Japan

• The reason why few companies are willing to address the proposal to move AGM date later is that many companies are unwilling to disclose sufficient information prior to the AGM.
• The essence of problem is that companies are concerned about losing control over AGMs by providing information to investors, which is similar composition of AGMs being concentrated on certain dates.
• The biggest challenge is to change the mind-set of management to have genuine dialogue with investors, rather than to adjust the schedule, by removing the administrative burden from the company.

• Nidec is a global leader in the electric motor market, with a dominant position in high-precision motors for hard disk drives (HDDs) and a strategic focus on the high-growth automotive sector, particularly for electric vehicle (EV) components.
• Recent corporate governance concerns, including improper accounting practices at a Chinese subsidiary and the founder’s controversial resignation, have created significant headwinds, leading to the company’s removal from key stock indices and damaging investor confidence.
• The company’s future growth hinges on its ability to capitalize on the transition to EVs and other electrification trends, while simultaneously addressing its governance issues to regain market trust. The appointment of a chief risk officer and a restructured board are critical steps in this process.

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• Revenue decreased by 2.1% YoY, with operating profit declining 70.8% YoY due to weaker market conditions.
• Gross profit margin decreased to 61.5% (-1.8pp YoY) due to increased promotional activity and reduced full-price sales.
• SG&A expenses fell JPY359mn YoY, but cost-cutting measures were insufficient to offset revenue and GPM declines.

• Impending Merger Creates Market Leader: Tsuruha Holdings is set to merge with Welcia Holdings in December 2025, creating Japan’s largest drugstore alliance with over JPY 2 trillion in sales and approximately 5,500 stores. This transaction is expected to generate significant synergies, enhancing competitiveness and growth prospects.
• Strategic Acquisition by Aeon: Concurrently, retail giant Aeon Co Ltd will execute a partial tender offer to acquire a majority stake (50.9%) in the newly merged entity, making Tsuruha a core subsidiary driving Aeon’s health and wellness business. This provides strategic backing but also introduces uncertainty regarding the final tender price and potential for high pro-ration for tendering shareholders.
• Valuation Premium and Execution Risk: The company trades at a premium to many of its peers, reflecting market anticipation of merger synergies and the Aeon tender offer. However, significant execution risks remain, including the successful integration of Welcia, realization of projected synergies, and potential margin pressure from expansion into lower-margin food categories.

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Key points (machine generated)

• Laboro.AI specializes in customized AI solutions to transform businesses.
• The company emphasizes data gathering, algorithm design, and validation for optimizing AI implementations.
• For the fiscal year ending September 2025, Laboro.AI reported consolidated sales of 1.9 billion yen and a net profit attributable to shareholders.

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Key points (machine generated)

• Menicon is enhancing healthcare collaboration through partnerships and the ‘MioLog’ app to address rising myopia in Asia.
• The company is diversifying into femtech, veterinary medicine, and environmental sectors while reassessing its business portfolio.
• Menicon plans to implement progressive dividends starting in fiscal year 2026, with an annual dividend of 28 yen and share buybacks of approximately 2.4 billion yen.

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Key points (machine generated)

• J-Oil Mills, listed on the Tokyo Stock Exchange, faces challenges due to declining meal values for the fiscal year ending March 2026.
• The company expects performance improvements in the following fiscal year through short-term strategic measures.
• J-Oil Mills specializes in oils, margarine, and functional soybean materials, benefiting from the merger of three companies with unique expertise.

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Key points (machine generated)

• Kusuri no Madoguchi is listed on the Tokyo Stock Exchange Growth Market and is experiencing significant growth in stock sales and gross profit.
• The company operates multiple business segments, including a pharmacy search reservation portal and an electronic medication notebook app.
• Its initiatives aim to optimize drug procurement and inventory management for pharmacies and enhance the healthcare landscape.

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Key points (machine generated)

• FISCO Ltd. hosted a briefing on December 24, 2025, featuring Ryo Koyano from NextGen Inc.
• The event was moderated by FISCO Market Reporter Hiroe Takai and included investor B Komi.
• Attendees were advised to review important disclaimers at the end of the document.

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Key points (machine generated)

• Nack Co., Ltd. maintains its full-year forecast despite investment challenges, focusing on being a ‘useful company for everyday life.’
• The company operates rental businesses through Duskin franchises and offers its own water delivery service, ‘Kurakura,’ along with water purifiers.
• For the interim period ending March 2026, Nack reported a 1.6% decline in sales to 27,383 million yen, with significant drops in operating and ordinary profits, while net profit rose to 281 million yen.

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• Advantest is essential for high-precision testing of next-generation AI chips, driving complexity-led profit expansion and making it a key structural growth stock.
• The end of Japan’s ZIRP is restoring domestic income and fiscal health, creating a supportive macro tailwind for a potential Nikkei index breakthrough.
• This thesis captures a unique opportunity by combining a leading AI-chip infrastructure firm with the favorable, strengthening environment of the broader Japanese equity market.

• Sony Group Corporation made headlines recently with its decision to double its stake in Peanuts Holdings for over $450 million, giving it an 80% controlling interest in the beloved “Peanuts” franchise.
• The acquisition, made from Canadian entertainment firm WildBrain, marks a strategic content play as Sony seeks to expand its IP footprint amid rising competition in the entertainment and streaming sectors.
• The family of Charles M.

• United Arrows has struggled to improve profitability since Covid despite significant HQ restructuring and has decided to sell its beleaguered Coen chain. 
• Gyet, formerly Mac House, will acquire the brand and plans to invest cash flow from Coen into cryptocurrencies – for reasons only it can really fathom.
• The sale will leave United Arrows in much better shape and, combined with its pipeline of new brands and stores, should deliver expected growth.

• We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company. 
• Top-Picks in China are Haier Smart Home (6690 HK),Midea Group (300 HK) & Yadea Group Holdings (1585 HK). In Japan its Suzuki Motor (7269 JP),ROHM Co Ltd (6963 JP)&Aisin (7259 JP).
• In Indian auto it is Mahindra & Mahindra (MM IN) & Ashok Leyland (AL IN).We also like the recently listed ICICI Prudential AMC (570643Z IN).

Key points (machine generated)

• GL Techno Holdings was formed on October 1, 2024, from the merger of GL Science Co., Ltd. and Techno Quartz Co., Ltd.
• The company operates in three segments: analytical instruments, semiconductors, and automatic identification.
• GL Techno Holdings aims to support societal and industrial foundations with a mission to inspire the potential of people and society.

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Key points (machine generated)

• GL Techno Holdings was formed on October 1, 2024, from the merger of GL Science Co., Ltd. and Techno Quartz Co., Ltd.
• The company operates in three segments: analytical instruments, semiconductors, and automatic identification, focusing on stable manufacturing and innovation.
• GL Techno Holdings aims to support societal foundations with a mission to inspire people’s potential and a vision of embracing challenges.

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Key points (machine generated)

• Kibun Foods is a leading surimi manufacturer in Japan with a significant market share in a 300 billion yen industry.
• The company specializes in various surimi products and is improving its logistics and sales methods.
• Kibun Foods is expanding internationally, targeting growth in Asia and Europe, while enhancing promotional efforts for seasonal recovery.

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• Musashi Seimitsu is a key Tier-1 automotive supplier specializing in high-precision powertrain and suspension components, with a strong historical relationship with Honda Motor Co., Ltd.
• The company is strategically pivoting to capitalize on the electric vehicle (EV) transition, leveraging its core gear-making expertise to become a leading supplier of EV reduction gears and e-Axle units.
• While navigating the cyclicality of the auto industry and intense competition, Musashi is also diversifying into non-automotive sectors like AI, energy solutions, and agriculture to build new long-term growth pillars.

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• Strong Regional Player with Improving Profitability: Ogaki Kyoritsu Bank (OKB) is a well-established regional bank with a primary operational footprint in Japan’s Gifu and Aichi prefectures. The bank has demonstrated a significant turnaround in profitability, with net income growing at a 3-year CAGR of 11.49%, signaling strong operational improvements.
• Attractive Valuation and Shareholder Returns: The company trades at a compelling valuation with a Price-to-Book ratio of 0.6x, below many of its regional peers. This is complemented by a renewed focus on shareholder returns, evidenced by a substantial 57% year-over-year increase in its total dividend payout for fiscal year 2025.
• Favorable Industry Tailwinds Amid Macro Risks: The Japanese banking sector is experiencing a pivotal shift with the end of the negative interest rate policy, which is expected to improve net interest margins. While OKB is poised to benefit, it must navigate the persistent risks of intense competition and long-term demographic decline in its core operating regions.

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Key points (machine generated)

• Quest <2332> is a Tokyo Stock Exchange-listed company specializing in IT infrastructure and system development across multiple industries.
• The company prioritizes technology, creativity, and information security, holding ISMS certification and a Privacy Mark.
• As of December 23, 2025, Quest anticipates increased revenue and profit, aligning with its mid-term growth plans.

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• Shionogi & Co (4507 JP) is acquiring rare neurodegenerative disease drug Radicava for $2.5B. The transaction is expected to be immediately accretive in FY27, adding ~$700M in annual global sales.
• This acquisition will solidify Shionogi’s strategic focus in rare disease and immediately establish a strong rare disease commercial platform in the U.S. market.
• Shionogi has received approval in Japan for inlicensed drug Zurzuvae for the indication of depression and depressive state.

Key points (machine generated)

• Sunwa Technos aims for an operating profit exceeding 8 billion yen by March 2028 through three strategic initiatives.
• In the first half of the fiscal year ending March 2026, the company experienced a 0.1% decline in sales to 69.38 billion yen and an 11.2% decrease in operating profit to 1.464 billion yen.
• The company operates 30 domestic and 40 international locations, serving over 3,100 customers with a unique ‘two-way transactions’ model.

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• Takuma is a market leader in Japan’s waste-to-energy (WTE) sector, a critical industry for the land-scarce, resource-conscious nation. The company is well-positioned to benefit from long-term tailwinds including aging infrastructure replacement cycles and a national push towards carbon neutrality and a circular economy.
• The company is strategically shifting towards a recurring revenue model, focusing on long-term and stable after-sales services, including plant operation and maintenance (O&M). This pivot aims to enhance earnings stability and visibility, moving away from the cyclicality of the Engineering, Procurement, and Construction (EPC) business.
• While demonstrating strong dividend growth and a solid financial position, Takuma faces challenges related to volatile cash flows from its EPC segment and increasing competition. Future growth hinges on successful execution of its ‘Vision 2030’ plan, which targets significant profit growth through the expansion of its recurring revenue base and strategic investments.

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• Aisin (7259 JP) has been taking series of measures to enhance shareholder returns through product portfolio revamp, moving towards reduced cross holdings and balance sheet optimization.
• In this insight, we discuss the status of this journey towards better corporate governance as we term it = “Marching towards Nirvana”
• We finally discuss our outlook, valuation and key risks towards attaining the stated goals of the company.

• Mitsubishi UFJ Financial (MUFG) (8306 JP) acquires 20% of Shriram Finance, gaining capital-light exposure to India’s retail and MSME credit via a secured, high-RoA franchise with deep rural distribution.
• Primary capital infusion strengthens Shriram Finance (SHFL IN)’s balance sheet, supports mid-teens AUM growth, margin expansion and a medium-term structural RoE of ~17–18%.
• Earnings impact is modest initially under equity accounting, but compounds over time through growth, co-lending optionality and potential funding-cost compression.

• Josys is a rapidly growing, venture-backed SaaS and device management platform targeting the significant operational challenges faced by corporate IT departments in the hybrid work era. Its unified platform offers 360-degree control over a company’s software and hardware assets, aiming to enhance security, optimize costs, and automate IT operations.
• The company is strategically positioned in the burgeoning SaaS Management and IT Asset Management markets, which are experiencing substantial growth driven by the proliferation of SaaS applications, the rise of ‘shadow IT’, and the increasing complexity of IT environments. The total addressable market is large and expanding, providing a significant runway for growth.
• Led by an experienced founder with a successful track record (Yasukane Matsumoto, founder of Raksul Inc.), Josys has demonstrated strong early traction, attracting a significant number of enterprise clients and securing substantial venture capital funding to fuel its aggressive global expansion and product development.

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• Lion Corp is a dominant player in the Japanese consumer staples market, particularly in oral care, with a long history of stable growth and consistent dividend payouts.
• The company’s ‘Vision2030’ strategy focuses on becoming an ‘advanced daily healthcare company,’ emphasizing growth in overseas markets, particularly in Asia, and strengthening profitability through structural reforms in its domestic business.
• While facing intense competition and the challenges of a mature domestic market, Lion’s strong brand recognition, commitment to R&D, and focus on high-value-added products position it for resilient performance.

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Key points (machine generated)

• Neo Marketing (TSE: 4196) is a marketing support firm listed on the Tokyo and Nagoya Stock Exchanges, achieving record-high sales despite delays in its mid-term management plan.
• The company focuses on consumer engagement and has outlined three growth strategies: enhancing recruitment of marketing consultants, expanding its customer base and geographical reach, and increasing customer spending.
• The report includes important disclosures and a disclaimer regarding its use.

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• Nitto Kogyo Corporation (hereafter, the Company) announced H1 earnings results for FY2026/3 on 10 November 2025 (See the table below).
• Against the backdrop of strong CAPEX and growing  IT investment appetite, as well as project wins in the domestic automobile market, all segments recorded increases in both sales and profits.
• The Company posted record-high net sales for Q2. Meanwhile, operating profit rose, reaching the second-highest level for Q2 on the back of higher marginal profit driven by sales growth and a JPY 500 mn uplift from improved project pricing. 

Key points (machine generated)

• Optim (3694) has reported record sales and operating profits, indicating successful stock sales.
• The company aims to play a significant role in the Fourth Industrial Revolution with its products ‘OPTiM Biz’ and ‘OPTiM Cloud IoT OS.’
• Since its 2014 listing, Optim has moved through market tiers, reaching the Prime Market in April 2022, and holds a strong patent portfolio.

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• ORIX’s highly diversified business portfolio, spanning ten segments from finance to service-related industries, provides a significant buffer against volatility in any single sector and allows for synergistic collaboration.
• The company is pursuing a strategic shift towards an asset-light model, focusing on capital recycling and fee-generating activities to improve return on equity (ROE), with a target of 11% by FY28 and 15% by 2035.
• While demonstrating resilient revenue growth, ORIX faces challenges related to its capital structure, including a high debt-to-equity ratio and potential financial distress risks in a rising interest rate environment.

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Key points (machine generated)

• The document transcribes a briefing from December 22, 2025, featuring Tetsu Shiota and investor DAIBOUCHOU.
• The session is moderated by FISCO market reporter Hiroe Takai and focuses on BRUNO Corporation’s key aspects.
• Participants are advised to review important disclaimers regarding the material’s usage at the document’s end.

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• H1 FY2026/3 Results summary: COPRO-HOLDINGS. Co., Ltd., (hereafter, the Company) announced H1 results for FY2026/3 on November 14 (Friday), 2025.
• Key consolidated figures marked record highs, with net sales of JPY 16,980 mn (+19.3% YoY), operating profit of JPY 1,481 mn (+19.7% YoY), Non-GAAP operating profit of JPY 1,739 mn (+20.8% YoY), ordinary profit of JPY 1,480 mn (+17.7% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 935 mn (+17.3% YoY).
• However, results fell slightly short of the initial plan. The main driver of earnings growth was consolidated subsidiary COPRO CONSTRUCTION. Co., Ltd. (hereafter, COPRO CN).

• On 19 December, Bloomberg reported that KKR has emerged as a frontrunner to privatise Taiyo Holdings (4626 JP), but “the tender offer price may be lower than the current price.”
• Since the first Bloomberg article on 27 May, Taiyo’s shares are up 84% vs. the median peers’ shares, which are up 62%. Therefore, the shares reflect some takeover premium.   
• Based on the medium-term management plan, which is likely KKR’s base case, I estimate a tender offer of around JPY4,624, 1.2% below the last close.

• After dropping to a 52-week low on operating and net 1Q losses, the share price has recovered to 20x EPS guidance for FY July 2026. 
• The gross margin remains near 80%, but a large increase in advertising expenses put the company into the red. It also boosted sales as planned. 
• Management plans to cut back on advertising, aiming for break-even in 2Q and profits in 2H. The dividend yield is now 3.6%. The long-term investment story remains intact. 

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, HK IPOs continue to be launched into the year end.
• On the placements front, there are a number of lockup expiries coming up over the next few weeks.

• A tactical WEEKLY snapshot of the Asian indices and stocks we cover.
• Many Asian stocks we track are flashing very oversold signals—creating tactical long setups worth considering.
• Toyota Motor (7203 JP) is the only Asian stock overbought.

Key points (machine generated)

• Prodelight, listed on the Tokyo Stock Exchange under ticker 5580, expects significant profit growth by August 2026.
• The company offers voice solution services, including the cloud PBX system ‘INNOVERA’ and IP line services.
• Prodelight aims to support telework and digital transformation in telephony, with new mobile communication equipment launching in fiscal year 2025.

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• Dividend yield has remained flat as share prices have risen while shareholder returns have increased. JGB yields, being fixed rates, have seen bond prices fall, leading to rising bond yields.
• Bond yields represent the required rate of return for bond investors, while for equity investors, it is the total return combining dividend yield and capital appreciation.
• Stocks whose dividend yields became significantly lower than JGB yields likely appeared to investors as having future cash flows underlying their corporate value that would grow.

• Anicom Holdings is the clear market leader in Japan’s high-growth pet insurance industry, commanding over 40% market share, driven by the powerful ‘pets as family’ trend.
• Despite strong recurring revenue growth of 10.6% YoY, the company faces significant profitability pressure, with recurring profit falling 33.0% YoY due to increased costs from insurance contract transfers and a rising loss ratio.
• The company’s primary competitive advantage is its pioneering ‘over-the-counter payment system,’ which offers unparalleled convenience to policyholders through a network of over 6,900 veterinary hospitals, fostering high customer loyalty.

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• Demand from the semiconductor, medical, quantum computing and defense industries is turning the Laser segment into Hamamatsu Photonics’s new growth driver.
• The acquisition of NKT Photonics brings defense and other technologies, Rheinmetall as a customer in Europe, and potential for greater defense-related sales in Japan. 
• Selling at 20x net profit guidance for FY Sep-28, near the bottom of its 10-year P/E range.

• I tally xx – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
• Four new (ish) deals were discussed on Smartkarma this week: 360 Capital (TGP AU), Humm Group (HUM AU) , Hogy Medical (3593 JP), and Medical Data Vision (3902 JP).
• Key updates/news also took place on: Predictive Discovery (PDI AU), ReNew Energy Global (RNW US), and Mandom Corp (4917 JP) 

• A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
• ECM developments: OmniVision Integrated Circuits Group (603501 CH)‘s H Share listing to raise US$1 billion.
• Event-Driven developments: Hogy Medical (3593 JP), Mandom Corp (4917 JP), Matsuya R&D (7317 JP), Medical Data Vision (3902 JP), ANE Cayman Inc (9956 HK), Hang Seng Bank (11 HK). 

Key points (machine generated)

• NSW, an independent IT solution provider, reported interim sales of 24,854 million yen, a 2.7% increase year-over-year.
• Operating profit decreased by 14.4% to 2,360 million yen during the same period.
• The company’s medium-term plan targets sales of 60 billion yen and a 12% operating profit margin by March 2028.

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Key points (machine generated)

• Ohashi Technica anticipates a revenue decline but profit increase for the fiscal year ending March 2026.
• The company specializes in manufacturing automotive components and managing logistics operations.
• In the first half of the fiscal year, sales decreased by 1.8% while operating profit rose by 27%.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

Key points (machine generated)

• Primo Global Holdings is a leading bridal jewelry company in Japan, listed on the Tokyo Stock Exchange as 367A.
• The company operates 134 stores under the brands ‘I-PRIMO’ and ‘LAZARE DIAMOND,’ focusing on customer experience and high-quality products.
• Primo aims to expand its market presence by adapting its successful Japanese business model to different regions and customer needs.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

Key points (machine generated)

• SIG Group, listed on the Tokyo Stock Exchange as 4386, reported strong double-digit growth in revenue and operating profit for the interim period of fiscal year ending March 2026.
• The company focuses on corporate digital transformation through AI and aims to serve as an external Chief Information Officer for clients.
• With over 30 years of experience, SIG Group offers a range of services including system development and IT infrastructure solutions, primarily for large corporations and local governments.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

Key points (machine generated)

• Space Shower SKIYAKI Holdings will meet its profit target for the fiscal year ending March 2028 two periods early.
• The company plans to merge with Space Shower Network Inc. and SKIYAKI Inc. on April 1, 2024, transitioning to a holding company structure.
• The strategic move aims to enhance next-generation entertainment by integrating content and technology, focusing on collaboration with artists and creators.

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Key points (machine generated)

• Sun Frontier Realty, listed as 8934 on the Tokyo Stock Exchange, is achieving about 60% of its full-year revenue and profit forecast.
• The company specializes in real estate utilization services, focusing on office buildings in Tokyo and operates in four sectors: Real Estate Regeneration, Real Estate Services, Hotels and Tourism, and Others.
• Its activities include selling replanned properties, developing new buildings, managing rental properties, and providing sales and leasing brokerage services.

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• Shigenobu Nagamori resigned as director but remains honorary chairman, a move we see as insufficient to address Nidec’s recent accounting controversy.
• Meaningful recovery requires both founders’ full retirement, a restructured, more independent board, and a chief risk officer to oversee professional auditing and reforms.
• The company also needs to improve transparency on assets, overhaul incentives toward return on investment, and develop a realistic mid-term plan to improve return on capital.

• Given the current high stock prices relative to EPS compared to the past, attention should be paid to whether overseas investors shift to net selling if prices begin to decline.
• In cases where treasury stock is sold again, it raises questions: Was it necessary to repurchase treasury stock amid cash flow concerns, or was this a forward-looking cash allocation decision?
• As cash utilization, balance sheet restructuring, and capital profitability improvements gain attention, the number of outstanding shares will gradually decline as prompt share buybacks increase.

• Hogy Medical (3593 JP) and Carlyle have announced the Tender Offer at ¥6700, mooted by the Nikkei and confirmed by Hogy the other day.
• The big activist Dalton Group with 27+% has agreed to tender, but has also agreed to buy back into Bidco, owning 20%. 
• When the activist pushing for a deal decides not to sell, and instead to continue owning, the price is probably a bit light for everyone else, but this gets done.

• JAPEX buys Verdad for USD 1.3bn, gaining operated DJ Basin oil exposure and shifting away from LNG-style earnings.
• FY27 operating profit uplift is ~¥14–20bn depending on WTI vs ¥35bn FY26 base.
• Strong balance sheet and +11–12% stock reaction support a valuation re-rating toward 3.5–4.0× EBITDA.

• Micron management only meeting 55-60% of core customer memory demand, with the supply crunch set to last for all of 2026.
• Trump Media and Entertainment looking to merge with nuclear fusion firm TAE technologies as the US scrambles for ways to power its rapid AI data center expansion   
• KB Homes numbers miss as high interest rates continue to weigh on order outlook for new homes. 

• Equity financing boosts growth foundation: On September 29, 2025, MIGALO HOLDINGS Inc. (hereafter, the Company) announced a new share issuance and secondary offering involving close to 10% equity dilution, and raised a net total of JPY 2,956 mn.
• Following the equity financing, its equity ratio improved to 27.6% and its net D/E ratio improved to 1.53x, which SIR believes strengthened the Company’s financial capacity to secure investment funding for future growth.
• On November 14, the Company announced its Q2 FY2026/3 earnings results. Net sales decreased 5.8% YoY to JPY 15,378 mn, and operating profit decreased 1.0% YoY to JPY 1,131 mn.

Key points (machine generated)

• kubell, listed as 4448 on the Tokyo Stock Exchange, is a leading provider of business chat services in Japan, notably through its platform ‘Chatwork.’
• The company promotes digital transformation and productivity for SMEs with its business process outsourcing service ‘Taksita’ and other BPaaS offerings.
• As of September 2025, ‘Chatwork’ has been adopted by 953,000 businesses, contributing to improved profit margins and an upward revision of the full-year operating profit forecast.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• We believe the key read-across from Q1-2 FY4/26 results is that the company faces two key challenges: 1) changes in both business and marketing environments at major clients, given their relative concentration.
• Key challenges include higher media costs in the lending and credit card sectors, reduced advertising spend in the investment sector, and shifts in competitive conditions and advertising pricing in the healthcare sector
• 2) a slower pace of new customer acquisitions compared to the initial plan, with the evolving industry environment and increasing complexity of customer marketing needs. In the near term, there is limited visibility into how earnings growth can be re-accelerated meaningfully in our view, despite initiatives in place to drive new businesses and develop verticals in retail and signage media.

• Nihon Kohden (6849 JP) reiterated previous guidance for overall revenue to be ¥240B in FY26 (+6.5% YoY). Domestic sales have been slightly revised downwards while overseas revenue witnessed upward revision.
• North America to be near-term growth driver. H1FY26 revenue from North America increased 16% YoY to ¥22.3B. Expected to grow 18% YoY to ¥49.5B (55% of overseas sales) in FY26.
• Nihon Kohden has a sustainable long-term growth prospect. The three-year business plan further enhances conviction on the same.

• After conducting a business reorganization and accelerating M&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) activities
• 2) establishing a new high-value-added Engineering business unit, with these efforts reflecting a clear focus on improving overall profitability. 

Key points (machine generated)

• SIG Group is an independent system integrator listed on the Tokyo Stock Exchange, focused on AI and digital transformation solutions.
• The company expects double-digit growth in revenue and operating profits for the interim period ending March 2026, along with a shareholder benefit program.
• With over 30 years of experience, SIG Group targets large corporations and local governments, and is pursuing expansion through mergers and acquisitions.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• On November 13, TEKKEN CORPORATION (hereinafter, the Company) announced its Q2 FY2026/3 consolidated financial results.
• Net sales declined 7.3% YoY to JPY 42,858 mn, and operating profit increased 90% YoY to JPY 1,184 mn.
• The sharp profit increase mainly resulted from higher profit margins in the architectural construction business, driven by compression of construction costs and a decline in low-profit projects. 

• Taiheiyo Cement’s California platform is vertically integrated and permit-constrained, yet valued at a Japanese consolidated multiple.
• Activist engagement targets U.S. asset re-rating, capital allocation discipline, and potential monetisation.
• Base case values shares at ¥4,800; activist outcome implies ¥7,200 driven by U.S. multiple normalisation.

• Hogy Medical (3593 JP) has recommended a tender offer from Carlyle at JPY6,700, a 2.1% premium to the last close and a 69.2% premium to the undisturbed price.
• The offer, resulting from an auction, represents an all-time high and is above the midpoint of the IFA DCF valuation range. 
• Dalton (27.58% ownership ratio) has provided an irrevocable and will reinvest to take a 20% stake in the relevant Carlyle Fund. This is a done deal. 

• The SBI Shinsei Bank (8303) IPO is positioned to benefit from rising Japanese interest rates and its mandate to lead regional bank consolidation under the “Fourth Megabank” strategy.
• Despite risks such as 2023 buyout litigation related to SBI’s majority control, market interest suggests the 1450 listing price seems to be undervalued.
• The anticipated BoJ rate hike of 25bp to 0.75% is expected to act as a catalyst, boosting margins across the Japanese banking sector and potentially providing post-IPO momentum

• Tape will be weak to start, but may find dip buying given the bullish read from Micron which is helping send futs higher 
• Chinese ex-ASML engineers have reversed engineered a EUV lithography machine. Not awesome news for Lasertec and Jeol either. 
• China cooling on Japan has led to a big drop in tourist arrival growth rates. Expected – but still negative for duty free, hotels and rails etc. 

• DOWA has re-rated from ¥4,500 to ~¥7,000 on risk compression and commodity optionality, not improved structural returns.
• FY25 earnings were revised upward, but ROIC remains mid-single digit, with Electronic Materials a persistent structural drag.
• Even at elevated silver prices, valuation appears largely priced in, supporting a Neutral stance.

• The Nikkei 225 (NKY INDEX) had a great run this year, since Trump’s Liberation Day in April 2025, but seems to be stalling as of lately. 
• The index started correcting this week, after a 3-week rally, the interest rate decision by the BOJ this Friday (most likely a hike) could increase volatility.
• This insight will try to define the best entry zones in case the index falls further in the next few days, weeks. 

• Tokyo Base struggled during and after Covid, but the promoter of Japanese design has begun to find a new following.
• As well as a new generation of Japanese customers thanks to new banners, it is becoming a favourite with inbound tourists, which account for as much as 25% of sales.
• It is now planning greater expansion both at home and overseas

Key points (machine generated)

• Prodelight, listed on the Tokyo Stock Exchange, is expected to see significant profit growth by August 2026.
• The company specializes in voice solutions, offering a cloud PBX system and IP phone services to modernize corporate communication.
• Prodelight is expanding through mergers and acquisitions and will launch a new mobile communication business in fiscal year 2025.

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• Rakuten and Yahoo Shopping continued to outperform the e-commerce sector overall in the past six months – Amazon data is due early next year – so market share is rising.
• However, a good chunk of recent growth was thanks to a now banned points scheme for tax offsets which led to a surge in sales pre-ban.
• This means revenues may now dip again without that incentive but the longer term outlook remains clear: the big malls continue to increase market share in Japanese e-commerce.

• More large companies adopting ROIC as a KPI for executive compensation can be viewed as a positive change, indicating a growing awareness of capital costs and capital profitability among companies.
• Shifting the growth strategy from sales and profits to capital profitability, and aligning the KPIs for that growth strategy with executive compensation KPIs, is also consistent with the investor perspective.
• However, adopting ROIC as a KPI for growth strategies and its integration into management practices has only just begun at large companies, and issues surrounding executive compensation remain unresolved.