Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/migalo-holdings-inc" target="_blank" data-smartkarma-citation="entities:43685:1" rel="noopener">Migalo Holdings (5535 JP)</a> is one of the rare TSE Prime-listed companies which got the boot from TOPIX, stayed in Prime, and is clawing its way back. </li>
<li>As of end-March-25, it met all the criteria to stay in Prime and rejoin TOPIX. Now they are launching a primary offering, and this may presage an effort to rejoin. </li>
<li>They are adding float and 10% of shares to the pile, in this ¥4.4-5.0bn offering. But instos are net short this stock. </li>
</ul>



Migalo Holdings (5535 JP) is one of the rare TSE Prime-listed companies which got the boot from TOPIX, stayed in Prime, and is clawing its way back. 
As of end-March-25, it met all the criteria to stay in Prime and rejoin TOPIX. Now they are launching a primary offering, and this may presage an effort to rejoin. 
They are adding float and 10% of shares to the pile, in this ¥4.4-5.0bn offering. But instos are net short this stock. 


[Japan ECM] MIGALO Holdings (5535 JP) Offering to Raise Capital, Generate Interest

IR & Research Intelligence, Sessa Investment Research

Sessa Investment Research

IR & Research Intelligence

Sponsored research focusing on Japanese small cap.

Equity Bottom-Up

<ul><li>On August 7, MIGALO HOLDINGS Inc. (hereafter, the Company) announced its Q1 FY2026 (April–June) earnings results.</li><li>Net sales increased 4.4% YoY to JPY 14,272 mn, and operating profit increased 23.1% YoY to JPY 975 mn.</li><li>As shown below, progress toward the Company’s full-year forecast got off to a roughly on-schedule start, with 23.8% of net sales and 34.8% of operating profit achieved.</li></ul>

On August 7, MIGALO HOLDINGS Inc. (hereafter, the Company) announced its Q1 FY2026 (April–June) earnings results.Net sales increased 4.4% YoY to JPY 14,272 mn, and operating profit increased 23.1% YoY to JPY 975 mn.As shown below, progress toward the Company’s full-year forecast got off to a roughly on-schedule start, with 23.8% of net sales and 34.8% of operating profit achieved.

Q1 Follow-Up - MIGALO HOLDINGS (5535 JP) - August 26, 2025

<ul><li>On May 12, 2025, MIGALO HOLDINGS Inc. (hereafter, the Company) announced its FY2025/3 full-year earnings results.</li><li>Net sales increased 21.2% YoY to JPY 51,709 mn, and operating profit increased 8.5% YoY to JPY 2,713 mn. Results were solid overall, with surpassing the initial forecast of JPY 50,000 mn for sales and JPY 2,600 mn for operating profit.</li><li>ROE came in at 12.9%, exceeding its management benchmark of 12.0%. </li></ul>

On May 12, 2025, MIGALO HOLDINGS Inc. (hereafter, the Company) announced its FY2025/3 full-year earnings results.Net sales increased 21.2% YoY to JPY 51,709 mn, and operating profit increased 8.5% YoY to JPY 2,713 mn. Results were solid overall, with surpassing the initial forecast of JPY 50,000 mn for sales and JPY 2,600 mn for operating profit.ROE came in at 12.9%, exceeding its management benchmark of 12.0%. 

Migalo Holdings (5535 JP)  - Q4 Follow-Up - May 23, 2025

<div><div><div><div><ul><li>On February 5, 2025, MIGALO HOLDINGS Inc. (hereafter, the Company) announced its Q3 (9M) FY2025/3 earnings results.</li><li>In 9M, net sales increased 24.1% YoY to JPY 40,340 mn, and operating profit fell 4.1% YoY to JPY 2,343 mn.</li><li>Q1 saw a decline in sales and profit due to the impact from last year’s concentration of new property deliveries. </li></ul></div></div></div></div>

On February 5, 2025, MIGALO HOLDINGS Inc. (hereafter, the Company) announced its Q3 (9M) FY2025/3 earnings results.In 9M, net sales increased 24.1% YoY to JPY 40,340 mn, and operating profit fell 4.1% YoY to JPY 2,343 mn.Q1 saw a decline in sales and profit due to the impact from last year’s concentration of new property deliveries. 

Migalo Holdings (5535 JP) - Excitement Is Building for Further Developments in FreeiD

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of May 30th. The aggregated net margin trading position is USD17,220m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco, Hitachi, Toyota Industries, Skylark, Toyota Motor, Sanrio, Ihi, Create Sd.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of May 30th. The aggregated net margin trading position is USD17,220m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco, Hitachi, Toyota Industries, Skylark, Toyota Motor, Sanrio, Ihi, Create Sd.


JPX Margin Trading Weekly (May 30th): Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco

Japan

MIGALO HOLDINGS Inc. provides information technology services. The Company offers facial recognition platform services, cloud integration services, and contracted system development services. MIGALO HOLDINGS also offers real estate development and sales, rental management, business management, and other services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Migalo Holdings (5535 JP)

[Japan ECM] MIGALO Holdings (5535 JP) Offering to Raise Capital, Generate Interest

MIGALO Holdings is in a kind of weird limbo. In TSE Prime, but not TOPIX. It meets all the requirements to stayin Prime, therefore re-enter TOPIX,...

Travis Lundy

Q1 Follow-Up - MIGALO HOLDINGS (5535 JP) - August 26, 2025

On August 7, MIGALO HOLDINGS Inc. (hereafter, the Company) announced its Q1 FY2026 (April–June) earnings results. Net sales increased 4.4% YoY to...

Sessa Investment Research