In today’s briefing:
- 3D Launches Partial Tender Offer on Hankyu Hanshin REIT (8977)
- JX Advanced Metals (5016 JP) IPO: TPX Add in April; Global Idx: One in August; One in March or Sep
- GENOVA (9341 JP): Q3 FY03/25 flash update
- JTEC Corp (3446 JP) – Reaffirming Long-Term Vision
- MarketEnterprise Co Ltd (3135 JP): 1H FY06/25 flash update
- en Japan Inc (4849 JP): Q3 FY03/25 flash update
- Elecom Co Ltd (6750 JP): Q3 FY03/25 flash update
- Core Concept Technologies Inc (4371 JP): Full-year FY12/24 flash update
- Earth Chemical (4985 JP): Full-year FY12/24 flash update
- Epco Co Ltd (2311 JP): Full-year FY12/24 flash update and the medium-term business plan
3D Launches Partial Tender Offer on Hankyu Hanshin REIT (8977)
- For the second time in 3 weeks, 3D Investment Partners has launched, unannounced, a Partial Tender Offer for pure investment purposes, for a 10-15% stake in a REIT.
- Last time it was NTT UD REIT Investment Corporation (8956 JP). This time it is Hankyu Hanshin REIT, Inc. (8977 JP).
- The trade last time was to sell NTT UD on the pop and replace with peers. That has worked. The trade is probably the same here.
JX Advanced Metals (5016 JP) IPO: TPX Add in April; Global Idx: One in August; One in March or Sep
- JX Advanced Metals (5016 JP)‘s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 19 March.
- At the indicative IPO price of JPY 862/share, JX Advanced Metals (5016 JP) will be valued at JPY 800bn (US$5.25bn).
- The stock should be added to the TOPIX INDEX at the close on 28 April while timing of inclusion in global indices will depend on domestic/overseas allocations and price moves.
GENOVA (9341 JP): Q3 FY03/25 flash update
- Revenue increased by 24.7% YoY to JPY7.6bn, with operating profit rising 10.6% YoY to JPY1.6bn.
- Medical Platform business achieved 18.9% YoY revenue growth, with average contract unit price at JPY1.4mn (-0.2% YoY).
- Smart Clinic business saw 45.1% YoY revenue growth, with hardware and software services contributing 64.0% and 36.0% respectively.
JTEC Corp (3446 JP) – Reaffirming Long-Term Vision
- Q1-2 FY6/25 results showed the core Optical business experienced sales growth and generated segmental profits, which was positive.
- Focusing on developing the Life Science & Equipment segment involving upfront investment resulted in flattish operating losses YoY overall.
- FY company guidance has been maintained, implying an earnings recovery HoH driven by the Optical segment experiencing order visibility and new customer acquisition.
MarketEnterprise Co Ltd (3135 JP): 1H FY06/25 flash update
- Revenue reached JPY11.5bn (+34.6% YoY), with significant growth in Second-hand Online and Mobile & Telecommunications segments.
- Operating profit turned positive at JPY249mn, with a 2.2% margin, despite JPY68mn relocation expenses.
- Revenue in the Media business declined by 19.4% YoY, impacted by changes in Google’s search algorithm.
en Japan Inc (4849 JP): Q3 FY03/25 flash update
- en Japan’s FY03/25 sales declined to JPY48.4bn (-2.6% YoY), with operating profit at JPY3.8bn (+48.6% YoY).
- HR-Tech engage segment sales rose to JPY6.9bn (+40.7% YoY), but incurred an operating loss of JPY2.0bn.
- en Japan revised its FY03/25 forecast, projecting sales of JPY65.8bn and operating profit of JPY5.2bn.
Elecom Co Ltd (6750 JP): Q3 FY03/25 flash update
- Sales increased to JPY87.3bn (+7.7% YoY), with strong demand for power supplies and I/O devices, and Tescom Denki Group’s contribution.
- Operating profit rose to JPY9.4bn (+1.4% YoY), driven by a JPY2.2bn increase in gross profit despite higher SG&A expenses.
- B2C sales grew to JPY59.1bn (+14.9% YoY), while B2B sales decreased to JPY28.2bn (-4.9% YoY).
Core Concept Technologies Inc (4371 JP): Full-year FY12/24 flash update
- FY12/23 revenue increased 20.4% YoY to JPY19.2bn, with gross profit rising 16.3% YoY to JPY5.0bn.
- CCT acquired three companies to enhance DX support services and signed a partnership with SAP Japan.
- FY12/25 forecast: revenue JPY21.8bn (+13.7% YoY), operating profit JPY2.3bn (+14.6% YoY), net income JPY1.6bn (+9.5% YoY).
Earth Chemical (4985 JP): Full-year FY12/24 flash update
- Sales were JPY169.3bn (+6.9% YoY), operating profit JPY6.4bn (+0.9% YoY), net income JPY3.5bn (-15.3% YoY).
- FY12/25 forecast: sales JPY175.0bn (+3.4% YoY), operating profit JPY6.5bn (+1.2% YoY), net income JPY4.3bn (+23.7% YoY).
- Company plans JPY1.5bn expense for structural reforms, maintaining annual dividend of JPY120 per share for FY12/25.
Epco Co Ltd (2311 JP): Full-year FY12/24 flash update and the medium-term business plan
- In FY12/24, revenue increased 10.8% YoY to JPY5.6bn, with operating profit up 106.8% YoY to JPY335mn.
- The FY12/25 forecast projects revenue of JPY6.1bn (+9.0% YoY) and net income attributable to owners of JPY455mn (+39.1% YoY).
- The new medium-term plan targets FY12/27 revenue of JPY7.5bn (+33.8% from FY12/24) and recurring profit of JPY1.0bn.
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