reports
- Thao Nguyen
PSA Financial Services / Consumer Finance: Net Protections (7383 JT) –...
Having revised its FY24 guidance for three times, the share price of Net Protections Holdings has exhausted its near-term catalysts. We expect the company to revise up its mid-term plan at its FY24 earnings announcement in May. However, unless FY26 OP guidance is above ¥3bil, we wouldn’t expect the stock to regain momentum.
- Thao Nguyen
PSA Financial Services: Net Protections Holdings (7383 JT) – A Revisit
PSA Financial Services: Net Protections Holdings (7383 JT) – A Revisit FY24 is a banner year for Net Protections, in which the company has reached a stage where profit can be steadily generated. This has reassured the market and may explain the recent strong share price performance, +144% YTD. In this report analyst Thao Nguyen explains the company's success and assesses its prospects.
PSA Internet / eCommerce: Net Protections (7383 JT) Update
Net Protections has been punished for prioritizing investment for growth, going against the trend of cost-cutting seen at domestic companies. With the share price having lost -80% from its all-time high, analyst Thao Nguyen reviews the company’s businesses and provides forecasts.
- Thao Nguyen
- Sumeet Singh
- Sumeet Singh
Net Protections Holding IPO lock-up
Net Protections Holdings, a buy now pay later service provider, raised around US$570m via selling a mix of primary and secondary shares in its Japan IPO in Dec 2021. We have covered the IPO in our earlier notes, Net Protections Holdings IPO - Mixed bag of positives and negatives, Net Protections Holdings IPO - Peer comp and thoughts on valuation, Net Protections Holdings IPO - Needs a bit of hope and belief, and Net Protections IPO Trading - Peers have moved lower. Provides the only exposu...
- Pelham Smithers
PSA Strategy: Japan Market Strategy for FY22 Q2
The Japanese stock market is in an interesting phase where the Bank of Japan is supporting the bond market rather than the stock market. While this phase lasts, the dollar should remain above ¥120/$ and perhaps strengthen further against the yen. This report looks at what this phase might mean for the Japanese stock market as a whole, and for stock selection. The PSA Focus List has also been updated.
6770 ALPS ALPINE CO. LTD.
3407 ASAHI KASEI CORPORATION
4751 CYBERAGENT INC.
9684 SQUARE ENIX HOLDINGS CO. LTD.
4307 NOMURA RESEARCH INSTITUTE LTD.
4324 DENTSU GROUP INC.
6728 ULVAC INC.
6981 MURATA MANUFACTURING CO. LTD.
6723 RENESAS ELECTRONICS CORPORATION
6902 DENSO CORPORATION
7915 NISSHA CO.LTD.
7201 NISSAN MOTOR CO. LTD.
6268 NABTESCO CORPORATION
4063 SHIN-ETSU CHEMICAL CO LTD
6758 SONY CORPORATION
6762 TDK CORPORATION
6857 ADVANTEST CORP.
8035 TOKYO ELECTRON LTD.
7261 MAZDA MOTOR CORP.
7203 TOYOTA MOTOR CORP.
3436 SUMCO CORPORATION
3659 NEXON CO. LTD.
6098 RECRUIT HOLDINGS CO. LTD.
7270 SUBARU CORP
4503 ASTELLAS PHARMA INC.
6506 YASKAWA ELECTRIC CORPORATION
4980 DEXERIALS
68900 FERROTEC CORPORATION
41850 JSR CORPORATION
4385 MERCARI INC.
78320 BANDAI NAMCO
TSE:4477 BASE CO.
3491 JT LTD.
4478 JT GA TECHNOLOGIES
3394 JT FREEE KK
6967 JT MONEY FOWARD
7383 SHINKO ELECTRIC (6967 JT)
4259 JT NET PROTECTIONS HLDGS INC
TSE: 2980 EXAWIZARDS INC
SRE HOLDINGS CORP
- Thao Nguyen
PSA Commercial Services: Net Protections (7383 JT) Initiation – Japan’...
Net Protections is currently the market leader in BNPL in Japan. This is thanks to its early mover advantage and competitive credit system, with an unrivalled approval rate, and a low delinquency rate. Both Japan’s B2C and B2B BNPL markets remain largely untapped, with competition from both domestic and overseas players heating up. In this initiation report, analyst Thao Nguyen explains Net Protections’ services and compares them with competing services, discussing the company’s growth potential...
- Sumeet Singh
Net Protections IPO Trading
Net Protections Holdings (NPH), a buy now pay later service provider, raised around US$570m via selling a mix of primary and secondary shares in its Japan IPO. As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions. NPH provides BNPL payment services for B2C and B2B transactions. As of Mar 21, it has facilitated over 300m transactions, including 66m in FY21. Its B2C BNPL service was used by 15.8m people annually, with another 4.9m people having used its r...
- Sumeet Singh
Net Protections Holdings IPO
Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares in its Japan IPO. As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions. NPH provides BNPL payment services for B2C and B2B transactions. As of Mar 21, it has facilitated over 300m transactions, including 66m in FY21. Its B2C BNPL service was used by 15.8m people annually, with another 4.9m people having used...
- Sumeet Singh
Net Protections Holdings IPO
Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares in its Japan IPO. As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions. NPH provides BNPL payment services for B2C and B2B transactions. As of Mar 21, it has facilitated over 300m transactions, including 66m in FY21. Its B2C BNPL service was used by 15.8m people annually, with another 4.9m people having used...
- Sumeet Singh
Net Protections Holdings IPO
Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares in its Japan IPO. As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions. NPH provides BNPL payment services for B2C and B2B transactions. As of Mar 21, it has facilitated over 300m transactions, including 66m in FY21. Its B2C BNPL service was used by 15.8m people annually, with another 4.9m people having used...
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