In today’s briefing:
- [Japan Activism] Murakami Owns ~42% and Company Announces 31.3% Buyback
- Alfen Beheer BV – What’s News in Amsterdam
- Saigon Cargo Services Solid Q1 2025: 75% Operating Margin and 45% ROCE Intact
- Full-year FY03/25 flash update and upward revision to performance targets in the medium-term business plan
- AZ-Com Maruwa Holdings (9090 JP): Full-year FY03/25 flash update
- Oyo Corp (9755 JP): Q1 FY12/25 flash update
- Toyo Tanso (5310 JP): Q1 FY12/25 flash update
- Seika Corp (8061 JP): Full-year FY03/25 flash update
- Vestis on the Buyout Radar: Why PE Giants Like Advent, Apollo, and CD&R Are Circling?
- Tokyu Construction (1720 JP): Full-year FY03/25 flash update
[Japan Activism] Murakami Owns ~42% and Company Announces 31.3% Buyback
- With earnings today (which beat guidance), Mitsui Matsushima (1518 JP) announced upbeat guidance for next year, a very large dividend hike from ¥130/share to ¥230/share, and a Very Large Buyback.
- The buyback is ¥20bn (vs ¥47bn market cap) or 3.5mm shares (31.3%). It starts 2 June. Astute Murakami trackers may recognise the potential pattern here.
- If the company buys back all 3.5mm shares at just below book, EPS of ¥756 = 12.9% ROE and PER of 7.8x. Even up 30% from here that isn’t super-rich.
Alfen Beheer BV – What’s News in Amsterdam
- In this edition: • Ahold Delhaize | Delhaize aims for market leadership in online groceries in Belgium • ASM International | looking for bolt-on acquisitions • Heineken | row with Jumbo not only on price gap but also on lower discount • InPost | signs contract with ASOS for D+1 OOH delivery in the UK • TKH Group | slow start of the year as expected, reiterates FY25 guidance • Alfen | revises both FY25 revenue and adjusted EBITDA guidance downward • Kendrion | Mobility continues its strong growth, Industrial mixed performance
Saigon Cargo Services Solid Q1 2025: 75% Operating Margin and 45% ROCE Intact
- Sai Gon Cargo Service (SCS VN) reported a solid set of Q1 2025 numbers, with revenue up 25% YoY and profits up 15% YoY.
- Volumes were up 10% YoY, and the balance revenue growth was from recent tariff hikes.
- The stock trades at 8.0/7.6x FY24/25e PE and a 10% dividend yield (22% of market cap in cash), as trade wars remain an overhang on it.
Full-year FY03/25 flash update and upward revision to performance targets in the medium-term business plan
- From FY03/22 to FY03/24, Q4 revenue accounted for over 30% of full-year revenue, with Q4 operating profit over 80%.
- In FY03/25, the company reported revenue of JPY57.7bn (+22.2% YoY) and operating profit of JPY4.9bn (+75.4% YoY).
- For FY03/26, the company forecasts revenue of JPY59.6bn (+3.4% YoY) and operating profit of JPY3.9bn (-19.9% YoY).
AZ-Com Maruwa Holdings (9090 JP): Full-year FY03/25 flash update
- The company reported FY03/25 revenue of JPY208.4bn (+4.9% YoY) and operating profit of JPY11.0bn (-20.8% YoY).
- The company forecasts FY03/26 revenue of JPY220.0bn (+5.6% YoY) and operating profit of JPY11.9bn (+8.5% YoY).
- The medium-term management plan targets FY03/28 revenue of JPY280.0bn (+34.4% vs. FY03/25) and operating profit of JPY20.0bn (+82.3%).
Oyo Corp (9755 JP): Q1 FY12/25 flash update
- Orders decreased by 3.6% YoY to JPY24.5bn, while revenue increased 11.7% YoY to JPY20.3bn, boosting operating profit by 51.5%.
- Orders grew 35.5% YoY to JPY8.5bn, with revenue up 16.3% YoY, and operating profit surged 146.1% YoY.
- Orders fell 30.2% YoY to JPY3.3bn, revenue decreased 12.0% YoY, resulting in an operating loss of JPY234mn.
Toyo Tanso (5310 JP): Q1 FY12/25 flash update
- Sales decreased by 8.7% YoY to JPY11.5bn, with operating profit down 15.9% YoY to JPY2.1bn.
- Special graphite product sales fell 18.4% YoY, while SiC-coated graphite product sales increased YoY.
- Gross profit declined 6.5% YoY to JPY4.4bn, with SG&A expenses rising 4.7% YoY to JPY2.2bn.
Seika Corp (8061 JP): Full-year FY03/25 flash update
- FY03/25 saw gross sales rise 41.4% YoY to JPY290.4bn, with revenue up 8.0% to JPY93.7bn.
- Energy business revenue increased 18.4% YoY to JPY35.2bn, while Industrial Machinery revenue declined 10.1% YoY to JPY24.8bn.
- The company anticipates an extraordinary gain of JPY1.3bn from selling cross-shareholdings in 1H FY03/26.
Vestis on the Buyout Radar: Why PE Giants Like Advent, Apollo, and CD&R Are Circling?
- Vestis Corporation recently reported its fiscal second-quarter results for 2025, highlighting several key trends and challenges.
- The company faced a revenue decline, reporting $665 million for the quarter, a 2.7% decrease from the previous quarter.
- This result fell short of the anticipated growth.
Tokyu Construction (1720 JP): Full-year FY03/25 flash update
- Tokyu Construction’s FY03/25 revenue was JPY338.0bn (+15.3% YoY), with operating profit at JPY9.5bn (+7.5% YoY).
- The company increased its budget for human capital and DX investment to JPY61.0bn, targeting FY03/31 goals.
- Dividend policy remains based on DOE of 4.0% or more, with potential for flexible share buybacks.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
