Daily Brief Japan: Tsuruha Holdings, SBI Shinsei Bank, Fast Fitness Japan Inc, NS Group, Fanuc Corp, Aoyama Zaisan Networks Co Lt, AViC , Joshin Denki and more

• Today, post-close of its first day of trading as MergeCo, Tsuruha Holdings (3391 JP) announced 12 different investors who had voted against the deal filed for dissenting shareholder share repurchase.
• This covers 27.154mm shares – a bit more than what Orbis owned when they last filed (25.5mm shs) and is just over half the AGM dissension.
• This creates some weirdness. A 5+% buyback is strong accretion, but “fair price” is a question, and it could mean smaller tender offer quantity and larger eventual index selldowns.

• SBI Shinsei Bank (8303 JP), a Japanese financial institution, has set an IPO price range of JPY1,440 to JPY1,450 per share compared to the reference price of JPY1,440.
• I discussed the relisting in SBI Shinsei Bank (8303 JP) IPO: The Investment Case and SBI Shinsei Bank (8303 JP) IPO: Valuation Insights. 
• The relisting has attracted solid interest from several investors. The peers have modestly re-rated, and the IPO price range is attractive.

• SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2.1bn in its Japan listing.
• SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
• We looked at the company’s past performance in our earlier note. In this note, we talk about valuations.

• Fast Fitness Japan Inc (7092 JP) has recommended a JGIA-sponsored MBO at JPY2,315, a 29.3% premium to the undisturbed price (31 October).
• There was media speculation about a tender offer last month. The offer is arguably light as it is below the mid-point of the IFA DCF valuation range. 
• This is a done deal as the irrevocables to tender (20.65% ownership ratio) exceed the lower limit of the tender offer (17.12% ownership ratio).

• NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
• NSG aims to raise around US$220m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.
• In our previous note, we looked at the firm’s past performance and peer comparison. In this note, we talk about the pricing updates and IPO valuations.

• Dominant Market Leader with a Wide Moat: Fanuc is a global leader in factory automation, holding significant market share in CNC systems (estimated at 65%) and industrial robots. Its competitive advantages are rooted in technological prowess, a reputation for reliability, high switching costs for customers, and an extensive global service network.
• Poised to Capitalize on Secular Growth in Automation: The company is well-positioned to benefit from long-term structural tailwinds, including rising labor costs, skilled labor shortages, reshoring of manufacturing, and increased demand for automation in emerging sectors like electric vehicle (EV) production and electronics.
• Cyclical Headwinds and Competitive Intensity Present Risks: Fanuc’s financial performance is closely tied to global capital expenditure cycles, making it susceptible to economic downturns. The factory automation market is also highly competitive, with major players like ABB, Yaskawa, and Siemens vying for market share, which can pressure pricing and margins.

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• A very constructive setup for FY12/26 – With AZN having largely delivered on its FY12/25 in Q1-3, the setup for FY12/26 appears increasingly constructive.
• Continued asset (equities, real estate, etc.) price appreciation in Japan, likely to persist under Prime Minister Takaichi’s policies, is providing support for further unit price growth.
• Volume growth visibility is improving as product shelf expansion enables further cross-selling opportunities. 

• AViC (hereinafter referred to as the Company) is a comprehensive digital marketing company that provides integrated services across both Paid (internet advertising) and Non-Paid (SEO/AI consulting, reputation management, etc.) domains.
• Its strength lies in the complementary integration of Paid services, which enhance short- term customer acquisition efficiency, and Non-Paid services, which build organic search traffic over the medium to long term.
• In recent years, through M&A deals with companies like FACT Co., Ltd. and Realation Inc., it has expanded its services into purchase-linked areas (e.g., e-commerce sales promotion support, live commerce). 

Key points (machine generated)

• Joshin Denki reported a 9.6% increase in sales and a 16.3% rise in operating profit for the interim period of fiscal year 2026.
• The company achieved a total sales of 210,452 million yen and an operating profit of 2,138 million yen.
• Joshin Denki launched the ‘JT-2028 Management Plan’ to expand its services beyond product sales, focusing on repairs and maintenance.

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