Q3 FY8/26 results update Executing on growth; near-term profitability reflects investment cycle - Q1-3 FY8/26 revenue growth is strong, driven by the first full-year contribution from KIZUNA Holdings, though operating margins are impacted by goodwill amortization, new hall opening costs, and recruitment expenses. The acquisition of Cocolonet demonstrates that M&A remains central to SAN Holdings' growth strategy.Read more

Q2 FY7/26 results update Prioritizing investment in human capital – Q1-2 FY7/26 results were mixed, with sustained high double-digit sales growth and stable high gross margins, with sustained improvement at the parent company level. However, this was offset by an accelerated recruitment profile, which resulted in negative YoY OP growth.Read more

Initiating coverage A serial incubator of digital businesses, trading at a material discount – Ceres has a demonstrated track record of building businesses from scratch and crystallizing value at attractive returns. The Company incubated D2C from ¥10mn to ¥4.9bn in revenue, grew labol's GMV approximately 70x in four years, and generated a post-tax MOIC of 6.6x and ~31% IRR on the YUMEMI investment over eight years.Read more

Q4 FY1/2026 results update FY1/2027 signals more investment for future growth – FY1/2026 marked Arr Planner's 6th consecutive year of record revenue since its February 2021 IPO, along with record operating profit. As the Company’s affordable luxury strategy resonated with customers, operating leverage drove a sharp expansion in margins, and ROE reached 36.5%, reflecting both the earnings growth and strong capital efficiency.Read more

Q4 FY12/25 results update Entering a structural upgrade cycle – Despite an improvement YoY in GPM, and sustained growth in LaKeel’s SaaS products, FY12/25 results were below expectations, reflecting slower-than-planned conversion of sales opportunities in H2 FY12/25 for LaKeel HR software. The outlook for FY12/26 is for the company to regroup and navigate the evolving AI landscape to support sustainable long-term growth.Read more

Q3 FY3/26 results update Improving visibility on Individual Life, but GCL headwinds emerge – Q3 FY3/26 results reinforced the Individual Life recovery narrative while surfacing a new challenge in GCL. The individual life business is executing well with Individual Life AP growth accelerating to +6.5% YoY, new business momentum has carried into January 2026, and profitability was revised upward on favourable claims experience and sustained improvement in cost efficiency.Read more

Q3 FY4/26 results update Signs of earnings stabilisation – The key takeaway from Q1-3 FY4/26 results is that Macbee Planet experienced an improvement in earnings momentum, driven by a recovery trend in the investment and lending & card sectors in Q3 FY4/26. The company has also diversified its revenue base through new customer acquisitions and sector exposure.Read more

Withdrawal of AGEST Group spin-off listing initiative More robust dividend policy – While the strategic rationale for separating the DH Group and AGEST Group remains sound, Digital Hearts Holdings has officially withdrawn its AGEST spin-off listing plan to protect enterprise value amid unfavorable market conditions. To compensate for this shift, the company has introduced a progressive dividend policy, raising the FY3/26 forecast to ¥25.0 DPS.Read more

Q4 FY12/25 results update Enhanced productivity drove margin expansion - Ryobi’s FY12/25 results surpassed company guidance, with OP surging +33.4% YoY. The Die Casting segment benefited from a broad recovery in global automotive production.Read more