Japan Experts, Extraordinary Performance, Astris Advisory Japan

Astris Advisory Japan

Japan Experts, Extraordinary Performance

Our Corporate Advisory service is designed to give clients access to a wider range of investors. These include Japan specialists as well as global investors. The goal is to help achieve a fair equity valuation.

Equity Bottom-Up

JTEC Corporation of Osaka manufactures bio-technology systems and equipment. The Company produces life science devices, x ray mirrors, and automated cell culture systems. JTEC also develops pharmaceutical products. JTEC serves clients in Japan.

<ul><li>A soft start – Q1 FY6/26 results were relatively soft, with sales flat and OP still in negative territory.</li><li>This reflects the seasonally weak nature of Q1 and continued spending on R&amp;D.</li><li>The Optical segment remained strong, supported by resilient global demand, while the Life Science &amp; Equipment Development segment continued to progress, driven by consumables, maintenance services, and semiconductor equipment currently in the testing stage. </li></ul>

A soft start – Q1 FY6/26 results were relatively soft, with sales flat and OP still in negative territory.This reflects the seasonally weak nature of Q1 and continued spending on R&amp;D.The Optical segment remained strong, supported by resilient global demand, while the Life Science &amp; Equipment Development segment continued to progress, driven by consumables, maintenance services, and semiconductor equipment currently in the testing stage. 

JTEC Corp (3446 JP) - Strength in Optical Remains, Progress in Semiconductor

ITOKI CORPORATION manufactures office furniture and equipment.  The Company also produces home furniture such as work/study desks and dining sets.  Itoki focuses on the development of its mechatronic products, including automatic sorters and automated warehouses.

<ul>
<li>Structural demand meets sustained value creation – The role of the office is undergoing a structural shift—driven by talent attraction, hybrid work, wellness, and technology.</li>
<li>As a key domestic player in office design and furniture, we believe Itoki is well-positioned to benefit from this structural theme.</li>
<li>Post-COVID demand momentum remains steady, supported by rising investment in human capital, persistent labour shortages, and limited new office supply. </li>
</ul>


Structural demand meets sustained value creation – The role of the office is undergoing a structural shift—driven by talent attraction, hybrid work, wellness, and technology.
As a key domestic player in office design and furniture, we believe Itoki is well-positioned to benefit from this structural theme.
Post-COVID demand momentum remains steady, supported by rising investment in human capital, persistent labour shortages, and limited new office supply. 


Itoki (7972 JP) - Capturing Structural Growth in the Future of Work

Polaris Holdings Co., Ltd. operates and develops hotels. The Company provides catering, lodging, and other services. Polaris Holdings also operates real estate development.

<ul><li>Despite some one-off inbound travel disruption during June to August 2025, Q1-2 FY3/26 results demonstrated strong and sustained YoY growth.</li><li>We interpret this as Polaris’s earnings stream becoming more resilient and predictable, with improved quality of earnings.</li><li>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. </li></ul>

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. 

Polaris Holdings (3010 JP) -  Durable Earnings Point to Improved Earnings Quality

mixi, Inc. operates community style website, mixi.  The Company sells advertising spaces on its website.  mixi also runs online recruiting services for IT related positions.

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

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.

MIXI Inc. (2121 JP) - A Strategic Pivot to Sports

Restar Holdings Corporation / Equity Bottom-Up

Restar Holdings Corporation is a holding company which manages operations for its subsidiaries.  Group companies wholesale semiconductors, electronic components and equipment.  UKC Holdings also designs semiconductors and software through its subsidiaries.

<ul><li>Q1-2 FY3/26 results showed signs of stabilisation, which was a positive development.</li><li>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.</li><li>Adjusting for yen appreciation, underlying sales rose 3.5% YoY. </li></ul>

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. 

Restar (3156 JP) - Earnings Momentum Regained