Daily Brief Japan: SBI Shinsei Bank, Kioxia Holdings , Futaba Industrial, Good Com Asset, Hamee Corp, Japan Reliance Service, Kato Works, Nippon Computer Dynamics Co, Rizap Group, Toa Road Corp and more

• SBI Shinsei Bank (8303 JP) is a Japanese financial institution. At the IPO price, it will raise JPY322 billion (US$2.1 billion). The shares will be listed on 17 December.
• I previously discussed the IPO in SBI Shinsei Bank (8303 JP) IPO: The Investment Case and SBI Shinsei Bank (8303 JP) IPO: Price Range Is Attractive.
• The peers have re-rated since the prospectus was released. My analysis suggests that SBI Shinsei is attractively valued at the IPO price.

• Micron numbers will be amazing, but will they be enough to justify the parabolic price actions? Likely, yes. 
• Intel hiring a Trump proxy a further sign its aligning itself with the Govt’s designs for onshore chip production. 
• Estee lauder is surging but what about Shiseido and Kose? 

Key points (machine generated)

• Futaba Industrial reported a significant profit increase for the interim period of fiscal year ending March 2026, with expected ROE recovery to 10%.
• The company is among the top three global automotive parts manufacturers, producing components like body parts, exhaust systems, and suspension parts using advanced technology.
• Futaba operates 27 production bases in nine countries and serves a diverse client base, including but not limited to Toyota Motor Corporation.

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• FY10/25 sales were JPY54.6bn (-8.7% YoY), operating profit JPY2.9bn (-46.2% YoY), net income JPY1.5bn (-54.2% YoY).
• FY10/26 forecast: sales JPY79.3bn (+45.3% YoY), operating profit JPY7.7bn (+163.3% YoY), net income JPY4.5bn (+198.4% YoY).
• FY10/25 saw significant SG&A expense increase due to M&A costs, advertising, and shareholder returns, impacting profitability.

• Hamee executed a spin-off of NE Inc. in November 2025, excluding NE from Q3 FY04/26 consolidation.
• FY04/26 forecast: sales JPY21.7bn, operating profit JPY723mn, recurring profit JPY479mn, net income JPY152mn.
• Commerce segment sales forecast lowered by JPY1.7bn due to weaker-than-expected 1H results and continued pressure.

Key points (machine generated)

• RSC Co., Ltd. is celebrating its 50th anniversary and has formed a strategic partnership with SoftBank Robotics to implement security AI.
• The company manages prominent buildings and focuses on providing trusted services for safety and comfort.
• RSC offers integrated services including security, cleaning, and facilities management, while committing to sustainable growth through mechanization and technology.

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Key points (machine generated)

• Kato Works, established in 1895, specializes in construction cranes and hydraulic excavators with a focus on durability and ease of operation.
• The company forecasts a loss for the fiscal year ending March 2026 but expects a recovery trend in the latter half of the year.
• Kato Works offers a diverse range of products, positioning itself as a major player in the construction crane market and a mid-sized competitor in hydraulic excavators.

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Key points (machine generated)

• FISCO Ltd. reports a profit decrease expectation for NCD (Ticker: 4783) for the fiscal year ending March 2026 due to prior reactions and one-time costs.
• NCD, established in 1967, specializes in IT-related system development, support services, and unmanned bicycle parking solutions.
• The company maintains a stable revenue structure with over 80% of sales from stock and is a leading provider in the self-managed bicycle parking sector in Japan.

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Key points (machine generated)

• RIZAP Group reported its first operating profit in three years for the interim period of fiscal year ending March 2026.
• The company plans to resume dividends for the first time in eight periods and aims for significant profit growth.
• RIZAP has expanded to 68 group companies and focuses on health promotion, with a vision to be ‘Global No. 1 in the self-investment industry.’

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• Toa Road holds a long-standing position in Japan’s civil engineering sector, specializing in road construction and the manufacturing of pavement materials since its founding in 1930.
• The company exhibits a compelling shareholder return profile, characterized by a high dividend yield and exceptionally strong multi-year dividend growth, though this is juxtaposed with highly volatile and recently negative operating and free cash flows.
• Future performance is closely tied to Japanese public infrastructure spending, driven by the need to maintain and upgrade aging road networks and for disaster recovery projects, but faces headwinds from intense competition and rising material costs.

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