In today’s briefing:
- Daido Steel – Specialty Strength with Strategic Upside
- 3 D Matrix Ltd (7777 JP): Q1 FY04/26 flash update
- Bank of Japan’s Rate Decision on Sept 19: Does Timing Signal the Outcome?
- Freebit Co Ltd (3843 JP): Q1 FY04/26 flash update
- Kaken Pharma (4521 JP): FY26 Starts on a Bleak Note as Expected, Growth Pangs to Stay for Now
- SanBio Co Ltd (4592 JP): 1H FY01/26 flash update
Daido Steel – Specialty Strength with Strategic Upside
- Leading Japanese specialty steelmaker with core exposure to auto, stainless/alloys, magnets, and industrial components.
- Mid-Term strategy centers on higher-margin growth products (SPE stainless, magnets, aerospace forgings) supported by new VAR and forging capacity.
- Valuations & Risks: Trades at a forward P/E compressing to ~5× by FY28E, but cyclical demand swings and raw material volatility remain key risks.
3 D Matrix Ltd (7777 JP): Q1 FY04/26 flash update
- Operating revenue increased 47.7% YoY to JPY2.2bn, driven by US sales growth of JPY1.2bn (+87.7% YoY).
- Recurring profit reached JPY939mn, improving JPY1.7bn YoY, aided by foreign exchange gains of JPY938mn.
- R&D expenses rose 18.9% YoY to JPY168mn; SG&A expenses increased 22.0% YoY to JPY1.5bn.
Bank of Japan’s Rate Decision on Sept 19: Does Timing Signal the Outcome?
- Context: The Bank of Japan (BoJ) will announce its monetary policy decision on Friday, 19 September 2025. Unlike most central banks, the BoJ announces its decisions flexibly, usually around noon.
- Highlight: Analysis of the past 13 meetings hints at patterns linking longer meetings and delayed announcements with policy changes, including a surprise hike in July 2024.
- Why it Matters: This analysis helps investors interpret timing signals ahead of the 19 September decision, assessing whether delay itself could hint at an outcome shift.
Freebit Co Ltd (3843 JP): Q1 FY04/26 flash update
- In Q1 FY04/26, the company reported revenue of JPY15.2bn, operating profit of JPY1.7bn, and net income of JPY1.1bn.
- Business support services for MVNOs expanded, resulting in revenue growth of 12.7% YoY and operating profit increase of 53.3% YoY.
- Revenue for 5G Homestyle service increased 11.3% YoY to JPY6.9bn, while operating profit rose 19.3% YoY.
Kaken Pharma (4521 JP): FY26 Starts on a Bleak Note as Expected, Growth Pangs to Stay for Now
- Kaken Pharmaceutical (4521 JP) witnessed 3% YoY revenue growth in 1QFY26 to ¥18.9B as overseas pharmaceutical and crop protection sales while domestic market remained under pressure.
- Kaken’s major drug Clenafin saw revenue drop 3% to ¥4.4B on patent cliff, while Ecclock helped drive revenue growing 18% YoY to ¥803M.
- Kaken reiterated FY26 guidance where it expects revenue to fall 6% YoY to ¥88 billion. No respite from immediate pangs in the form of drug price revision and generic competition.
SanBio Co Ltd (4592 JP): 1H FY01/26 flash update
- In 1H FY01/26, the company reported no operating revenue, with an operating loss of JPY1.9bn and R&D expenses increasing by 31.5% YoY.
- Non-operating expenses totaled JPY596mn, primarily due to foreign exchange losses and financing fees, leading to a recurring loss of JPY2.5bn.
- The company forecasts a FY01/26 operating loss of JPY3.9bn and a net loss of JPY4.0bn, influenced by manufacturing costs and foreign exchange losses.
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