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 decreased by 15.6% YoY to JPY8.4bn, primarily due to a drop in adult diaper machinery sales. </li><li>Gross profit margin fell to 16.6%, leading to an operating loss of JPY179mn from a previous profit. </li><li>Net loss attributable to parent shareholders was JPY705mn, affected by tax-effect accounting and stock holding downsizing.</li></ul>

Revenue decreased by 15.6% YoY to JPY8.4bn, primarily due to a drop in adult diaper machinery sales. Gross profit margin fell to 16.6%, leading to an operating loss of JPY179mn from a previous profit. Net loss attributable to parent shareholders was JPY705mn, affected by tax-effect accounting and stock holding downsizing.

Zuiko Corp (6279 JP): 1H FY02/25 flash update

<ul><li>Revenue: JPY3.9bn (-4.1% YoY); Operating loss: JPY133mn; Recurring loss: JPY39mn; Net loss: JPY759mn.</li><li>Revenue by product type: Adult diaper machinery JPY887mn (-48.8% YoY), Sanitary napkin machinery JPY1.1bn (+82.7% YoY).</li><li>Gross profit margin rose to 18.0% from 12.9%; Net income improved due to JPY534mn gain on sale of securities.</li></ul>

Revenue: JPY3.9bn (-4.1% YoY); Operating loss: JPY133mn; Recurring loss: JPY39mn; Net loss: JPY759mn.Revenue by product type: Adult diaper machinery JPY887mn (-48.8% YoY), Sanitary napkin machinery JPY1.1bn (+82.7% YoY).Gross profit margin rose to 18.0% from 12.9%; Net income improved due to JPY534mn gain on sale of securities.

Zuiko Corp (6279 JP): Q1 FY02/25 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Diaper-Making machine maker <a href="https://www.smartkarma.com/entities/zuiko-corp" target="_blank" data-smartkarma-citation="entities:5568:1" rel="noopener">Zuiko Corp (6279 JP)</a> late last year introduced a shareholder benefit coupon program, and the stock has flown. Earnings improved from the trough too. </li>
<li>Now that the market cap is high enough, the company has applied to, and is now approved, to join TSE Prime, which means a TOPIX inclusion at end-June 2023.</li>
<li>With 30 days of 6mo ADV, and much more of longer average ADV, this looks like a win, but there are.... considerations. Shareholder structure matters. Yet again. </li>
</ul>


Diaper-Making machine maker Zuiko Corp (6279 JP) late last year introduced a shareholder benefit coupon program, and the stock has flown. Earnings improved from the trough too. 
Now that the market cap is high enough, the company has applied to, and is now approved, to join TSE Prime, which means a TOPIX inclusion at end-June 2023.
With 30 days of 6mo ADV, and much more of longer average ADV, this looks like a win, but there are.... considerations. Shareholder structure matters. Yet again. 


ZUIKO (6279 JP) Move to TSE Prime and TOPIX - Again, Shareholder Structure Matters

David Blennerhassett

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>'s Board has a Revised Opinion. It has recommended the Offer for reasons which smack of resignation rather than appropriate deliberation. Investors beware.</li>
<li>Given <a href="https://www.smartkarma.com/entities/china-resources-power-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5385:1" rel="noopener">CR Power (836 HK)</a>'s clean energy unit's profitably, a listing should be a significant event, attracting a wide audience, and probably a premium to other listed green energy plays.</li>
<li>
<a href="https://www.smartkarma.com/entities/chindata-group-holdings-adr" target="_blank" data-smartkarma-citation="entities:29274:1" rel="noopener">Chindata Group (CD US)</a> is unquestionably cheap. But Bain's indicative Offer is not the answer to long-suffering shareholders.</li>
</ul>



Toshiba Corp (6502 JP)'s Board has a Revised Opinion. It has recommended the Offer for reasons which smack of resignation rather than appropriate deliberation. Investors beware.
Given CR Power (836 HK)'s clean energy unit's profitably, a listing should be a significant event, attracting a wide audience, and probably a premium to other listed green energy plays.

Chindata Group (CD US) is unquestionably cheap. But Bain's indicative Offer is not the answer to long-suffering shareholders.


Last Week in Event SPACE: Toshiba, China Resources Power, Chindata, Tian An China

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>
<a href="https://www.smartkarma.com/entities/zuiko-corp" target="_blank" data-smartkarma-citation="entities:5568:1" rel="noopener">Zuiko Corp (6279 JP)</a>, <a href="https://www.smartkarma.com/entities/anycolor-inc" target="_blank" data-smartkarma-citation="entities:36618:1" rel="noopener">Anycolor (5032 JP)</a>, and <a href="https://www.smartkarma.com/entities/lifedrink-co-inc" target="_blank" data-smartkarma-citation="entities:39842:1" rel="noopener">Lifedrink (2585 JP)</a> will have TOPIX Inclusion events at the end of June (Zuiko) or July 2023 (the other two).</li>
<li>One of our pre-event TOPIX Inclusion candidates <a href="https://www.smartkarma.com/entities/celsys-inc" target="_blank" data-smartkarma-citation="entities:20774:1" rel="noopener">CELSYS (3663 JP)</a> has experienced sharp price moves over the last few weeks.</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.

Zuiko Corp (6279 JP), Anycolor (5032 JP), and Lifedrink (2585 JP) will have TOPIX Inclusion events at the end of June (Zuiko) or July 2023 (the other two).
One of our pre-event TOPIX Inclusion candidates CELSYS (3663 JP) has experienced sharp price moves over the last few weeks.


TOPIX Inclusions: Who Is Ready (Jun 2023)

Japan

ZUIKO CORPORATION manufactures machinery for producing sanitary supplies such as diapers and napkins.  The Company also manufactures pulp crushing machines and provides consulting services in new product engineering.

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Zuiko Corp (6279 JP)