In today’s briefing:
- Tenma (7958 JP) MBO at ¥3,580 – Finally (Wipes Brow), An Exit. ATH But Not Yet PBR1.
- Keisei Electric (9009): Buyback
- Plant-based Butadiene Emerges, Thanks To Zeon And Yokohama
- Familymart Adding Variety Flavour to Chain Under Nigo
- Freebit Co Ltd (3843 JP): Q3 FY04/25 flash update
- i-mobile Co Ltd (6535 JP): 1H FY07/25 flash update
- 3 D Matrix Ltd (7777 JP): Q3 FY04/25 flash update
- NEOJAPAN Inc (3921 JP): Full-year FY01/25 flash update
Tenma (7958 JP) MBO at ¥3,580 – Finally (Wipes Brow), An Exit. ATH But Not Yet PBR1.
- Plastic household goods maker Tenma Corp (7958 JP) has been “undervalued” for decades. A variety of activish/activist holders have come and gone. Dalton went substantial in 2016, is 18% now.
- The family has always controlled the company, and in the last decade, the company has bought back shares, raising the family stake. Now they are buying out minorities.
- The deal is at 4.1x Adjusted EV/EBITDA for March 2026 (adjusted for securities sales, etc) and 0.82x book for the non-cash/securities portion of the business. But Dalton has thrown in.
Keisei Electric (9009): Buyback
- Post COVID investors have been monitoring Keisei Electric Railway Co (9009 JP) as part of the shareholder activism program.
- Recently, the management has announced a share buyback of up to 8 million shares. In 2022, they bought back 5 million shares, and the share price rallied 21% that year.
- It currently trades at 6x PER while Topix trades at 14x PER.
Plant-based Butadiene Emerges, Thanks To Zeon And Yokohama
- Zeon will develop BR and Yokohama will make tires with it
- Facility to be installed at Zeon’s Tokuyama Plant in Shunan City in Japan
- Trial production scheduled for 2026 and mass production by 2030
Familymart Adding Variety Flavour to Chain Under Nigo
- Ever since Itochu Shoji acquired Familymart, it has tried to leverage the more than 16,000 stores to sell product from its many other interests, including clothing.
- With Convenience Wear a clear hit, it is now going further, adding new cosmetics and other products for the young.
- It is also bringing in The Bathing Ape’s founder to turn Familymart into a new kind of Conbini-Variety store.
Freebit Co Ltd (3843 JP): Q3 FY04/25 flash update
- Cumulative Q3 FY04/25 revenue, operating, and recurring profit increased 1.4%, 0.4%, and 1.0% YoY, respectively; net income declined 11.9%.
- Revenue grew 5.6% YoY, but operating profit declined 25.7% YoY due to communication equipment and human resource costs.
- Revenue declined 3.7% YoY, operating profit rose 7.0% YoY; excluding fiscal change, revenue and profit increased 5.5% and 27.3%.
i-mobile Co Ltd (6535 JP): 1H FY07/25 flash update
- In 1H FY07/25, the company reported revenue of JPY16.4bn (+14.5% YoY) and operating profit of JPY3.7bn (+8.2% YoY).
- Consumer Service segment saw revenue of JPY15.1bn (+17.6% YoY), with a 24.7% operating profit margin, down 0.7pp YoY.
- Online Advertising segment reported revenue of JPY1.2bn (-13.9% YoY) and segment profit of JPY77mn (-70.3% YoY).
3 D Matrix Ltd (7777 JP): Q3 FY04/25 flash update
- Operating revenue grew 69.5% YoY to JPY5.1bn, driven by strong sales of TDM-621 across multiple regions.
- The company revised its FY04/25 forecast, expecting JPY7.0bn in revenue and a reduced operating loss of JPY769mn.
- Foreign exchange fluctuations impacted recurring loss, with JPY649mn in losses due to yen appreciation against USD and EUR.
NEOJAPAN Inc (3921 JP): Full-year FY01/25 flash update
- Revenue increased 9.8% YoY to JPY7.3bn, with operating profit up 50.5% YoY to JPY2.0bn.
- Desknet’s NEO Cloud revenue grew 17.4% YoY, driven by a 3.5% user increase and a price revision.
- The Overseas segment’s revenue rose 53.5% YoY, but operating loss increased due to higher personnel and startup costs.
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