In today’s briefing:
- [Japan Activism] Pasona Group (2168 JP) – Three New Things Of Mixed Importance
- Primo Global Pre-IPO: Driven by Domestic Demand as International Ops Falter
- Kitazato Pre-IPO – Past Sales Have Been Steady but Slowing
- Frontier Management Inc. (7038 JP) – Q1 FY2025/12 Results Mark the Start of Recovery
[Japan Activism] Pasona Group (2168 JP) – Three New Things Of Mixed Importance
- Pasona Group (2168 JP) is a “value stock.” It has loads of cash (but less than you think) and significant ongoing governance issues, but they are doing a TINY buyback.
- Several weeks ago we got an announcement which was odd. Not completely odd, just odd. Now in the past week we have market activity/announcements which make one wonder.
- This piece attempts to interpret some of the recent data/info points. One is odd. Another is odd but meaningful (but different than people think). A third is just technical.
Primo Global Pre-IPO: Driven by Domestic Demand as International Ops Falter
- Primo Global (367A JP) is looking to raise at least US$104m in its upcoming Japan IPO.
- Primo Global specializes in merchandising bridal jewellery, namely engagement rings and wedding rings.
- In this note, we look at the firm’s past performance.
Kitazato Pre-IPO – Past Sales Have Been Steady but Slowing
- Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$120m in its Japan IPO.
- Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Frontier Management Inc. (7038 JP) – Q1 FY2025/12 Results Mark the Start of Recovery
- Frontier Management announced its Q1 FY2025/12 results after market close on May 14, 2025.
- Net sales rose 12.7% YoY to JPY 2,434 mn, rebounding from the YoY drop in FY2024/12, but operating profit fell 12.3% YoY to JPY 55 mn.
- Fund-related expenses in the Investment Business weighed on ordinary profit, resulting in an ordinary loss of JPY 74 mn.
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