they have, until recently, accumulated cash and securities. </li>
<li>On 10 August, the company announced a LARGE buyback of up to 8.44% of shares out. The details suggest</li>
</ul>



Toyo Corp (8151 JP) is a smallcap electronics firm specialising in sensors/testers/loggers for industrial and data system processes, large scale antennae systems, high tech medical equipment, remote sensing equipment, etc. 
They have seen their (extraordinarily seasonal) revenues go mostly nowhere over the past ten years, but they have, until recently, accumulated cash and securities. 
On 10 August, the company announced a LARGE buyback of up to 8.44% of shares out. The details suggest


Japan

TOYO Corporation mainly imports and distributes measuring instruments used in various research and development fields.  The Company also deals with other IT-related electronic equipment.  The Company's products include scanning probe microscopes, sensors, analyzers, network device testers, computer-aided software engineering (CASE) software, semiconductor test equipment, and controller.

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Toyo Corp (8151 JP)

Toyo Corporation (8151 JP) - Poised to Enjoy Structural Growth from Increasing Defense Spending

Substantial OP growth – Q4FY9/ 24 results showed strong OP growth in Mechatronics / Noise & Vibration / Sensors (+80.2% YoY), Physics / Energies...

Astris Advisory Japan

Toyo Corporation (8151 JP) - Q3 FY9/24 Results Update

Toyo Corporation announced a share buyback of up to 1.2 million shares or ¥1.5 billion for FY9/24, which equals about 5% of the current shares

Astris Advisory Japan

Toyo Corporation (8151 JP) - Initiating Coverage

With several initiatives and strong structural demand in the electric vehicles space in particular, we expect the company to achieve higher revenue...

Astris Advisory Japan

Toyo Tecnica (8151) - BIG Buyback

Toyo Tecnica is a cash- and tech-rich small cap with relatively high official float. They have decided to buy back a large quantity of shares on...

Travis Lundy

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