Daily Brief Japan: Metaplanet, Mitsubishi Logisnext Co., Ltd., T&D Holdings, Macbee Planet , ODK Solutions, F-Code, Agent IG Holdings, Kichiri &, Axis and more

• Equity-Funded Bitcoin accumulation stalls, as Metaplanet’s share price and mNAV collapse, closing the window for reflexive BTC yield growth
• BIG trading desk delivers outsized returns, but sustainability remains uncertain amid falling Bitcoin volatility and rising funding obligations.
• Phase II pivots toward platform ambitions, signalling a shift from accumulation to architecture, and potentially, from treasury to Bitcoin bank.

• JIP and MitHeavy have announced a takeunder to buy out MitHeavy sub Mitsubishi Logisnext Co., Ltd. (7105 JP) at a weighted average price 42% lower than Target Advisor DCF range midpoint.
• No/Minimal transparency. A sales process interrupted by Trump tariffs, leaving one low-ball bidder. And the sellers goes ahead with it BUT gets to reinvest on the back end. You don’t.
• The Board “supports” the Tender Offer, but leaves it to the opinion of the shareholders as to whether they tender. MitHeavy has 64.4% already so that basically gets done. But…

• JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
• The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
• Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2026 based on trading data as of end-September 2025.

• Macbee Planet is a high-growth marketing technology company specializing in data-driven LTV (Lifetime Value) marketing, a niche that offers significant upside within Japan’s large internet advertising market.
• The company has demonstrated an exceptional track record of revenue and net income growth, driven by its performance-based consulting and proprietary technology platforms. However, this growth has been accompanied by significant cash flow volatility and recent margin compression.
• Key risks include a high dependency on a few key industries, particularly finance and wellness, increasing competition, and the challenge of maintaining profitability while scaling. The recent negative operating cash flow is a primary concern for investors.

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• ODK Solutions Co., Ltd. (hereafter, the “Company”) reported net sales of JPY 1,008 mn (-4.6% YoY) in Q1 FY2026/3.
• Despite the sales contribution from NINJAPAN, which became a consolidated subsidiary in the previous fiscal year, the decline in development projects in medical- related services and securities services weighed on earnings.
• Promotional expenses for new services also added to the burden, resulting in an operating loss of JPY 210 mn, an ordinary loss of JPY 186 mn, and a quarterly net loss of JPY 146 mn, with all losses widening year-on-year. 

Key points (machine generated)

• F-Code, listed on the Tokyo Stock Exchange under code 9211, has completed 19 M&A transactions and expects significant sales growth of 15 times in four years.
• The company aims for a 14-fold increase in operating profit and EBITDA, focusing on digital transformation in marketing using AI and system development.
• Operating as a holding company with 15 specialized firms, F-Code maintains a federal system that respects subsidiary independence while offering integrated services.

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

Key points (machine generated)

• Agent IG Holdings reported an operating loss for the interim period ending December 2025 but expects to meet full-year objectives.
• The company offers a wide range of property and life insurance services and is pursuing mergers and acquisitions to strengthen its market position.
• Since January 2016, Agent IG Holdings has acquired 636 insurance agencies, including the notable acquisition of Financial Japan Co., Ltd. in April 2024.

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

Key points (machine generated)

• Kichiri Holdings, listed as 3082 on the Tokyo Stock Exchange, anticipates double-digit revenue and profit growth by June 2026.
• The company operates various dining formats, including urban and suburban restaurants, and is involved in recruitment and regional revitalization.
• As of June 2025, Kichiri Holdings had 139 stores and reported a 9.5% revenue increase to 15,056 million yen, but a 25.9% decline in operating profit to 581 million yen.

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

Key points (machine generated)

• Agent IG Holdings is experiencing an interim operating loss but expects to meet full-year financial goals through business expansion.
• The company provides a wide range of property and life insurance services, utilizing a unique platform to support M&A and business succession.
• Since 2016, Agent IG Holdings has acquired 636 insurance agencies, including Financial Japan Co., Ltd. in April 2024.

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

Key points (machine generated)

• Axis is a Tokyo Stock Exchange-listed IT company established in 1991, specializing in digital transformation services.
• The company has achieved 34 consecutive profitable periods, demonstrating effective project management and expertise in the financial sector.
• Axis reported a 7% increase in sales for the interim results of the fiscal year ending December 2025, aiming to become a leading IT consulting firm.

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