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.

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Mitsubishi Research Institut / Equity Bottom-Up

<ul><li>Positioned to rebuild – FY9/25 results saw MRI record YoY revenue growth for the first time in two years, profit growth for the first time in three years, and a record-high GPM of 23.7% driven by high consultant utilization.</li><li>Earnings visibility is improving, driven by strong order growth (+19.4 % YoY at TTC) and a rising backlog.</li><li>However, we believe FY9/26 guidance indicates management’s priority is to rebuild the business, with key initiatives to expand the concentration domains in TTC (electric power and energy, medical and long-term care, business analytics and AI) and the growth area in ITS (public and electric power, HR and education, financial, DA and AI). </li></ul>

Positioned to rebuild – FY9/25 results saw MRI record YoY revenue growth for the first time in two years, profit growth for the first time in three years, and a record-high GPM of 23.7% driven by high consultant utilization.Earnings visibility is improving, driven by strong order growth (+19.4 % YoY at TTC) and a rising backlog.However, we believe FY9/26 guidance indicates management’s priority is to rebuild the business, with key initiatives to expand the concentration domains in TTC (electric power and energy, medical and long-term care, business analytics and AI) and the growth area in ITS (public and electric power, HR and education, financial, DA and AI). 

Mitsubishi Research Institute (3636) - Focus on Restoring Business Momentum

<ul><li>Slower OP expansion than expected – Consolidated OP declined (-18.7% YoY) in Q2 FY9/25, owing to additional one-off costs for IT Service (ITS).</li><li>These costs lowered the segment OP (-33.9% YoY) and OP margin (Q2 FY9/24 8.9%, Q2 FY9/25 5.8%).</li><li>Think Tank &amp; Consulting Services (TTC) also contributed to the overall weakness in consolidated OP as the segment OP declined (-10.8% YoY), which was triggered by weak revenue growth. </li></ul>

Slower OP expansion than expected – Consolidated OP declined (-18.7% YoY) in Q2 FY9/25, owing to additional one-off costs for IT Service (ITS).These costs lowered the segment OP (-33.9% YoY) and OP margin (Q2 FY9/24 8.9%, Q2 FY9/25 5.8%).Think Tank &amp; Consulting Services (TTC) also contributed to the overall weakness in consolidated OP as the segment OP declined (-10.8% YoY), which was triggered by weak revenue growth. 

Mitsubishi Research Institute (3636 JP) - Posing a Bleak Near-Term Outlook

<ul>
<li>Mitsubishi Research Institute (MRI) provides consulting services, as well as research and analysis, for the financial sector, government agencies, and the private sector.</li>
<li>Profitability is poised to expand through acquiring new clients, growing recurring business, and focusing on profitable projects by moving up the value chain towards upstream consulting within the current medium-term plan (FY9/24-FY9/26).</li>
<li>MRI aims to achieve 12% ROE by FY9/26 with such initiatives (7.5% FY9/24). Having a strong balance sheet with a net cash position, MRI plans to increase capital allocation to M&amp;A, driving non-organic growth. </li>
</ul>


Mitsubishi Research Institute (MRI) provides consulting services, as well as research and analysis, for the financial sector, government agencies, and the private sector.
Profitability is poised to expand through acquiring new clients, growing recurring business, and focusing on profitable projects by moving up the value chain towards upstream consulting within the current medium-term plan (FY9/24-FY9/26).
MRI aims to achieve 12% ROE by FY9/26 with such initiatives (7.5% FY9/24). Having a strong balance sheet with a net cash position, MRI plans to increase capital allocation to M&amp;A, driving non-organic growth. 


Mitsubishi Research Institute (3636 JP) - 6 January 2025

Research Coverage of Japanese Listed Companies, Shared Research Inc

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<ul><li>Adoption of new revenue recognition standards increased FY09/22 revenue by JPY2.6bn and decreased order backlog by JPY11.2bn.</li><li>FY09/24 revenue reached 99.5% of revised forecast, with operating profit at 94.1% and net income at 96.2%.</li><li>FY09/25 forecast anticipates 11.0% YoY revenue growth, focusing on green, digital, and healthcare transformations and strategic staffing.</li></ul>

Adoption of new revenue recognition standards increased FY09/22 revenue by JPY2.6bn and decreased order backlog by JPY11.2bn.FY09/24 revenue reached 99.5% of revised forecast, with operating profit at 94.1% and net income at 96.2%.FY09/25 forecast anticipates 11.0% YoY revenue growth, focusing on green, digital, and healthcare transformations and strategic staffing.

Mitsubishi Research Institut (3636 JP): Full-year FY09/24 flash update

<ul><li>Adoption of new revenue recognition standards increased FY09/22 revenue by JPY2.6bn, operating profit by JPY1.0bn, and reduced order backlog by JPY11.2bn.</li><li>FY09/23 revenue decreased by 6.8% YoY to JPY90.3bn, with operating profit down 15.8% YoY to JPY7.1bn.</li><li>Revised FY09/24 forecast predicts revenue of JPY116.0bn (-5.0% YoY) and operating profit of JPY7.5bn (-13.7% YoY).</li></ul>

Adoption of new revenue recognition standards increased FY09/22 revenue by JPY2.6bn, operating profit by JPY1.0bn, and reduced order backlog by JPY11.2bn.FY09/23 revenue decreased by 6.8% YoY to JPY90.3bn, with operating profit down 15.8% YoY to JPY7.1bn.Revised FY09/24 forecast predicts revenue of JPY116.0bn (-5.0% YoY) and operating profit of JPY7.5bn (-13.7% YoY).

Mitsubishi Research Institut (3636 JP): Q3 FY09/24 flash update

Japan

Mitsubishi Research Institute,Inc. provides consulting and Information Technology solution services.  Consulting service includes research, survey analysis and business management strategy. IT solution service includes management system or software development and business process maintenance.

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Mitsubishi Research Institut (3636 JP)

Mitsubishi Research Institute (3636) - Focus on Restoring Business Momentum

FY9/25 results saw MRI record YoY revenue growth for the first time in two years, profit growth for the first time in three years, and a record...

Astris Advisory Japan

Mitsubishi Research Institute (3636 JP) - Posing a Bleak Near-Term Outlook

Slower OP expansion than expected – Consolidated OP declined (-18.7% YoY) in Q2 FY9/25, owing to additional one-off costs for IT Service (ITS).

Astris Advisory Japan

Mitsubishi Research Institute (3636 JP) - 6 January 2025

Mitsubishi Research Institute (MRI) provides consulting services, as well as research and analysis, for the financial sector, government agencies,...

Astris Advisory Japan