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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.

Equity Bottom-Up

Restar Holdings Corporation / Equity Bottom-Up

<ul>
<li>Trend to remain positive – Registering OP growth of 487% YoY, Q1 FY3/27 results were significantly ahead of expectations, with Restar strongly positioned to benefit from AI-driven data center investment demand and rising prices for key products.</li>
<li>Taking these factors into account, the company has revised FY guidance and DPS upward.</li>
<li>We believe the earnings outlook remains strong, with continued high order visibility, rather than scenarios where demand is driven by a temporary supply shock or customer pre-buying. </li>
</ul>


Trend to remain positive – Registering OP growth of 487% YoY, Q1 FY3/27 results were significantly ahead of expectations, with Restar strongly positioned to benefit from AI-driven data center investment demand and rising prices for key products.
Taking these factors into account, the company has revised FY guidance and DPS upward.
We believe the earnings outlook remains strong, with continued high order visibility, rather than scenarios where demand is driven by a temporary supply shock or customer pre-buying. 


Restar (3156 JP) - Maintaining an Upward Trajectory

<ul><li>Tracking in line, monitoring developments – Q1-3 FY3/26 results were broadly in line, with the core Device Business Unit (BU) driving both sales and earnings growth, although profitability softened modestly.</li><li>Overall earnings visibility is mixed; industrial equipment and auto sectors are showing signs of demand momentum for the Device BU, while heightened competition lowered returns in the System BU’s Eco-solutions sub-segment in the supply–demand adjustment market.</li><li>The company is approaching the final year of its current Medium-Term management Plan in FY3/27, and visibility on the outlook is still developing, given 1) limited time remaining to conduct targeted M&amp;A activity, and 2) sales mix improvements yet to materialize from the IT&amp;SIer and the to-be-established Engineering Business Units.</li></ul>

Tracking in line, monitoring developments – Q1-3 FY3/26 results were broadly in line, with the core Device Business Unit (BU) driving both sales and earnings growth, although profitability softened modestly.Overall earnings visibility is mixed; industrial equipment and auto sectors are showing signs of demand momentum for the Device BU, while heightened competition lowered returns in the System BU’s Eco-solutions sub-segment in the supply–demand adjustment market.The company is approaching the final year of its current Medium-Term management Plan in FY3/27, and visibility on the outlook is still developing, given 1) limited time remaining to conduct targeted M&amp;A activity, and 2) sales mix improvements yet to materialize from the IT&amp;SIer and the to-be-established Engineering Business Units.

<ul><li>After conducting a business reorganization and accelerating M&amp;A activity, Restar has embarked on a high-impact medium-term management plan.</li><li>This broadly involves 1) around half of ¥90bn capital allocation directed toward growth investments, with the remainder for working capital requirements in existing operations and post-merger integration (PMI) activities</li><li>2) establishing a new high-value-added Engineering business unit, with these efforts reflecting a clear focus on improving overall profitability. </li></ul>

After conducting a business reorganization and accelerating M&amp;A activity, Restar has embarked on a high-impact medium-term management plan.This broadly involves 1) around half of ¥90bn capital allocation directed toward growth investments, with the remainder for working capital requirements in existing operations and post-merger integration (PMI) activities2) establishing a new high-value-added Engineering business unit, with these efforts reflecting a clear focus on improving overall profitability. 

Restar (3156 JP) - Accelerating Growth Through M&A and High-Value-Added Services

<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

Thematic (Sector/Industry)

<ul><li>This inaugural edition of the Astris Advisory Japan Annual Directory presents our corporate equity research coverage to support informed decision-making across the global investment community, corporates, and financial institutions.</li><li>As an independent research firm, Astris Advisory Japan operates differently from traditional sell-side institutions, enabling us to deliver research tailored to our clients’ strategic communication needs, prepared in accordance with internal standards and disclosure policies.</li><li>Leveraging a global network of institutional investors and international distribution partners, we enhance corporate visibility, broaden investor reach, and facilitate meaningful engagement with long-term capital providers. </li></ul>

This inaugural edition of the Astris Advisory Japan Annual Directory presents our corporate equity research coverage to support informed decision-making across the global investment community, corporates, and financial institutions.As an independent research firm, Astris Advisory Japan operates differently from traditional sell-side institutions, enabling us to deliver research tailored to our clients’ strategic communication needs, prepared in accordance with internal standards and disclosure policies.Leveraging a global network of institutional investors and international distribution partners, we enhance corporate visibility, broaden investor reach, and facilitate meaningful engagement with long-term capital providers. 

Annual Directory: Corporate Research - January 2026

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) - Maintaining an Upward Trajectory

Registering OP growth of 487% YoY, Q1 FY3/27 results were significantly ahead of expectations, with Restar strongly positioned to benefit from AI...

Astris Advisory Japan

Restar (3156 JP) - Monitoring Next Steps

Q1-3 FY3/26 results were broadly in line, with the core Device Business Unit (BU) driving both sales and earnings growth, although profitability...

Astris Advisory Japan

Restar (3156 JP) - Accelerating Growth Through M&A and High-Value-Added Services

After conducting a business reorganization and accelerating M&A activity, Restar has embarked on a high-impact medium-term management plan.

Astris Advisory Japan

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

Annual Directory: Corporate Research - January 2026

This inaugural edition of the Astris Advisory Japan Annual Directory presents our corporate equity research coverage to support informed decision...

Astris Advisory Japan

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