Japan Experts, Extraordinary Performance, Astris Advisory Japan

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

<ul><li>Recording higher than expected profitability through high factory utilization and an improving sales mix, Q1 FY12/26 results were ahead of expectations, in our view.</li><li>The core earnings driver was the Machine Tools segment, with robust demand in China for EDMs, driven by AI data center build-outs requiring electronic components and high-density optical systems.</li><li>Our view is that we are mid-cycle in this infrastructure buildout and its related optical/networking expansion, pointing to further demand momentum for Sodick. </li></ul>

Recording higher than expected profitability through high factory utilization and an improving sales mix, Q1 FY12/26 results were ahead of expectations, in our view.The core earnings driver was the Machine Tools segment, with robust demand in China for EDMs, driven by AI data center build-outs requiring electronic components and high-density optical systems.Our view is that we are mid-cycle in this infrastructure buildout and its related optical/networking expansion, pointing to further demand momentum for Sodick. 

Sodick (6143 JP) -  Strong Start, Focus Turns to Sustainability

<ul><li>Solid results, now on the offensive – FY12/25 results were a positive surprise, demonstrating a strong rebound in profitability YoY, and cementing Sodick as a second-order beneficiary of AI-driven data center infrastructure growth.</li><li>The company announced a new Medium-Term Management Plan spanning FY12/26 to FY12/29, with emphasis on raising corporate value and shareholder returns.</li><li>This new plan clearly illustrates growth-oriented capital deployment, with explicit financial targets such as 10% OPM and an 8% ROE by FY12/29, reflecting a positive shift towards a proactive growth strategy and entering a value-creation phase. </li></ul>

Solid results, now on the offensive – FY12/25 results were a positive surprise, demonstrating a strong rebound in profitability YoY, and cementing Sodick as a second-order beneficiary of AI-driven data center infrastructure growth.The company announced a new Medium-Term Management Plan spanning FY12/26 to FY12/29, with emphasis on raising corporate value and shareholder returns.This new plan clearly illustrates growth-oriented capital deployment, with explicit financial targets such as 10% OPM and an 8% ROE by FY12/29, reflecting a positive shift towards a proactive growth strategy and entering a value-creation phase. 

Sodick (6143 JP) - Entering the Value-Creation Phase

<ul>
<li>Stable performance maintained – With demand stemming from technology (chiefly optical connectors), aerospace, and medical sectors, Sodick’s Q1-3 FY12/25 results demonstrated a sustained recovery YoY.</li>
<li>Order visibility for the mainstay EDM units remains high, with Q3 FY12/25 orders rising 18.9% YoY, driven primarily by demand from China.</li>
<li>Quarterly GPM of 36.2% in Q3 FY12/25 indicates progress toward improving the sales mix by selling high-value-added products. </li>
</ul>


Stable performance maintained – With demand stemming from technology (chiefly optical connectors), aerospace, and medical sectors, Sodick’s Q1-3 FY12/25 results demonstrated a sustained recovery YoY.
Order visibility for the mainstay EDM units remains high, with Q3 FY12/25 orders rising 18.9% YoY, driven primarily by demand from China.
Quarterly GPM of 36.2% in Q3 FY12/25 indicates progress toward improving the sales mix by selling high-value-added products. 


Sodick (6143 JP) - Consolidating the Recovery Profile

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

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/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a> shares fell 8.8% after it confirmed the Nikkei report that the Japanese government has advised MBK to halt its acquisition on national security grounds.</li>
<li>However, after market close, the <a href="https://asia.nikkei.com/business/business-deals/japan-backed-nssk-to-seek-takeover-of-makino-milling-machine" target="_blank" rel="noopener">Nikkei reported</a> that Nippon Sangyo Suishin Kiko (NSSK), a Japanese investment company, plans to make a higher competing tender offer.</li>
<li>While the NSSK offer will be preconditional on regulatory approvals, it will not require FEFTA approval. I estimate the NSSK potential offer to be between JPY12,500 and JPY13,000.</li>
</ul>



Makino Milling Machine Co (6135 JP) shares fell 8.8% after it confirmed the Nikkei report that the Japanese government has advised MBK to halt its acquisition on national security grounds.
However, after market close, the Nikkei reported that Nippon Sangyo Suishin Kiko (NSSK), a Japanese investment company, plans to make a higher competing tender offer.
While the NSSK offer will be preconditional on regulatory approvals, it will not require FEFTA approval. I estimate the NSSK potential offer to be between JPY12,500 and JPY13,000.


Makino Milling Machine (6135 JP): A Rollercoaster Ride as NSSK Rumoured to Launch a Competing Bid

Japan

Sodick Co., Ltd. develops, manufactures, and sells electric machines and equipment.  The Company's product line includes computerized numerical control electrical discharge machine (EDM), super high precision wire cut EDM, CAD/CAM system for mold design and production, injection molding machine, and high speed manual drilling machine.

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Sodick Co Ltd (6143 JP)

Sodick (6143 JP) - Strong Start, Focus Turns to Sustainability

Recording higher than expected profitability through high factory utilization and an improving sales mix, Q1 FY12/26 results were ahead of...

Astris Advisory Japan

Sodick (6143 JP) - Entering the Value-Creation Phase

FY12/25 results were a positive surprise, demonstrating a strong rebound in profitability YoY, and cementing Sodick as a second-order beneficiary...

Astris Advisory Japan

Sodick (6143 JP) - Consolidating the Recovery Profile

With demand stemming from technology (chiefly optical connectors), aerospace, and medical sectors, Sodick’s Q1-3 FY12/25 results demonstrated a...

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

Makino Milling Machine (6135 JP): A Rollercoaster Ride as NSSK Rumoured to Launch a Competing Bid

While the NSSK offer will be preconditional on regulatory approvals, it will not require FEFTA approval. I estimate the NSSK potential offer to be...

Arun George

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