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Frontier Management Inc / Equity Bottom-Up

Frontier Management Inc. offers business consulting services. The Company provides management consulting, mergers and acquisitions advisory, management executive support, and business regeneration support services. Frontier Management offers services in Japan.

<ul><li>Frontier Management (hereafter referred to as "the company") is a consulting firm that operates in the three pillars of management consulting, M&amp;A advisory, and business revitalization services, as well as an investment business that began in 2022.</li><li>Founded by Mr. Shoichiro Onishi and Mr. Masahiro Matsuoka, both former employees of the Industrial Revitalization Corporation of Japan, the company has expanded its operations through proactive hiring.</li><li>It is characterized by its lineup of specialists with diverse backgrounds and is able to solve a wide variety of management issues as a one-stop shop. Mr. Matsuoka retired as of the shareholders' meeting held on March 27, 2024, leaving Mr. Onishi as the sole leader of the company.</li></ul>

Frontier Management (hereafter referred to as "the company") is a consulting firm that operates in the three pillars of management consulting, M&amp;A advisory, and business revitalization services, as well as an investment business that began in 2022.Founded by Mr. Shoichiro Onishi and Mr. Masahiro Matsuoka, both former employees of the Industrial Revitalization Corporation of Japan, the company has expanded its operations through proactive hiring.It is characterized by its lineup of specialists with diverse backgrounds and is able to solve a wide variety of management issues as a one-stop shop. Mr. Matsuoka retired as of the shareholders' meeting held on March 27, 2024, leaving Mr. Onishi as the sole leader of the company.

Full Report - Frontier Management Inc. | 7038

NITTO KOGYO CORPORATION manufactures and sells a variety of power switchboards. The Company also manufactures metal/resin parts for power switchboards, and circuit breakers.

<ul><li>Nitto Kogyo Corporation (Nitto Kogyo) is a leading manufacturer of distribution boards and panel boards for electrical and telecommunications infrastructure, as well as enclosures that house telecommunications and precision equipment.</li><li>The company has 45 sales offices and nine factories in Japan, including the new Seto Plant, which will begin operating in spring, 2024, and is working to expand its business in ASEAN countries, with overseas production and sales bases in China, Thailand, and Singapore.</li><li>In the renewable energy field, the company is focusing on EMS-related businesses such as solar power generation systems, EV recharging stations, and self-contained industrial solar power storage battery systems.</li></ul>

Nitto Kogyo Corporation (Nitto Kogyo) is a leading manufacturer of distribution boards and panel boards for electrical and telecommunications infrastructure, as well as enclosures that house telecommunications and precision equipment.The company has 45 sales offices and nine factories in Japan, including the new Seto Plant, which will begin operating in spring, 2024, and is working to expand its business in ASEAN countries, with overseas production and sales bases in China, Thailand, and Singapore.In the renewable energy field, the company is focusing on EMS-related businesses such as solar power generation systems, EV recharging stations, and self-contained industrial solar power storage battery systems.

Nitto Kogyo Corporation (6651 Jp) - Long-Term Growth Story Is to Expand Business Domain

Golf Digest Online Inc. an online retailer sells and trades golf products. The Company also provides golf reservation services and delivers golf related news.

<ul><li>On the surface, FY23/12 consolidated OP -68% YoY, profit ATOP -53%, and FY24/12 initial guidance for a profit ATOP net loss may appear to indicate a challenging earnings environment. </li><li>However, closer examination reveals steady earnings improvement, and the new MTP through FY26/12 targets recouping major overseas growth investments.</li><li> The table below shows sequential improvement in the amount change YoY for Group EBITDA, OP and profit ATOP every quarter, with profits at all 9 levels posting YoY gains in the 4Q.</li></ul>

On the surface, FY23/12 consolidated OP -68% YoY, profit ATOP -53%, and FY24/12 initial guidance for a profit ATOP net loss may appear to indicate a challenging earnings environment. However, closer examination reveals steady earnings improvement, and the new MTP through FY26/12 targets recouping major overseas growth investments. The table below shows sequential improvement in the amount change YoY for Group EBITDA, OP and profit ATOP every quarter, with profits at all 9 levels posting YoY gains in the 4Q.

Full Report - Golf Digest Online (3319 JP)

D.Western Therapeutics Institute Inc. / Equity Bottom-Up

D.Western Therapeutics Institute Inc.(DWTI) is a biotechnology (bio-venture) company that focuses on development of new drugs. The Company's focus is on protein kinase inhibitors. DWTI discovers and develops several drugs, such as antiglaucoma, antihypertensive, neuroprotective, antithrombogenic, antiatherosclerosis and anticancer.

D.Western Therapeutics Institute Inc. (4576 JP)

<ul><li>Major milestones with high expectations coming in the next 2-3 years: 1) Phase IIb US trials for H-1337 as “first choice as a second-line Glaucoma drug” for patients who do not respond to PGs</li><li>2) 2024 application/approval and 2025 launch of DW- 1002 in Japan, 2023 application and 2024 approval/launch in China, as well as orphan drug designation for combination formula MembraneBlue-DualⓇ (DW-1002 + trypan blue) in the US,</li><li>3) in Japan, start P2 clinical trials in 2024, P3 trials in late 2025 though 2026, and normal schedule application for approval for regenerative cell-therapy DWR-2206 in 2027</li></ul>

Major milestones with high expectations coming in the next 2-3 years: 1) Phase IIb US trials for H-1337 as “first choice as a second-line Glaucoma drug” for patients who do not respond to PGs2) 2024 application/approval and 2025 launch of DW- 1002 in Japan, 2023 application and 2024 approval/launch in China, as well as orphan drug designation for combination formula MembraneBlue-DualⓇ (DW-1002 + trypan blue) in the US,3) in Japan, start P2 clinical trials in 2024, P3 trials in late 2025 though 2026, and normal schedule application for approval for regenerative cell-therapy DWR-2206 in 2027

D. Western Therapeutics Institute (4576 JP) - Flurry of Pipeline Activity in 2023

Carta Holdings, Inc. provides on-line information retrieval services on a contract or fee basis.

<ul><li>FY23/12 saw a strong push towards management initiatives aimed at a V-shaped recovery in financial performance.</li><li>On the other hand, conservative guidance was provided for FY24/12, due to the uncertain market sentiment, strategic cost increases, and the need to avoid downward revisions for three consecutive terms in the mid-year.</li><li>Although the stock price fell sharply after the 4Q FY23/12 earnings announcement, it has recently been recovering somewhat, perhaps fueled by the recognition and understanding of the conservatism of the guidance and the company's true earnings potential.</li></ul>

FY23/12 saw a strong push towards management initiatives aimed at a V-shaped recovery in financial performance.On the other hand, conservative guidance was provided for FY24/12, due to the uncertain market sentiment, strategic cost increases, and the need to avoid downward revisions for three consecutive terms in the mid-year.Although the stock price fell sharply after the 4Q FY23/12 earnings announcement, it has recently been recovering somewhat, perhaps fueled by the recognition and understanding of the conservatism of the guidance and the company's true earnings potential.

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Full Report - Frontier Management Inc. | 7038

Frontier Management (hereafter referred to as "the company") is a consulting firm that operates in the three pillars of management consulting

Sessa Investment Research

Nitto Kogyo Corporation (6651 Jp) - Long-Term Growth Story Is to Expand Business Domain

Nitto Kogyo Corporation (Nitto Kogyo) is a leading manufacturer of distribution boards and panel boards for electrical and telecommunications...

Sessa Investment Research

Full Report - Golf Digest Online (3319 JP)

More importantly, following the large overseas investments in 2H FY22/3, FCF turned positive in 2H FY23/12, a testament to the strength of GDO’s...

Sessa Investment Research

D. Western Therapeutics Institute (4576 JP) - Flurry of Pipeline Activity in 2023

Major milestones with high expectations coming in the next 2-3 years: 1) Phase IIb US trials for H-1337 as “first choice as a second-line Glaucoma...

Sessa Investment Research

3q Follow-Up - CARTA HOLDINGS (3688 JP)

FY23/12 saw a strong push towards management initiatives aimed at a V-shaped recovery in financial performance. On the other hand, conservative...

Sessa Investment Research