In today’s briefing:
- [Japan M&A] TechnoPro Holdings (6028) May Be Up For Grabs
- TSI Holdings: Strong Growth in BPS and Aggressive Record of Share Buybacks
- Another Reason Companies Are Reluctant to Disclose in English, and Not Just Because of the Cost
- Oisix ra daichi (3182 JP): Full-year FY03/25 flash update
- T&D Holdings (8795 JP): Full-year FY03/25 flash update
- Cyber Security Cloud Inc (4493 JP): Q1 FY12/25 flash update
- Kyodo Printing (7914 JP): Full-year FY03/25 flash update
- France Bed Holdings (7840 JP): Full-year FY03/25 flash update
- Dic Corp (4631 JP): Q1 FY12/25 flash update
- Resorttrust Inc (4681 JP): Full-year FY03/25 flash update
[Japan M&A] TechnoPro Holdings (6028) May Be Up For Grabs
- Technopro Holdings (6028 JP) is a temp/contract staffing platform which specialises in engineering staff (IT engineers far more than machinery, construction, chemicals). The company has been growing.
- Overnight, an article appeared in MergerMarket – a high-dollar M&A-related news service – saying the company was going through a sale process. The company confirmed it was one possibility.
- The stock went limit up. This quick writeup looks at the framework of the idea, and possibilities.
TSI Holdings: Strong Growth in BPS and Aggressive Record of Share Buybacks
- Tsi Holdings (3608 JP) is a leading apparel company in Japan. Net cash was 45 billion yen at end of February 2025, representing 58% of its current market cap.
- The company has an excellent record of increasing its BPS, reducing outstanding shares, and buying back shares. Valuations have become more attractive.
- Its share price has had a nice pullback in the past three months (down 22% from its peak levels in February 2025).
Another Reason Companies Are Reluctant to Disclose in English, and Not Just Because of the Cost
- Even in 93.8% of prime companies that disclose financial results in English, many disclose only summaries and financial statements in English, while few provide qualitative information and notes in English.
- The belief that the company doesn’t provide sufficient information to shareholders to control AGM is common to reluctance to disclose documents in English, which are highly demand by overseas investors.
- The idea of “not wanting to provide overseas investors with sufficient information,” which has ingrained in many companies, is opposed to movement to “improve the quality of dialogue with investors.”
Oisix ra daichi (3182 JP): Full-year FY03/25 flash update
- In FY03/25, sales increased by 72.5% YoY, EBITDA by 55.3% YoY, and operating profit by 33.9% YoY.
- For FY03/26, the company forecasts sales of JPY270.0bn, EBITDA of JPY14.0bn, and operating profit of JPY8.0bn.
- The company targets adjusted EPS of JPY175.0 in FY03/30, with a five-year CAGR of 11%.
T&D Holdings (8795 JP): Full-year FY03/25 flash update
- Ordinary revenues in FY03/25 reached JPY3.7tn, a 16.3% YoY increase, with insurance premiums at JPY2.6tn.
- Group adjusted profit rose 36.7% YoY to JPY141.5bn, driven by strong domestic life insurance business performance.
- T&D Holdings forecasts FY03/26 ordinary revenues to decline 19.3% YoY to JPY3.0tn, with a 12.3% YoY profit increase.
Cyber Security Cloud Inc (4493 JP): Q1 FY12/25 flash update
- Revenue increased to JPY1.2bn (+24.4% YoY), driven by growth in WafCharm and CloudFastener, with ARR at JPY4.5bn (+30.9% YoY).
- Operating profit declined to JPY241mn (-23.6% YoY) due to increased operating expenses, including personnel and outsourcing costs.
- Shadankun’s ARR reached JPY1.7bn (+6.1% YoY) with a user count of 1,322 companies and a churn rate of 1.06%.
Kyodo Printing (7914 JP): Full-year FY03/25 flash update
- Revenue reached JPY100.0bn (+3.1% YoY) with operating profit at JPY2.3bn (+47.8% YoY) and net income JPY3.3bn (+121.4% YoY).
- Information-related segment saw increased revenue from transportation tickets, IC cards, and digital transformation services, despite promotional material order declines.
- Living and Industrial Materials segment focused on packaging solutions, addressing raw material costs, and expanding high-value-added product offerings.
France Bed Holdings (7840 JP): Full-year FY03/25 flash update
- FY03/25 revenue was JPY60.6bn (+2.4% YoY), operating profit JPY4.7bn (+2.4% YoY), net income JPY2.9bn (-6.0% YoY).
- Medical Services revenue rose 4.2% YoY, Home Furnishing and Health revenue decreased 1.3% YoY, with GPM at 54.6%.
- FY03/26 forecast: revenue JPY62.3bn (+2.9% YoY), operating profit JPY4.8bn (+1.1% YoY), net income JPY3.1bn (+3.5% YoY).
Dic Corp (4631 JP): Q1 FY12/25 flash update
- Consolidated sales reached JPY262.1bn (+2.5% YoY), with operating profit at JPY13.1bn (+54.0% YoY), driven by market recovery.
- Segment sales varied, with packaging inks declining in Asia, while jet inks for digital printing increased significantly.
- Operating profit rose in Japan and overseas, supported by cost savings and stable sales prices across product lines.
Resorttrust Inc (4681 JP): Full-year FY03/25 flash update
- Sales and operating profit increased YoY; Membership and Medical segments saw higher sales and profits, while Hotel and Restaurant segment had lower profits.
- Contract value for hotel memberships increased YoY; sales and operating profit rose due to higher contract value and improved margins.
- FY03/26 forecast: sales JPY259.0bn (+3.9% YoY), operating profit JPY27.5bn (+4.3% YoY), net income JPY19.0bn (-5.7% YoY).
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