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Astris Advisory Japan

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Equity Bottom-Up

Restar Holdings Corporation / Equity Bottom-Up

<ul><li>Q1-3 FY3/25 results underlined Restar’s positive sales growth profile (+11.2% YoY) driven by its roll-up M&amp;A strategy, a strong demand environment for cameras and PC-related products in consumer products, and smartphone demand driving EMS activity YoY.</li><li>However, headwinds persist in the form of continued delay in demand recovery from the Industrial sector, a sales mix lowering gross margin, and negative impact from a strengthening Japanese yen.</li><li>We have not seen concrete evidence of cost savings from post-merger integration activities. </li></ul>

Q1-3 FY3/25 results underlined Restar’s positive sales growth profile (+11.2% YoY) driven by its roll-up M&amp;A strategy, a strong demand environment for cameras and PC-related products in consumer products, and smartphone demand driving EMS activity YoY.However, headwinds persist in the form of continued delay in demand recovery from the Industrial sector, a sales mix lowering gross margin, and negative impact from a strengthening Japanese yen.We have not seen concrete evidence of cost savings from post-merger integration activities. 

Restar (3156 JP) - Positioning for Future Demand Upturn

<ul>
<li>Some speed bumps at the Device segment – Continuing positive demand from the smartphone sector and sustained growth at the Eco-Solution segment were overshadowed by a loss in earnings momentum at the Devices segment in Q1-2 FY3/25.</li>
<li>The recovery in demand from the industrial sector remains delayed, together with a sales mix lowering gross margins and FX impact contributing to overall OP falling 3.8% YoY, despite 11.3% sales growth driven primarily by acquisitive growth.</li>
<li>The current outlook for H2 FY3/25 is assisted by the weak Japanese yen, acquisitive growth, and we expect to see a continuation of the positive demand themes from smartphone and alternative energy.</li>
</ul>


Some speed bumps at the Device segment – Continuing positive demand from the smartphone sector and sustained growth at the Eco-Solution segment were overshadowed by a loss in earnings momentum at the Devices segment in Q1-2 FY3/25.
The recovery in demand from the industrial sector remains delayed, together with a sales mix lowering gross margins and FX impact contributing to overall OP falling 3.8% YoY, despite 11.3% sales growth driven primarily by acquisitive growth.
The current outlook for H2 FY3/25 is assisted by the weak Japanese yen, acquisitive growth, and we expect to see a continuation of the positive demand themes from smartphone and alternative energy.


Restar (3156) - Market Challenges but Maintaining Growth Direction

<ul><li>Positive numbers and strategically aligned M&amp;A – Q1 FY3/25 results demonstrated a strong start to the FY, with most business segments performing ahead of plan.</li><li>Positive demand from the auto and smartphone sectors and acquisitive growth drove sales volume and improved profitability YoY.</li><li>The high return Eco-solutions segment also performed solidly, contributing to sales and earnings growth YoY. </li></ul>

Positive numbers and strategically aligned M&amp;A – Q1 FY3/25 results demonstrated a strong start to the FY, with most business segments performing ahead of plan.Positive demand from the auto and smartphone sectors and acquisitive growth drove sales volume and improved profitability YoY.The high return Eco-solutions segment also performed solidly, contributing to sales and earnings growth YoY. 

Restar (3156 JP) - Robust Start to FY3/25 and Key M&A Shift to IT Services

<ul><li>Environmental Energy boosting earnings – Q1-3 FY3/24 results were ahead of expectation, with the company upwardly revising FY3/24 guidance.</li><li>Demand remained firm from the automotive sector for the Procurement segment, but trading remained somewhat mixed in the Semiconductor and Electronic Components.</li><li>The positive surprise was the sustained high levels of profitability in the Environmental Energy segment; we have raised our earnings estimates for FY3/24 and beyond to reflect this as a sustainable business. </li></ul>

Environmental Energy boosting earnings – Q1-3 FY3/24 results were ahead of expectation, with the company upwardly revising FY3/24 guidance.Demand remained firm from the automotive sector for the Procurement segment, but trading remained somewhat mixed in the Semiconductor and Electronic Components.The positive surprise was the sustained high levels of profitability in the Environmental Energy segment; we have raised our earnings estimates for FY3/24 and beyond to reflect this as a sustainable business. 

Restar Holdings (3156) - Factoring in Environmental Energy as a Key Earnings Contributor

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today post-close, <a href="https://www.smartkarma.com/entities/ryoyo-electro-corp" target="_blank" data-smartkarma-citation="entities:16757:1" rel="noopener">Ryoyo Electro (8068 JP)</a> and larger equity affiliate (20.1%) <a href="https://www.smartkarma.com/entities/ryosan-co-ltd" target="_blank" data-smartkarma-citation="entities:7795:1" rel="noopener">Ryosan Co Ltd (8140 JP)</a> announced their final Management Integration Plan (merger by holdco) after signalling a deal May23.</li>
<li>Activist-Ish-Y Silchester sold their stake in Ryosan to Ryoyo in February at a 20% premium. Activist Murakami-san had a top10 Ryosan stake end-March, went substantial 27 June, now owns 10%.</li>
<li>Both low-margin/ROE electronics traders have been subject to activist campaigns over the years. Both "survived". Now they are banding together to be a <em>bigger</em> independent low-margin electronics trader.</li>
</ul>


Today post-close, Ryoyo Electro (8068 JP) and larger equity affiliate (20.1%) Ryosan Co Ltd (8140 JP) announced their final Management Integration Plan (merger by holdco) after signalling a deal May23.
Activist-Ish-Y Silchester sold their stake in Ryosan to Ryoyo in February at a 20% premium. Activist Murakami-san had a top10 Ryosan stake end-March, went substantial 27 June, now owns 10%.
Both low-margin/ROE electronics traders have been subject to activist campaigns over the years. Both "survived". Now they are banding together to be a bigger independent low-margin electronics trader.


Ryoyo (8068) - Ryosan (8140): Recent and Former Activist Targets To Merge

Japan

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.

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Restar Holdings Corporation (3156 JP)

Restar (3156 JP) - Positioning for Future Demand Upturn

Q1-3 FY3/25 results underlined Restar’s positive sales growth profile (+11.2% YoY) driven by its roll-up M&A strategy, a strong demand environment...

Astris Advisory Japan

Restar (3156) - Market Challenges but Maintaining Growth Direction

Continuing positive demand from the smartphone sector and sustained growth at the Eco-Solution segment were overshadowed by a loss in earnings...

Astris Advisory Japan

Restar (3156 JP) - Robust Start to FY3/25 and Key M&A Shift to IT Services

Positive numbers and strategically aligned M&A – Q1 FY3/25 results demonstrated a strong start to the FY, with most business segments performing...

Astris Advisory Japan

Restar Holdings (3156) - Factoring in Environmental Energy as a Key Earnings Contributor

Environmental Energy boosting earnings – Q1-3 FY3/24 results were ahead of expectation, with the company upwardly revising FY3/24 guidance.

Astris Advisory Japan

Ryoyo (8068) - Ryosan (8140): Recent and Former Activist Targets To Merge

City Index Eleventh has issued a press release (link in Discussions) stating it believes the Ryoyo/Ryosan merger ratio disadvantages Ryosan...

Travis Lundy

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