Japan Stock IR Daily – July 21, 2026 (15 reports)

• Tamura Corporation announced its decision to acquire shares of EMG Power Electric S.r.l. through its consolidated subsidiary, TAMURA-EUROPE LIMITED, making EMG a consolidated subsidiary.
• EMG Power Electric S.r.l. is an Italian-based company specializing in the design and manufacturing of transformers and reactors, possessing advanced MV dry-type transformer technologies including Vacuum Pressure Impregnation (VPI) and mold transformer technology, as well as reactor technology for advanced power conversion applications.
• The number of shares acquired is 120,000, representing an 80% voting rights ownership, with an acquisition price of approximately 9.5 billion JPY.
• The scheduled acquisition date for the shares is October 1, 2026.
• Tamura Corporation’s 14th Mid-Term Management Plan, “One TAMURA for Next 100,” designates clean energy-related markets such as renewable energy, power infrastructure, next-generation communications, and mobility as focus markets.

This acquisition appears to be a strategic move by Tamura Corporation to materialize its focus on clean energy-related markets as outlined in its mid-term management plan. EMG’s MV dry-type transformer and reactor technologies, coupled with its extensive track record in sectors like railway, renewable energy, and data centers, could complement Tamura Corporation’s product lineup and global expansion. The reinforcement of medium-voltage distribution technology is particularly noteworthy given the expanding market opportunities driven by the proliferation of generative AI and the increasing demand from data centers.

• Activia Properties Inc. (R-API) announced a correction on July 21, 2026, to its “Financial Results for the Fiscal Period Ended May 2026 (REIT)” which was originally published on July 16, 2026, due to numerical errors.
• The corrections are located within the table of “3. Reference Information (2) Investment Assets ③ Major Other Investment Assets (a) Overview of Real Estate and Real Estate Trust Beneficiary Rights a. Overview of Retained Assets ①”.
• Specific corrections include:
• For urban commercial facility “UR-19 Nest Hotel Naha Kumoji”, the “Terminal Capitalization Rate (%)” was corrected from “0.0” to “1.0”.
• For Activia Account “AA-2 icot Nakamozu”, the “DCF Price (million yen)” was corrected from “4,720” to “13,500”.
• Concurrently, the “DCF Price (million yen)” for “Subtotal” changed from “129,240” to “124,520”, and for “Total” from “661,711” to “656,991”.

Corrections to financial statements are important for investors to accurately understand the company’s financial standing. This correction includes changes to revenue prices (DCF prices) and capitalization rates for specific properties, which can be fundamental to investment decisions. Revisions to DCF prices, in particular, could influence the valuation of the investment corporation’s portfolio and are worth monitoring.

Disclaimer: This article is for informational purposes only and does not constitute investment advice.

• G-SMASAPO (Smasapo Co., Ltd.) resolved at its Board of Directors meetings on June 18 and July 16, 2026, to acquire a portion of the detached housing after-sales maintenance and renovation business operated by Iwatani Corporation and Iwatani Facilities Systems Co., Ltd.
• The acquired business covers repair and after-sales maintenance services for detached houses previously sold under the “Iwatani House” brand, as well as other construction contract businesses.
• A business alliance was also formed with Iwatani Corporation for collaboration in life infrastructure products and services such as LP gas and water servers.
• The effective date for the business transfer is scheduled for September 1, 2026.
• Financial performance of the acquired business, acquisition price, and asset details are undisclosed due to confidentiality agreements or deemed immaterial.

This acquisition is expected to strengthen G-SMASAPO’s “platform supporting the entire housing lifecycle” by integrating after-sales maintenance and renovation services for detached houses with its existing digital services like “totono.” The business alliance with Iwatani Corporation could facilitate the promotion of Iwatani’s life infrastructure services through G-SMASAPO’s customer network, potentially contributing to revenue growth for both companies. While specific financial details of the acquired business remain undisclosed, the long-term business synergy and impact on platform enhancement are worth monitoring.

• G-Reiwa AH reported consolidated net sales of JPY 1,523 million for the first quarter of the fiscal year ending March 2027 (April 1, 2026 – June 30, 2026), marking a 17.3% increase compared to the same period of the previous year.
• Operating profit for the quarter was JPY 551 million (+51.2% YoY), ordinary profit was JPY 547 million (+49.6% YoY), and profit attributable to owners of parent was JPY 362 million (+45.9% YoY).
• Total assets stood at JPY 3,527 million, net assets at JPY 2,302 million, and the equity ratio was 63.9%.
• There are no revisions to the full-year consolidated earnings forecast or dividend forecast for the fiscal year ending March 2027 from the latest publicly announced figures.
• Miracle Keiri Co., Ltd., a system development subsidiary, is expanding its AI asset judgment solution “Miracle X,” primarily to large enterprise clients.

G-Reiwa AH’s Q1 results show significant year-over-year growth in sales and various profit metrics, which may suggest that initiatives for high value-added services and productivity improvements in its core consulting business are contributing positively. The expansion of AI solutions could indicate a potential future growth driver. Investors may want to monitor the progress against initial plans and the relationship with the full-year earnings forecast.

Disclaimer: This article is for informational purposes only and does not constitute investment advice.

• Mito Securities announced on July 21, 2026, flash report figures for the first quarter of the fiscal year ending March 2027 (April 1, 2026, to June 30, 2026).
• Operating revenue for Q1 FY2027 was 5,686 million yen, a 71.3% increase from 3,319 million yen in the previous corresponding period.
• Operating profit reached 1,984 million yen, marking a 730.1% increase from 239 million yen in the previous corresponding period.
• Ordinary profit was 2,234 million yen, an increase of 398.7% from 448 million yen in the previous corresponding period.
• Quarterly net profit was 1,508 million yen, up 347.5% from 337 million yen in the previous corresponding period.
• The significant increase in revenue was primarily attributed to substantial growth in stock-related revenue and recurring revenue (investment trust agency fees and fund wrap fees).
• The official financial results announcement is scheduled for Thursday, July 30, 2026.

Mito Securities’ flash report for Q1 FY2027 shows a substantial year-on-year increase in both revenue and profit, with operating profit growth being particularly notable. This performance may suggest a strong contribution from stock market activities and recurring fee-based businesses. Investors might consider reviewing the detailed breakdown of revenue sources and business environment factors when the official results are released to gain further insight into the sustainability of these trends.

• fonfun Co., Ltd. concluded a business alliance agreement with Image Joho Kaihatsu Co., Ltd. on July 21, 2026, aiming to expand business in system development and SES (System Engineering Service) domains.
• The alliance encompasses mutual utilization of engineer resources, promotion of cross-selling leveraging customer bases, sharing of human resource development and technical know-how, establishment of joint AI talent development programs, and exploration of transitioning to AI-integrated next-generation BPO.
• Image Joho Kaihatsu Co., Ltd. is listed on the Tokyo Stock Exchange Growth Market, with consolidated net sales of 731 million yen and net profit attributable to parent company of (259) million yen for the fiscal year ended March 2026.
• fonfun’s parent company, Cybridge LLC, holds 39.23% of Image Joho Kaihatsu shares, and fonfun’s Representative Director and Director also serve as directors for Image Joho Kaihatsu.
• fonfun anticipates the impact of this alliance on its current consolidated performance to be minor, but is currently under review, and plans to consider a capital alliance in the future.

The business alliance between fonfun and Image Joho Kaihatsu appears to be a strategic move to strengthen their competitive position in the expanding DX market by leveraging complementary strengths. Initiatives such as joint AI talent development and exploring next-generation BPO transformation could indicate a forward-looking approach to technological trends. It is worth noting that Image Joho Kaihatsu has reported losses in recent years, so the impact of this alliance on their financial performance and fonfun’s future consideration of a capital alliance could be key points for investors to monitor.

• G-Image Jo (3803) announced on July 21, 2026, the signing of a business alliance agreement with fonfun Co., Ltd. for system development and System Engineering Service (SES) domains.
• The alliance aims to promote mutual utilization of engineer resources, cross-selling to existing customers, sharing of human resource development and technical know-how, establishment of a joint AI talent development program, and consideration of transitioning to next-generation BPO incorporating AI.
• G-Image Jo recorded net sales of 731 million yen in the fiscal year ended March 2026, but also an operating loss of 175 million yen, an ordinary loss of 195 million yen, and a net loss attributable to parent company shareholders of 259 million yen, marking its third consecutive year of ordinary losses.
• fonfun reported consolidated net sales of 2,111 million yen and operating income of 242 million yen for the fiscal year ended March 2026.
• fonfun is a subsidiary of Cybridge LLC, which is an affiliate of G-Image Jo, making fonfun a related party. Due to two G-Image Jo directors concurrently serving on fonfun’s board, the transaction was deemed a conflict of interest and approved by G-Image Jo’s board of directors.

This alliance is positioned as a measure to address G-Image Jo’s management challenges, including securing engineer resources, improving utilization rates and unit prices, expanding its customer base, and developing into high-value-added areas. For G-Image Jo, which has been experiencing management difficulties, this collaboration with growth-oriented fonfun could potentially strengthen its business foundation. Furthermore, the cooperation in the AI domain suggests a strategic move in anticipation of future DX market trends.

• Tobila Systems completed the acquisition of common shares of Prodlight Co., Ltd. on July 17, 2026, based on the “Notice Regarding Capital and Business Alliance with Prodlight Co., Ltd.” dated July 14, 2026.
• Prior to the acquisition, Tobila Systems held 0 shares, representing a 0% voting rights ownership.
• The number of acquired shares is 100,000 common shares (1,000 voting rights).
• The acquisition price was JPY 165,600,000 (excluding brokerage fees).
• Post-acquisition, Tobila Systems holds 100,000 common shares, representing 1,000 voting rights and a 5.948% voting rights ownership.
• The impact on the company’s financial results for the October 2026 fiscal year is expected to be minor.

The completion of this share acquisition signifies a concrete step in Tobila Systems’ previously announced capital and business alliance with Prodlight. With approximately 6% voting rights ownership, this move could indicate an intention to strengthen operational collaboration between the two companies, potentially leading to future synergy. While the immediate impact on earnings is deemed minor, investors may want to monitor the mid-to-long-term strategic implications of this alliance.

• POEC Corporation announced the completion of its acquisition of Marco Denki Gijutsu Co., Ltd. on July 21, 2026.
• Marco Denki Gijutsu has officially become a subsidiary of POEC.
• The execution date of the share transfer was initially announced as July 31, 2026, but was completed earlier due to the early fulfillment of necessary conditions.
• Marco Denki Gijutsu’s business activities include on-site adjustment testing, modification, relay testing, and parts replacement maintenance services for power receiving and transforming equipment.
• POEC anticipates the impact of this acquisition on its consolidated financial results for the fiscal year ending August 2026 to be minor.

This announcement confirms the progress of POEC’s previously disclosed strategic move, demonstrating the company’s commitment to executing its business plans. The earlier-than-expected completion of the acquisition may suggest efficient negotiations and procedural fulfillment. Integrating a company specializing in power receiving and transforming equipment services could potentially strengthen POEC’s service offerings and market position in relevant sectors.

• PCA announced its consolidated financial results for the first quarter of the fiscal year ending March 2027.
• For the cumulative first quarter period (April 1, 2026, to June 30, 2026), net sales were ¥4,332 million, representing a 9.1% increase year-on-year.
• Operating profit decreased by 33.6% to ¥391 million, and ordinary profit decreased by 31.1% to ¥414 million compared to the previous year.
• Net income attributable to owners of the parent decreased by 40.6% to ¥207 million.
• Key Performance Indicators (KPIs) show that the number of billing contracts increased by 23.9% year-on-year to 39,259, and ARR (Annual Recurring Revenue) increased by 14.4% year-on-year to ¥11,634 million.

While sales have increased, the significant decline in operating, ordinary, and net profits compared to the prior year’s first quarter is a key point for investors. This suggests that ongoing strategic investments in cloud migration and development, including personnel and AI infrastructure, are impacting current profitability. Investors may want to monitor how these upfront investments translate into future revenue growth and how the recurring revenue model’s KPIs continue to evolve.

• MT Genex Co., Ltd. resolved to acquire all shares of NEXT Co., Ltd. and make it a consolidated subsidiary, as decided by its Board of Directors meeting on July 21, 2026.
• NEXT Co., Ltd., established in 1994, is an electrical and telecommunication engineering company specializing in low-voltage equipment work (LAN, TV reception, intercom, automatic fire alarm, etc.) and has recently expanded into high-voltage equipment work.
• The number of shares acquired is 880, with an acquisition price of 1,771 million JPY, and a total estimated cost of 1,844 million JPY including advisory fees of 73 million JPY.
• The share transfer agreement was signed on July 21, 2026, and the share transfer execution date is scheduled for July 31, 2026.
• NEXT’s sales revenue for the past three fiscal years (October 2023 to October 2025) increased from 1,421 million JPY to 1,607 million JPY, and operating profit grew from 53 million JPY to 125 million JPY.

• Osaki Electric Co., Ltd. resolved at its Board of Directors meeting on July 21, 2026, to absorb and merge its wholly-owned subsidiary, Osaki Estate Co., Ltd.
• The purpose of this absorption merger is to enhance capital efficiency, streamline operations, and accelerate decision-making, aligning with the Group’s mid-term management plan (FY2024-2026) ROE target of 8.0% or more.
• Osaki Estate Co., Ltd. completed the sale of residential rental properties in January 2025 and March 2026, and its current primary business involves managing commercial rental properties leased by Osaki Electric Group companies.
• The merger will be conducted as an absorption merger with Osaki Electric Co., Ltd. as the surviving company and Osaki Estate Co., Ltd. as the dissolving company, with an effective date scheduled for October 1, 2026.
• No new shares will be issued, nor will any monetary compensation be provided in connection with this merger, and the impact on the consolidated financial results of Osaki Electric is expected to be minor.

This merger appears to be a strategic move by Osaki Electric to optimize capital efficiency and streamline operations across the group. By integrating the functions of a subsidiary that has completed non-operating asset reductions, the company may aim to reduce administrative costs and accelerate decision-making processes. Investors might view this as a tangible step towards achieving the ROE targets outlined in their mid-term management plan, making it worthwhile to monitor the evolution of the group’s financial and business structure moving forward.

• enish resolved to introduce a shareholder benefit program at its board meeting on July 21, 2026.
• Eligible shareholders are those holding 500 or more shares of the company’s common stock as of December 31, 2026, as recorded in the shareholder registry.
• The benefit consists of a lottery to award crypto assets (planned as Bitcoin and Solana) totaling 10 million JPY in value.
• A total of 580 winners will be selected: 20 winners for 100,000 JPY equivalent, 60 winners for 50,000 JPY equivalent, and 500 winners for 10,000 JPY equivalent.
• The crypto assets are expected to be awarded around May 2027, and this initiative is projected to have a minor impact on the financial results for the fiscal year ending December 2026.

The introduction of a shareholder benefit program by enish appears aimed at enhancing shareholder returns and strengthening its long-term shareholder base. The unique aspect of offering crypto assets as a benefit, directly linked to their Active Treasury business (DAT), may serve to deepen shareholder understanding of the company’s strategic direction. This approach could be seen as an innovative form of shareholder return, specifically tailored to align with their core business focus.

• Aizawa Securities Group announced its flash consolidated results for the first quarter of the fiscal year ending March 2027 (April 1, 2026, to June 30, 2026) on July 21, 2026.
• Operating revenue reached ¥5,812 million, representing a 37.0% increase compared to ¥4,242 million in the same period of the previous year.
• Operating income was ¥238 million and ordinary income was ¥447 million, marking a turnaround from losses in the previous year’s first quarter (operating loss of ¥576 million, ordinary loss of ¥337 million).
• Net income attributable to owners of parent surged to ¥1,054 million, a 730.4% increase from ¥127 million in the prior-year period. Diluted EPS was ¥33.82.
• The increase in revenue was primarily attributed to higher stock brokerage commissions, trust fees, and investment advisory fees related to wrap accounts, complemented by the recognition of gain on sales of investment securities as extraordinary income.

The flash results show a significant increase in operating revenue and a return to profitability for Aizawa Securities Group. The substantial rise in net income attributable to owners of parent, partly due to the recording of gains on sales of investment securities, may draw investor attention. Given that the performance of the financial instruments business is heavily influenced by economic and market conditions, monitoring future developments could be valuable.

• For the third quarter of the fiscal year ending September 2026 (October 1, 2025 – June 30, 2026), consolidated results showed net sales of ¥11,582 million (up 8.9% year-on-year), operating profit of ¥4,448 million (up 3.7%), ordinary profit of ¥4,502 million (up 4.6%), and net income attributable to parent company shareholders of ¥3,077 million (up 6.2%).
• The full-year dividend forecast for the fiscal year ending September 2026 has been revised to ¥35.00 per share, comprising an ordinary dividend of ¥29.50 and a commemorative dividend of ¥5.50.
• The active user count for the IT service business’s LMS “Leaf” exceeded 5.46 million as of June 30, 2026, marking a 19.3% increase year-on-year. The number of paid subscriber organizations reached 919 (up 10.2% year-on-year).
• In the instructor-led training business, the number of digital-related training sessions increased by 16.7% year-on-year, with the total number of training sessions rising by 5.1%.
• The public seminar business saw a 25.8% increase in participants for DX-related training year-on-year, and a 3.9% increase in total participants.

The results indicate consistent growth in revenue and profit metrics, suggesting that the company is benefiting from the expanding human capital management and DX education markets. The notable increase in “Leaf” LMS users and DX-related training participants highlights the company’s successful strategic focus on digital services. The upward revision of the annual dividend forecast could be seen as a positive sign regarding shareholder returns.