Daily Brief Japan: Toyota Industries, Iyogin Holdings , Tohokushinsha Film, Nippon Insure , Polaris Holdings, Nippon BS Broadcasting, Showa Sangyo, J Stream Inc, Sakata Seed and more

• At ¥17,340/share, Toyota Industries (6201 JP) is cheap. Corporate governance supporting this deal is shocking. In Travis Lundy‘s words: “Stay long. Buy more. And make some noise.”
• Preceding my comments on Toyota are the current setup/unwind tables for Asia-Pacific Holdcos.
• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

• Our key themes for Japanese banks in 2026 are top line growth due to a hawkish BoJ and the potential for shareholder value creation through cross-holding disposals
• In the big caps, we stick with Resona Holdings as our top pick for its strong gearing to rising interest rates and its relatively high equity cross-holdings to market value
• Our top mid-caps picks are Iyogin Holdings and Hokuhoku, both of which are well positioned to benefit from higher interest rates and also have healthy cross-holdings relative to market value

• Tohokushinsha Film is a diversified media and entertainment company in Japan with a long history, operating across content production, advertising, media broadcasting, and property/rights management.
• The company is positioned to benefit from the growth of the Japanese content market, particularly the increasing global demand for anime and the shift towards digital and streaming platforms.
• However, the company faces challenges from a declining legacy advertising market, intense competition, and potential reputational damage from a past corporate governance scandal involving the Ministry of Internal Affairs and Communications.

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Key points (machine generated)

• The document transcribes a financial results briefing for Nippon Insure Co., Ltd. held on December 3, 2025.
• Shinya Sakamoto, the President, discusses the company’s performance for the fiscal year ending September 2025.
• The briefing includes important disclaimers and is produced by FISCO Ltd., urging stakeholders to review the disclosures.

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

• Despite some one-off inbound travel disruption during June to August 2025, Q1-2 FY3/26 results demonstrated strong and sustained YoY growth.
• We interpret this as Polaris’s earnings stream becoming more resilient and predictable, with improved quality of earnings.
• FY3/26 guidance has been upwardly revised, indicating robust earnings visibility for Q3-4 FY3/26, and the company has increased DPS to ¥4.0 from ¥3.0, with capital allocation demonstrating a well-structured balance between active growth investments and improving shareholder returns. 

Key points (machine generated)

• Japan BS Broadcasting operates the free digital high-definition service ‘BS11’ and collaborates with various TV stations and production companies.
• For the fiscal year ending August 2025, the company reported a sales figure of 11,039 million yen, a 2.8% decrease from the previous year.
• Operating profit fell by 3.4% to 1,988 million yen, with ordinary and net profits also declining, highlighting income generation challenges.

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

• Showa Sangyo is a major Japanese food company with a diversified business portfolio centered on grain processing, including flour milling, edible oils, starches, and sweeteners. This diversification provides a degree of stability against fluctuations in any single market segment.
• The company is strategically focused on strengthening its core businesses and expanding into new areas, including overseas markets and the growing frozen foods sector. This is outlined in their long-term vision, “SHOWA Next Stage for 2025”.
• Financial performance has shown strong net income and earnings per share growth over the past three years, alongside a consistent increase in dividend payouts, indicating a commitment to shareholder returns.

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Key points (machine generated)

• J-Stream, listed as 4308 on the Tokyo Stock Exchange, provides video distribution solutions for corporations.
• Key offerings include the ‘J-Stream Equipmedia’ platform for video sharing and the ‘J-Stream CDNext’ network for large file delivery.
• The company expects performance recovery in the second half of the fiscal year, supported by their video-related services.

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• Sakata Seed is a global leader in the vegetable and ornamental seed industry, with a strong focus on research and development to produce high-quality, value-added varieties.
• The company is strategically expanding its presence in emerging markets, particularly in Asia and Africa, while also focusing on the growing Controlled Environment Agriculture (CEA) sector.
• Financial performance has been robust, with consistent revenue growth driven by strong demand for its vegetable seeds. The company maintains a healthy financial position with a strong balance sheet.

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