In today’s briefing:
- TSI Holdings: Strong Growth in BPS and Aggressive Record of Share Buybacks
- Oisix ra daichi (3182 JP): Full-year FY03/25 flash update
- Resorttrust Inc (4681 JP): Full-year FY03/25 flash update
- Soybean Surge: Is the Momentum Ripe for More Gains?
- Another Reason Companies Are Reluctant to Disclose in English, and Not Just Because of the Cost
- France Bed Holdings (7840 JP): Full-year FY03/25 flash update
- Pia Corp (4337 JP): Full-year FY03/25 flash update
- LE: Snapping the Catalog; New Tricks for Swim & Summer Style; Reiterate Buy, PT
TSI Holdings: Strong Growth in BPS and Aggressive Record of Share Buybacks
- Tsi Holdings (3608 JP) is a leading apparel company in Japan. Net cash was 45 billion yen at end of February 2025, representing 58% of its current market cap.
- The company has an excellent record of increasing its BPS, reducing outstanding shares, and buying back shares. Valuations have become more attractive.
- Its share price has had a nice pullback in the past three months (down 22% from its peak levels in February 2025).
Oisix ra daichi (3182 JP): Full-year FY03/25 flash update
- In FY03/25, sales increased by 72.5% YoY, EBITDA by 55.3% YoY, and operating profit by 33.9% YoY.
- For FY03/26, the company forecasts sales of JPY270.0bn, EBITDA of JPY14.0bn, and operating profit of JPY8.0bn.
- The company targets adjusted EPS of JPY175.0 in FY03/30, with a five-year CAGR of 11%.
Resorttrust Inc (4681 JP): Full-year FY03/25 flash update
- Sales and operating profit increased YoY; Membership and Medical segments saw higher sales and profits, while Hotel and Restaurant segment had lower profits.
- Contract value for hotel memberships increased YoY; sales and operating profit rose due to higher contract value and improved margins.
- FY03/26 forecast: sales JPY259.0bn (+3.9% YoY), operating profit JPY27.5bn (+4.3% YoY), net income JPY19.0bn (-5.7% YoY).
Soybean Surge: Is the Momentum Ripe for More Gains?
- After falling to a 2025 low, Bean prices have rallied strongly to clock a nine-month high. Macro conditions augur well for the rally to be sustained.
- Implied vols on bean options have dropped even as prices rise. Spike in skew points to reduced demand for downside risk hinting at upward price buoyancy.
- Technical charts paint a broadly bullish picture with potential for rally ahead remaining intact. However, the bullish momentum might take a breather in the near term.
Another Reason Companies Are Reluctant to Disclose in English, and Not Just Because of the Cost
- Even in 93.8% of prime companies that disclose financial results in English, many disclose only summaries and financial statements in English, while few provide qualitative information and notes in English.
- The belief that the company doesn’t provide sufficient information to shareholders to control AGM is common to reluctance to disclose documents in English, which are highly demand by overseas investors.
- The idea of “not wanting to provide overseas investors with sufficient information,” which has ingrained in many companies, is opposed to movement to “improve the quality of dialogue with investors.”
France Bed Holdings (7840 JP): Full-year FY03/25 flash update
- FY03/25 revenue was JPY60.6bn (+2.4% YoY), operating profit JPY4.7bn (+2.4% YoY), net income JPY2.9bn (-6.0% YoY).
- Medical Services revenue rose 4.2% YoY, Home Furnishing and Health revenue decreased 1.3% YoY, with GPM at 54.6%.
- FY03/26 forecast: revenue JPY62.3bn (+2.9% YoY), operating profit JPY4.8bn (+1.1% YoY), net income JPY3.1bn (+3.5% YoY).
Pia Corp (4337 JP): Full-year FY03/25 flash update
- The company reported a transaction volume of JPY 270.0bn (+10.2% YoY) and revenue of JPY 45.4bn (+14.6% YoY).
- For FY03/26, the company forecasts revenue of JPY 47.0bn (+3.6% YoY) and operating profit of JPY 3.4bn (+29.0% YoY).
- The company plans to eliminate COVID-19 cumulative losses and resume dividend payments for the first time since FY03/20.
LE: Snapping the Catalog; New Tricks for Swim & Summer Style; Reiterate Buy, PT
- We are reiterating our Buy rating, projections and $20 price target for Lands’ End after reviewing the May catalog.
- As we start to enter the “buy now wear now” swim season, Lands’ End has materially ramped overall newness, with new technical advances for the core Tugless line, multiple additions to the Slendersuit offerings and new seamless looks, all of which serve to emphasize the company’s technological leadership and ability to offer multiple choices for different body sizes in the core swimwear offerings.
- Further, there remains continued expansion/emphasis on pre and post swim looks, with swim dresses, wraps and cover-ups.
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