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Astris Advisory Japan

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Restar Holdings Corporation / Equity Bottom-Up

<ul><li>Q1-2 FY3/26 results showed signs of stabilisation, which was a positive development.</li><li>Restar showed clear earnings recovery in Q2 FY3/26, with OPM improving to 2.3% from 1.2% in Q1 FY3/26, signalling that earnings momentum is returning after a weak start to the year.</li><li>Adjusting for yen appreciation, underlying sales rose 3.5% YoY. </li></ul>

Q1-2 FY3/26 results showed signs of stabilisation, which was a positive development.Restar showed clear earnings recovery in Q2 FY3/26, with OPM improving to 2.3% from 1.2% in Q1 FY3/26, signalling that earnings momentum is returning after a weak start to the year.Adjusting for yen appreciation, underlying sales rose 3.5% YoY. 

Restar (3156 JP) - Earnings Momentum Regained

<ul><li>Business scaling and transforming – Q1-4 FY3/25 results were in line with our expectations, with a relatively resilient underlying earnings trend YoY despite FX headwinds and difficult macro conditions.</li><li>Restar’s roll-up strategy contributed to a 9.5% YoY sales growth. Profitability declined due to a deteriorating sales mix in the Device business and intensifying competition in the power supply-demand adjustment market in Eco solutions.</li><li>Progress is evident for business transformation efforts to introduce high-value-added services, with the consolidated PCI Group rebranded as the IT &amp; SIer BU (business unit). F</li></ul>

Business scaling and transforming – Q1-4 FY3/25 results were in line with our expectations, with a relatively resilient underlying earnings trend YoY despite FX headwinds and difficult macro conditions.Restar’s roll-up strategy contributed to a 9.5% YoY sales growth. Profitability declined due to a deteriorating sales mix in the Device business and intensifying competition in the power supply-demand adjustment market in Eco solutions.Progress is evident for business transformation efforts to introduce high-value-added services, with the consolidated PCI Group rebranded as the IT &amp; SIer BU (business unit). F

Restar (3156 JP) - Progress Required to Unlock Full Potential

<ul><li>Q1-3 FY3/25 results underlined Restar’s positive sales growth profile (+11.2% YoY) driven by its roll-up M&amp;A strategy, a strong demand environment for cameras and PC-related products in consumer products, and smartphone demand driving EMS activity YoY.</li><li>However, headwinds persist in the form of continued delay in demand recovery from the Industrial sector, a sales mix lowering gross margin, and negative impact from a strengthening Japanese yen.</li><li>We have not seen concrete evidence of cost savings from post-merger integration activities. </li></ul>

Q1-3 FY3/25 results underlined Restar’s positive sales growth profile (+11.2% YoY) driven by its roll-up M&amp;A strategy, a strong demand environment for cameras and PC-related products in consumer products, and smartphone demand driving EMS activity YoY.However, headwinds persist in the form of continued delay in demand recovery from the Industrial sector, a sales mix lowering gross margin, and negative impact from a strengthening Japanese yen.We have not seen concrete evidence of cost savings from post-merger integration activities. 

Restar (3156 JP) - Positioning for Future Demand Upturn

<ul>
<li>Some speed bumps at the Device segment – Continuing positive demand from the smartphone sector and sustained growth at the Eco-Solution segment were overshadowed by a loss in earnings momentum at the Devices segment in Q1-2 FY3/25.</li>
<li>The recovery in demand from the industrial sector remains delayed, together with a sales mix lowering gross margins and FX impact contributing to overall OP falling 3.8% YoY, despite 11.3% sales growth driven primarily by acquisitive growth.</li>
<li>The current outlook for H2 FY3/25 is assisted by the weak Japanese yen, acquisitive growth, and we expect to see a continuation of the positive demand themes from smartphone and alternative energy.</li>
</ul>


Some speed bumps at the Device segment – Continuing positive demand from the smartphone sector and sustained growth at the Eco-Solution segment were overshadowed by a loss in earnings momentum at the Devices segment in Q1-2 FY3/25.
The recovery in demand from the industrial sector remains delayed, together with a sales mix lowering gross margins and FX impact contributing to overall OP falling 3.8% YoY, despite 11.3% sales growth driven primarily by acquisitive growth.
The current outlook for H2 FY3/25 is assisted by the weak Japanese yen, acquisitive growth, and we expect to see a continuation of the positive demand themes from smartphone and alternative energy.


Restar (3156) - Market Challenges but Maintaining Growth Direction

<ul><li>Positive numbers and strategically aligned M&amp;A – Q1 FY3/25 results demonstrated a strong start to the FY, with most business segments performing ahead of plan.</li><li>Positive demand from the auto and smartphone sectors and acquisitive growth drove sales volume and improved profitability YoY.</li><li>The high return Eco-solutions segment also performed solidly, contributing to sales and earnings growth YoY. </li></ul>

Positive numbers and strategically aligned M&amp;A – Q1 FY3/25 results demonstrated a strong start to the FY, with most business segments performing ahead of plan.Positive demand from the auto and smartphone sectors and acquisitive growth drove sales volume and improved profitability YoY.The high return Eco-solutions segment also performed solidly, contributing to sales and earnings growth YoY. 

Restar (3156 JP) - Robust Start to FY3/25 and Key M&A Shift to IT Services

Japan

Restar Holdings Corporation is a holding company which manages operations for its subsidiaries.  Group companies wholesale semiconductors, electronic components and equipment.  UKC Holdings also designs semiconductors and software through its subsidiaries.

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Restar Holdings Corporation (3156 JP)

Restar (3156 JP) - Earnings Momentum Regained

Restar showed clear earnings recovery in Q2 FY3/26, with OPM improving to 2.3% from 1.2% in Q1 FY3/26, signalling that earnings momentum is...

Astris Advisory Japan

Restar (3156 JP) - Progress Required to Unlock Full Potential

Q1-4 FY3/25 results were in line with our expectations, with a relatively resilient underlying earnings trend YoY despite FX headwinds and...

Astris Advisory Japan

Restar (3156 JP) - Positioning for Future Demand Upturn

Q1-3 FY3/25 results underlined Restar’s positive sales growth profile (+11.2% YoY) driven by its roll-up M&A strategy, a strong demand environment...

Astris Advisory Japan

Restar (3156) - Market Challenges but Maintaining Growth Direction

Continuing positive demand from the smartphone sector and sustained growth at the Eco-Solution segment were overshadowed by a loss in earnings...

Astris Advisory Japan

Restar (3156 JP) - Robust Start to FY3/25 and Key M&A Shift to IT Services

Positive numbers and strategically aligned M&A – Q1 FY3/25 results demonstrated a strong start to the FY, with most business segments performing...

Astris Advisory Japan

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