In today’s briefing:
- Shionogi & Co (4507 JP): Torii Acquisition to Broaden Portfolio; High R&D to Dent Profitability
- Soda Nikka (8158 JP): Full-year FY03/25 flash update
- Beenos Inc (3328 JP): 1H FY09/25 flash update
- Kanematsu Corp (8020 JP): Full-year FY03/25 flash update
- Digital Arts (2326 JP): Full-year FY03/25 flash update
- Nichiban Co Ltd (4218 JP): Full-year FY03/25 flash update
- Nippon Denko (5563 JP): Q1 FY12/25 flash update
- Okinawa Cellular Telephone (9436 JP): FY FY03/25 Flash Update
- Softcreate Holdings (3371 JP): Full-year FY03/25 flash update
- United Arrows (7606 JP): Full-year FY03/25 flash update
Shionogi & Co (4507 JP): Torii Acquisition to Broaden Portfolio; High R&D to Dent Profitability
- Shionogi & Co (4507 JP) is acquiring Torii Pharmaceutical, as well as the pharmaceutical business of Japan Tobacco and U.S. group company Akros Pharma (sub-subsidiary of Japan Tobacco) for ~¥160B.
- With minimum overlap in focus areas, Shionogi believes that the transaction will create a leading company that delivers innovative pharmaceuticals. However, R&D expenses of the combined company will remain elevated.
- Considering the promising pipeline, we are hopeful on the long-term growth prospect of the combined company. Shionogi is scheduled to announce FY25 result on May 12.
Soda Nikka (8158 JP): Full-year FY03/25 flash update
- Revenue increased to JPY65.1bn (+1.6% YoY), with operating profit at JPY2.1bn (-4.7% YoY) and net income at JPY2.2bn (+18.6% YoY).
- FY03/26 forecast anticipates revenue of JPY70.5bn (+8.2% YoY) and operating profit of JPY2.3bn (+11.0% YoY).
- The company raised FY03/27 financial targets, projecting consolidated net income of JPY2.4bn or more, with ROE at 8%.
Beenos Inc (3328 JP): 1H FY09/25 flash update
- Q2 FY09/24 results show a 2.1% YoY GMV decrease to JPY57.6bn and a 40.5% YoY revenue decline.
- In Q2 FY09/25, GMV increased due to marketing initiatives and new features, with total membership surpassing 6mn.
- BEENOS’s Q2 FY09/25 progress towards full-year targets was 50.1% for GMV and 52.0% for revenue.
Kanematsu Corp (8020 JP): Full-year FY03/25 flash update
- Company revenue reached JPY1.1tn, a 6.6% YoY increase, achieving 95.5% of the full-year forecast.
- Operating profit decreased 4.1% YoY to JPY42.1bn, with SG&A expenses increasing 8.4% YoY to JPY115.1bn.
- Profit attributable to owners rose 18.3% YoY to JPY27.5bn, with ROE at 16.5% and ROIC at 7.6%.
Digital Arts (2326 JP): Full-year FY03/25 flash update
- Digital Arts forecasts FY03/26 sales of JPY12.6bn, operating profit of JPY6.2bn, and net income of JPY4.2bn.
- The company projects FY03/26 cost of sales at JPY3.3bn, with significant increases in labor and communication costs.
- Digital Arts plans a JPY95.0 annual dividend per share, including a JPY5.0 commemorative dividend for its 30th anniversary.
Nichiban Co Ltd (4218 JP): Full-year FY03/25 flash update
- For FY03/25, the company reported revenue of JPY49.5bn (+5.5% YoY) and operating profit of JPY2.6bn (+24.7% YoY).
- Revenue growth was driven by the healthcare field, price revisions, and increased demand for CARELEAVES™ and ROIHI-TSUBOKO.
- The company forecasts FY03/26 revenue of JPY51.5bn (+4.1% YoY) and operating profit of JPY3.0bn (+16.0% YoY).
Nippon Denko (5563 JP): Q1 FY12/25 flash update
- Revenue for FY12/25 was JPY19.4bn, a 9.4% YoY increase, with operating profit rising 22.6% YoY to JPY1.0bn.
- The Ferroalloy business experienced a YoY profit decline, while Functional Materials and Incineration Ash Recycling saw profit growth.
- Nippon Denko forecasts a YoY decrease in revenue and recurring profit for FY12/25, citing manganese ore market downturn.
Okinawa Cellular Telephone (9436 JP): FY FY03/25 Flash Update
- For FY03/25, the company reported operating revenue of JPY84.3bn (+8.1% YoY) and net income of JPY12.4bn (+2.3% YoY).
- The company revised FY03/25 revenue forecast to JPY83.0bn, citing higher au Denki and handset sales, with increased expenses.
- FY03/26 forecasts include operating revenue of JPY85.0bn (+0.8% YoY) and capex investment of JPY6.9bn (+20.3% YoY).
Softcreate Holdings (3371 JP): Full-year FY03/25 flash update
- FY03/25 revenue grew 10.9% YoY to JPY31.0bn, with operating profit at JPY5.5bn and net income at JPY3.5bn.
- EC Solutions revenue increased 6.9% YoY to JPY16.6bn, driven by e-commerce site development and cloud services.
- FY03/26 forecast: revenue JPY33.5bn, operating profit JPY6.0bn, with growth in EC Solutions and IT Solutions segments.
United Arrows (7606 JP): Full-year FY03/25 flash update
- FY03/25 revenue grew 12.4% YoY, driven by proactive inventory strategies and expanded product lineup, with GPM at 52.1%.
- FY03/26 forecasts include 9.8% YoY revenue growth, 12.2% YoY gross profit increase, and 12.7% YoY operating profit growth.
- FY03/25 net income fell 12.2% YoY due to impairment losses, store relocations, and higher corporate tax rate.
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