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

Sodick Co., Ltd. develops, manufactures, and sells electric machines and equipment.  The Company's product line includes computerized numerical control electrical discharge machine (EDM), super high precision wire cut EDM, CAD/CAM system for mold design and production, injection molding machine, and high speed manual drilling machine.

<ul><li>It has been an active 12 months for Sodick as it delivered a strong turnaround in FY12/24 driven by structural reform, appointed new President and CEO Yuji Akutsu, and affirmed growth prospects on both the Food Machinery segment and new products such as laser processing machines, metal 3D printers, and ultra-high-precision machining centers.</li><li>Ongoing structural reforms focus on reducing reliance on China, enhancing profitability through business and product selection based on market dynamics, and rebuilding global production and sales systems to adapt to yen depreciation and evolving customer demand.</li><li>Overseas expansion and providing “turnkey” solutions remain high priorities to build sustainable growth.</li></ul>

It has been an active 12 months for Sodick as it delivered a strong turnaround in FY12/24 driven by structural reform, appointed new President and CEO Yuji Akutsu, and affirmed growth prospects on both the Food Machinery segment and new products such as laser processing machines, metal 3D printers, and ultra-high-precision machining centers.Ongoing structural reforms focus on reducing reliance on China, enhancing profitability through business and product selection based on market dynamics, and rebuilding global production and sales systems to adapt to yen depreciation and evolving customer demand.Overseas expansion and providing “turnkey” solutions remain high priorities to build sustainable growth.

Sodick (6143) - From Turnaround to Transformation Towards Growth

FURUKAWA CO., LTD. manufactures civil engineering machinery and metal products, the former including heavy machinery such as rock drills, cranes, bulldozers, and wheel loaders.  The Company also operates in chemical, electronic material, fuel and electric power, and real estate businesses.

<ul><li>With a 150-year track record, Furukawa operates in Machinery and Materials production.</li><li>Machinery focuses on heavy equipment for infrastructure, mining, and crushed stone, while electrolytic copper and byproducts have traditionally led Materials.</li><li>The company is undergoing a strategic shift, prioritizing higher-margin Machinery growth while significantly reducing unprofitable electrolytic copper exports. </li></ul>

With a 150-year track record, Furukawa operates in Machinery and Materials production.Machinery focuses on heavy equipment for infrastructure, mining, and crushed stone, while electrolytic copper and byproducts have traditionally led Materials.The company is undergoing a strategic shift, prioritizing higher-margin Machinery growth while significantly reducing unprofitable electrolytic copper exports. 

Furukawa (5715 JP) - Course-Correcting for Growth

Ryobi Ltd manufactures die casting for autos.  The Company's products include plastic products, printing presses, office furniture, electric appliances, home equipment, medical instruments, and sport and recreational articles.  The Company also operates in US and Europe.

<ul><li>FY12/24 sales rose 3.8% YoY to ¥293.31bn while operating profit dropped -22.3% to ¥9.49bn, surpassing previously revised down forecasts.</li><li>Sales growth was boosted by the weak yen. However, the rise was limited by slowing auto production by Japanese, US and European carmakers in China and the impact from new model certification irregularities discovered at domestic automakers in Japan.</li><li>OP was hit by rising costs, especially labor. However, the company is expecting a sharp rebound in OP growth in FY12/25 thanks to starting production of new products in Japan, a recovery in customers’ China output and starting to pass on rises in labor and energy costs, rather than only aluminum price fluctuations.</li></ul>

FY12/24 sales rose 3.8% YoY to ¥293.31bn while operating profit dropped -22.3% to ¥9.49bn, surpassing previously revised down forecasts.Sales growth was boosted by the weak yen. However, the rise was limited by slowing auto production by Japanese, US and European carmakers in China and the impact from new model certification irregularities discovered at domestic automakers in Japan.OP was hit by rising costs, especially labor. However, the company is expecting a sharp rebound in OP growth in FY12/25 thanks to starting production of new products in Japan, a recovery in customers’ China output and starting to pass on rises in labor and energy costs, rather than only aluminum price fluctuations.

Ryobi (5851 JP) - OP Recovery Expected in FY12/25

SAN HOLDINGS, INC. is a holding company that was formed through reorganization of the company.  The company manages its subsidiary which operates funeral service.  SAN HOLDINGS owns funeral parlors and provides funeral and hearse services.

<ul><li>SAN HOLDINGS is the largest domestic pure-play End-of-Life service provider, with a network of 262 funeral halls spanning 15 prefectures in Japan.</li><li>Despite the unmistakable demographic tailwind, intensifying competition has resulted in the company accelerating its strategic growth priorities with the landmark acquisition of peer Kizuna Holdings in September 2024.</li><li>Approaching its centenary in FY3/32, the company plans to build a nationwide operation fuelled by M&amp;A and to expand its service offering.</li></ul>

SAN HOLDINGS is the largest domestic pure-play End-of-Life service provider, with a network of 262 funeral halls spanning 15 prefectures in Japan.Despite the unmistakable demographic tailwind, intensifying competition has resulted in the company accelerating its strategic growth priorities with the landmark acquisition of peer Kizuna Holdings in September 2024.Approaching its centenary in FY3/32, the company plans to build a nationwide operation fuelled by M&amp;A and to expand its service offering.

San Holdings (9628 JP) - Century-Strong Enterprise Focused on Growth

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 has announced an all-cash deal worth ¥35.2bn for PointsBet Holdings (PBH), an Australian sports and racing online betting company operating in Australia and Canada.</li>
<li>The deal is due to close in mid-June 2025. We view this transaction as aligned with MIXI’s strategies of business diversification and overseas expansion, leveraging the expertise gained from TIPSTAR in Japan’s keirin and auto-race betting businesses to enter the Australian market, thereby accelerating the growth of both TIPSTAR and PointsBet.</li>
<li>MIXI is demonstrating a positive and active allocation of its capital, with a high intent to accelerate the development of its Sports business and make it a key earnings pillar.</li>
</ul>


MIXI has announced an all-cash deal worth ¥35.2bn for PointsBet Holdings (PBH), an Australian sports and racing online betting company operating in Australia and Canada.
The deal is due to close in mid-June 2025. We view this transaction as aligned with MIXI’s strategies of business diversification and overseas expansion, leveraging the expertise gained from TIPSTAR in Japan’s keirin and auto-race betting businesses to enter the Australian market, thereby accelerating the growth of both TIPSTAR and PointsBet.
MIXI is demonstrating a positive and active allocation of its capital, with a high intent to accelerate the development of its Sports business and make it a key earnings pillar.


MIXI Inc. (2121 JP) - A Potentially Game-Changing Deal