In today’s briefing:
- [456A JP] Human Made IPO a Testament to Japan’s Creative Muscle
- Will Strengthened Disclosure Rules and Tax Incentives Drive Growth Investment?
- Shofu Inc (7979 JP): 1H FY03/26 Flash update
- Ebara Foods Industry (2819 JP): 1H FY03/26 flash update
- Inabata & Co (8098 JP): 1H FY03/26 flash update
- IPS Inc (4390 JP): 1H FY03/26 flash update
- Lucror Analytics – Morning Views Asia
- Nagase & Co Ltd (8012 JP): 1H FY03/26 flash update
- Jaccs Co Ltd (8584 JP): 1H FY03/26 flash update
- Geo Holdings (2681 JP): 1H FY03/26 flash update
[456A JP] Human Made IPO a Testament to Japan’s Creative Muscle
- A Bathing Ape was a major success in the eyes of customers, but behind the scenes, founder Nigo became a victim of this very success.
- Human Made is a different story, structured to give the designer full rein creatively but with experts in operations and marketing making the whole project more sustainable.
- Sales have risen 10-fold since 2020 and the brand will IPO this month, representative of the huge potential for Japan’s creative talent.
Will Strengthened Disclosure Rules and Tax Incentives Drive Growth Investment?
- Corporate Governance Code seems to be revised in ‘verifying and disclosing cash allocation’ in addition to ‘requests for disclosure in annual securities reports to enhance items related to human capital.’
- This time, the disclosure request concerns cash allocation. Previously, disclosure regarding policy shareholdings was requested, but the elimination of cross-shareholdings did not progress smoothly.
- The government plans to encourage growth investment in accumulated cash reserves without business plans for growth by strengthening disclosure rules and offering tax incentives.
Shofu Inc (7979 JP): 1H FY03/26 Flash update
- Revenue reached JPY19.1bn (+1.1% YoY), with domestic revenue up 4.5% and overseas revenue down 1.2% YoY.
- Operating profit decreased 7.5% YoY to JPY2.8bn, while net income attributable to owners increased 9.9% YoY to JPY2.6bn.
- Dental business revenue rose 1.5% YoY; Nail Care business saw a 5.3% YoY decline in revenue.
Ebara Foods Industry (2819 JP): 1H FY03/26 flash update
- Revenue increased YoY by 2.1%, driven by hotpot seasonings and expanded product lineup, despite operating profit decline.
- Ebara revised FY03/26 forecast, raising revenue by JPY400mn and operating profit by JPY700mn due to higher sales.
- Consumer product revenue grew 3.1% YoY, with notable increases in hotpot and vegetable seasonings, despite high meat prices.
Inabata & Co (8098 JP): 1H FY03/26 flash update
- Sales decreased 2.1% YoY to JPY412.9bn, while operating profit increased 1.3% YoY to JPY14.0bn.
- The company repurchased and cancelled 1,000,000 shares, reducing retained earnings and treasury shares by JPY3.21bn.
- Gains on the sale of investment securities were JPY2.2bn, a 16.0% YoY decrease, as part of asset efficiency strategy.
IPS Inc (4390 JP): 1H FY03/26 flash update
- Revenue increased 1.4% YoY to JPY7.9bn, with growth in Global Telecommunications and Medical & Healthcare, but decline in Domestic Telecommunications.
- Operating profit rose 0.5% YoY to JPY2.4bn, with increased profit in all segments; recurring profit surged 45.7% YoY.
- Global Telecommunications revenue grew 8.1% YoY, but profit decreased; Domestic Telecommunications revenue fell 22.9% YoY, profit increased 11.1% YoY.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Nissan Motor
- UST yields declined sharply yesterday, following the release of soft labour market data from alternative sources Challenger and Revelio Labs. The UST curve bull steepened, with the yield on the 2Y and 10Y UST falling 8 bps to 3.56% and 4.08%, respectively.
- Equities were sold off for the second time in three days, led by declines in AI-related stocks. The S&P 500 retreated 1.1% to 6,720, while the Nasdaq slumped 1.9% to 23,054.
Nagase & Co Ltd (8012 JP): 1H FY03/26 flash update
- Nagase revised its cost classification method at Prinova Group, impacting SG&A and cost of sales figures retrospectively.
- The company raised its FY03/26 earnings forecast, citing strong performance in Prinova Group’s nutrition business.
- Nagase plans to repurchase up to 3,500,000 shares, totaling JPY8.0bn, from December 2025 to January 2026.
Jaccs Co Ltd (8584 JP): 1H FY03/26 flash update
- Operating revenue increased to JPY97.1bn (+1.4% YoY), while operating profit and recurring profit decreased by 17.4% and 18.6% YoY, respectively.
- Domestic transaction volume rose 2.6% YoY to JPY2.90tn, with operating revenue at JPY85.8bn (+4.1% YoY).
- Overseas transaction volume fell 26.5% YoY to JPY30.4bn, with operating revenue at JPY11.2bn (-14.6% YoY).
Geo Holdings (2681 JP): 1H FY03/26 flash update
- GEO Holdings’ revenue increased by 8.6% YoY to JPY216.9bn, with net income rising 14.2% YoY.
- The company expanded 2nd STREET stores domestically and internationally, with overseas store count increasing in the US, Taiwan, Malaysia, Singapore, and Hong Kong.
- Sales of secondhand media products rose 3.2% YoY, driven by used mobile devices and new gaming consoles.
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