Japan Experts, Extraordinary Performance, Astris Advisory Japan

Astris Advisory Japan

Japan Experts, Extraordinary Performance

Our Corporate Advisory service is designed to give clients access to a wider range of investors. These include Japan specialists as well as global investors. The goal is to help achieve a fair equity valuation.

Equity Bottom-Up

Restar Holdings Corporation / Equity Bottom-Up

<ul><li>Environmental Energy boosting earnings – Q1-3 FY3/24 results were ahead of expectation, with the company upwardly revising FY3/24 guidance.</li><li>Demand remained firm from the automotive sector for the Procurement segment, but trading remained somewhat mixed in the Semiconductor and Electronic Components.</li><li>The positive surprise was the sustained high levels of profitability in the Environmental Energy segment; we have raised our earnings estimates for FY3/24 and beyond to reflect this as a sustainable business. </li></ul>

Environmental Energy boosting earnings – Q1-3 FY3/24 results were ahead of expectation, with the company upwardly revising FY3/24 guidance.Demand remained firm from the automotive sector for the Procurement segment, but trading remained somewhat mixed in the Semiconductor and Electronic Components.The positive surprise was the sustained high levels of profitability in the Environmental Energy segment; we have raised our earnings estimates for FY3/24 and beyond to reflect this as a sustainable business. 

Restar Holdings (3156) - Factoring in Environmental Energy as a Key Earnings Contributor

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today post-close, <a href="https://www.smartkarma.com/entities/ryoyo-electro-corp" target="_blank" data-smartkarma-citation="entities:16757:1" rel="noopener">Ryoyo Electro (8068 JP)</a> and larger equity affiliate (20.1%) <a href="https://www.smartkarma.com/entities/ryosan-co-ltd" target="_blank" data-smartkarma-citation="entities:7795:1" rel="noopener">Ryosan Co Ltd (8140 JP)</a> announced their final Management Integration Plan (merger by holdco) after signalling a deal May23.</li>
<li>Activist-Ish-Y Silchester sold their stake in Ryosan to Ryoyo in February at a 20% premium. Activist Murakami-san had a top10 Ryosan stake end-March, went substantial 27 June, now owns 10%.</li>
<li>Both low-margin/ROE electronics traders have been subject to activist campaigns over the years. Both "survived". Now they are banding together to be a <em>bigger</em> independent low-margin electronics trader.</li>
</ul>


Today post-close, Ryoyo Electro (8068 JP) and larger equity affiliate (20.1%) Ryosan Co Ltd (8140 JP) announced their final Management Integration Plan (merger by holdco) after signalling a deal May23.
Activist-Ish-Y Silchester sold their stake in Ryosan to Ryoyo in February at a 20% premium. Activist Murakami-san had a top10 Ryosan stake end-March, went substantial 27 June, now owns 10%.
Both low-margin/ROE electronics traders have been subject to activist campaigns over the years. Both "survived". Now they are banding together to be a bigger independent low-margin electronics trader.


Ryoyo (8068) - Ryosan (8140): Recent and Former Activist Targets To Merge

<ul><li><span style="font-size: var(--content-font-size);">Focus maintained on growth, experiencing temporary headwinds – Q1 FY3/2024 results showcased the company's strong execution in driving growth, with sales increasing by 6.2% YoY. </span></li><li><span style="font-size: var(--content-font-size);">Although there was a major improvement in profitability in the Environmental Energy segment, the core Semiconductor and Electronics Components experienced a negative of persistent demand weakness in China.</span></li><li><span style="font-size: var(--content-font-size);"> There was also reduced spot demand, negative FX translation impact YoY and on inventory valuation, and allowance for doubtful debt related to a key customer. </span></li></ul>

Focus maintained on growth, experiencing temporary headwinds – Q1 FY3/2024 results showcased the company's strong execution in driving growth, with sales increasing by 6.2% YoY. Although there was a major improvement in profitability in the Environmental Energy segment, the core Semiconductor and Electronics Components experienced a negative of persistent demand weakness in China. There was also reduced spot demand, negative FX translation impact YoY and on inventory valuation, and allowance for doubtful debt related to a key customer. 

Restar Holdings (3156) - Remaining on Course with Business Transformation

<div><div><div><div><ul><li>Restar is a semiconductor and electronic components trading company with a historical affiliation to Sony (6758) as an authorized dealer, catering to a diverse and global customer base.</li><li>In May 2023, it announced an ambitious and expansive strategic initiative for business reorganization.</li><li>These initiatives include organizational changes from a holding company to an operating company, structural reforms, making ROIC (Return on Invested Capital) a critical management key performance indicator (KPI), and creating growth opportunities targeting the automotive and industrial sectors. </li></ul></div></div></div></div>

Restar is a semiconductor and electronic components trading company with a historical affiliation to Sony (6758) as an authorized dealer, catering to a diverse and global customer base.In May 2023, it announced an ambitious and expansive strategic initiative for business reorganization.These initiatives include organizational changes from a holding company to an operating company, structural reforms, making ROIC (Return on Invested Capital) a critical management key performance indicator (KPI), and creating growth opportunities targeting the automotive and industrial sectors. 

Restar Holdings (3156) - Seeking Higher Returns Through Business Reorganization

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Cross Asset Strategy

<p>Growth as a style has been the “norm” for years, is the “norm” about to end? The continued strategies by Central Bank’s towards a “<em>lower for longer stance around interest rates</em>”, extended the underperformance of value for most of 2020. However, with the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review. </p>

Growth as a style has been the “norm” for years, is the “norm” about to end? The continued strategies by Central Bank’s towards a “lower for longer stance around interest rates”, extended the underperformance of value for most of 2020. However, with the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review. 

Screening the Silk Road: Q1 2021 All Cap Screening - Free Cashflow (FCF)

Japan

Restar Holdings Corporation is a holding company which manages operations for its subsidiaries.  Group companies wholesale semiconductors, electronic components and equipment.  UKC Holdings also designs semiconductors and software through its subsidiaries.

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Restar Holdings Corporation (3156 JP)

Restar Holdings (3156) - Factoring in Environmental Energy as a Key Earnings Contributor

Environmental Energy boosting earnings – Q1-3 FY3/24 results were ahead of expectation, with the company upwardly revising FY3/24 guidance.

Astris Advisory Japan

Ryoyo (8068) - Ryosan (8140): Recent and Former Activist Targets To Merge

City Index Eleventh has issued a press release (link in Discussions) stating it believes the Ryoyo/Ryosan merger ratio disadvantages Ryosan...

Travis Lundy

Restar Holdings (3156) - Remaining on Course with Business Transformation

Focus maintained on growth, experiencing temporary headwinds – Q1 FY3/2024 results showcased the company's strong execution in driving growth, with...

Astris Advisory Japan

Restar Holdings (3156) - Seeking Higher Returns Through Business Reorganization

Restar is a semiconductor and electronic components trading company with a historical affiliation to Sony (6758) as an authorized dealer, catering...

Astris Advisory Japan

Screening the Silk Road: Q1 2021 All Cap Screening - Free Cashflow (FCF)

With the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review.

David Lepper

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