Daily Brief Japan: Toyota Industries, Iino Kaiun Kaisha, Nippon Aqua, Lifenet Insurance Company, Toyota Motor, Seven & I Holdings, Santen Pharmaceutical, Toho Gas Co Ltd, Renaissance Inc, IBJ and more

• Elliott has filed a substantial shareholder notice reporting a Toyota Industries (6201 JP) ownership of 16.3 million or 5.01% of outstanding shares.
• The disclosure is likely a tactic to pressure Toyota Fudosan (offeror) and also a useful signalling tactic to other minorities that Elliott is committed to securing a bump.
• A potential bump could reach JPY19,000. While this would require an additional US$4 billion, financing should not be an issue as the book value (understated) is close to JPY18,000. 

• The somewhat unexpected outperformance in H1 FY3/26 reflects the volatile nature of the shipping industry, and the impact of macro events.
• The stability provided by the Real Estate segment remains a key enabler for IINO Lines’ long-term strategy.
• With a conservative D/E ratio of 0.79x, the Company retains significant financial flexibility to withstand shipping cycle volatility while funding its capital- intensive fleet renewal program. 

• Japan’s leading on-site urethane foam insulation installer with strong growth Nippon Aqua Co., Ltd. (hereinafter, the Company) is a high-growth enterprise listed on the Prime Market of the Tokyo Stock Exchange.
• Guided by its management philosophy— “Contribution to society through the creation of living environments that are friendly to people and the earth”—the Company leverages insulation and waterproofing technologies to drive energy efficiency and support a sustainable society.
• It holds the leading domestic share in on-site urethane foam insulation installation and operates its business through three key divisions: Single-family homes, Buildings, and Waterproofing.

• H1 FY3/26 results demonstrated solid execution, highlighted by visible efficiency gains.
• We believe visibility toward growth acceleration has improved post- Q2; the recovery in Individual Life is gaining momentum, evidenced by accelerating AP growth and improved profitability from tech- driven efficiency initiatives.
• Furthermore, the new partnership with The Kyoto Shinkin Bank clarifies the GCL segment’s growth upside by opening a strategic pathway to the vast domestic bank mortgage market. 

• On October 21st we published an insight predicting Toyota Motor’s imminent pullback. The stock started to pullback the following week, the correction lasted for a few weeks.
• After last week’s weakness, Toyota Motor (7203 JP) is rallying again. There’s conflicting sentiment on valuation—some see it as undervalued.
• This insight presents a short-term tactical analysis with a bullisht target at 3291 (75% probability of seeing a new pullback after that target is reached). 

• The convenience store sector is not only saturated but also facing serious levels of new competition. Despite this, Seven Eleven posted much higher growth in November but problems remain.
• The big 3 are working hard to innovate their way out of trouble and move on to new, fertile pastures of growth but Seven Eleven is behind Lawson and Familymart.
• Innovation means high levels of differentiation across prices, tech, services and merchandising, making each chain much more distinctive and a fascinating example of where Japanese retail is headed.

• Santen Pharmaceutical (4536 JP) witnessed revenue drop with profits also declining in H1FY26. Sequential quarterly improvement a positive. EMEA and Asia grow driving the overseas business rise.
• Company reiterated FY26 guidance where revenue is projected at ¥294B (down 2% YoY) and core operating profit at ¥54B (down 9% YoY). H2FY26 expected to be strong.
• Regular drug development, consistent approvals for new indications coupled with licensing deals and its market leadership position will help Santen to see through the sluggishness.

Key points (machine generated)

• Toho Gas reported increased revenue and profit for the interim period of fiscal year ending March 2026 due to rising customer numbers.
• The company, celebrating its 100th anniversary in 2022, has transitioned from coal to oil and now to natural gas, becoming a top player in the urban gas sector.
• Toho Gas is committed to community contributions, focusing on building trust and enhancing quality of life.

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• Renaissance Inc. is a major player in the Japanese fitness industry, demonstrating a strong revenue recovery post-pandemic, although profitability and cash flow remain volatile.
• The company is diversifying its business model beyond traditional fitness clubs to include healthcare-related services, such as corporate wellness programs and senior-focused rehabilitation centers, tapping into Japan’s key demographic trends.
• While facing intense competition and economic sensitivity, the company’s strategic focus on health solutions for an aging population and its established brand presence of over 100 clubs position it for potential long-term growth in the expanding wellness market.

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• Q1–3 FY12/25 results outperformed expectations. Membership in the core matchmaking business continued to grow steadily.
• The Life Design segment also delivered significant growth, driven by solid performance in the photo, insurance, and wedding businesses, as well as the positive contribution from GROWBING, which was newly consolidated.
• Organic growth continued to be a major driver of the group’s overall performance.