In today’s briefing:
- Aisin (7259) – Executing the Capital Policy Side of Its MTMP – Big ¥120bn (8.8%) Buyback
- Quiddity JPX-Nikkei 400 Rebal 2025: End Apr 2025 Ranks
- (Mostly) Asia M&A, Apr 2025 Wrap: Toyota, Abacus Storage, Bright Smart, Fujitsu General, Topcon
- Anicom (8715 JP)
- Sumitomo Pharma (4506 JP): Guidance Revised Upward for FY25 Driven by North America
- Infomart Corp (2492 JP): Q1 FY12/25 flash update
- Naigai Trans Line (9384 JP): Q1 FY12/25 flash update
- A Guide May Be Offered to Disclose MTPs that Focus More on Strategy Rather than Matching Numbers
- Olba Healthcare Holdings (2689 JP): Q3 FY06/25 flash update
- Sms Co Ltd (2175 JP): Full-year FY03/25 flash update
Aisin (7259) – Executing the Capital Policy Side of Its MTMP – Big ¥120bn (8.8%) Buyback
- Last Friday during market hours, Toyota Group member Aisin (7259 JP) announced earnings, guidance, its MTMP progress update, and a buyback.
- Earnings were OK, all things considered. Guidance was disappointing, but tariff impact is real. The buyback headlines are huge (17%); reality is about half that given the stock price.
- If they execute via TN-3 near-term, it just sets up the next one, but they may do 2/3 TN=3 and 1/3 market. There may be Toyota Industries factors involved.
Quiddity JPX-Nikkei 400 Rebal 2025: End Apr 2025 Ranks
- JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
- The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
- Below is a look at the rankings of ~45 potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-April 2025.
(Mostly) Asia M&A, Apr 2025 Wrap: Toyota, Abacus Storage, Bright Smart, Fujitsu General, Topcon
- For April 2025, 9 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6bn. Not including Toyota Industries (6201 JP)‘s potential Offer.
- The average premium for the new transactions announced (or first discussed) in April was ~46%, with a year-to-date average of 53%.
- The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.
Anicom (8715 JP)
- Japanese pet insurance company with 40-50% market share thanks to its OTC settlement system and a network of pet shop/veterinary clinic partners
- The stock trades at around 13x current-year earnings, a modest multiple given the secular growth that’s ahead of it. The pet/human population ratio is low. Pet insurance is still unusual.
- Well-Regarded investor Hikari Tsushin just took a 5.2% position in the company, highlighting the value in the company at the current 1.5x book.
Sumitomo Pharma (4506 JP): Guidance Revised Upward for FY25 Driven by North America
- Sumitomo Pharma (4506 JP) revised revenue guidance for FY25 to ¥399B from previous ¥381B. New guidance represents 27% YoY growth.
- This comes on the back of higher than expected sales in North American segment, which contributed 61% sales in 9MFY25.
- Operating profit guidance have been revised to ¥43.2B from ¥30B on controlled cost and higher sales.
Infomart Corp (2492 JP): Q1 FY12/25 flash update
- Sales increased 22.3% YoY to JPY4.3bn, with BtoB Platform Food sales rising 29.5% YoY due to cloud-based management systems.
- Operating profit surged 152.6% YoY to JPY581mn, driven by reduced data center costs and software amortization expenses.
- BtoB Platform ES segment sales grew 10.8% YoY, with increased system usage fees from digitalization and invoicing service adoption.
Naigai Trans Line (9384 JP): Q1 FY12/25 flash update
- Sales increased by JPY1.3bn (+16.4% YoY), but operating profit decreased by JPY17mn (-2.0% YoY) due to higher SG&A expenses.
- Non-consolidated sales rose 19.7% YoY, but operating profit declined 7.5% YoY due to tender offer costs.
- Overseas subsidiaries’ sales grew 10.4% YoY, with a 5.5% increase in segment profit, driven by ASEAN and China performance.
A Guide May Be Offered to Disclose MTPs that Focus More on Strategy Rather than Matching Numbers
- It’s progress that more companies are including ROE and ROIC as KPIs in mid-term management plans. On the other hand, it’s true that many disclosures are misaligned with investors’ perspectives.
- As a result of not taking action on problem businesses, it’s often the case that deteriorating environment increases losses of the business, leading to revision of the “medium-term management plan.”
- Investors are more likely to portray corporate value if a company provides measures for problem solving and growth, and reliable execution, rather than goals that are uncertain to be achieved.
Olba Healthcare Holdings (2689 JP): Q3 FY06/25 flash update
- Sales increased by 3.4% YoY to JPY92.5bn, but operating profit decreased by 23.3% YoY to JPY1.3bn.
- Medical Devices and Consumables segment sales rose 6.7% YoY, driven by consumables and new facility acquisitions.
- Equipment sales declined 15.3% YoY, while SG&A expenses increased, leading to a 25.8% YoY drop in operating profit.
Sms Co Ltd (2175 JP): Full-year FY03/25 flash update
- Sales increased by 12.9% YoY to JPY60.6bn, driven by Career and Kaipoke businesses, despite higher costs.
- FY03/26 forecasts sales of JPY67.5bn (+10.8% YoY), operating profit of JPY7.3bn (+15.0% YoY), and net income of JPY7.0bn (+16.1% YoY).
- Company plans a share buyback of 3,382,600 shares, valued at JPY4.0bn, from April 30 to July 31, 2025.
💡 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
