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>Positive trajectory – Q2FY3/25 results continued to show signs of recovery in margins (2.4% Q2 FY3/24, 3.7% Q2 FY3/25), reflecting price hikes, volume expansion, and cost reduction.</li><li>By segment, Films was the largest contributor to OP growth (+686.5% YoY), followed by Environmental and Functional Materials (+102.1%).</li><li>Strong OP growth attributed to moderating cost pressures, and improving demand, which has led to unit price hikes without sacrificing volume. </li></ul>

Positive trajectory – Q2FY3/25 results continued to show signs of recovery in margins (2.4% Q2 FY3/24, 3.7% Q2 FY3/25), reflecting price hikes, volume expansion, and cost reduction.By segment, Films was the largest contributor to OP growth (+686.5% YoY), followed by Environmental and Functional Materials (+102.1%).Strong OP growth attributed to moderating cost pressures, and improving demand, which has led to unit price hikes without sacrificing volume. 

Toyobo (3101) - Signs of Recovery in Profitability on the Back of Improving Operating Environment

<ul><li>Toyoboisan intermediate chemical material producer with strong technological capabilities based on more than 140 years of history.</li><li>The company has set the current medium-term plan as a critical investment phase to position itself for higher sustainable growth and above 9% ROE and 7% ROIC towards 2030. It is working on a business portfolio review, the improvement of business infrastructure, and investment in growth areas such as industrial films and bio business to improve profitability.</li><li>A portfolio review is being conducted to optimize its balance sheet by divesting idle assets alongside more selective investment and capital efficiency enhancement efforts.</li></ul>

Toyoboisan intermediate chemical material producer with strong technological capabilities based on more than 140 years of history.The company has set the current medium-term plan as a critical investment phase to position itself for higher sustainable growth and above 9% ROE and 7% ROIC towards 2030. It is working on a business portfolio review, the improvement of business infrastructure, and investment in growth areas such as industrial films and bio business to improve profitability.A portfolio review is being conducted to optimize its balance sheet by divesting idle assets alongside more selective investment and capital efficiency enhancement efforts.

Toyobo (3101) - Aiming to Achieve Higher Capital Efficiency Through Wide-Ranging Initiatives

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.

<ul><li>Sales increased JPY8.1bn (+8.4% YoY) due to higher sales in Films, Environment and Functional Materials, and Functional Textiles.</li><li>Operating profit rose JPY3.2bn, with increased profit in Films, Environment and Functional Materials, Functional Textiles, and Real Estate segments.</li><li>Biotechnology business sales and segment profit details are missing; pharmaceuticals contract manufacturing improved profitability after FDA warning letter close-out.</li></ul>

Sales increased JPY8.1bn (+8.4% YoY) due to higher sales in Films, Environment and Functional Materials, and Functional Textiles.Operating profit rose JPY3.2bn, with increased profit in Films, Environment and Functional Materials, Functional Textiles, and Real Estate segments.Biotechnology business sales and segment profit details are missing; pharmaceuticals contract manufacturing improved profitability after FDA warning letter close-out.

Toyobo Co Ltd (3101 JP): Q1 FY03/25 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Early predictions for the March 2023 Nikkei rebalance (TBA early Feb) are little changed. One way turnover would still be about 1.4%. I see 3 ADDs and 3 DELETEs.</li>
<li>The 3 ADDs should be <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661)</a>, <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723)</a>, and <a href="https://www.smartkarma.com/entities/japan-airlines-co-ltd" target="_blank" data-smartkarma-citation="entities:1184:1" rel="noopener">Japan Airlines (9201)</a>.  The 3 DELETES <a href="https://www.smartkarma.com/entities/toho-zinc-co-ltd" target="_blank" data-smartkarma-citation="entities:2796:1" rel="noopener">Toho Zinc (5707)</a>, <a href="https://www.smartkarma.com/entities/toyobo-co-ltd" target="_blank" data-smartkarma-citation="entities:6187:1" rel="noopener">Toyobo (3101)</a>, and <a href="https://www.smartkarma.com/entities/nippon-light-metal-holdings" target="_blank" data-smartkarma-citation="entities:1485:1" rel="noopener">Nippon Light Metal (5703)</a>. </li>
<li>Oriental Land is the one to watch in March. The Sep 2023 rebalance and subsequent ones are smaller in size but more interesting in impact.</li>
</ul>


Early predictions for the March 2023 Nikkei rebalance (TBA early Feb) are little changed. One way turnover would still be about 1.4%. I see 3 ADDs and 3 DELETEs.
The 3 ADDs should be Oriental Land (4661), Renesas Electronics (6723), and Japan Airlines (9201).  The 3 DELETES Toho Zinc (5707), Toyobo (3101), and Nippon Light Metal (5703). 
Oriental Land is the one to watch in March. The Sep 2023 rebalance and subsequent ones are smaller in size but more interesting in impact.


Nikkei 225 March 2023 Review Quiddity Leaderboard (Nov 2022)

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>In this insight, I have defined six key Segment Transfer requirements which prove to be decisive in this process.</li>
<li>At present, there are 51 names that satisfy all of these conditions and there are more names that are close to being that group.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
In this insight, I have defined six key Segment Transfer requirements which prove to be decisive in this process.
At present, there are 51 names that satisfy all of these conditions and there are more names that are close to being that group.


TOPIX Inclusions: Who Is Ready (Aug 2022)

Japan

TOYOBO CO., LTD. manufactures and sells natural and synthetic fibers. The Company specializes in synthetic fibers, cotton synthetic blends, wool, secondary textile products, and functional materials.  Toyobo also produces plastic films, biochemical products, and electronics and operates construction business.

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Toyobo Co Ltd (3101 JP)

Toyobo (3101) - Signs of Recovery in Profitability on the Back of Improving Operating Environment

Positive trajectory – Q2FY3/25 results continued to show signs of recovery in margins (2.4% Q2 FY3/24, 3.7% Q2 FY3/25), reflecting price hikes,...

Astris Advisory Japan

Toyobo (3101) - Aiming to Achieve Higher Capital Efficiency Through Wide-Ranging Initiatives

Toyoboisan intermediate chemical material producer with strong technological capabilities based on more than 140 years of history.

Astris Advisory Japan