In today’s briefing:
- Fast Retailing(9983) | Q3 Miss But FY Guide Intact – Execution Solid, China Still Weak
- Nidec (6594 JP): New Factory in China
- Shift Inc (3697 JP): Q3 FY08/25 flash update
- WingArc1st Inc (4432 JP): Q1 FY02/26 flash update
- Koshidaka Holdings (2157 JP): Q3 FY08/25 flash update
- The Gap with Investors’ Perspective Stems from Managers Trying to Distance Themselves from Investors
Fast Retailing(9983) | Q3 Miss But FY Guide Intact – Execution Solid, China Still Weak
- Q3 revenue/OP miss vs. our est. on weaker-than-expected Uniqlo International – FX and China weakness key drivers.
- Japan and Western markets continue to outperform; U.S. and Europe now rival China in size.
- FY company guidance unchanged but rising risks to next FY from tariffs and persistent China underperformance.
Nidec (6594 JP): New Factory in China
- Nidec has opened a new motor factory in China to meet an anticipated increase in demand for home appliances.
- Sensing an opportunity for growth, management is already considering the construction of a second factory.
- This fits with the Chinese government’s efforts to promote domestic demand and with Nidec’s need for a new growth driver in China.
Shift Inc (3697 JP): Q3 FY08/25 flash update
- In cumulative Q3 FY08/25, the company reported sales of JPY95.4bn, gross profit of JPY33.0bn, and operating profit of JPY11.9bn.
- Software Testing Related Services segment sales reached JPY61.9bn, with gross profit at JPY22.8bn and operating profit at JPY16.2bn.
- The revised full-year forecast for FY08/25 anticipates sales of JPY130.0bn and operating profit of JPY15.0bn.
WingArc1st Inc (4432 JP): Q1 FY02/26 flash update
- FY02/26 revenue was JPY7.3bn (+2.7% YoY), with operating profit at JPY2.1bn (-13.1% YoY) and EBITDA JPY2.5bn (-10.6% YoY).
- Q1 FY02/26 BDS sales revenue rose 3.1% YoY to JPY4.8bn, while DE business revenue increased 2.1% YoY to JPY2.5bn.
- WingArc1st revised FY02/26 forecast projects revenue of JPY31.2bn (+8.7% YoY) and operating profit of JPY9.0bn (+8.9% YoY).
Koshidaka Holdings (2157 JP): Q3 FY08/25 flash update
- In cumulative Q3 FY08/25, revenue was JPY51.4bn (+10.7% YoY), with operating profit at JPY8.4bn (+19.1% YoY).
- The company opened 31 facilities and closed seven, totaling 688 facilities and 18,574 rooms by end-Q3 FY08/25.
- Personnel expenses rose 9.2% YoY, rent increased 11.8% YoY, and SG&A expenses rose to JPY5.1bn (+0.7% YoY).
The Gap with Investors’ Perspective Stems from Managers Trying to Distance Themselves from Investors
- The trend of AGMs being concentrated in the last week of June remains unchanged, and this’s seen as attempt to divert shareholder attention and reluctant attitude toward dialogue with shareholders.
- The rise in share proposals has made some managers wary, and we are not optimistic about pushing AGM later dates and disclosing annual securities reports well in advance of AGM.
- There are gap between what is stated and what actually happens in “the reasons for not introducing anti-takeover measures,” “compliance with constructive dialogue with shareholders,” and disclosure of “TSE’s requests.”
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