Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

AZ-Com Maruwa Holdings / Equity Bottom-Up

<ul><li>Revenue increased by 5.0% YoY to JPY157.6bn, with Logistics segment contributing JPY155.5bn and Other segment JPY2.1bn.</li><li>Operating profit decreased by 22.7% YoY to JPY8.9bn, with Logistics segment at JPY9.3bn and Other segment at JPY294mn.</li><li>E-commerce and Ordinary Temperature 3PL revenue rose 18.1% YoY, while E-commerce and Ordinary Temperature Delivery fell 11.3% YoY.</li></ul>

Revenue increased by 5.0% YoY to JPY157.6bn, with Logistics segment contributing JPY155.5bn and Other segment JPY2.1bn.Operating profit decreased by 22.7% YoY to JPY8.9bn, with Logistics segment at JPY9.3bn and Other segment at JPY294mn.E-commerce and Ordinary Temperature 3PL revenue rose 18.1% YoY, while E-commerce and Ordinary Temperature Delivery fell 11.3% YoY.

AZ-Com Maruwa Holdings (9090 JP): Q3 FY03/25 flash update

<ul><li>Revenue increased by 5.1% YoY to JPY101.4bn, with Logistics segment contributing JPY100.0bn and Other segment JPY1.4bn.</li><li>Operating profit decreased by 40.9% YoY to JPY4.3bn, impacted by rising costs and temporary logistics center expenses.</li><li>Revised full-year FY03/25 forecast projects revenue of JPY207.0bn and operating profit of JPY11.2bn, both below initial expectations.</li></ul>

Revenue increased by 5.1% YoY to JPY101.4bn, with Logistics segment contributing JPY100.0bn and Other segment JPY1.4bn.Operating profit decreased by 40.9% YoY to JPY4.3bn, impacted by rising costs and temporary logistics center expenses.Revised full-year FY03/25 forecast projects revenue of JPY207.0bn and operating profit of JPY11.2bn, both below initial expectations.

AZ-Com Maruwa Holdings (9090 JP): 1H FY03/25 flash update

<ul><li>Revenue increased by 4.5% YoY to JPY49.7bn, while operating profit decreased by 50.5% YoY to JPY1.9bn.</li><li>Logistics segment revenue was JPY49.0bn (+4.4% YoY) with operating profit of JPY2.4bn (-36.4% YoY).</li><li>Other segment revenue was JPY689mn (+14.1% YoY) with operating profit of JPY94mn (+32.4% YoY).</li></ul>

Revenue increased by 4.5% YoY to JPY49.7bn, while operating profit decreased by 50.5% YoY to JPY1.9bn.Logistics segment revenue was JPY49.0bn (+4.4% YoY) with operating profit of JPY2.4bn (-36.4% YoY).Other segment revenue was JPY689mn (+14.1% YoY) with operating profit of JPY94mn (+32.4% YoY).

AZ-Com Maruwa Holdings (9090 JP): Q1 FY03/25 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nidec-corp" target="_blank" data-smartkarma-citation="entities:7245:1" rel="noopener">Nidec Corp (6594 JP)</a> bid ¥11,000 for <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a> in December, saying it expected to launch on 4-April. It launched its ¥11,000 bid on 4-April. </li>
<li>A Nikkei article in March suggested Makino had found multiple competing bidders, some who had put in "legally binding bids." No news on those yet, but we have a month.</li>
<li>Earnings are 9-May. Strategy on timing for Makino differs according to its desired outcome. It has to opine on Nidec's bid by about 18 April. Be long. Carry 🍿🍿🍿 .</li>
</ul>



Nidec Corp (6594 JP) bid ¥11,000 for Makino Milling Machine Co (6135 JP) in December, saying it expected to launch on 4-April. It launched its ¥11,000 bid on 4-April. 
A Nikkei article in March suggested Makino had found multiple competing bidders, some who had put in "legally binding bids." No news on those yet, but we have a month.
Earnings are 9-May. Strategy on timing for Makino differs according to its desired outcome. It has to opine on Nidec's bid by about 18 April. Be long. Carry 🍿🍿🍿 .


Nidec Launches on Makino Milling (6135) - Others Presumably Wait In the Wings

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tonami-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:2615:1" rel="noopener">Tonami Holdings (9070 JP)</a> has recommended a <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a>-sponsored MBO at JPY10,200, a 73.8% premium to the last close.</li>
<li>The offer is attractive compared to historical trading ranges and peer multiples. The offer represents an all-time high. </li>
<li>The offer is above the midpoint of the special committee IFA’s DCF valuation range but below that of the target IFA. However, the required minority acceptance rate is not onerous. </li>
</ul>



Tonami Holdings (9070 JP) has recommended a Japan Post Holdings (6178 JP)-sponsored MBO at JPY10,200, a 73.8% premium to the last close.
The offer is attractive compared to historical trading ranges and peer multiples. The offer represents an all-time high. 
The offer is above the midpoint of the special committee IFA’s DCF valuation range but below that of the target IFA. However, the required minority acceptance rate is not onerous. 


Tonami Holdings (9070 JP): Japan Post Holdings’ (6178 JP) JPY10,200 Tender Offer

Japan

Maruwa Unyu Kikan Co. Ltd. provides logistical transportation services. The Company conducts normal temperature logistics, low-temperature food distribution, and pharmaceuticals and medical logistics. Maruwa Unyu Kikan also provides logistics consulting and warehousing services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

AZ-Com Maruwa Holdings (9090 JP)