In today’s briefing:
- Nikkei 225 Sep25 Rebal: One ADD, One DELETE Still Probable Unless Kokusai Elec (6525) Offering/Split
- Japan CorpGovReports: TSE “Mgmt Conscious Blah Blah” (Apr25),
AGAIN Read TSE Update Doc 3 - Sumi Mitsui Construction (1821) | Playing Both Sides
- Tokyo Communications Group (7359 JP) – Working to Strengthen the Financial Base
- Copro-Holdings (7059 JP) – Further Business Growth in FY2026/3…
- Morito (9837 JP) – Operating Profit for FY25/11 Is Recording a New High…
Nikkei 225 Sep25 Rebal: One ADD, One DELETE Still Probable Unless Kokusai Elec (6525) Offering/Split
- The March 2025 Nikkei 225 review came out with a sparse set of changes. That gives us hints for the September 2025 review.
- Kokusai did NOT get added, waiting for a split, an offering, or time to pass. Only one sector change was made. So we see One ADD and One DELETE.
- The lack of effort to address sector imbalances within the rules suggests the rules are not as hard as people thought. Intra-review changes could be more interesting in years ahead.
Japan CorpGovReports: TSE “Mgmt Conscious Blah Blah” (Apr25), AGAIN Read TSE Update Doc 3
- TSE-Listed companies are asked to file “Management Conscious of Capital Cost/Stock Price” awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.
- 611 new CGRs filed since 1-Mar-25. Our tools show every report, links to every document, and a diff file tool. Input a name, see the changes in the reports.
- The JPX was curiously quiet itself as far as I can tell. No new governance reports, documents, etc, though there is a small consultation this month on the JPXNikkei400.
Sumi Mitsui Construction (1821) | Playing Both Sides
- Murakami-Led funds have quietly amassed a 26.97% stake in Sumi Mitsui Construction while also acquiring a 5.01% stake in its subsidiary, Sumiken.
- With the Tokyo Stock Exchange clamping down on parent-child listings, Sumiken’s future as a public company looks increasingly uncertain, raising buyout speculation.
- City Index’s small stake in Sumiken may serve as a defensive move to block rival bids, reinforcing its influence over SMC’s long-term strategy.
Tokyo Communications Group (7359 JP) – Working to Strengthen the Financial Base
- Tokyo Communications Group’s (hereinafter “the Company”) core businesses currently include its Media business, where it plans and develops free game apps for smartphones and uses a portion of the app’s screen space to generate advertising revenue, and its Platform business, where it operates a consultation service based on a pay- as-you-go model
- The Platform business is generally stable, while the Media business is inherently highly profitable thanks to its low cost, but prone to fluctuations depending on the number of hit titles.
- Management Decision: After reaching highs in FY2021/12, the Company lowered its earnings forecasts and suffered operating losses for three consecutive years from FY2022/12 to FY2024/12.
Copro-Holdings (7059 JP) – Further Business Growth in FY2026/3…
- Q3 FY2025/3 Earnings result summary: COPRO-HOLDINGS (hereafter the Company) key consolidated figures increased sharply, including net sales of JPY 22,025 mn (+25.9% YoY), operating profit of JPY 2,148 mn (+52.8% YoY), Non-GAAP operating profit of JPY 2,481 mn (+54.0% YoY), ordinary profit of JPY 2,162 mn (+46.0% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 1,374 mn (+46.7% YoY).
- Amid continued strong demand for temporary staffing, the Group’s overall technician headcount rose substantially by 26.3% YoY to 4,684, as the Company stepped up its in-house low-cost recruitment program efforts and operations, which in turn boosted sales and profits significantly.
FY2025/3 Earnings Forecast: The Company’s full-year consolidated earnings forecasts for FY2025/3 are as follows: net sales of JPY30,000 mn(+24.5% YoY), operating profit of JPY 2,700 mn (+26.1% YoY), Non-GAAP operating profit of JPY 3,162 mn(+29.7%YoY), ordinary profit of JPY 2,714 mn (+22.7% YoY), and net profit of JPY 1,755 mn (+19.9% YoY).
Morito (9837 JP) – Operating Profit for FY25/11 Is Recording a New High…
- For FY2024/11, MORITO (hereafter, the Company) reported net sales of JPY 48,537 mn (+0.0% YoY), operating profit of JPY 2,868 mn (+16.4% YoY), ordinary profit of JPY 3,003 mn (+8.4% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 2,572 mn (+16.0% YoY).
- Net sales rose slightly, but gross profit margin grew to 29.1%, marking record highs for net sales, operating profit, and ordinary profit.
- For FY2025/11, Morito projects net sales of JPY 53,000 mn (+9.2% YoY), operating profit of JPY 3,100 mn (+8.1% YoY), ordinary profit of JPY 3,200 mn (+6.5% YoY), and net profit of JPY 2,700 mn (+5.0% YoY).
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