In today’s briefing:
- Daihatsu Diesel (6023) – Is Not Directly Auto-Tariff-Related
- Cyberdyne (7779 JP) – Renewed Efforts to Drive Profitability
- Pia Corp (4337 JP): Coverage Initiation
Daihatsu Diesel (6023) – Is Not Directly Auto-Tariff-Related
- Daihatsu Diesel Mfg (6023 JP) is down sharply today – much more than indices – as autos/tech fall on US auto tariffs. There may be some GPIF unwinds as well.
- A reminder: Despite the name, Daihatsu Diesel is not an auto name, is growing, has a big order book, and minimal direct exposure to the US.
- The Tender settles today. The 8% overhang from Tendered-But-Unsold Shares is an opportunity, not a burden, at 7.2x ex-cash PER.
Cyberdyne (7779 JP) – Renewed Efforts to Drive Profitability
- Cost-saving initiatives and divestment – Q1-3 FY3/25 results indicated continued traction for Treatment service in the Americas with 8.6% sales growth, but Product rental sales grew 0.6% YoY (-2.4% YoY under constant currency).
- Operating losses are narrowing YoY, with the positive impact from cost reduction initiatives at Head Office costs as well as R&D.
- We view the announcement to divest the 63.6%-owned subsidiary LeyLine GmbH as a positive surprise, as this will assist in narrowing operating losses further YoY into FY3/26.
Pia Corp (4337 JP): Coverage Initiation
- In FY03/24, revenue was JPY39.6bn (+20.8% YoY), operating profit JPY1.2bn (+47.4% YoY), recurring profit JPY922mn (+53.7% YoY), and net income attributable to owners of the parent JPY1.1bn (-21.0% YoY).
- The Japanese leisure and audience entertainment market recovered, including in the live entertainment market.
- In addition, major IT service providers such as LINE Ticket exited the market during the COVID-19 pandemic, reducing competitive pressure and providing a tailwind for the company.
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