Daily Brief Equity Bottom-Up: Primer: Anicom Holdings (8715 JP) – Dec 2025 and more

• 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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• It has been revealed that three Mirae Asset Group companies including Mirae Asset Securities, Mirae Asset Venture Investment, and Mirae Asset Capital combined invested US$278 million in SpaceX.
• Mirae Asset Group is the biggest Korean investor in SpaceX. Its investment in SpaceX is estimated to be about 2.3% of the total US$12 billion already received in SpaceX. 
• If SpaceX’s valuation reaches nearly US$1.5 trillion in the upcoming IPO in 2026, Mirae Asset Group companies’ investment returns in SpaceX could be more than 10x their original investments.

• Salt Investments, formerly Jasper Investments, is undergoing a significant strategic pivot towards marine and shipping services, marked by recent acquisitions and a foray into digital transformation within the maritime industry.
• The company has recently begun generating revenue after a prolonged period of inactivity, but continues to post significant net losses and negative cash flows, reflecting the early and high-risk stage of its transformation.
• With a new and relatively inexperienced management team and board, the company’s future success is highly contingent on its ability to successfully integrate acquisitions, achieve profitability, and navigate a competitive landscape.

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• NMIAL commissioning in Dec-25 shifts AEL from trading volatility to regulated airport earnings, supporting a structural rerating through FY27.
• EBITDA mix moves toward airports and renewables (>70%); IRM shrinks to a residual contributor.
• Fair value ₹2,750–3,000 (execution ₹3,300+), driven by utilisation, non-aero monetisation, and capital-structure transparency.

• The latest results reveal strong double-digit growth in the newly separated Engineering business, confirming the strategic shift toward high-precision manufacturing in Aerospace & Defence and Auto Components.
• Successful completion and initial performance validation of the demerger process transforms Raymond into two pure-play, specialized manufacturing entities poised to capitalize on global “China + 1” and Indian aerospace tailwinds.
• The structural re-rating thesis remains firmly intact, driven by accelerating margins in the Aerospace vertical and long-term contract visibility.

• 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.

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlights: Currently eleven pair trade opportunities across three markets and six sectors persist.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

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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Key points (machine generated)

• Takashima is currently experiencing a slow interim period but aims for recovery in the second half of the fiscal year ending March 2026.
• The company operates in building materials, industrial materials, and electronics/devices, focusing on customer value and sustainability.
• Takashima has maintained a stable net profit exceeding 1 billion yen over the past 12 years and aims for sustainable growth through its medium-term management plan, ‘Sustena V.’

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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.

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