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 increased by 8.5% YoY to JPY39.1bn, driven by growth in special graphite and compound materials sales.</li><li>Operating profit rose 38.5% YoY to JPY9.3bn, with an OPM increase of 5.1pp to 23.7%.</li><li>Net income attributable to owners grew 23.7% YoY to JPY7.2bn, supported by high-value-added product sales and yen depreciation.</li></ul>

Revenue increased by 8.5% YoY to JPY39.1bn, driven by growth in special graphite and compound materials sales.Operating profit rose 38.5% YoY to JPY9.3bn, with an OPM increase of 5.1pp to 23.7%.Net income attributable to owners grew 23.7% YoY to JPY7.2bn, supported by high-value-added product sales and yen depreciation.

Toyo Tanso (5310 JP): Q3 FY12/24 flash update

<ul><li>Revenue for 1H FY12/24 was JPY26.3bn, up 10.8% YoY, driven by growth in special graphite and compound materials.</li><li>Operating profit for 1H FY12/24 increased 26.0% YoY to JPY5.8bn, with an OPM improvement to 22.1%.</li><li>Recurring profit rose 31.0% YoY to JPY7.0bn, and net income attributable to owners of the parent grew 24.9% YoY.</li></ul>

Revenue for 1H FY12/24 was JPY26.3bn, up 10.8% YoY, driven by growth in special graphite and compound materials.Operating profit for 1H FY12/24 increased 26.0% YoY to JPY5.8bn, with an OPM improvement to 22.1%.Recurring profit rose 31.0% YoY to JPY7.0bn, and net income attributable to owners of the parent grew 24.9% YoY.

Toyo Tanso (5310 JP): 1H FY12/24 flash update

<ul><li>Q1 FY12/24 results: Revenue JPY12.6bn (+11.2% YoY), Operating profit JPY2.5bn (+19.1% YoY), Net income JPY2.4bn (+29.8% YoY).</li><li>Orders and backlog: Orders JPY12.0bn (+7.6% YoY), Order backlog JPY17.4bn (+9.1% YoY), driven by semiconductor-related applications.</li><li>FY12/24 forecast: Revenue JPY54.0bn (+9.6% YoY), Operating profit JPY10.9bn (+17.4% YoY), Capital investment JPY16.0bn (JPY5.7bn in FY12/23).</li></ul>

Q1 FY12/24 results: Revenue JPY12.6bn (+11.2% YoY), Operating profit JPY2.5bn (+19.1% YoY), Net income JPY2.4bn (+29.8% YoY).Orders and backlog: Orders JPY12.0bn (+7.6% YoY), Order backlog JPY17.4bn (+9.1% YoY), driven by semiconductor-related applications.FY12/24 forecast: Revenue JPY54.0bn (+9.6% YoY), Operating profit JPY10.9bn (+17.4% YoY), Capital investment JPY16.0bn (JPY5.7bn in FY12/23).

Toyo Tanso (5310 JP): Q1 FY12/24 report 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fujikura-ltd" target="_blank" data-smartkarma-citation="entities:10768:1" rel="noopener">Fujikura Ltd (5803 JP)</a> could be added to a global index at the end of November and there will be a lot of buying in the stock.</li>
<li>Following the rally in the stock, <a href="https://www.smartkarma.com/entities/fujikura-ltd" target="_blank" data-smartkarma-citation="entities:10768:1" rel="noopener">Fujikura Ltd (5803 JP)</a> trades expensive to the average and median of its peers on most valuation metrics.</li>
<li>The increase in cumulative excess volume in <a href="https://www.smartkarma.com/entities/fujikura-ltd" target="_blank" data-smartkarma-citation="entities:10768:1" rel="noopener">Fujikura Ltd (5803 JP)</a> over the last 3 months far outpaces the increase in its peers.</li>
</ul>



Fujikura Ltd (5803 JP) could be added to a global index at the end of November and there will be a lot of buying in the stock.
Following the rally in the stock, Fujikura Ltd (5803 JP) trades expensive to the average and median of its peers on most valuation metrics.
The increase in cumulative excess volume in Fujikura Ltd (5803 JP) over the last 3 months far outpaces the increase in its peers.


Fujikura (5803 JP): Positioning & Potential Passive Buying

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>On 16th November 2023, Tokyo-based Industrial-use precious metal products manufacturer <a href="https://www.smartkarma.com/entities/furuya-metal-co-ltd" target="_blank" data-smartkarma-citation="entities:5196:1" rel="noopener">Furuya Metal (7826 JP)</a> announced they would be moving from TSE Standard to TSE Prime on 6th December 2023.</li>
<li>This move would trigger a TOPIX Index Inclusion event at the end of January 2024 which would require all the TOPIX-tracking passive funds to buy shares in the company.</li>
<li>The company also launched an offering in conjunction with the TSE Prime announcement. In this insight, we take a look at the flow dynamics of the upcoming TOPIX Inclusion event.</li>
</ul>


On 16th November 2023, Tokyo-based Industrial-use precious metal products manufacturer Furuya Metal (7826 JP) announced they would be moving from TSE Standard to TSE Prime on 6th December 2023.
This move would trigger a TOPIX Index Inclusion event at the end of January 2024 which would require all the TOPIX-tracking passive funds to buy shares in the company.
The company also launched an offering in conjunction with the TSE Prime announcement. In this insight, we take a look at the flow dynamics of the upcoming TOPIX Inclusion event.


Furuya Metal (7826 JP) TOPIX Inclusion: Big Impact but Even Bigger Overhang

Japan

TOYO TANSO CO., LTD. mainly manufactures carbon and graphite products for industrial use.  The Company's main products include isotropic graphite, carbon products for mechanical and electrical applications.

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Toyo Tanso (5310 JP)