IR & Research Intelligence, Sessa Investment Research

Sessa Investment Research

IR & Research Intelligence

Sponsored research focusing on Japanese small cap.

Equity Bottom-Up

geechs inc. provides human resource agency services for IT freelance. The Company offers IT freelance matching with companies that have needs for system development of services and products. geechs also provides training services for IT freelance.

<ul><li>On November 13, Geechs Inc. (hereafter, "the Company") announced its Q2 FY2026/3 (Jul-Sep) earnings results.</li><li>Net sales rose 2.5% YoY to JPY 6,518 mn, EBITDA rose 86% YoY to JPY 278 mn, and operating profit rose 124.9% YoY to JPY 253 mn.</li><li>In addition to steady expansion of the core Japan IT Human Resources Matching Business (hereafter, "Japan IT HRM Biz"), faster-than-expected profitability in the IT Human Resources Matching Business, Overseas (hereafter, "Overseas IT HRM Biz") and stronger-than-planned growth in the Seed Tech business contributed to results. </li></ul>

On November 13, Geechs Inc. (hereafter, "the Company") announced its Q2 FY2026/3 (Jul-Sep) earnings results.Net sales rose 2.5% YoY to JPY 6,518 mn, EBITDA rose 86% YoY to JPY 278 mn, and operating profit rose 124.9% YoY to JPY 253 mn.In addition to steady expansion of the core Japan IT Human Resources Matching Business (hereafter, "Japan IT HRM Biz"), faster-than-expected profitability in the IT Human Resources Matching Business, Overseas (hereafter, "Overseas IT HRM Biz") and stronger-than-planned growth in the Seed Tech business contributed to results. 

Geechs (7060 Jp) - Q2 Follow-Up: November 28, 2025

TSUBAKIMOTO KOGYO CO., LTD. is a wholesaler of machinery, equipment, and parts, most of which are produced by Tsubakimoto Chain and Mitsubishi Heavy Industries. The Company primarily distributes transmission equipment and industry materials. Tsubakimoto Kogyo also handles factory automation equipment/systems including robots and control systems.

<ul><li>Tsubakimoto Kogyo Co., Ltd. (hereafter, the Company) announced H1 FY2026/3 results on October 31, 2025.</li><li>The Company worked through its large order backlog and delivered results in line with its plan, recording double-digit growth in both net sales and profit.</li><li>Although orders for China declined due to the absence of large projects and Nissan Motor’s production restructuring, this was offset by stronger demand for labor- saving equipment and other equipment-related products, allowing the Company to maintain order levels roughly the same level as the previous year, which SIR views positively.</li></ul>

Tsubakimoto Kogyo Co., Ltd. (hereafter, the Company) announced H1 FY2026/3 results on October 31, 2025.The Company worked through its large order backlog and delivered results in line with its plan, recording double-digit growth in both net sales and profit.Although orders for China declined due to the absence of large projects and Nissan Motor’s production restructuring, this was offset by stronger demand for labor- saving equipment and other equipment-related products, allowing the Company to maintain order levels roughly the same level as the previous year, which SIR views positively.

Tsubakimoto Kogyo (8052 JP) - Q2 Follow-Up

AViC Co., Ltd. offers digital marketing services. The Company provides marketing investment, advertising operation, and other services. AViC provides its services throughout Japan.

<ul><li>AViC (hereinafter referred to as the Company) is a comprehensive digital marketing company that provides integrated services across both Paid (internet advertising) and Non-Paid (SEO/AI consulting, reputation management, etc.) domains.</li><li>Its strength lies in the complementary integration of Paid services, which enhance short- term customer acquisition efficiency, and Non-Paid services, which build organic search traffic over the medium to long term.</li><li>In recent years, through M&amp;A deals with companies like FACT Co., Ltd. and Realation Inc., it has expanded its services into purchase-linked areas (e.g., e-commerce sales promotion support, live commerce). </li></ul>

AViC (hereinafter referred to as the Company) is a comprehensive digital marketing company that provides integrated services across both Paid (internet advertising) and Non-Paid (SEO/AI consulting, reputation management, etc.) domains.Its strength lies in the complementary integration of Paid services, which enhance short- term customer acquisition efficiency, and Non-Paid services, which build organic search traffic over the medium to long term.In recent years, through M&amp;A deals with companies like FACT Co., Ltd. and Realation Inc., it has expanded its services into purchase-linked areas (e.g., e-commerce sales promotion support, live commerce). 

ａｖｉｃ(9554 JP)  - Establishing Reputation as a Quality Company...

OHBA CO., LTD. is a civil engineering consultant company.  The Company's services include land and air surveying, designing of parks and roads, and development/redevelopment of urban land.

<ul><li>OHBA (hereafter, the Company) is a general construction consulting firm boasting a leading market share in the field of urban planning.</li><li>In the construction consulting industry, there were 56 companies with annual sales of JPY 5 bn or more and 106 companies with JPY 2 bn or more in the 12 months from January to December 2024.</li><li>The Company ranks 24th, positioning it as a mid-tier player. Over its century-long history, however, the Company has specialized in urban development fields such as city planning, and in this domain, it holds the top domestic market share, ahead of the runner-up, Nippon Koei Urban Space, by just under JPY 1 bn in annual sales.</li></ul>

OHBA (hereafter, the Company) is a general construction consulting firm boasting a leading market share in the field of urban planning.In the construction consulting industry, there were 56 companies with annual sales of JPY 5 bn or more and 106 companies with JPY 2 bn or more in the 12 months from January to December 2024.The Company ranks 24th, positioning it as a mid-tier player. Over its century-long history, however, the Company has specialized in urban development fields such as city planning, and in this domain, it holds the top domestic market share, ahead of the runner-up, Nippon Koei Urban Space, by just under JPY 1 bn in annual sales.

D.Western Therapeutics Institute Inc. / Equity Bottom-Up

D.Western Therapeutics Institute Inc.(DWTI) is a biotechnology (bio-venture) company that focuses on development of new drugs. The Company's focus is on protein kinase inhibitors. DWTI discovers and develops several drugs, such as antiglaucoma, antihypertensive, neuroprotective, antithrombogenic, antiatherosclerosis and anticancer.

D.Western Therapeutics Institute Inc. (4576 JP)

<ul><li>SIR believes DWTI has entered an exciting new phase given significant advances in pipeline development achieved over the last year.</li><li>Key advances included: 1) publishing favorable topline results of in-house developed glaucoma treatment [H- 1337] Phase IIb US trials (strong prospects as “first choice as a second-line drug”)</li><li>2) commenced joint development Japan Phase II clinical trials of regenerative cell therapy [DWR-2206] with ActualEyes, and successfully completed all transplants</li></ul>

SIR believes DWTI has entered an exciting new phase given significant advances in pipeline development achieved over the last year.Key advances included: 1) publishing favorable topline results of in-house developed glaucoma treatment [H- 1337] Phase IIb US trials (strong prospects as “first choice as a second-line drug”)2) commenced joint development Japan Phase II clinical trials of regenerative cell therapy [DWR-2206] with ActualEyes, and successfully completed all transplants

D. Western Therapeutics Institute (DWTI) (4576 JP) - November 21, 2025