Monthly Wrap

Dear readers,

This month's wrap features two updates on our sponsored names, Matsui Securities (8628) and CRE (3458). We also revisited some electric vehicle (EV) battery names, and reviewed our research in the pipeline. Monex (8698) reported a huge profit improvement in Q2––OP was JPY2.1bn, up from a JPY400mn loss last year. We also cover industry peer Matsui Securities, which announced stellar results on October 26, with OP up 23% YoY.

CRE provides logistics solutions in real estate. Despite its leadership in leasing and building warehouses, the stock performance has been relatively flat since its IPO in 2015.

Revisiting the EV battery theme, there were two upward revisions in the space at Nippon Kodoshi (3891) and Techo Smart (6246). Last month, the Chinese government unveiled rules where car makers must produce at least 10% of zero/low carbon cars by 2019. Electric cars also grabbed the spotlight this month at the Tokyo Motor Show.

What’s changed since last month?

  • We initiated coverage on Fronteo (2158).
  • We published Sansei Landic (3277), an espresso report, in Japanese. The English version will come out soon.
  • We added J.S.B. (3480), a recent IPO, and Showcase-TV (3909), to the pipeline.

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