Daily Brief Japan: Seibu Holdings, Mandom Corp, Advantest Corp, Money Forward , Takashimaya, Usen-Next Holdings Co Ltd, J Com Holdings, J Frontier Co Ltd, Horiifoodservice, WingArc1st Inc and more

• The recent rally has taken Seibu Holdings (9024 JP)‘ stock price to a new high. The increased market cap should result in global index inclusion in November.
• Seibu Holdings (9024 JP) has outperformed its peers by a wide margin, over the last couple of years and in the short-term.
• While there has been an increase in positioning in the stock over the last few weeks, it does not different materially from what we see in its peers.

• Murakami has amassed an 18.85% ownership ratio in Mandom Corp (4917 JP). The average buy-in price of JPY2,157.78 per share is 10.1% above the JPY1,960 CVC-sponsored MBO.
• Murakami’s ongoing stake building likely suggests that any potential discussions with CVC and the founding family to reinvest into BidCo have hit an impasse.  
• CVC/Founding family can buy time by extending the 10 November close and disclosing additional irrevocables. Nevertheless, an offer bump remains more likely than not. 

• Advantest, a leader in semiconductor testing, is uniquely positioned to capitalize on the AI chip rally, driven by increasing complexity and the critical need for stringent testing in next-generation devices.
• Record-Breaking financial performance and strategic capacity expansions signal long-term growth, despite anticipated near-term revenue fluctuations, setting the stage for future market outperformance.
• Technological dominance in areas like chiplet architecture and advanced digital solutions further solidifies Advantest’s structural advantage, hinting at a compelling opportunity for discerning investors.

• Q3 Summary: Solid EBITDA beat with margin expansion to 12%, though top-line missed street estimates; core business KPIs broadly in line, with slightly soft ARPA growth.
• Thesis: Strong positioning in Japan’s underpenetrated SaaS back-office market, with regulatory tailwinds, operational leverage, and FY11/28 targets of ¥65B sales and ¥20B EBITDA. 
• Valuation: Stock trades near our ¥5,700 fair value (~6x EV/revenue); short-term upside limited, but long-term fundamentals remain attractive.

• Total operating revenue decreased by 3.9% YoY to JPY487.2bn, with operating profit declining 17.8% YoY to JPY26.7bn.
• Domestic department store sales fell due to a sharp drop in inbound demand, despite solid domestic customer sales.
• Takashimaya Financial Partners Co., Ltd. saw a 12.0% YoY increase in operating revenue, driven by growth in transaction volume.

• FY08/25 revenue rose 19.5% YoY to JPY390.4bn, with all segments surpassing expectations and achieving high progress rates.
• FY08/26 forecast expects revenue of JPY424.0bn (+8.6% YoY), operating profit of JPY33.5bn (+6.1% YoY), and EBITDA of JPY46.5bn.
• New medium-term plan “Road to 2030” targets revenue of JPY600.0–645.0bn and operating profit of JPY45.0–51.5bn.

• Revenue increased YoY to JPY15.9bn (+11.1%), driven by higher subsidy income and improved profitability in key business segments.
• Operating profit declined YoY to JPY110mn (-27.0%) due to higher personnel expenses and rising food costs from inflation.
• Revenue and profit grew in the Nursing Care-Related Service business, supported by higher occupancy rates and new facility openings.

• In Q3 FY05/25, revenue was JPY5.0bn (-7.9% YoY) with an EBITDA of JPY125mn (+5.6% YoY).
• Medical Care Sales revenue was JPY1.3bn (-19.7% YoY) with operating profit at JPY66mn (-21.8% YoY).
• Healthcare Marketing business revenue was JPY2.3bn (+3.5% YoY) with operating profit at JPY5mn (-71.8% YoY).

Key points (machine generated)

• FISCO Ltd. hosted a briefing on October 14, 2025, featuring Hitoshi Takakuwa from Hori Food Service Co., Ltd.
• The event was moderated by FISCO market reporter Hiroe Takai and included a discussion with investor DAIBOUCHOU.
• The session aimed to provide insights into Hori Food Service’s operations and market strategies, with reminders about important disclaimers.

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

• In 1H FY02/26, revenue was JPY14.7bn (-1.1% YoY), with operating profit at JPY4.1bn (-17.2% YoY).
• BDS sales revenue rose 2.6% YoY to JPY9.6bn, with cloud services revenue growing 25.6% YoY.
• Data Empowerment business revenue increased 1.8% YoY to JPY5.1bn, with cloud services up 40.2% YoY.