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>Sales increased to JPY47.3bn (+5.5% YoY), with operating profit at JPY3.9bn (+8.7% YoY) and net income JPY4.7bn (+21.2% YoY).</li><li>Kaipoke management platform service grew with 26,350 member companies and 59,300 elderly care facilities as of January 2026.</li><li>SMS plans a progressive dividend policy with a JPY29.5 per share dividend in FY03/26, targeting a 34.7% payout ratio.</li></ul>

Sales increased to JPY47.3bn (+5.5% YoY), with operating profit at JPY3.9bn (+8.7% YoY) and net income JPY4.7bn (+21.2% YoY).Kaipoke management platform service grew with 26,350 member companies and 59,300 elderly care facilities as of January 2026.SMS plans a progressive dividend policy with a JPY29.5 per share dividend in FY03/26, targeting a 34.7% payout ratio.

Sms Co Ltd (2175 JP): Q3 FY03/26 flash update

<ul><li>Sales increased to JPY33.5bn (+5.1% YoY), with operating profit at JPY4.4bn (+22.9% YoY) and net income JPY5.0bn (+36.0% YoY).</li><li>Elderly care career sales reached JPY11.0bn (+6.9% YoY), while medical care career sales totaled JPY10.6bn (+3.1% YoY).</li><li>Kaipoke's sales rose to JPY6.6bn (+14.2% YoY), driven by membership growth and adoption of paid optional services.</li></ul>

Sales increased to JPY33.5bn (+5.1% YoY), with operating profit at JPY4.4bn (+22.9% YoY) and net income JPY5.0bn (+36.0% YoY).Elderly care career sales reached JPY11.0bn (+6.9% YoY), while medical care career sales totaled JPY10.6bn (+3.1% YoY).Kaipoke's sales rose to JPY6.6bn (+14.2% YoY), driven by membership growth and adoption of paid optional services.

Sms Co Ltd (2175 JP): 1H FY03/26 flash update

<ul><li>Sales increased by 7.2% YoY to JPY18.7bn, with operating profit up 20.5% YoY to JPY3.6bn.</li><li>Kaipoke platform service sales grew 14.1% YoY, driven by increased member locations and expanded optional services usage.</li><li>Global Career business sales fell 10.4% YoY, impacted by high prior-year comparison and geopolitical instability.</li></ul>

Sales increased by 7.2% YoY to JPY18.7bn, with operating profit up 20.5% YoY to JPY3.6bn.Kaipoke platform service sales grew 14.1% YoY, driven by increased member locations and expanded optional services usage.Global Career business sales fell 10.4% YoY, impacted by high prior-year comparison and geopolitical instability.

Sms Co Ltd (2175 JP): Q1 FY03/26 flash update

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Snap election called as PM Takaichi seeks mandate for consumption tax suspension and ¥21tn stimulus, boosting approval but reviving concerns over fiscal expansion and rising debt.</li>
<li>BOJ held rates at 0.75%, upgraded growth forecasts on stimulus effects, watched yen weakness and inflation, while bond yields wobbled on election-driven fiscal worries. </li>
<li>Corporate Japan accelerates structural reform: divesting low-return assets, deepening US strategic ties, and facing stronger shareholder activism enforcing market discipline over renewed stimulus reliance.</li>
</ul>


Snap election called as PM Takaichi seeks mandate for consumption tax suspension and ¥21tn stimulus, boosting approval but reviving concerns over fiscal expansion and rising debt.
BOJ held rates at 0.75%, upgraded growth forecasts on stimulus effects, watched yen weakness and inflation, while bond yields wobbled on election-driven fiscal worries. 
Corporate Japan accelerates structural reform: divesting low-return assets, deepening US strategic ties, and facing stronger shareholder activism enforcing market discipline over renewed stimulus reliance.


Japan Strategy | Snap Elections and the Rise of Corporate Discipline

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>On 13 May, Bain/<a href="https://www.smartkarma.com/entities/ly-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">LY (4689 JP)</a> sent <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a> a revised non-binding offer at JPY3,232, a 7.7% premium to EQT’s JPY3,000 offer but 4.9% below the last close.</li>
<li>While remaining non-binding, the Board will be forced to engage under its fiduciary-out clause and <a href="https://www.smartkarma.com/entities/digital-garage-inc" target="_blank" data-smartkarma-citation="entities:13747:1" rel="noopener">Digital Garage (4819 JP)</a> and <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI Corp (9433 JP)</a>’s competing-offer clauses.</li>
<li>Bain/LY’s second offer, belatedly and publicly, sets in motion an auction process. My analysis suggests that a competing bidding war could result in an offer of at least JPY3,500.</li>
</ul>


On 13 May, Bain/LY (4689 JP) sent Kakaku.com Inc (2371 JP) a revised non-binding offer at JPY3,232, a 7.7% premium to EQT’s JPY3,000 offer but 4.9% below the last close.
While remaining non-binding, the Board will be forced to engage under its fiduciary-out clause and Digital Garage (4819 JP) and KDDI Corp (9433 JP)’s competing-offer clauses.
Bain/LY’s second offer, belatedly and publicly, sets in motion an auction process. My analysis suggests that a competing bidding war could result in an offer of at least JPY3,500.


Kakaku.com (2371 JP): How High Can It Go as Bain/LY Ups the Ante?

Japan

SMS CO.,LTD. is a website operator regarding elderly care.  On its websites, the company provides a variety of information contents related to employment placements for senior care assistants and doctors, as well as medical and nursing qualifications.

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Sms Co Ltd (2175 JP)

Sms Co Ltd (2175 JP): Q3 FY03/26 flash update

Sales increased to JPY47.3bn (+5.5% YoY), with operating profit at JPY3.9bn (+8.7% YoY) and net income JPY4.7bn (+21.2% YoY). Kaipoke management...

Shared Research

Sms Co Ltd (2175 JP): 1H FY03/26 flash update

Sales increased to JPY33.5bn (+5.1% YoY), with operating profit at JPY4.4bn (+22.9% YoY) and net income JPY5.0bn (+36.0% YoY). Elderly care career...

Shared Research

Sms Co Ltd (2175 JP): Q1 FY03/26 flash update

Sales increased by 7.2% YoY to JPY18.7bn, with operating profit up 20.5% YoY to JPY3.6bn. Kaipoke platform service sales grew 14.1% YoY, driven by...

Shared Research

Japan Strategy | Snap Elections and the Rise of Corporate Discipline

PM Takaichi calls snap election raising concerns over fiscal expansion and rising debt. BOJ holds rates, upgrades growth forecasts, as bond yields...

Mark Chadwick

Kakaku.com (2371 JP): How High Can It Go as Bain/LY Ups the Ante?

Bain/LY’s second offer, belatedly and publicly, sets in motion an auction process. My analysis suggests that a competing bidding war could result...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sms Co Ltd (2175 JP): Q3 FY03/26 flash update

Sales increased to JPY47.3bn (+5.5% YoY), with operating profit at JPY3.9bn (+8.7% YoY) and net income JPY4.7bn (+21.2% YoY). Kaipoke management...

Shared Research

Sms Co Ltd (2175 JP): 1H FY03/26 flash update

Sales increased to JPY33.5bn (+5.1% YoY), with operating profit at JPY4.4bn (+22.9% YoY) and net income JPY5.0bn (+36.0% YoY). Elderly care career...

Shared Research

Sms Co Ltd (2175 JP): Q1 FY03/26 flash update

Sales increased by 7.2% YoY to JPY18.7bn, with operating profit up 20.5% YoY to JPY3.6bn. Kaipoke platform service sales grew 14.1% YoY, driven by...

Shared Research

Japan Strategy | Snap Elections and the Rise of Corporate Discipline

​PM Takaichi calls snap election raising concerns over fiscal expansion and rising debt. BOJ holds rates, upgrades growth forecasts, as bond yields...

Mark Chadwick

Kakaku.com (2371 JP): How High Can It Go as Bain/LY Ups the Ante?

Bain/LY’s second offer, belatedly and publicly, sets in motion an auction process. My analysis suggests that a competing bidding war could result...

Arun George

PM Takaichi calls snap election raising concerns over fiscal expansion and rising debt. BOJ holds rates, upgrades growth forecasts, as bond yields...