Daily Brief Japan: Anicom Holdings, Hamamatsu Photonics Kk, Mandom Corp, Nippon Systemware, Ohashi Technica, Primo Global, SIG Group, Space Shower Networks, Sun Frontier Fudousan 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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• 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%.

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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.

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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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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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