Daily Brief Japan: Raksul Inc, Nintendo, JDC Corp, Nomura System Corporation, PBsystems, Riberesute Corp, Sanyei Corp, Toyobo Co Ltd and more

• Raksul Inc (4384 JP) is a business roll-up business. They do printing, and advertising, and marketing, and supply. They want to be all things to all SMEs. 
• They are pretty good at it. Revenues and EBIT have been growing at 20-30% a year for years, and are scheduled to grow 19% and 26% for several years ahead.
• The bid is up 40% from last, but that gets them to a 30-month high. The register is very open. Lots of active institutional shareholders who have to agree. Maybe.

• Raksul Inc (4384 JP) has recommended a Goldman Sachs Group (GS US)-sponsored MBO at JPY1,710, a 39.5% premium to the last close.
• While the process is lacking (no auction), the offer is reasonable compared to peer multiples, analyst price targets and historical trading ranges. 
• The offer aligns with the midpoint of the target IFA DCF valuation range. Barring an emergence of an activist, this should get done. 

• Rising memory prices are significantly increasing Switch 2 hardware costs, threatening margin compression below expectations and undermining management’s prior guidance on maintaining stable profitability levels.
• Even with potential price hikes, higher ASPs may dampen unit demand, reducing operating leverage and forcing consensus earnings cuts across FY3/27–28 as hardware profitability deteriorates.
• Valuation remains stretched relative to historical norms, leaving limited downside protection if earnings reset lower and increasing vulnerability to sentiment reversals amid uncertain cost trajectories.

Key points (machine generated)

• Human Creation Holdings is an independent solution integrator addressing management challenges through IT.
• The company is transforming by expanding from engineer dispatch services into IT consulting, development, M&A brokerage, and BPO services.
• By leveraging mergers and acquisitions, the company aims to create a comprehensive business model for enhanced synergy and growth.

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)

• Japan National Land Development is a mid-sized general contractor in Japan, focusing on civil engineering and large-scale land development.
• The company was established post-war and expanded into civil engineering in 1953 and construction contracting in 1962.
• Currently, it is implementing a mid-term management plan to rebuild its management foundation and target an operating profit of 9 billion 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)

• FISCO Ltd.’s report forecasts a 6.0% sales increase for Nomura System Corporation, reaching 3,472 million yen.
• Significant declines in operating profit, ordinary profit, and net profit are projected, with decreases of 18.9% and 22.3%.
• Profitability improvements depend on a steady increase in prime projects, aligning with the company’s goal to deliver ‘high value.’

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)

• P.B. Systems, an independent system integrator in Fukuoka, saw a decline in revenue and profit for the fiscal year ending September 2025.
• The company specializes in hybrid cloud solutions for mid-sized companies, SaaS providers, and public organizations, focusing on cybersecurity and digital transformation.
• P.B. Systems operates a dual structure with projects like the VR theater series ‘MetaWalkers’ and ‘MetaAnywhere,’ while investing in scaling operations despite project management challenges.

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)

• SYLA Holdings Co., Ltd. was formed from the merger of CUMICA Corporation and SYLA Technologies Co., Ltd., focusing on real estate development and crowdfunding.
• In FY5/25, CUMICA experienced a 13.7% revenue increase but reported a net loss of ¥657 million; SYLA Holdings forecasts revenue growth to ¥34,500 million and net income of ¥868 million for FY5/26.
• The company aims to establish itself as a comprehensive real estate tech firm with mid-term targets of ¥100 billion in total assets and a 10% return on equity by FY5/30.

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)

• San-ei Corporation reported a decline in revenue and profit due to decreased demand for travel and outings.
• The company operates 17 overseas bases and 11 stores in Japan, focusing on high value-added products through OEM and brand businesses.
• The furniture and household goods segment accounts for 50.8% of sales, with apparel and accessories also contributing significantly.

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

• Q1–2 FY3/26 outperformed expectations at the bottom line, driven by lower raw material costs, robust performance in Industrial Films (including SRF and Mold releasing film for MLCC), and the return to positive OP in the Businesses requiring improvement, indicating steady progress in line with the plan.
• Free cash flow turned positive, supported by stronger operating cash flow and capex returning to more normal levels after a period of heavy investment.
• With the continued recovery in Businesses requiring improvement (namely Textiles, Pharmaceuticals, Airbag fabrics, Packaging film, Nonwoven materials) and solid demand for Industrial films, we anticipate that the current recovery momentum will be maintained throughout FY3/26.