In today’s briefing:
- Sun Corp (6736) – CLBT Has Round-Tripped, But Now Better ParentCo and a Buyback so Set-Up Is Better
- [Japan M&A] CareNet (2150 JP) MBO-Ish LBO of Medical Platform Biz; Light. SUPER Opaque Process.
- CareNet (2150 JP): EQT’s Tender Offer at JPY1,130
- Super Dovish Comments From Bessent Fuels Home Builder Strength
- Metaplanet (3350 JP): 1H FY12/25 flash update
- Micronics Japan (6871 JP): 1H FY12/25 flash update
- Yappli Inc (4168 JP): 1H FY12/25 flash update
- Data Applications (3848 JP): Q1 FY03/26 flash update
- Mercuria Holdings (7347 JP): 1H FY12/25 flash update
- Q1 Follow-Up – MORESCO (5018 JP) – July 31, 2025
Sun Corp (6736) – CLBT Has Round-Tripped, But Now Better ParentCo and a Buyback so Set-Up Is Better
- 12 months on from the Tender Offer which changed the shape of the shareholder register, Sun Corp (6736 JP) is up small and its main asset Cellebrite is -10%.
- The value of the rest of Sun Corp has probably increased to cover that 10% through new business earnings, but the main value is still Cellebrite. An exit still awaited.
- Now Cellebrite is lower, and SunCorp is lower (but recently rising) and SunCorp has announced a buyback which accounts for a big chunk of Real World Float. Hmmm…
[Japan M&A] CareNet (2150 JP) MBO-Ish LBO of Medical Platform Biz; Light. SUPER Opaque Process.
- Todfay after the close, EQT and Carenet Inc (2150 JP) announced an EQT SPC would launch a TOB to buy out the medical platform business.
- A growthy business so the multiple looks light. But the founder and his incubation fund is selling. That’s 19%. Insiders/crossholders hold another 25%. One recent seller still has 10%.
- This looks like it gets done, but it isn’t at the highs of 4+ years ago. Some retail may be upset.
CareNet (2150 JP): EQT’s Tender Offer at JPY1,130
- Carenet Inc (2150 JP) has recommended a tender offer from EQT (EQT SS) at JPY1,130, a 47.3% premium to the last close.
- Despite the lack of an auction, the offer is reasonable as it aligns with the midpoint of the IFA DCF valuation range and at a premium to historical ranges.
- Irrevocables to accept represent a 17.03% ownership ratio. This is likely a done deal with payment from 7 October.
Super Dovish Comments From Bessent Fuels Home Builder Strength
- Sentiment for Sumitomo Forestry will continues to rise with pressure on US rates increasing.
- Coreweave fails to live up to the hype dropping -20% on profit miss, but topline growth remains strong
- Cisco Systems reporting their AI infrastructure orders were double initial expectations for 2025
Metaplanet (3350 JP): 1H FY12/25 flash update
- Revenue reached JPY2.1bn, with Bitcoin Treasury Operations at JPY1.9bn and Hotel business at JPY212mn (+25.8% YoY).
- Operating profit was JPY1.4bn, with Bitcoin Treasury at JPY1.6bn and Hotel business contributing JPY82mn.
- Bitcoin holdings increased to 13,350 BTC, with BTC yield at 129.4% in Q2, exceeding the 35% target.
Micronics Japan (6871 JP): 1H FY12/25 flash update
- 1H FY12/25 sales increased 26.6% YoY to JPY33.1bn, with operating profit rising 31.3% YoY to JPY7.6bn.
- The company revised its Q3 earnings forecast, lowering sales to JPY50.0bn and operating profit to JPY11.1bn.
- Full-year FY12/25 sales forecast is JPY68.9bn (+23.8% YoY), with capital expenditures planned at JPY17.8bn (+15.3% YoY).
Yappli Inc (4168 JP): 1H FY12/25 flash update
- In 1H FY12/25, the company reported revenue of JPY2.9bn, operating profit of JPY449mn, and net income of JPY446mn.
- Revenue progress rate was 47.0%, with operating profit at 59.9%, and recurring profit at 61.6% versus full-year forecast.
- The company maintained its full-year forecast, with revenue aligning with expectations and profits showing strong performance.
Data Applications (3848 JP): Q1 FY03/26 flash update
- In Q1 FY03/26, Data Applications reported revenue of JPY947mn, with an operating loss of JPY37mn and net loss of JPY12mn.
- Software Development revenue was JPY546mn with a segment loss of JPY10mn; recurring revenue ratio was 89.4%.
- System Integration and AI businesses reported revenues of JPY274mn and JPY127mn, with segment losses of JPY17mn and JPY11mn, respectively.
Mercuria Holdings (7347 JP): 1H FY12/25 flash update
- Operating revenue decreased 14.3% YoY to JPY1.9bn, with gross profit declining 24.9% YoY to JPY1.5bn.
- The recurring loss was JPY159mn, influenced by a JPY325mn drop in gross profit and foreign exchange losses.
- New investments were made in the Buyout and Growth strategies, and a Structured Equity Investment Strategy was launched.
Q1 Follow-Up – MORESCO (5018 JP) – July 31, 2025
- In Q1 FY2026/2, MORESCO CORPORATION (hereinafter “MORESCO” or “the Company”) reported consolidated net sales of JPY 8,516 mn, up 3.2% YoY, driven by higher sales both in Japan and overseas.
- Although demand in the automotive sector, which accounts for approximately 45% of net sales, remained sluggish due to lower vehicle production in Japan and the U.S., the impact was absorbed overall, as the Company’s all-round strategy proved effective in promoting diversification across regions, products, and applications.
- Operating profit jumped 174.4% YoY to JPY 520 mn, but ordinary profit declined 1.9% YoY to JPY 441 mn, and net profit fell 4.9% YoY to JPY 237 mn, both weighed down by foreign exchange losses.
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