In today’s briefing:
- Kasumigaseki Hotel REIT IPO: Books Well Covered; Modest Upside from Here
- Cyberlinks (3683 JP): 1H FY12/25 flash update
- Riken Vitamin (4526 JP): Q1 FY03/26 flash update
- MARUKA FURUSATO (7128 JP): 1H FY12/25 flash update
- Medinet Co Ltd (2370 JP): Q3 FY09/25 flash update
- Minato Holdings (6862 JP): Q1 FY03/26 flash update
- Oyo Corp (9755 JP): 1H FY12/25 flash update
- Rasa Corporation (3023 JP): Q1 FY03/26 flash update
- Tkc Corp (9746 JP): Q3 FY09/25 flash update
- Toyo Kanetsu K K (6369 JP): Q1 FY03/26 flash update
Kasumigaseki Hotel REIT IPO: Books Well Covered; Modest Upside from Here
- Kasumigaseki Hotel REIT (401A JP) raised US$193m in its upcoming Japan IPO.
- Kasumigaseki Hotel REIT Investment is a REIT with hotel assets. It is an investment corporation sponsored by affiliated developer, Kasumigaseki Capital.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation
Cyberlinks (3683 JP): 1H FY12/25 flash update
- Revenue increased by 11.5% YoY to JPY8.8bn, with recurring revenue rising 7.6% YoY to JPY4.3bn.
- Operating profit surged 74.6% YoY to JPY990mn, with a cost of revenue ratio decline of 3.0pp YoY.
- Revenue growth driven by @rmsV6 deployment, price hikes, and Government Cloud segment’s regional disaster prevention systems.
Riken Vitamin (4526 JP): Q1 FY03/26 flash update
- Q1 FY03/26 revenue was JPY23.3bn, a 1.6% YoY decline, with Domestic Chemicals increasing and Overseas business declining.
- Operating profit decreased by 6.2% YoY to JPY2.4bn, impacted by FX losses and increased advertising and logistics costs.
- Consumer foods revenue increased YoY, while commercial foods decreased; processed food ingredients and chemical products saw YoY growth.
MARUKA FURUSATO (7128 JP): 1H FY12/25 flash update
- 1H FY12/25 revenue increased YoY, but operating profit and net income attributable to owners decreased YoY.
- Revised FY12/25 forecast projects revenue of JPY162.0bn, operating profit of JPY3.5bn, and net income of JPY2.5bn.
- FY12/25 annual dividend planned at JPY101.0 per share, with a DOE target of 3.5%.
Medinet Co Ltd (2370 JP): Q3 FY09/25 flash update
- Sales decreased by 2.8% YoY to JPY573mn, with operating, recurring, and net losses each amounting to JPY1.1bn.
- SG&A expenses rose 9.7% YoY to JPY1.2bn, driven by increased R&D and sales expenses, widening the operating loss.
- The Specified Cell Products Manufacturing Business saw a 7.6% YoY sales decline due to absent one-time technology transfer fees.
Minato Holdings (6862 JP): Q1 FY03/26 flash update
- Revenue increased by 10.5% YoY to JPY5.2bn, with significant growth in Digital Device, Engineering, and Other segments.
- Operating profit rose 159.1% YoY to JPY137mn, driven by higher revenue, reduced depreciation expenses, and improved margins.
- Market prices for DIMMs rose, but sluggish demand and lower high-margin projects led to a decline in operating profit margin.
Oyo Corp (9755 JP): 1H FY12/25 flash update
- In 1H FY12/25, orders were JPY47.3bn (+4.4% YoY), revenue JPY36.8bn (+6.5% YoY), operating profit JPY2.7bn (+14.5% YoY).
- Orders for domestic infrastructure projects rose to JPY19.2bn (+27.7% YoY), revenue JPY13.6bn (+13.4% YoY), operating profit JPY375mn (+120.6% YoY).
- Orders for offshore wind projects declined to JPY20.7bn (-5.3% YoY), revenue JPY15.1bn (+18.7% YoY), operating profit JPY2.7bn (+46.1% YoY).
Rasa Corporation (3023 JP): Q1 FY03/26 flash update
- Revenue increased by 2.7% YoY to JPY5.8bn, with operating profit rising 36.8% YoY to JPY290mn.
- Segment profit for the Environmental Equipment business surged 132.7% YoY, despite a 7.8% YoY revenue decline.
- Construction segment posted a JPY30mn loss due to a 27.0% YoY decrease in large-scale project volume.
Tkc Corp (9746 JP): Q3 FY09/25 flash update
- TKC’s cumulative Q3 FY09/25 sales rose 8.3% YoY to JPY59.8bn, with operating profit decreasing 4.2% YoY.
- Local Government segment operating profit dropped 45.0% YoY due to low-margin hardware sales and software amortization.
- Year-end dividend forecast for FY09/25 increased to JPY60.00 per share, totaling JPY110.00 annually.
Toyo Kanetsu K K (6369 JP): Q1 FY03/26 flash update
- Revenue decreased by 9.4% YoY, with operating profit down 18.6% YoY, and recurring profit down 18.0% YoY.
- Orders and order backlogs increased by 29.5% YoY, with a slight decline of 1.2% from end-FY03/25.
- Revenue increased by 8.8% YoY, with operating profit up 135.9% YoY due to profitable project inspections.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
