Daily Brief Japan: Seed Co Ltd/Tokyo, Oliver Corporation, Honda Motor Co Ltd (Adr), D.Western Therapeutics Institute Inc., Globe-ing, JINS Inc, Polaris Holdings, Restar Holdings Corporation, Rigaku Holdings, TSE Tokyo Price Index TOPIX and more

• Seed Co Ltd/Tokyo (7743 JP) announced a tender offer from Luxshare Precision Industry (2475 HK) at JPY795, a 48.6% premium to the last close of JPY535.  
• Despite the lack of an auction, the offer is above the midpoint of the IFA’s DCF valuation range and is attractive compared to historical trading ranges.
• The required minority acceptance rate to meet the lower limit is not onerous. This is a done deal. The offer closes on 13 October.  

• Oliver Corporation (619A JP) aims to raise around US$130m in its Japan IPO.
• Oliver Corporation was a furniture manufacturing company known as Fuji Steel and sold steel furniture. As it started to expand into wooden furniture, it eventually renamed itself as Oliver Co.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Honda Motor Company Limited reported record operating profit of JPY 530.7 billion for the first quarter of fiscal year ending March 31, 2027, driven largely by strong performance in the motorcycle business and North American automobile sales.
• The motorcycle segment achieved its highest-ever quarterly operating profit, fueled by robust sales in India and Brazil.
• Despite challenges in the Chinese automobile market, unit sales increased overall, mainly supported by North America, delivering an automobile operating profit of JPY 192.1 billion with an operating margin of 5.0%.

• D. Western Therapeutics Institute, Inc. (DWTI, hereafter the Company) announced its H1 FY2026/12 results after market close on August 13, 2026.
• For TissueBlue , the Company and licensee DORC are currently discussing detailed terms and conditions for extending their agreement in the US, where the patent remains in force.
• SIR believes that if the planned product launches proceed on schedule, expectations for the Company will rise further and be reflected in its share price.

Key points (machine generated)

• Globe-ing reported record sales of 11,512 million yen, a 39.4% year-on-year increase.
• Operating profit reached 4,142 million yen, marking a 47.9% rise.
• The company announced its first dividend implementation, with a net profit of 3,051 million yen, up 72.6%.

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• JINS is spending heavily to turn itself from a Japan-centred value eyewear chain into a more tightly controlled global SPA retailer.
• Sales growth remains impressive and overseas earnings are finally becoming meaningful.
• But investment is rising faster than profit, and there has been a drop in domestic same-store momentum over the summer.

• Expansion plans on track – Q1 FY3/27 results were softer than expected; despite sales growth driven by new hotel openings, profitability declined YoY reflecting higher variable rents, softer revenue at some existing hotels, and rising operating and new- opening costs.
• FY guidance was maintained, indicating expectations of stable inbound demand going forward.
• The key takeaway was that management remains focused on reaching its Medium-Term Management Plan of 150 hotels and 20,000 rooms in FY3/31; the company has contracted to open eight new hotels in Q1 FY3/27 (versus two in Q1 FY3/26), bringing the running total to 126 hotels with 17,869 rooms.

• Trend to remain positive – Registering OP growth of 487% YoY, Q1 FY3/27 results were significantly ahead of expectations, with Restar strongly positioned to benefit from AI-driven data center investment demand and rising prices for key products.
• Taking these factors into account, the company has revised FY guidance and DPS upward.
• We believe the earnings outlook remains strong, with continued high order visibility, rather than scenarios where demand is driven by a temporary supply shock or customer pre-buying. 

• Order and revenue pipeline filling up – Rigaku disclosed that Q2 orders at Semiconductor Process Control Instruments reached more than 3x the year-ago level on strong demand from Memory customers, driven by HBM and DRAM capacity expansion.
• Although Q2 results already benefitted from strong Memory demand, Rigaku expects further acceleration going into H2 and beyond.
• The Company’s next-gen semiconductor metrology equipment has also received positive feedback from customers, which we expect should gradually translate to improved margins as they are delivered. 

• Regulators have established a legal framework for listed companies based on the belief that improving corporate governance practices leads to improved return on capital and better stock price performance.
• Even regulators have recently begun requiring companies to take Key Actions to improve capital profitability and stock valuations, through “TSE’s request” and this year’s revision of Corporate Governance Code.
• A company should be evaluated based on the results of its value creation, such as capital profitability and stock performance. The board practice is one factor that should be analyzed.