IR & Research Intelligence, Sessa Investment Research

Sessa Investment Research

IR & Research Intelligence

Sponsored research focusing on Japanese small cap.

Equity Bottom-Up

<ul><li>Equity financing boosts growth foundation: On September 29, 2025, MIGALO HOLDINGS Inc. (hereafter, the Company) announced a new share issuance and secondary offering involving close to 10% equity dilution, and raised a net total of JPY 2,956 mn.</li><li>Following the equity financing, its equity ratio improved to 27.6% and its net D/E ratio improved to 1.53x, which SIR believes strengthened the Company’s financial capacity to secure investment funding for future growth.</li><li>On November 14, the Company announced its Q2 FY2026/3 earnings results. Net sales decreased 5.8% YoY to JPY 15,378 mn, and operating profit decreased 1.0% YoY to JPY 1,131 mn.</li></ul>

Equity financing boosts growth foundation: On September 29, 2025, MIGALO HOLDINGS Inc. (hereafter, the Company) announced a new share issuance and secondary offering involving close to 10% equity dilution, and raised a net total of JPY 2,956 mn.Following the equity financing, its equity ratio improved to 27.6% and its net D/E ratio improved to 1.53x, which SIR believes strengthened the Company’s financial capacity to secure investment funding for future growth.On November 14, the Company announced its Q2 FY2026/3 earnings results. Net sales decreased 5.8% YoY to JPY 15,378 mn, and operating profit decreased 1.0% YoY to JPY 1,131 mn.

Q2 Follow-Up: MIGALO HOLDINGS (5535 JP) - December 9, 2025

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

<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

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

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

<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

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.

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Migalo Holdings (5535 JP)

Q2 Follow-Up: MIGALO HOLDINGS (5535 JP) - December 9, 2025

On September 29, 2025, MIGALO HOLDINGS Inc. (hereafter, the Company) announced a new share issuance and secondary offering involving close to 10%...

Sessa Investment Research

[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

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

We analyzed JPX margin trading positions report for the past week and highlighted Kawasaki Heavy Industries (7012 JP), Mitsubishi Ufj Financial...

Ke Yan, CFA, FRM

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

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...

Sessa Investment Research

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