In today’s briefing:
- Hulic (3003) Launches TOB to Take Out Raysum (8890) – HUGE Win for Good Governance And Activism
- 3 D Matrix Ltd (7777 JP): Q1 FY04/25 flash update
- Japan System Techniques (4323 JP) – 1Q Follow-Up
- Resorttrust (4681) – Strong Profit Expansion Through Membership Business for the Wealthy
- CellSource (4880 JP): Q3 FY10/24 flash update
- GiG Works (2375 JP): Q3 FY10/24 flash update
Hulic (3003) Launches TOB to Take Out Raysum (8890) – HUGE Win for Good Governance And Activism
- The change in control of Raysum Co Ltd (8890 JP) has a complex backstory. But one week shy of two years ago, Oasis launched a buyout to own 65%.
- The company had a strong MTMP. Oasis paid ¥1,700/share to own 65%. The MTMP came through, there was an offering, and it stayed near ¥3,000/share.
- Now Hulic Co Ltd (3003 JP) has come out with a Tender Offer to buy the company for ¥5,913/share. That’s a 94% premium and 3.5x what Oasis paid 2yrs ago.
3 D Matrix Ltd (7777 JP): Q1 FY04/25 flash update
- Operating revenue increased 79.6% YoY to JPY1.5bn, driven by strong sales of TDM-621 across multiple regions.
- Operating loss narrowed to JPY317mn, with SG&A expenses rising 16.0% YoY to JPY1.2bn and R&D expenses up 1.7% YoY.
- Recurring loss of JPY787mn, including foreign exchange losses of JPY449mn and interest expenses of JPY21mn.
Japan System Techniques (4323 JP) – 1Q Follow-Up
- 1Q FY2025/3 Earnings Result Summary: Key consolidated figures included net sales of ¥6,298 mn (+11.7% YoY), operating profit of ¥284 mn (+132.9% YoY), ordinary profit of ¥318 mn (+137.0% YoY), and profit attributable to owners of parent (hereafter, net profit) of ¥181 mn (+192.4% YoY).
- The full-year forecast for FY2025/3 remains unchanged from the initial forecast announced on May 13, 2024.
- Higher sales and profits in the DX&SI business and Package business fueled 1Q earnings growth.
Resorttrust (4681) – Strong Profit Expansion Through Membership Business for the Wealthy
- Committed to profitability improvement – Resorttrust is a timeshare resort hotel operator, offering exclusive, high-quality services to resort hotel membership owners in Japan.
- Successful unit price hikes on the back of outstanding customer loyalty in the hotel business and operational efficiency optimization in membership-based medical services, the profitability is set to improve throughout the current medium-term plan (FY3/23- FY3/28).
- With a healthy balance sheet, Resorttrust is poised to accelerate growth through facility development.
CellSource (4880 JP): Q3 FY10/24 flash update
- Revenue: JPY3.3bn (-1.9% YoY), Operating profit: JPY388mn (-62.8% YoY), Recurring profit: JPY496mn (-52.3% YoY), Net income: JPY374mn (-44.6% YoY).
- Contract processing services revenue: JPY2.0bn (-12.9% YoY), Consulting services revenue: JPY161mn (-54.9% YoY), Medical device sales: JPY711mn (+35.4% YoY), Cosmetics sales: JPY419mn (+145.0% YoY).
- Revised earnings forecast for FY10/24: Revenue JPY4.4bn (-3.0% YoY), Operating profit JPY420mn (-65.6% YoY), Recurring profit JPY527mn (-55.9% YoY), Net income JPY417mn (-54.8% YoY).
GiG Works (2375 JP): Q3 FY10/24 flash update
- Revenue declined YoY to JPY19.3bn, with an operating loss of JPY199mn and a net loss of JPY329mn.
- On-demand Economy, Digital Marketing, and System Solutions segments saw revenue and profit declines; Sharing Economy turned an operating profit.
- Investments in Web3 and SNPIT app reduced On-demand Economy profits; premium membership grew despite customer acquisition costs.
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