Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>Revenue declined by JPY2.9bn (-3.5% YoY), with significant decreases in Healthcare & Beauty and Lifestyle segments.</li><li>Rizap Co., Ltd. expanded chocoZAP gyms, achieving 1.1mn members, while MRK Holdings increased revenue by 4.9% YoY.</li><li>SD Entertainment's revenue rose 21.8% YoY, but higher SG&A expenses led to an operating loss of JPY76mn.</li></ul>

Revenue declined by JPY2.9bn (-3.5% YoY), with significant decreases in Healthcare & Beauty and Lifestyle segments.Rizap Co., Ltd. expanded chocoZAP gyms, achieving 1.1mn members, while MRK Holdings increased revenue by 4.9% YoY.SD Entertainment's revenue rose 21.8% YoY, but higher SG&A expenses led to an operating loss of JPY76mn.

Rizap Group (2928 JP): 1H FY03/26 flash update

<ul><li>Revenue declined by JPY543mn (-1.3% YoY), with both Healthcare & Beauty and Lifestyle segments posting decreases in revenue.</li><li>Rizap-related businesses' revenue was JPY11.0bn (-7.4% YoY), with improved profitability in the chocoZAP business.</li><li>SD Entertainment recorded revenue of JPY1.1bn (+22.2% YoY) but faced a wider operating loss due to higher SG&A expenses.</li></ul>

Revenue declined by JPY543mn (-1.3% YoY), with both Healthcare & Beauty and Lifestyle segments posting decreases in revenue.Rizap-related businesses' revenue was JPY11.0bn (-7.4% YoY), with improved profitability in the chocoZAP business.SD Entertainment recorded revenue of JPY1.1bn (+22.2% YoY) but faced a wider operating loss due to higher SG&A expenses.

Rizap Group (2928 JP): Q1 FY03/26 flash update

<ul><li>Revenue increased by 5.2% YoY to JPY171.1bn, with operating profit rising to JPY1.9bn from a JPY648mn loss.</li><li>MRK Holdings reported JPY21.2bn revenue (+8.0% YoY) and JPY395mn operating profit (-28.4% YoY), with strong e-commerce sales.</li><li>FY03/26 forecast: Revenue JPY172.0bn (+0.5% YoY), operating profit JPY11.0bn (+484.5% YoY), pre-tax profit JPY8.6bn.</li></ul>

Revenue increased by 5.2% YoY to JPY171.1bn, with operating profit rising to JPY1.9bn from a JPY648mn loss.MRK Holdings reported JPY21.2bn revenue (+8.0% YoY) and JPY395mn operating profit (-28.4% YoY), with strong e-commerce sales.FY03/26 forecast: Revenue JPY172.0bn (+0.5% YoY), operating profit JPY11.0bn (+484.5% YoY), pre-tax profit JPY8.6bn.

Rizap Group (2928 JP): Full-year FY03/25 flash update

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fast-fitness-japan-inc" target="_blank" data-smartkarma-citation="entities:31510:1" rel="noopener">Fast Fitness Japan Inc (7092 JP)</a> has recommended a JGIA-sponsored MBO at JPY2,315, a 29.3% premium to the undisturbed price (31 October).</li>
<li>There was media speculation about a tender offer last month. The offer is arguably light as it is below the mid-point of the IFA DCF valuation range. </li>
<li>This is a done deal as the irrevocables to tender (20.65% ownership ratio) exceed the lower limit of the tender offer (17.12% ownership ratio).</li>
</ul>



Fast Fitness Japan Inc (7092 JP) has recommended a JGIA-sponsored MBO at JPY2,315, a 29.3% premium to the undisturbed price (31 October).
There was media speculation about a tender offer last month. The offer is arguably light as it is below the mid-point of the IFA DCF valuation range. 
This is a done deal as the irrevocables to tender (20.65% ownership ratio) exceed the lower limit of the tender offer (17.12% ownership ratio).


Fast Fitness Japan (7092 JP): JGIA-Sponsored MBO Is a Done Deal

<ul><li>Revenue increased by JPY6.9bn YoY, driven by chocoZAP membership growth, despite Lifestyle segment store closures.</li><li>Rizap-related businesses reported JPY25.1bn revenue (+43.2% YoY) with narrowed operating loss due to strategic investments in chocoZAP.</li><li>REXT Co., Ltd. revenue decreased by JPY3.5bn YoY due to store closures and inventory liquidation, impacting profitability.</li></ul>

Revenue increased by JPY6.9bn YoY, driven by chocoZAP membership growth, despite Lifestyle segment store closures.Rizap-related businesses reported JPY25.1bn revenue (+43.2% YoY) with narrowed operating loss due to strategic investments in chocoZAP.REXT Co., Ltd. revenue decreased by JPY3.5bn YoY due to store closures and inventory liquidation, impacting profitability.

Rizap Group (2928 JP): 1H FY03/25 flash update

Japan

Rizap Group Inc provides low calorie foods including soy milk cookies, diet drinks, and supplements.  The Company sells its products through mail order.

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Rizap Group (2928 JP)