Daily Brief Japan: Hogy Medical, Japan Petroleum Exploration, Micron Technology, Migalo Holdings, Chatwork Co Ltd, Macbee Planet , Nihon Kohden, Restar Holdings Corporation, SIG Group, Tekken Corp and more

• Hogy Medical (3593 JP) and Carlyle have announced the Tender Offer at ¥6700, mooted by the Nikkei and confirmed by Hogy the other day.
• The big activist Dalton Group with 27+% has agreed to tender, but has also agreed to buy back into Bidco, owning 20%. 
• When the activist pushing for a deal decides not to sell, and instead to continue owning, the price is probably a bit light for everyone else, but this gets done.

• JAPEX buys Verdad for USD 1.3bn, gaining operated DJ Basin oil exposure and shifting away from LNG-style earnings.
• FY27 operating profit uplift is ~¥14–20bn depending on WTI vs ¥35bn FY26 base.
• Strong balance sheet and +11–12% stock reaction support a valuation re-rating toward 3.5–4.0× EBITDA.

• Micron management only meeting 55-60% of core customer memory demand, with the supply crunch set to last for all of 2026.
• Trump Media and Entertainment looking to merge with nuclear fusion firm TAE technologies as the US scrambles for ways to power its rapid AI data center expansion   
• KB Homes numbers miss as high interest rates continue to weigh on order outlook for new homes. 

• Equity financing boosts growth foundation: On September 29, 2025, MIGALO HOLDINGS Inc. (hereafter, the Company) announced a new share issuance and secondary offering involving close to 10% equity dilution, and raised a net total of JPY 2,956 mn.
• Following the equity financing, its equity ratio improved to 27.6% and its net D/E ratio improved to 1.53x, which SIR believes strengthened the Company’s financial capacity to secure investment funding for future growth.
• On November 14, the Company announced its Q2 FY2026/3 earnings results. Net sales decreased 5.8% YoY to JPY 15,378 mn, and operating profit decreased 1.0% YoY to JPY 1,131 mn.

Key points (machine generated)

• kubell, listed as 4448 on the Tokyo Stock Exchange, is a leading provider of business chat services in Japan, notably through its platform ‘Chatwork.’
• The company promotes digital transformation and productivity for SMEs with its business process outsourcing service ‘Taksita’ and other BPaaS offerings.
• As of September 2025, ‘Chatwork’ has been adopted by 953,000 businesses, contributing to improved profit margins and an upward revision of the full-year operating profit forecast.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• We believe the key read-across from Q1-2 FY4/26 results is that the company faces two key challenges: 1) changes in both business and marketing environments at major clients, given their relative concentration.
• Key challenges include higher media costs in the lending and credit card sectors, reduced advertising spend in the investment sector, and shifts in competitive conditions and advertising pricing in the healthcare sector
• 2) a slower pace of new customer acquisitions compared to the initial plan, with the evolving industry environment and increasing complexity of customer marketing needs. In the near term, there is limited visibility into how earnings growth can be re-accelerated meaningfully in our view, despite initiatives in place to drive new businesses and develop verticals in retail and signage media.

• Nihon Kohden (6849 JP) reiterated previous guidance for overall revenue to be ¥240B in FY26 (+6.5% YoY). Domestic sales have been slightly revised downwards while overseas revenue witnessed upward revision.
• North America to be near-term growth driver. H1FY26 revenue from North America increased 16% YoY to ¥22.3B. Expected to grow 18% YoY to ¥49.5B (55% of overseas sales) in FY26.
• Nihon Kohden has a sustainable long-term growth prospect. The three-year business plan further enhances conviction on the same.

• After conducting a business reorganization and accelerating M&A activity, Restar has embarked on a high-impact medium-term management plan.
• This broadly involves 1) around half of ¥90bn capital allocation directed toward growth investments, with the remainder for working capital requirements in existing operations and post-merger integration (PMI) activities
• 2) establishing a new high-value-added Engineering business unit, with these efforts reflecting a clear focus on improving overall profitability. 

Key points (machine generated)

• SIG Group is an independent system integrator listed on the Tokyo Stock Exchange, focused on AI and digital transformation solutions.
• The company expects double-digit growth in revenue and operating profits for the interim period ending March 2026, along with a shareholder benefit program.
• With over 30 years of experience, SIG Group targets large corporations and local governments, and is pursuing expansion through mergers and acquisitions.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• On November 13, TEKKEN CORPORATION (hereinafter, the Company) announced its Q2 FY2026/3 consolidated financial results.
• Net sales declined 7.3% YoY to JPY 42,858 mn, and operating profit increased 90% YoY to JPY 1,184 mn.
• The sharp profit increase mainly resulted from higher profit margins in the architectural construction business, driven by compression of construction costs and a decline in low-profit projects.