Daily Brief Japan: Tsuruha Holdings, Uacj Corp, Inageya Co Ltd, Mixi Inc, Realgate , AZ-Com Maruwa Holdings, Torishima Pump Mfg, TSE Tokyo Price Index TOPIX, Restar Holdings Corporation and more

• Tsuruha Holdings (3391 JP) had been planning to release a Medium Term Management Plan this month BUT stock prices are higher, goodwill effects changed, so they announced a “Vision” instead. 
• Today post-close, Aeon Co Ltd (8267 JP) announced its Partial Tender Offer on TSURUHA (Japanese) at ¥2,900/share. Slightly lower than hoped. Much better than before. 
• AEON obviously really did not want to bump, but they did, considering synergies and the desire to consummate the deal. The Tender Offer shrinks so minimum pro-ration is lower. 

• Tsuruha Holdings (3391 JP) announced a partial tender offer from Aeon Co Ltd (8267 JP) at JPY2,900, a 27.2% premium over the previously stated offer price of JPY2,280.
• Aeon will acquire a maximum (upper limit) of 43.2 million shares (9.52% ownership ratio) such that it attains a 50.90% ownership ratio. There is no lower limit. 
• The offer is above the midpoint of the IFA DCF valuation range and marginally below the JPY3,100 price Aeon paid in 2024 to acquire Oasis’ stake. 

• Furukawa Electric is looking to sell around US$128m of Uacj Corp (5741 JP.
• The deal is a big one, representing 23.3 days of three months ADV and 5% of outstanding stock.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Inageya is an established supermarket chain with a strong regional focus in the Tokyo metropolitan area, but it faces significant profitability challenges amidst intense industry competition.
• Recent financial performance has been volatile, characterized by stagnant revenue, fluctuating margins, and a swing from net loss to a marginal profit, highlighting operational pressures from rising costs and stiff competition.
• A recent business combination with United Super Markets Holdings (U.S.M.H), making Inageya a wholly-owned subsidiary of U.S.M.H and resulting in its delisting from the Tokyo Stock Exchange in late 2024, is a pivotal strategic shift aimed at enhancing competitiveness in the Kanto region.

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• MIXI’s Q1–2 FY3/26 results highlight a company in transition.
• Growth is increasingly driven by the Sports segment, supported by the consolidation of PointsBet Holdings and strong double-digit organic growth in Betting Sports.
• Underlying profitability in the Sports segment improved to an estimated 5.6% despite one-time acquisition costs.

Key points (machine generated)

• Realgate, listed on the Tokyo Stock Exchange under code 5532, reported an operating profit over 1 billion yen for the fiscal year ending September 2025.
• Founded in 2009 and led by President Yutaka Iwamoto, Realgate focuses on revitalizing old buildings in urban areas into flexible workspaces.
• The company has shown consistent revenue growth for 16 periods and became a consolidated subsidiary of CyberAgent in July 2021, leading to its listing in June 2023.

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Key points (machine generated)

• AZ-COM Maruwa Holdings, listed as 9090 on the Tokyo Stock Exchange, focuses on third-party logistics (3PL) services for major retail customers.
• The company reported a significant profit increase for the interim period of the fiscal year ending March 2026, exceeding initial forecasts.
• Its logistics operations include transportation services and various 3PL segments, supported by a network of 269 locations specializing in e-commerce, low-temperature food, and pharmaceutical logistics.

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Key points (machine generated)

• Torishima Pump Manufacturing Co., Ltd. specializes in large, high-pressure pumps for essential infrastructure since 1919.
• The company is a global leader in seawater desalination pumps, serving nearly all of the top 20 desalination plants worldwide.
• For Q2 of FY ending March 2026, Torishima reported a 48.3 billion yen order intake, down 9.5 billion yen from last year, but sales rose 9.8% to 41.24 billion yen.

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• TSE plans to revise the listing maintenance criteria for its Growth Market to “market capitalization of over 10 billion yen within 5 years of listing,” with announcement scheduled for December.
• The problem lies not with companies listing on the growth market itself, but with the increasing number of non-growing companies listing on the growth market.
• Few companies exit the market, not just the growth market, which is why many companies lack growth mindset. Revising listing maintenance standards may slightly increase the number of companies exiting.

• Q1-2 FY3/26 results showed signs of stabilisation, which was a positive development.
• Restar showed clear earnings recovery in Q2 FY3/26, with OPM improving to 2.3% from 1.2% in Q1 FY3/26, signalling that earnings momentum is returning after a weak start to the year.
• Adjusting for yen appreciation, underlying sales rose 3.5% YoY.