Japan Stock IR Daily – June 18, 2026 (21 reports)

• Nikko Co., Ltd. held its FY2026/3 earnings briefing and Mid-Term Business Plan progress update.
• The company’s CEO stated that the Mid-Term Business Plan is progressing smoothly, in line with expectations, one year after his appointment.
• Consolidated net sales for FY2025 were ¥49,371 million, and operating income was ¥3,099 million.
• The order backlog at the end of FY2025 reached ¥33.4 billion, marking a 46% increase year-on-year.
• The Mid-Term Business Plan targets ¥60 billion in sales and an 8% operating profit margin by FY2027, with the FY2026 plan set at ¥55 billion in sales and a 6.9% operating profit margin.
• The company announced a shareholder return policy to maintain a dividend payout ratio of over 60%, with a total dividend of ¥4.9 billion planned for the current mid-term period.
• The low profit contribution ratio of the asphalt plant-related business is identified as a significant challenge for profit improvement.
• Challenges in profitability were noted for global expansion, particularly in asphalt plant products in overseas markets, focusing on ASEAN regions.

Nikko’s Mid-Term Business Plan is reported to be on track, with strong order backlogs and a commitment to a dividend payout ratio over 60% as key highlights for investors. The company has explicitly identified the need to improve profitability in its asphalt plant-related business and overseas operations, particularly in ASEAN, as critical for future growth. Monitoring the company’s progress on these specific challenges could provide insight into its ability to achieve its overall profitability targets.

• AICA Kogyo Co., Ltd. announced the completion of its acquisition of 40.0% of the outstanding shares of Stylam Industries Limited in India on June 17, 2026.
• On the same day, a new board of directors structure for Stylam Industries Limited, where AICA Kogyo’s nominated directors hold a majority, was approved at Stylam’s board meeting.
• Stylam Industries Limited, based in Chandigarh, India, manufactures and sells building materials, primarily melamine decorative laminates, and is listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
• The acquired number of shares is 6,779,224, with an acquisition cost of 15,253 million Indian Rupees (approximately 25.93 billion JPY).
• The impact of this acquisition on AICA Kogyo’s consolidated performance for the fiscal year ending March 2027 has already been incorporated into the consolidated earnings forecast announced on May 1, 2026.

This announcement confirms the formal completion of AICA Kogyo’s previously disclosed acquisition of an Indian company, potentially strengthening its overseas business presence, particularly in the growing Indian market. The fact that the impact of this acquisition is already factored into the FY2027 consolidated earnings forecast may suggest a clear path for integration and performance, which is worth monitoring for investors assessing future outlooks.

• Tigerpolly Corporation announced a partial correction to its “Consolidated Financial Results for the Fiscal Year Ended March 31, 2026 [Japanese GAAP].”
• The reason for the correction was the discovery of errors in certain descriptions related to consolidated cash flow.
• Key corrections were made to “Overview of Cash Flows for the Current Fiscal Year” on page 3 and the “Consolidated Cash Flow Statement” on page 11 of the attached materials.
• In the “Overview of Cash Flows for the Current Fiscal Year,” “Income taxes paid” within operating cash flow expenditures was corrected from 582 million yen to 406 million yen.
• In the “Consolidated Cash Flow Statement” for the current consolidated fiscal year, “Other” (before subtotal of operating cash flows) was corrected from 102,387 thousand yen to △74,089 thousand yen, and “Income taxes paid” was corrected from △582,933 thousand yen to △406,456 thousand yen.
• Under “Cash flows from investing activities,” “Proceeds from sale of investment securities” was corrected from 616,766 thousand yen to 416,766 thousand yen, and “Proceeds from redemption of investment securities” of 200,000 thousand yen was newly added.
• Despite these individual corrections, the final total amounts for “Cash flows from operating activities” and “Cash flows from investing activities” for the current consolidated fiscal year remain unchanged from before the correction.

This correction primarily involves adjustments to various line items within the consolidated cash flow statement for the fiscal year ended March 2026, notably impacting “Income taxes paid” and the breakdown of “investment securities related income.” It is noteworthy that the ultimate totals for both operating and investing cash flows remained consistent despite these internal reallocations. Investors may wish to review the detailed corrected figures to understand the specific reclassification of cash movements within the company’s financial reporting.

• Carmate Co., Ltd. announced on June 18, 2026, a correction to a portion of its “Consolidated Financial Results for the Fiscal Year Ended March 31, 2026,” originally published on May 15, 2026.
• The corrections pertain to “1. Overview of Business Performance (2) Overview of Financial Condition (Liabilities),” “Liabilities” section of the consolidated financial statements, and “Liabilities” section of the non-consolidated financial statements.
• In the consolidated balance sheet, the total current liabilities at the end of the current consolidated fiscal year were revised from 2,112 million yen to 2,312 million yen, and total non-current liabilities from 2,894 million yen to 2,694 million yen.
• In the non-consolidated balance sheet, total current liabilities at the end of the current fiscal year were revised from 2,115 million yen to 2,315 million yen, and total non-current liabilities from 2,568 million yen to 2,368 million yen.
• Key corrected items include “Bonds due within one year,” which was revised from 240 million yen to 440 million yen for both consolidated and non-consolidated figures, and “Bonds,” revised from 910 million yen to 710 million yen for both.

This correction involves revisions to numerical data and descriptive content within the liabilities section of Carmate’s financial statements. The changes specifically impact the total amounts of current and non-current liabilities, driven by adjustments to “Bonds due within one year” and “Bonds.” Investors may find it important to note these revisions to previously disclosed financial information and assess any potential implications for the company’s financial health and liquidity assessments.

• Remixpoint, Inc. announced an ordinary year-end dividend forecast of ¥3 per share for the fiscal year ending March 2027.
• The company plans to consider implementing a special dividend in addition to the ordinary dividend, should its performance for the fiscal year ending March 2027 be deemed exceptionally strong.
• One key guideline for considering a special dividend is if the BTC price is judged to be highly likely to be trading above 1 BTC = US$90,000 as of March 31, 2027.
• If a special dividend is implemented, the company aims for a year-end dividend of ¥5 or more per share.
• The shareholder return policy prioritizes business growth, financial soundness, stable ordinary dividends, and enhanced returns through special dividends during strong performance periods.

• TSUNAGU GROUP HOLDINGS released a Q&A document on June 18, 2026, regarding its 2H FY2026 interim financial results.
• The year-on-year decrease in net sales is primarily attributed to the shrinking market for traditional paid media recruiting (PMR) and the company’s reduced dependence on this segment.
• Owned Media Recruiting (OMR) and cyclical hiring initiatives, including alumni and foreign talent utilization, are steadily expanding.
• While the number of orders for alumni support is on plan, the rollout to multiple sites and usage retention after implementation are taking longer than expected.
• The foreign talent support business saw a significant 56.7% increase in projects compared to the plan, but talent supply has fallen short of targets.
• The staffing business’s deficit is due to delays in securing large projects and slower-than-anticipated improvements in operating rates; the company aims for profitability within the current fiscal year.

TSUNAGU GROUP HOLDINGS appears to be actively transitioning its business structure towards growth areas like OMR and foreign talent utilization, as traditional recruitment advertising markets shrink. While this shift is currently impacting short-term revenue, these higher-margin, recurring revenue businesses could contribute to long-term profitability improvement. The progress in turning around the staffing business and strengthening the foreign talent supply system may be key aspects for investors to monitor for future growth.

• Mito Securities Co., Ltd. announced a partial correction to its “Consolidated Financial Results for the Fiscal Year Ended March 31, 2026 (Japanese GAAP)” initially disclosed on April 28, 2026.
• The reason for the correction was identified as an aggregation error in certain descriptions within the notes to the financial statements.
• The correction specifically pertains to page 16, under “4. Financial Statements and Principal Notes (5) Notes to Financial Statements (Balance Sheet Related) Accumulated Depreciation Deducted from Tangible Fixed Assets.”
• For the current fiscal year (as of March 31, 2026), the figure for “Machinery and equipment” was revised from 894 million yen to 892 million yen, and “Lease assets (net)” was revised from 27 million yen to 8 million yen.
• Consequently, the total accumulated depreciation for the same date was corrected from 5,204 million yen to 5,183 million yen.

This correction addresses an aggregation error in specific accumulated depreciation figures for tangible fixed assets within the financial statement notes, aiming to ensure the accuracy of disclosed information. Promptly rectifying errors in past disclosures can be seen as contributing to market transparency. Investors may wish to assess the quantitative impact of this specific correction on the company’s overall financial position and performance.

• Obayashi Corporation has decided to acquire all shares of Multiplex Global Limited (“Multiplex”), a construction company operating in Australia, the UK, and Canada, making it a wholly owned subsidiary.
• The acquisition will be executed by purchasing all shares of BCI UK Holdings Limited (“BCI”), the holding company that owns all shares of Multiplex.
• Multiplex, BCI, two intermediate holding companies (Brookfield BBP UK Holdings II Limited and Brookfield BBP UK Holdings III Limited), and Obayashi UK Holdings Limited (OC UK HLDS), a local entity established for the acquisition, will become specified subsidiaries of Obayashi.
• Multiplex is noted as a leading construction company in Australia, specializing in high-rise buildings, hospitals, and data centers, with extensive experience in office and mixed-use developments in London, UK, and steady growth in Canada.
• Obayashi aims to establish a full-scale presence in the Australian and UK construction markets and strengthen its presence in the Canadian market through this acquisition.

This acquisition of Multiplex appears to be a significant move for Obayashi Corporation’s overseas strategy, aligning with its goal of building a business structure where non-domestic operations generate performance comparable to or exceeding domestic construction. The full-scale entry into the Australian market, which is expected to see robust growth, could potentially influence Obayashi’s future revenue streams. Investors may wish to monitor the integration process, considering the scale of the investment and Multiplex’s past financial performance, including the decrease in consolidated ordinary profit in the December 2024 fiscal year.

• Meiho Enterprise achieved increased revenue and profit in Q3 FY2026 compared to the same period in the previous year.
• The growth was primarily driven by an increase in the number of properties sold from its main brand series in the real estate development business, rising from 21 to 24 units, and an increase in construction projects under execution from 10 to 12 units due to increased external orders in the construction business.
• The progress rate for expected sales units for FY2026 has reached 102%.
• While progress towards achieving the full-year earnings forecast is on track, the company anticipates an opaque future business environment, citing potential supply restrictions for construction materials, rising land and construction costs, and interest rate hikes.
• In response to external environmental changes such as Middle East instability, rising costs, and interest rate increases, the company is implementing measures including rigorous site selection at the procurement stage, strengthening cooperation with suppliers, early procurement, and considering alternative materials.
• Regarding shareholder returns, the company’s basic policy is “continuation of progressive dividends,” with an annual dividend of 13 yen per share expected for FY2026, marking the seventh consecutive year of progressive dividends. A new shareholder benefit program has also been introduced this fiscal year.

The Q&A summary from Meiho Enterprise offers specific insights into the drivers behind their strong Q3 FY2026 performance and their strategic outlook amid various market uncertainties. The company’s emphasis on increased property sales and construction orders clearly explains the revenue and profit growth. Despite exceeding 100% progress on their expected sales units, maintaining the full-year forecast might suggest a cautious approach, acknowledging potential headwinds such as rising material costs, interest rate fluctuations, and geopolitical risks.

• PS Construction Co., Ltd. announced a partial correction to its “Consolidated Financial Results for the Fiscal Year Ended March 31, 2026 (Japanese GAAP)” initially released on May 14, 2026.
• The reason for the correction is an error in the aggregation of account-specific amounts within the operating cash flow section of the consolidated statement of cash flows.
• Specifically, the “payment of fees” for the fiscal year ended March 2026 was corrected from 51 million yen to 45 million yen, and “other” was corrected from 370 million yen to 375 million yen.
• The company stated that this correction has no impact on its profit or loss.
• The total operating cash flow remains unchanged at 15,952 million yen for the previous fiscal year and -17,473 million yen for the current fiscal year, even after the correction.

This correction addresses a numerical aggregation error in specific line items within the operating cash flow section of the previously disclosed consolidated cash flow statement. As the company has stated there is no impact on profit or loss, this correction does not directly affect the company’s fundamental earnings power. Nevertheless, the accuracy of financial reporting is critical for investors, and the disclosed correction and the company’s subsequent handling of such matters remain worth monitoring for transparency.

• Kanohx Co., Ltd. announced on June 18, 2026, a partial correction to its “Consolidated Financial Results for the Fiscal Year Ended March 31, 2026 (Japanese GAAP)” initially disclosed on April 28, 2026.
• The reason for the correction was an error found in the comprehensive income figures.
• The corrected consolidated comprehensive income for the fiscal year ended March 31, 2026, is 1,836 million yen (a decrease of 15.3% year-on-year). The figure before correction was 2,000 million yen (a decrease of 7.7% year-on-year).
• This correction does not impact sales, operating profit, ordinary profit, net profit attributable to parent company shareholders, or net assets.
• The corrected items are the comprehensive income note in “1. Consolidated Operating Results for the Fiscal Year Ended March 31, 2026 (1) Consolidated Business Results” under Summary Information, and the “Total other comprehensive income” and “Comprehensive income” figures in “(2) Consolidated Statements of Income and Comprehensive Income” on page 6 of the attached materials.
• The change in “Total other comprehensive income” is due to the “Land revaluation difference” for the fiscal year ended March 31, 2026, being revised from 163,880 thousand yen (before correction) to “—” (after correction).

• Okayama Ken-Unso Co., Ltd. announced “Corrections to a part of past financial statements” on June 18, 2026.
• The reason for the correction is an error in the “Investments in associates accounted for by the equity method” under “Other items” in the segment information of past financial statements.
• The corrections apply to the consolidated financial statements for six fiscal years, from March 2021 to March 2026.
• This correction exclusively pertains to segment information and does not impact the consolidated balance sheets, consolidated statements of income, or other primary financial statements.
• For instance, the “Investments in associates accounted for by the equity method” for the fiscal year ended March 2021 was corrected from 257,750 thousand yen to 1,402,552 thousand yen for the previous consolidated fiscal year, and from 257,750 thousand yen to 1,443,994 thousand yen for the current consolidated fiscal year.

The announced correction focuses on a specific line item within segment information and does not alter the consolidated balance sheet or income statement, which may alleviate immediate concerns for investors regarding the company’s overall financial health. However, the restatement of multiple past periods could lead to scrutiny regarding the robustness of internal control and disclosure processes. Investors might consider monitoring the company’s efforts to ensure accuracy and transparency in future financial reporting.

• Giken Seisakusho announced the finalized financial results for Kitamura Kosan Co., Ltd., an affiliated company, as of March 31, 2026.
• Kitamura Kosan’s business operations include real estate leasing and exhibition hall management.
• As of March 31, 2026, Kitamura Kosan reported total assets of JPY 5,926,481,241 and net assets of JPY 1,112,602,635 on its balance sheet.
• For the fiscal year ended March 2026, the income statement shows net sales of JPY 199,411,397, an operating loss of JPY 236,589,903, ordinary profit of JPY 36,549,683, and net profit of JPY 38,475,592.
• Giken Seisakusho’s Representative Director and Chairman also serves as a Director of Kitamura Kosan, holding a voting rights ownership ratio of 23.68%.

This disclosure provides specific financial details of Kitamura Kosan Co., Ltd., an entity categorized by Giken Seisakusho as “other affiliated company.” While an operating loss was recorded, the company achieved a net profit, largely supported by non-operating income such as dividends received. Although not a consolidated subsidiary, Kitamura Kosan’s financial performance may be of indirect interest to Giken Seisakusho shareholders, offering insight into the broader group’s financial landscape.

• Nomura Corporation released supplementary materials for its second quarter financial results for the fiscal year ending October 2026 on June 18, 2026.
• Cumulative Q2 performance showed increased sales and profit year-over-year, primarily driven by the delivery and sales recognition of order backlogs in the packaging machinery segment of the packaging-related business.
• The acceleration of delivery timelines for some packaging machinery orders impacted the Q2 results, and the company currently recognizes full-year performance is generally within initial plans.
• The full-year forecast remains unchanged, citing uncertainties in the business environment for the second half, including rice price trends and concerns over raw material procurement due to the Middle East situation.
• Sales in the packaging materials segment remained largely flat compared to the previous fiscal year.

• GMB announced a partial correction to its “Consolidated Financial Results for the Fiscal Year Ending March 31, 2026 [Japanese GAAP]” originally published on May 18, 2026.
• The reason for the correction is an error in some descriptions within the financial results.
• This correction has no impact on the consolidated operating results or consolidated financial position.
• Specific corrections include:
• The year-on-year change in segment profit for the South Korea segment was corrected from “45.5% increase” to “45.0% increase”.
• In the Consolidated Cash Flow Statement, “Proceeds from short-term borrowings” was corrected from “¥9,370,752 thousand” to “¥2,961,000 thousand,” and “Repayments of long-term borrowings” was corrected from “△¥8,244,246 thousand” to “△¥1,834,494 thousand.”
• The inventory valuation loss included in the Notes to Consolidated Statements of Income was corrected from “△¥230,139 thousand” to “¥69,727 thousand.”
• In the segment information, the “Increase in tangible and intangible assets” for “U.S.” was corrected from “¥163,324 thousand” to “¥2,189,049 thousand,” and the “Total” was corrected from “¥3,976,657 thousand” to “¥6,002,383 thousand.”

This correction primarily involves adjustments to numerical data within the previously released financial report, with no stated impact on the consolidated operating results or financial position, suggesting it is not a fundamental revision of the company’s performance. However, specific numerical corrections in detailed financial information such as cash flows, inventory valuation loss, and segment-wise asset increases are important for investors in evaluating the company’s financial health. The revision to the increase in tangible and intangible assets for the U.S. segment, in particular, might indicate a previous discrepancy in the recognition of capital expenditures within that region.

• Maxvalu Tokai Co., Ltd. resolved at its Board of Directors meeting on June 18, 2026, to absorb its wholly-owned subsidiary, Delica Shokuhin Co., Ltd. through a merger.
• The purpose of the merger is to advance the “strengthening of product capabilities” (specifically fresh produce and deli items) outlined in the medium-term management plan, and to concentrate and streamline overall business management resources.
• The effective date of the merger is scheduled for September 1, 2026.
• The merger qualifies as a simplified merger for Maxvalu Tokai (Article 796, Paragraph 2 of the Companies Act) and a short-form merger for Delica Shokuhin (Article 784, Paragraph 1 of the Companies Act), meaning neither requires shareholder approval.
• There will be no issuance of new shares or delivery of money by Maxvalu Tokai as a result of this merger, and no changes to its name, location, representative, business content, capital, or fiscal year end.

This merger sees Maxvalu Tokai, a food supermarket operator, integrating its wholly-owned subsidiary, Delica Shokuhin, which manufactures and supplies sushi, rice, and deli products primarily to Maxvalu Tokai. This move is expected to enhance supply chain efficiency and further strengthen product capabilities in the “fresh and deli” categories. As it is a merger with a wholly-owned subsidiary, Maxvalu Tokai has stated there will be no direct impact on its consolidated earnings, but its potential for long-term operational efficiency improvements will be worth monitoring.

• Gourmet Kineya Co., Ltd. announced the finalized financial results for its unlisted parent company, MUKUMOTO Co., Ltd., for the fiscal year ended March 31, 2026 (April 1, 2025 to March 31, 2026).
• As of March 31, 2026, MUKUMOTO Co., Ltd.’s balance sheet shows total assets of ¥3,232,013,093, with investment securities accounting for ¥3,099,781,491 of this amount.
• For the fiscal year ended March 2026, the income statement reported sales of ¥432,000 (rental income) and a net income of ¥30,456,240.
• Dividend income of ¥40,215,000 was recorded under non-operating income, serving as the primary driver for an ordinary profit of ¥30,661,240.
• The shares of MUKUMOTO Co., Ltd. are held equally, with A&A Planning Co., Ltd. and Azusa Co., Ltd. each owning 50.00%.

The financial statements of MUKUMOTO Co., Ltd. suggest that investment securities constitute the majority of its assets, and dividend income from these investments is a significant contributor to its net income. While the company’s stated business is parking lot rental, its operational results indicate that investment activities play a substantial role in its profitability. The financial health of a parent company can indirectly influence the business operations and financing strategies of its subsidiary, Gourmet Kineya, making the parent’s stability a point of interest for investors.

• PKSHA Technology resolved to acquire shares of VideoTouch K.K., making it a subsidiary, at a board meeting held on June 18, 2026.
• PKSHA Technology will acquire an additional 24,990 shares, increasing its voting rights ownership from 39.19% to 59.46% post-acquisition.
• VideoTouch K.K. is engaged in the development and operation of AI SaaS, and has recorded net losses for the past three fiscal years (FY2023: △317 million JPY, FY2024: △345 million JPY, FY2025: △360 million JPY).
• This acquisition is intended to expand the product lineup of PKSHA AI Suites for Contact Center into the human resource development domain.
• PKSHA Technology plans to acquire up to 100% of voting rights, including potential shares, by March 2029.

PKSHA Technology’s move to make VideoTouch a subsidiary appears to be a strategic effort to expand its “PKSHA AI Suites for Contact Center” offerings into the human resource development sector. The integration of VideoTouch’s AI SaaS development capabilities with PKSHA’s existing products could generate synergy. While VideoTouch has reported net losses in recent periods, the focus for investors may be on how this acquisition impacts future revenue and the potential for improved profitability through integration.

• Harmonic Drive Systems Inc. announced on June 18, 2026, the finalized financial results for the fiscal year ended March 2026 of its unlisted parent company, KODEN Holdings Co., Ltd.
• KODEN Holdings’ primary business activities involve group-wide strategy formulation and management functions.
• KODEN Holdings holds a 35.40% voting rights ownership in Harmonic.
• For the fiscal year ended March 2026, KODEN Holdings reported total sales of JPY 1,241.88 million, gross profit of JPY 976.52 million, operating profit of JPY 479.84 million, and net profit of JPY 716.76 million.
• As of March 31, 2026, KODEN Holdings’ balance sheet showed current assets of JPY 9,641.84 million, non-current assets of JPY 23,198.58 million, and total assets of JPY 32,840.43 million.

The disclosure of KODEN Holdings’ financial results provides crucial insights for evaluating Harmonic’s consolidated performance and management situation. The parent company’s revenue structure, primarily composed of dividend and interest income from affiliates and rental business income, suggests that the stability of these operations could be a key factor in assessing the group’s overall financial health and growth strategy. Given KODEN Holdings’ role as a controlling shareholder of Harmonic, its financial status may also indirectly influence Harmonic’s management policies and financing decisions.

• Hirayama Holdings announced a merger between its wholly-owned subsidiaries, Hirayama Co., Ltd. (surviving company) and Top Engineering Co., Ltd. (dissolving company), through an absorption-type merger.
• The merger’s objective is to integrate Hirayama’s manufacturing support and improvement know-how with Top Engineering’s engineering technical capabilities to create synergies and expand high-profit models.
• Key dates include the commencement of creditor protection procedures from August 1 to late September 2026, the shareholder general meeting for merger approval on August 24, 2026, and an effective date of January 1, 2027.
• Since both merging entities are wholly-owned subsidiaries of Hirayama Holdings, no merger ratio will be determined.
• The merger is expected to have a minor impact on the consolidated financial results for the fiscal year ending June 2026, as it involves wholly-owned subsidiaries.

This merger appears to be a strategic move to optimize internal group operations by combining complementary strengths in manufacturing support and engineering technology. The integration could potentially lead to enhanced efficiency and new value creation within the group. Investors may want to monitor how the stated objectives of the merger are reflected in the consolidated earnings forecast for the fiscal year ending June 2027, which is scheduled for announcement on August 14, 2026.

• Solekia announced an absorption merger with its consolidated subsidiary, Solekia Platz Co., Ltd.
• The effective date of the merger is scheduled for October 1, 2026.
• The purpose of the merger is to optimize resources and restructure the business system of Solekia Platz, which primarily operates in PC kitting services.
• This is a simplified absorption merger with Solekia as the surviving company and Solekia Platz as the dissolved company, with no allocation of consideration.
• Solekia Platz’s standalone net sales for the fiscal year ended March 2026 were 179,958 thousand yen, and profit attributable to owners of parent was 20,473 thousand yen.

This merger appears to be an internal reorganization aimed at improving business efficiency and strengthening the operational structure within the Solekia Group. As a simplified merger with a wholly-owned subsidiary, the procedures are streamlined, and the impact on consolidated earnings is currently stated as minor. This strategic move to adapt to changes in the IT service market may be worth monitoring.