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>In Q1 FY12/26, Inforich's revenue was JPY4.1bn (+35.0% YoY), with net income at JPY301mn (+162.1% YoY).</li><li>Domestic CHARGESPOT segment revenue grew 33.5% YoY to JPY2.8bn, with segment profit at JPY585mn.</li><li>Platform Service segment revenue rose 52.8% YoY to JPY204mn, achieving a segment profit of JPY15mn.</li></ul>

In Q1 FY12/26, Inforich's revenue was JPY4.1bn (+35.0% YoY), with net income at JPY301mn (+162.1% YoY).Domestic CHARGESPOT segment revenue grew 33.5% YoY to JPY2.8bn, with segment profit at JPY585mn.Platform Service segment revenue rose 52.8% YoY to JPY204mn, achieving a segment profit of JPY15mn.

Inforich (9338 JP): Q1 FY12/26 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On Friday, Bain Capital announced it would buy ChargeSpot provider <a href="https://www.smartkarma.com/entities/inforich-inc" target="_blank" data-smartkarma-citation="entities:46391:1" rel="noopener">Inforich (9338 JP)</a> in an MBO which takes the CEO out of most of his position (and margin debt).</li>
<li>The price is a strong ¥4,560/share which is a 116% premium. That is a 52-week high. It is not a 53-week high. </li>
<li>The register may be somewhat open. It's a high premium, but low multiple on high WACC. Seems light-ish but their moat may not be that high.</li>
</ul>


On Friday, Bain Capital announced it would buy ChargeSpot provider Inforich (9338 JP) in an MBO which takes the CEO out of most of his position (and margin debt).
The price is a strong ¥4,560/share which is a 116% premium. That is a 52-week high. It is not a 53-week high. 
The register may be somewhat open. It's a high premium, but low multiple on high WACC. Seems light-ish but their moat may not be that high.


[Japan M&A] Bain Capital To Buy Growthy Inforich (9338 JP) - High Premium but Low Multiple

<ul><li>In FY12/25, Inforich reported revenue of JPY14.4bn (+34.9% YoY), EBITDA of JPY4.2bn (+42.1% YoY), and net income of JPY1.8bn (-13.6% YoY).</li><li>Domestic CHARGESPOT revenue was JPY10.3bn (+23.7% YoY), while Overseas CHARGESPOT revenue increased 47.4% YoY to JPY3.3bn.</li><li>For FY12/26, the company forecasts revenue of JPY17.1bn (+18.4% YoY) and net income of JPY1.2bn (-33.5% YoY).</li></ul>

In FY12/25, Inforich reported revenue of JPY14.4bn (+34.9% YoY), EBITDA of JPY4.2bn (+42.1% YoY), and net income of JPY1.8bn (-13.6% YoY).Domestic CHARGESPOT revenue was JPY10.3bn (+23.7% YoY), while Overseas CHARGESPOT revenue increased 47.4% YoY to JPY3.3bn.For FY12/26, the company forecasts revenue of JPY17.1bn (+18.4% YoY) and net income of JPY1.2bn (-33.5% YoY).

Inforich (9338 JP): Full-year FY12/25 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.

<ul>
<li>Inforich has recommended a Bain-sponsored MBO at JPY4,560, a 116.6% premium to the last close. </li>
<li>The offer is arguably attractive given the hefty premium and aligns with the midpoint of the IFA DCF valuation range. Also, Inforich's near-term outlook remains challenging. </li>
<li>However, the offer is light, as it is below the 52-week high, the IFA forecasts are well below the VISION 2030 plan, and the MBO will benefit from cost front-loading. </li>
</ul>


Inforich has recommended a Bain-sponsored MBO at JPY4,560, a 116.6% premium to the last close. 
The offer is arguably attractive given the hefty premium and aligns with the midpoint of the IFA DCF valuation range. Also, Inforich's near-term outlook remains challenging. 
However, the offer is light, as it is below the 52-week high, the IFA forecasts are well below the VISION 2030 plan, and the MBO will benefit from cost front-loading. 


Inforich (9338 JP): Bain-Sponsored MBO at a 117% Premium, but Is Potentially Light

David Blennerhassett

<ul>
<li>For April 2026, 8 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$7bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in April was ~56%, and a year-to-date average of 45%.</li>
<li>The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For April 2026, 8 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$7bn.
The average premium for the new transactions announced (or first discussed) in April was ~56%, and a year-to-date average of 45%.
The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.


Asia-Pac M&A, April 2026 Wrap: Atlas Arteria, European Lithium, OOh!Media, Global Ltd, Taiyo Holding

Japan

Inforich Inc. offers commercial services. The Company provides mobile battery sharing, social media photo printing, and other services. Inforich also operates digital signage using, advertising, marketing, hardware and software development, and other services.

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Inforich (9338 JP)

Inforich (9338 JP): Q1 FY12/26 flash update

In Q1 FY12/26, Inforich's revenue was JPY4.1bn (+35.0% YoY), with net income at JPY301mn (+162.1% YoY). Domestic CHARGESPOT segment revenue grew...

Shared Research

[Japan M&A] Bain Capital To Buy Growthy Inforich (9338 JP) - High Premium but Low Multiple

Bain and the founder will do a takeout of fast-growing charging kiosk/rental battery provider Inforich. Strong premium which takes it to a 52wk...

Travis Lundy

Inforich (9338 JP): Full-year FY12/25 flash update

In FY12/25, Inforich reported revenue of JPY14.4bn (+34.9% YoY), EBITDA of JPY4.2bn (+42.1% YoY), and net income of JPY1.8bn (-13.6%...

Shared Research

Inforich (9338 JP): Bain-Sponsored MBO at a 117% Premium, but Is Potentially Light

Despite the huge takeover premium, the offer is light for several reasons. However, unless an activist emerges, the offer will succeed at current...

Arun George

Asia-Pac M&A, April 2026 Wrap: Atlas Arteria, European Lithium, OOh!Media, Global Ltd, Taiyo Holding

The average premium for the new transactions announced (or first discussed) in April was ~56%, and a year-to-date average of 45%.

David Blennerhassett

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52-week Range

Market Cap (USDm)

P/E

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