In today’s briefing:
- Metaplanet (3350) | From Tokyo to the U.S?
- Nittobo (3110 JP): Scarcity Premium in AI Substrates with Strong Earnings Visibility
- IBIDEN Co., Ltd.: AI Substrate Leader with Strong Growth, Expanding Moat, and Valuation Upside
- The Stage of Maintaining Appearance by Ensuring Attendance of Independent Directors Has Ended
- Zuiko Corp (6279 JP): Q1 FY02/26 flash update
Metaplanet (3350) | From Tokyo to the U.S?
- Metaplanet has raised over $500 million via stock acquisition rights, using proceeds to repay short-term bonds and expand its Bitcoin holdings.
- Evo Fund, the main financier, has exercised 54 million shares and likely profited over $100 million through a share borrowing arrangement and market arbitrage.
- A $5 billion capital injection into its U.S. subsidiary hints at potential U.S listing (?), with an EGM scheduled for September to clarify strategic direction.
Nittobo (3110 JP): Scarcity Premium in AI Substrates with Strong Earnings Visibility
- Revenue grew steadily over five years, supported by demand for high-performance glass cloth used in advanced semiconductor packaging.
- It controls a critical bottleneck in AI substrates and is expanding capacity with ¥80B capex through FY28.
- EPS is set to rise 46% by FY28, with fwd PE at 9.3x and EV/EBITDA at 5.1x, suggesting scope for valuation re-rating.
IBIDEN Co., Ltd.: AI Substrate Leader with Strong Growth, Expanding Moat, and Valuation Upside
- Over FY21–25, IBIDEN has delivered strong revenue and profit growth, with operating income rising ~44% and EPS growing ~34% despite cyclical pressures.
- The company commands a dominant ~70–85% market share in AI/server IC substrates, led by Nvidia demand, and is expanding capacity at Ono and Gama plants to sustain leadership.
- With a 17–21% EPS CAGR forecast and trading at ~26× P/E—well below high-growth peers—IBIDEN offers a compelling blend of quality growth and relative valuation comfort.
The Stage of Maintaining Appearance by Ensuring Attendance of Independent Directors Has Ended
- Although the ratio of independent directors has increased over the past 10 years, the reality is that many people believe that corporate governance has not improved in substance.
- In order to ensure diversity on the board of directors (as a measure for director appointment proposals), there is a growing trend for companies to hire a third independent director.
- The role of independent directors is becoming increasingly important. In this context, focus is also being placed on independent directors who hold concurrent positions as executives at other companies.
Zuiko Corp (6279 JP): Q1 FY02/26 flash update
- Revenue increased by 32.0% YoY to JPY5.2bn, driven by growth in Japan and China markets.
- Gross profit margin declined by 5.1pp YoY to 12.9%, with operating loss reduced to JPY75mn.
- Net loss attributable to owners narrowed to JPY42mn, with no extraordinary gains recorded in Q1 FY02/26.
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