Japan Experts, Extraordinary Performance, Astris Advisory Japan

Astris Advisory Japan

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Japan Experts, Extraordinary Performance

Equity Bottom-Up

Digital Hearts Holdings / Equity Bottom-Up

<ul><li>More robust dividend policy – While the strategic rationale for separating the DH Group and AGEST Group remains sound, Digital Hearts Holdings has officially withdrawn its AGEST spin-off listing plan to protect enterprise value amid unfavorable market conditions.</li><li>To compensate for this shift, the company has introduced a progressive dividend policy, raising the FY3/26 forecast to ¥25.0 DPS.</li><li>We believe this withdrawal will not hinder its growth. AGEST’s growth trajectory remains well-supported, as future capital requirements and strategic M&amp;A can be supported by internal cash flow generation and the group’s net-cash position.</li></ul>

More robust dividend policy – While the strategic rationale for separating the DH Group and AGEST Group remains sound, Digital Hearts Holdings has officially withdrawn its AGEST spin-off listing plan to protect enterprise value amid unfavorable market conditions.To compensate for this shift, the company has introduced a progressive dividend policy, raising the FY3/26 forecast to ¥25.0 DPS.We believe this withdrawal will not hinder its growth. AGEST’s growth trajectory remains well-supported, as future capital requirements and strategic M&amp;A can be supported by internal cash flow generation and the group’s net-cash position.

Digital Hearts Holdings (3676 JP) - Strategic Pivot in Maximizing Corporate Value