In today’s briefing:
- Heiwa (6412) Announces Game-Changing Acquisition, Gets Very Heavily Levered (Termed Debt)
- Hirano Tecseed Co., Ltd. (6245 JP): Research Update
- Macbee Planet (7095) – Prioritizing Sales Expansion
Heiwa (6412) Announces Game-Changing Acquisition, Gets Very Heavily Levered (Termed Debt)
- Heiwa Corp (6412 JP) got 99% of its revenue as a pachinko/pachislot machinery maker. In 2011, it bought one of Japan’s largest golf course operators, PGM Holdings, from Lone Star.
- Golf course revenue is up 30% in 10yrs. Pachinko/Pachislot revenue is down by 60+% in the same period. Golf is the bulk of revenue and OP now.
- Today, the company announced a stunning, even monumental acquisition to become the largest golf course operator in the world.
Hirano Tecseed Co., Ltd. (6245 JP): Research Update
- CAUTIOUS VIEW ON THE EV MARKET CONTINUES BUT THE FIRM COMMITS TO MID-TERM SHAREHOLDERS RETURN POLICY.
- Hirano Tecseed maintained FY24 full-year guidance despite shortfall in FY24 1H operating profit vs the firm’s forecast.
Macbee Planet (7095) – Prioritizing Sales Expansion
- Back on track – With solid double-digit sales growth of 30.0% YoY, Q1-2 FY4/25 results highlight the company’s ongoing success in expanding the performance-based online advertising market.
- Slight margin dilution YoY points to a changing sales mix in the Wellness sector, but the overall direction of travel remains positive with a sustained growth profile.
- FY guidance has been maintained while a large-scale PR initiative for the company is planned in H2, and the company has managed to reverse some of the allowances for doubtful debt booked in FY4/24, which is a positive development.
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