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>Shin Maint Holdings reported FY02/26 revenue of JPY29.9bn (+16.5% YoY) and operating profit of JPY1.9bn (+21.1% YoY).</li><li>For FY02/27, the company forecasts revenue of JPY33.4bn (+11.4% YoY) and operating profit of JPY2.0bn (+7.7% YoY).</li><li>The company plans an annual dividend of JPY22.0 per share, up JPY2.0 YoY, with a payout ratio of 31.4%.</li></ul>

Shin Maint Holdings reported FY02/26 revenue of JPY29.9bn (+16.5% YoY) and operating profit of JPY1.9bn (+21.1% YoY).For FY02/27, the company forecasts revenue of JPY33.4bn (+11.4% YoY) and operating profit of JPY2.0bn (+7.7% YoY).The company plans an annual dividend of JPY22.0 per share, up JPY2.0 YoY, with a payout ratio of 31.4%.

Shin Pro Maint (6086 JP): Full-year FY02/26 flash update

<ul><li>Revenue increased 16.7% YoY to JPY23.2bn, driven by strong performance in Emergency and Preventive Maintenance Services.</li><li>Shin Maint Holdings raised FY02/26 annual dividend forecast by JPY2.0 to JPY20.0 per share, reflecting progress.</li><li>An absorption-type merger was approved, with TESCO Co., Ltd. as the surviving company, effective March 1, 2026.</li></ul>

Revenue increased 16.7% YoY to JPY23.2bn, driven by strong performance in Emergency and Preventive Maintenance Services.Shin Maint Holdings raised FY02/26 annual dividend forecast by JPY2.0 to JPY20.0 per share, reflecting progress.An absorption-type merger was approved, with TESCO Co., Ltd. as the surviving company, effective March 1, 2026.

Shin Pro Maint (6086 JP): Q3 FY02/26 flash update

<ul><li>Revenue increased 17.0% YoY to JPY15.4bn, driven by strong Emergency and Preventive Maintenance Services performance. </li><li>Operating profit rose 25.6% YoY to JPY1.2bn, with an OPM increase of 0.5pp YoY to 7.5%. </li><li>Shin Maint Holdings expanded market share by acquiring new customers and projects from competitors, enhancing sales activities.</li></ul>

Revenue increased 17.0% YoY to JPY15.4bn, driven by strong Emergency and Preventive Maintenance Services performance. Operating profit rose 25.6% YoY to JPY1.2bn, with an OPM increase of 0.5pp YoY to 7.5%. Shin Maint Holdings expanded market share by acquiring new customers and projects from competitors, enhancing sales activities.

Shin Pro Maint (6086 JP): 1H FY02/26 flash update

<ul><li>Revenue increased 17.0% YoY to JPY6.7bn, driven by strong performance in Emergency and Preventive Maintenance Services.</li><li>Operating profit rose 30.6% YoY to JPY446mn, with an operating profit margin up 0.7pp YoY to 6.6%.</li><li>Shin Maint Holdings expanded market share by winning projects from competitors and forming a specialized air conditioning team.</li></ul>

Revenue increased 17.0% YoY to JPY6.7bn, driven by strong performance in Emergency and Preventive Maintenance Services.Operating profit rose 30.6% YoY to JPY446mn, with an operating profit margin up 0.7pp YoY to 6.6%.Shin Maint Holdings expanded market share by winning projects from competitors and forming a specialized air conditioning team.

Shin Pro Maint (6086 JP): Q1 FY02/26 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/aeon-delight-co-ltd" target="_blank" data-smartkarma-citation="entities:16763:1" rel="noopener">Aeon Delight (9787 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a> at JPY5,400 per share, a 15.3% premium to the last close.</li>
<li>Despite the skinny premium, the offer is reasonable compared to historical trading ranges and peer multiples. The offer represents an all-time high. </li>
<li>The offer aligns with the midpoint of the special committee IFA’s DCF valuation range and is marginally below the Board's requested price. The required minority acceptance rate is attainable. </li>
</ul>



Aeon Delight (9787 JP) has recommended a tender offer from Aeon Co Ltd (8267 JP) at JPY5,400 per share, a 15.3% premium to the last close.
Despite the skinny premium, the offer is reasonable compared to historical trading ranges and peer multiples. The offer represents an all-time high. 
The offer aligns with the midpoint of the special committee IFA’s DCF valuation range and is marginally below the Board's requested price. The required minority acceptance rate is attainable. 


Aeon Delight (9787 JP): Aeon’s (8267 JP) JPY5,400 Tender Offer

Japan

Shin Pro Maint. Inc provides service contracts for fixing and maintaining equipment and facilities for restaurant chains.  The Company provides services for fixing air conditioners, plumbing, lighting fixtures, kitchen equipment, sign boards, and fire-prevention equipment.

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Shin Pro Maint (6086 JP)