Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>Sales reached JPY337.9bn (+4.0% YoY), with operating profit at JPY16.4bn (+7.8% YoY), and net income JPY11.5bn (+7.6% YoY).</li><li>Sales and operating profit increased YoY across all segments except Vending Machine Services, with record highs in operating and recurring profit.</li><li>The company announced a tender offer by Aeon Co., Ltd., leading to expected delisting and no FY02/26 forecast.</li></ul>

Sales reached JPY337.9bn (+4.0% YoY), with operating profit at JPY16.4bn (+7.8% YoY), and net income JPY11.5bn (+7.6% YoY).Sales and operating profit increased YoY across all segments except Vending Machine Services, with record highs in operating and recurring profit.The company announced a tender offer by Aeon Co., Ltd., leading to expected delisting and no FY02/26 forecast.

Aeon Delight (9787 JP): Full-year FY02/25 flash update

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aeon-delight-co-ltd" target="_blank" data-smartkarma-citation="entities:16763:1" rel="noopener">Aeon Delight (9787 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a> at JPY5,400 per share, a 15.3% premium to the last close.</li>
<li>Despite the skinny premium, the offer is reasonable compared to historical trading ranges and peer multiples. The offer represents an all-time high. </li>
<li>The offer aligns with the midpoint of the special committee IFA’s DCF valuation range and is marginally below the Board's requested price. The required minority acceptance rate is attainable. </li>
</ul>



Aeon Delight (9787 JP) has recommended a tender offer from Aeon Co Ltd (8267 JP) at JPY5,400 per share, a 15.3% premium to the last close.
Despite the skinny premium, the offer is reasonable compared to historical trading ranges and peer multiples. The offer represents an all-time high. 
The offer aligns with the midpoint of the special committee IFA’s DCF valuation range and is marginally below the Board's requested price. The required minority acceptance rate is attainable. 


Aeon Delight (9787 JP): Aeon’s (8267 JP) JPY5,400 Tender Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Bowing before bureaucratic, governmental, societal, and perhaps finally shareholder pressure, <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a> Friday announced it is rolling up two big subsidiaries. </li>
<li>Aeon Mall will be merged with Aeon in a share exchange and <a href="https://www.smartkarma.com/entities/aeon-delight-co-ltd" target="_blank" data-smartkarma-citation="entities:16763:1" rel="noopener">Aeon Delight (9787 JP)</a> will be taken over via slightly long-dated Tender Offer which starts Monday.</li>
<li>This is probably the wrong price, but it isn't <em>egregiously</em> wrong I expect. And it would be difficult to block. I expect it gets done easily.</li>
</ul>


Bowing before bureaucratic, governmental, societal, and perhaps finally shareholder pressure, Aeon Co Ltd (8267 JP) Friday announced it is rolling up two big subsidiaries. 
Aeon Mall will be merged with Aeon in a share exchange and Aeon Delight (9787 JP) will be taken over via slightly long-dated Tender Offer which starts Monday.
This is probably the wrong price, but it isn't egregiously wrong I expect. And it would be difficult to block. I expect it gets done easily.


Aeon Tender Offer for Aeon Delight (9787) At ¥5,400/Share

<ul><li>Sales increased by 4.7% YoY to JPY253.4bn, with operating profit rising 9.2% YoY to JPY11.9bn.</li><li>Profit growth exceeded sales growth due to improved GPM and lower SG&A expenses across five segments.</li><li>The company announced the cancellation of 700,000 treasury shares, representing 1.42% of total outstanding shares.</li></ul>

Sales increased by 4.7% YoY to JPY253.4bn, with operating profit rising 9.2% YoY to JPY11.9bn.Profit growth exceeded sales growth due to improved GPM and lower SG&A expenses across five segments.The company announced the cancellation of 700,000 treasury shares, representing 1.42% of total outstanding shares.

Aeon Delight (9787 JP): Q3 FY02/25 flash update

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Index Rebalance

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.</li>
<li>Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-May 2025.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-May 2025.


Quiddity JPX-Nikkei 400 Rebal 2025: End-May 2025 Ranks

Japan

AEON DELIGHT CO., LTD. is a building maintenance company.  The Company provides services such as cleaning, security, and equipment management for buildings.

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Aeon Delight (9787 JP)