In today’s briefing:
- Nippon Express (9147 JP): The Current Playbook
- Tokyo Electron (8035): Q3 FY03/24 Update
- 3Q Follow-Up – Copro-Holdings (7059 Jp)
- Tsuruha Holdings (3391): Tsuruha Joins Aeon and Welcia Holdings in Capital and Business Alliance
- Eisai Co Ltd (4523 JP): Despite Sluggish Launch, Ambitious Long-Term Target Set for Leqembi
- 4Q Follow-Up – Frontier Management Inc. (7038 JP)
Nippon Express (9147 JP): The Current Playbook
- Since the US$260 million secondary placement announcement, Nippon Express Holdings (9147 JP) shares are down 5.3% from the undisturbed price of JPY8,039 per share (1 March).
- Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Nippon Express shares have followed the pattern of previous large placements.
- The offering will likely be priced on 11 March. Investors who have participated in previous large Japanese placements tend to secure positive returns.
Tokyo Electron (8035): Q3 FY03/24 Update
- Tokyo Electron (8035 JP) is a global manufacturer of semiconductor production equipment (SPE).
- In FY03/23, the company posted revenue of JPY2.2tn, operating profit of JPY617.7bn, recurring profit of JPY625.2bn, and net income attributable to owners of the parent of JPY471.6bn.
- Tokyo Electron Limited announced revisions to its full-year earnings forecast for FY03/24.
3Q Follow-Up – Copro-Holdings (7059 Jp)
- COPRO-HOLDINGS. Co., Ltd., (COPRO) announced its 3Q FY24/3 (9 months) results.
- Key consolidated figures included net sales of ¥17,496 mn (+28.8% YoY), operating profit of ¥1,406 mn (+63.0% YoY), ordinary profit of ¥ 1,480 mn (+70.8% YoY), and profit attributable to owners of parent of ¥936 mn (+79.7% YoY).
- COPRO-CONSTRUCTION. Co., Ltd., (formerly COPRO-ENGINEERED), which operates the Company‘s core business of construction technician dispatching, proactively increased the number of recruits amid the chronically serious shortage of labor against the backdrop of regulations capping overtime work to start in April 2024 and big construction projects.
Tsuruha Holdings (3391): Tsuruha Joins Aeon and Welcia Holdings in Capital and Business Alliance
- Tsuruha Holdings (3391 JP) , established in 1929, operates a chain of drugstores.
- In FY05/23, Tsuruha reported sales of JPY970.1bn, operating profit of JPY45.6bn, recurring profit of JPY45.7bn, and net income attributable to owners of the parent of JPY25.3bn.
- In response to a challenging business environment within the drugstore industry, the three companies have recognized the necessity of fundamentally transforming their business models.
Eisai Co Ltd (4523 JP): Despite Sluggish Launch, Ambitious Long-Term Target Set for Leqembi
- Eisai Co Ltd (4523 JP) has come out with ambitious revenue target for Alzheimer’s disease drug Leqembi with new estimates for global eligible patient population and potential indication expansions.
- By FY27, Eisai expects Leqembi can generate revenue of ¥290B (~$2B) worldwide. Leqembi revenue can potentially ballooned to a whopping ¥1.6T (~$10.8B) by FY33, according to the company.
- Through January, Eisai could reach just 2,000 patients in the U.S. versus target of 10K patients by March. The sluggish progress of Leqembi makes Eisai’s target difficult to achieve.
4Q Follow-Up – Frontier Management Inc. (7038 JP)
- The financial results were strong, as shown in the table below, and exceeded the company’s forecasts.
- The M&A Advisory Business was particularly strong in the 4Q, recovering from soft sales slightly down in the first 3 quarters, returning to 8% growth YoY in the 4Q.
- Sales by other main business segments remained firm, with the Management Consulting Business rising 17% YoY and the Revitalization Support Business up 174% YoY .
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