Seiko Electric Co., Ltd. (TSE Prime: 6653), founded in 1921, is a leading provider of electrical power and social infrastructure solutions. Guided by its corporate philosophy of contributing to society through top-quality products and services, the company integrates IT, OT (control systems), hardware manufacturing, and advanced AI/IoT digital technologies. Its business spans Power Systems, Environmental Energy, Information Systems, and Services. Key offerings include power distribution grids, water treatment monitoring systems, and market-leading port container management software, all supporting infrastructure stability and addressing evolving societal needs. In FY2026, the company achieved record H1 results with net sales of ¥17.104 billion and operating profit of ¥1.680 billion, reaching ¥24.460 billion in sales for Q1–Q3. Growth is driven by AI data centers, grid energy storage equipment, and decarbonization (GX) solutions. For the full year, Seiko Electric forecasts net sales of ¥36.0 billion, operating profit of ¥3.0 billion, net profit of ¥2.5 billion, and an annual dividend of ¥60 per share. The audio and written content of this podcast are intended to help listeners understand the general business conditions and publicly available information of major listed companies in Japan. They do not constitute investment advice, investment recommendations, or investment solicitations.

Founded in 1996, HENNGE K.K. is a leading Japanese SaaS company driven by its vision, "Liberation of Technology". Its flagship service, "HENNGE One," is an all-in-one IDaaS and cloud security platform offering single sign-on, access control, and email security to enterprise clients. On October 20, 2026, HENNGE successfully transferred its stock listing from the Growth Market to the Tokyo Stock Exchange Prime Market. By expanding into new technology domains through initiatives like establishing "HENNGE AI Inc.", HENNGE continues to empower digital transformation and enhance long-term corporate value. Over the past three years, revenue expanded rapidly from ¥6.78 billion to ¥10.92 billion, with FY2026 Q3 ARR reaching ¥12.52 billion, supported by over 3.14 million contract users and a low 0.30% churn rate. HENNGE focuses on maximizing ARR and LTV by strengthening branding, acquiring top talent, and founding "HENNGE AI Inc." for AI governance. Full-year FY2026 forecasts project ¥12.83 billion in revenue and ¥2.06 billion in operating profit, alongside a revised annual dividend of ¥11 per share. The audio and written content of this podcast are intended to help listeners understand the general business conditions and publicly available information of major listed companies in Japan. They do not constitute investment advice, investment recommendations, or investment solicitations.

SCREEN Holdings Co., Ltd., headquartered in Kyoto, Japan, is a premier global leader in precision equipment manufacturing. The company operates through four primary business segments: Semiconductor Production Equipment (SPE), Graphic Arts Equipment (GA), Display Production Equipment and Coater (FT), and PCB-Related Equipment (PE). SPE serves as the central growth driver, generating 80.2% of total net sales (¥605.7 billion) in FY2026. SCREEN maintains the No. 1 global market share in semiconductor cleaning equipment, including single-wafer processors, batch-type systems, and spin scrubbers. By leveraging its core proprietary technologies in surface processing, coating, and direct imaging, SCREEN provides highly competitive solutions to propel global AI, advanced logic foundry, and memory semiconductor innovation. Under its medium-term plan "Value Up Further 2026", SCREEN's strategic growth is driven by surging AI demand across advanced logic/foundry and HBM memory, complemented by expansion in Advanced Packaging and boosted capacity investments (including Nagaokakyo and the US ATCA center, with Capex expanded to ¥58.0 billion). Backed by a projected CY2026 WFE market of $155 billion (+25%), SCREEN forecasts record FY2027 performance with net sales of ¥743.0 billion and operating income of ¥156.5 billion (21.1% operating margin). Annual dividend forecast is set at ¥183 per share (post 1:2 stock split). ----------------- FY2027 H1 Update Start ------------------- Positive Signals / Bullish Catalysts (FY2027 H1 Update) 1. Aggressive Growth Investment (Capex Upward Revision) * Full-year Capex raised by ¥15.0B to ¥58.0B (up from ¥43.0B previously) to accelerate capacity expansion at the Nagaokakyo plant and push forward US R&D operations (ATCA center), demonstrating strong management confidence in AI-driven demand (advanced logic & HBM). 2. Robust Shareholder Returns (¥183 Annual Dividend Forecast) * Decided H1 dividend of ¥60/share and maintained full-year dividend forecast at ¥183/share (post 1:2 stock split), adhering to its >30% payout ratio policy and marking a significant YoY dividend hike. 3. Upward Revision of H2 Net Sales & Guidance Intact * Maintained record full-year guidance (Net Sales: ¥743.0B, Operating Income: ¥156.5B, OP Margin: 21.1%) while revising H2 net sales forecast upward from ¥426.0B to ¥434.6B. 4. Favorable Macro WFE Market Outlook * Revised CY2026 global WFE market forecast up to $155B (+25% YoY) and projected CY2027 to reach $200B, creating strong medium-to-long-term industry tailwinds for SPE growth. 5. Narrowing Corporate & R&D Expenses * Full-year operating loss in "Corporate/Adjustments" (including headquarters R&D) narrowed by ¥1.5B (from -¥12.0B to -¥10.5B). Negative Signals / Bearish Risks (FY2027 H1 Update) 1. Loss of FX Safety Buffer & Masking of Core Profit Pressures * Assumed USD rate raised from ¥145 to ¥150/USD. Despite the FX tailwind (+¥1.3B OP per ¥1 USD depreciation), full-year OP guidance was kept unchanged at ¥156.5B, raising concerns that underlying cost inflation or order shifts are being masked by currency tailwinds while eliminating future FX buffers. 2. H1 FY2027 Performance Shortfall * 1H Net Sales (¥308.4B, -¥8.6B vs. July guidance) and Operating Income (¥54.5B, -¥1.5B vs. guidance) both missed targets. The core SPE segment also underperformed guidance (Sales: ¥251.3B, -¥8.7B; OP: ¥57.5B, -¥3.0B). 3. High Execution Risk in H2-Heavy SPE Backlog * Reaching full-year SPE targets (Sales: ¥620.0B, OP: ¥159.0B) requires an aggressive H2 surge to ¥368.7B in sales and ¥101.5B in OP (H2 OP margin of 27.5%), heightening sensitivity to customer acceptance timing and shipping delays. 4. Sharp Guidance Cut in FT Segment (Advanced Packaging) * Full-year FT operating income slashed from ¥2.5B (5.8% margin) to ¥1.0B (2.4% margin), with H2 OP plummeting to ¥0.2B (0.9% margin) due to initial integration costs of the Advanced Packaging business and panel display investment fluctuations. 5. PE Segment H1 Deficit * PE (PCB Equipment) 1H OP fell into a ¥0.1B deficit (vs. ¥0 forecast), reflecting prolonged softness in the PCB equipment market. 6. Fixed Cost Inflation (-¥32.0B YoY) & Depreciation Risk * Fixed costs exerted a -¥32.0B drag on YoY operating profit due to higher R&D and personnel expenses. The Capex expansion to ¥58.0B will further increase future depreciation burdens. ----------------- FY2027 H1 Update End ------------------- The audio and written content of this podcast are intended to help listeners understand the general business conditions and publicly available information of major listed companies in Japan. They do not constitute investment advice, investment recommendations, or investment solicitations.

Kioxia Holdings Corporation, formerly Toshiba Memory, is a pioneer and global leader in flash memory and SSD solutions. In 1987, the company invented the world's first NAND flash memory, and in 2007, introduced the revolutionary 3D flash memory technology, "BiCS FLASH™". Anchored by its long-standing manufacturing joint venture with Western Digital (SanDisk), Kioxia offers a comprehensive lineup of cutting-edge storage products for smartphones, client PCs, cloud data centers, and generative AI infrastructure. Following its listing on the Tokyo Stock Exchange Prime Market in December 2024, Kioxia remains dedicated to advancing storage memory technologies that shape the digital future. [Future Direction & Outlook] Driven by booming AI storage demand, Kioxia achieved record FY2025 revenue of ¥2.34 trillion, followed by an all-time high FY2027 Q1 revenue of ¥1.77 trillion while establishing a net cash position. Key strategic focus areas include expanding mass production of 245TB high-capacity QLC SSDs for AI inference servers and advancing 8th and 10th-generation BiCS FLASH™ technology. For FY2027 Q2, guidance forecasts revenue of ¥2.39 trillion and Non-GAAP operating profit of ¥1.90 trillion, sustaining strong growth momentum. The audio and written content of this podcast are intended to help listeners understand the general business conditions and publicly available information of major listed companies in Japan. They do not constitute investment advice, investment recommendations, or investment solicitations.

KU Holdings Co., Ltd. is a pure holding company engaged in the sales, maintenance, and repair of domestic and imported automobiles. Its main operating subsidiaries include KU Co., Ltd. for domestic and used vehicles, alongside authorized import dealerships for Mercedes-Benz, BMW, MINI, and Jeep, such as Stern Setagaya, Stern Chuo, and Motoren Tomei-Yokohama. The company leverages a broad dealership network and strong aftermarket services as core strengths. For the fiscal year ended March 2026 (54th term), consolidated net sales reached 169,094 million yen, ordinary profit stood at 8,602 million yen, and net assets totaled 69,902 million yen. Supporting Data: Revenue expanded continuously from 153,346 million yen in FY3/23 to 169,094 million yen in FY3/26. In Q1 FY3/27, net sales rose 3.1% year-on-year to 42,485 million yen, with operating profit surging 26.6% to 2,081 million yen. Focus Directions: Accelerating import dealership expansion via M&A (e.g., acquiring Stern Nishitama and Stern Chuo) and enhancing operational efficiency. Outlook: For FY3/27, full-year forecasts target net sales of 170,000 million yen, operating profit of 8,100 million yen, and annual dividends of 58 yen per share. The audio and written content of this podcast are intended to help listeners understand the general business conditions and publicly available information of major listed companies in Japan. They do not constitute investment advice, investment recommendations, or investment solicitations.

Idemitsu Kosan Co., Ltd. is a leading Japanese comprehensive energy and materials company guided by its core philosophy of "Respect for Human Beings" and "Truly Inspired". The company operates globally across foundational sectors such as fuel oils and basic chemicals, alongside high-performance materials—including OLED materials and lithium solid electrolytes—power, renewable energy, and resources. Leveraging its extensive technological expertise, Idemitsu ensures a stable energy supply while actively driving business portfolio transformation. In collaboration with strategic partners like Toyota Motor Corporation, the company is accelerating the commercialization of solid electrolytes for all-solid-state batteries, alongside low-carbon initiatives such as Sustainable Aviation Fuel (SAF) and chemical recycling of used plastics to advance a carbon-neutral future. Under its FY2026–2030 Medium-Term Management Plan, Idemitsu plans a total 5-year investment of 1.8 trillion yen, allocating 830 billion yen to GRIT (existing business foundation) and 810 billion yen to GROWTH & CNX (growth and decarbonization). Key focus areas include reinforcing stable refinery operations and accelerating the commercialization of solid electrolytes for all-solid-state batteries and SAF. Financially, Idemitsu targets an adjusted EBT of 360 billion yen, an ROE of 13%+, an ROIC of 7%+, and a total payout ratio of 50%+ by FY2030. The audio and written content of this podcast are intended to help listeners understand the general business conditions and publicly available information of major listed companies in Japan. They do not constitute investment advice, investment recommendations, or investment solicitations.

Founded in 1997, Rakuten Group, Inc. is a leading Japanese global internet services company. Guided by its mission to empower individuals and society through innovation, Rakuten operates over 70 diverse services worldwide. Its core business is structured around three main segments: Internet Services (e.g., Rakuten Ichiba, Rakuten Travel), FinTech (e.g., Rakuten Card, Rakuten Bank, Rakuten Securities), and Mobile (Rakuten Mobile). Anchored by the unified "Rakuten Ecosystem," single sign-on ID, and loyalty point program, the company connects approximately 1.9 billion global users and over 100 million members in Japan. Driven by robust cross-use across its multi-service network, Rakuten achieved a record-high consolidated annual revenue of 2.5 trillion yen in FY2025. Disclosures over the past three years highlight Rakuten's strategic focus on expanding mobile-ecosystem synergies, accelerating AI-driven efficiency, and optimizing debt structure. Supported by Q2 2026 data, quarterly revenue reached a record 665.5 billion yen (+11.6% YoY) and net profit hit 27.2 billion yen (first Q2 net profit in 6 years), with mobile subscriptions growing to 10.75 million lines. Looking ahead, Rakuten targets high single-digit revenue growth for FY2026 alongside full-year profitability across Non-GAAP operating income, pre-tax profit, and net income. The audio and written content of this podcast are intended to help listeners understand the general business conditions and publicly available information of major listed companies in Japan. They do not constitute investment advice, investment recommendations, or investment solicitations.

ARCHION Corporation is a holding company established through the business integration of Hino Motors and Mitsubishi Fuso Truck and Bus Corporation, listed on the Tokyo Stock Exchange Prime Market on April 1, 2026 (TSE: 543A). Supported by Daimler Truck and Toyota Motor as key shareholders, ARCHION leverages the extensive production networks, sales channels, and strong customer bases of both brands. Guided by its mission to "connect the mobility of people and goods to create a prosperous future", the company focuses on commercial vehicles and aims to accelerate synergies in zero-emission technologies—such as EVs and fuel cells—as well as autonomous driving and connected services to deliver sustainable transport solutions globally. In Q1 FY2027, ARCHION recorded revenue of ¥597.9 billion on 60,000 units sold. Its primary growth direction focuses on an "Integrated Platform Strategy," underscored by the joint announcement of new medium-duty trucks (Hino Ranger / Fuso Fighter) and deeper CASE technology collaboration. For the full FY2027, ARCHION forecasts revenue of ¥2,425 billion and operating profit of ¥110 billion (excluding negative goodwill). Reflected with a provisional negative goodwill gain of ¥233.2 billion, updated full-year operating profit reaches ¥343.2 billion. The audio and written content of this podcast are intended to help listeners understand the general business conditions and publicly available information of major listed companies in Japan. They do not constitute investment advice, investment recommendations, or investment solicitations.

IDOM Inc. (TSE Prime: 7599), founded in 1994, is a leading Japanese automotive company specializing in pre-owned vehicle purchasing and retail sales. Operating primarily under its flagship "Gulliver" brand, IDOM has successfully transformed its core business from a pure purchasing shop network into a high-value retail model backed by large-scale dealerships and integrated maintenance centers. Today, it holds a top-tier market share of approximately 6% in Japan's retail used car market. According to the latest disclosure for FY2027 Q1 (March–May 2026), IDOM generated net sales of 159.61 billion yen (+15.5% YoY) and an operating profit of 4.36 billion yen (+15.4% YoY), driven by a record Q1 retail volume of 45,558 units. IDOM focuses on balancing ROIC with growth, driven by expanding large-scale stores with maintenance facilities (targeting 96 cumulative stores by FY2027-end) and increasing LTV via ancillary products. In FY2027 Q1, IDOM optimized inventory (reducing inventory value by 7% vs FY2026-end) while improving its retail gross profit per unit index by 10% YoY to 110. For the full year, IDOM forecasts net sales of 629.0 billion yen (+11.8% YoY) and an operating profit of 24.0 billion yen (+18.8% YoY). The audio and written content of this podcast are intended to help listeners understand the general business conditions and publicly available information of major listed companies in Japan. They do not constitute investment advice, investment recommendations, or investment solicitations.

Howa Machinery, Ltd., established in 1907 and headquartered in Kiyosu, Aichi Prefecture, is a highly respected Japanese machinery manufacturer with a rich history. The company operates across multiple diverse sectors, including machine tools (machining centers and power chucks), firearms (Type 20 rifles for the Japan Ministry of Defense and sporting rifles), special purpose vehicles (road sweepers), building materials (soundproof sashes), and real estate leasing. Howa holds a leading position in several niche markets. Under its current 6th Mid-Term Management Plan, the company decided in May 2026 to dissolve and liquidate its Chinese subsidiary as part of its drastic machine tool business reform, aiming to enhance productivity and corporate value. Driven by solid defense demand, Howa is restructuring its machine tool segment, notably by liquidating its Chinese subsidiary. For FY2027, Howa forecasts net sales of 23.56 billion yen and operating income of 1.41 billion yen, up from FY2026's 24.06 billion yen and 1.18 billion yen. To bolster growth and align employee incentives, the company completed a buyback of 60,000 treasury shares via ToSTNeT-3 and disposed of 300,909 shares to the J-ESOP trust in August 2026, demonstrating proactive capital management for long-term corporate value. The audio and written content of this podcast are intended to help listeners understand the general business conditions and publicly available information of major listed companies in Japan. They do not constitute investment advice, investment recommendations, or investment solicitations.

Nissan Motor Co., Ltd., headquartered in Yokohama, Japan, is a leading global automaker. Led by Representative Executive Officer, President, and CEO Ivan Espinosa, the company designs, manufactures, and sells passenger and commercial vehicles, alongside providing sales financial services worldwide. Operating across major global markets including North America, Japan, Europe, and China, Nissan has historically leveraged its powerful alliance with Renault and Mitsubishi Motors. In response to the industry's rapid intelligence transition, Nissan actively prioritizes software-defined vehicles (SDV) and electrification. By forging smart partnerships with leading global tech companies and domestic competitors, notably Honda, Nissan is driving major technological innovations for a sustainable, safer mobility experience. Under "Re:Nissan," Nissan maintains its FY26 full-year forecasts of 13 trillion yen in net sales and 200 billion yen in operating profit. This is supported by its FY26 Q1 results, where net sales reached 2.96 trillion yen (+9.5% YoY) and operating profit recovered to 77.9 billion yen. Focusing heavily on intelligence and electrification, Nissan signed a joint development agreement with Honda on August 31, 2026, to standardize and co-develop core ECUs and software for next-generation Software-Defined Vehicles (SDVs), accelerating development speed and maximizing cost efficiency. The audio and written content of this podcast are intended to help listeners understand the general business conditions and publicly available information of major listed companies in Japan. They do not constitute investment advice, investment recommendations, or investment solicitations.

Established in 1896 with rich roots dating back to 1878, Kawasaki Heavy Industries, Ltd. is a premier Japanese engineering and manufacturing giant. Headquartered in Kobe and Tokyo, the company has a capital of 104.4 billion yen and maintains a massive global workforce of over 40,000 employees. Kawasaki operates across five major specialized segments: Aerospace Systems, Energy Solution & Marine, Precision Machinery & Robot, Rolling Stock, and Powersports & Engine. Its high-tech products range from aircraft, trains, and marine vessels to industrial robots, world-renowned motorcycles, and power products. By integrating its diverse technologies under Group Vision 2030, Kawasaki creates pioneering solutions to resolve social and environmental challenges, fostering sustainable industrial development and community progress globally. Past three years' disclosures show Kawasaki is accelerating its green and tech transition under Group Vision 2030. Key focus areas include the liquefied hydrogen supply chain, hydrogen energy applications, and physical AI and robotics in production. Driven by strong segment performance, FY2026 Q1 business profit hit a record 35.7 billion yen. Consequently, Kawasaki raised its full-year forecasts to 2.56 trillion yen in revenue and 180 billion yen in business profit (up 34.9 billion year-on-year), progressing toward its FY2030 profit margin target of over 10%. The audio and written content of this podcast are intended to help listeners understand the general business conditions and publicly available information of major listed companies in Japan. They do not constitute investment advice, investment recommendations, or investment solicitations.

Established in Osaka, Japan in 1924, Daikin Industries is a prominent global leader in both air conditioning and fluorochemicals, with business operations expanding across more than 170 countries worldwide. As the world's only comprehensive manufacturer that simultaneously develops both advanced air conditioning equipment and refrigerants, Daikin enjoys a unique competitive advantage from its vertical integration model. The company's key strengths lie in localized "market-adjacent" production, highly robust global dealer networks, and pioneering eco-friendly technologies such as inverter systems and heat-pump systems. Driven by its core "people-centered management" philosophy, Daikin provides comfortable, healthy indoor environments while continuously minimizing overall environmental impact. Today, Daikin actively addresses global climate challenges, pursuing sustainable growth and high-value energy solutions for customers globally. Under its new 'FUSION30' strategy, Daikin is prioritizing high-margin solutions, North American business, and ggressive cost reforms, targeting a 10% operating margin and 12% ROE by FY2028. For FY2027, Daikin projects record-high sales of 5.15 trillion yen and operating profit of 436 billion yen. In Q1, it successfully achieved record net sales of 1,426.8 billion yen and operating profit of 130.6 billion yen, driven by strong solution demand. The audio and written content of this podcast are intended to help listeners understand the general business conditions and publicly available information of major listed companies in Japan. They do not constitute investment advice, investment recommendations, or investment solicitations.

NEXTAGE Co., Ltd., established in December 1998 and headquartered in Nagoya, Aichi Prefecture, is a leading Japanese automotive retailer listed on the TSE Prime and NSE Premier markets, led by Yasuharu Hirota. Dedicated to its philosophy of being “the car shop loved by everyone”, the company provides comprehensive, one-stop services, including vehicle sales, purchases, maintenance, and insurance nationwide. As of May 31, 2026, NEXTAGE operates 364 stores across 248 locations with approximately 9,000 employees. Driven by its core values of "Entrepreneurial Spirit" and "On-site Focus", the company strives to become the region’s most trusted professional car retailer. The audio and written content of this podcast are intended to help listeners understand the general business conditions and publicly available information of major listed companies in Japan. They do not constitute investment advice, investment recommendations, or investment solicitations.

Founded in 1994 and headquartered in Tokyo, NEXON Co., Ltd. is a global leader in the production, development, and publishing of online games. Listed on the Tokyo Stock Exchange in December 2011, Nexon is a constituent of the Nikkei 225 index. The company operates a diverse portfolio of over 40 games, including iconic franchises such as MapleStory, Dungeon&Fighter, and Mabinogi, across multiple platforms including PC, mobile, and consoles in more than 190 countries and regions. By fully acquiring Sweden-based Embark Studios in 2021, Nexon continues to accelerate its global expansion and strengthen its creative capabilities to deliver immersive virtual worlds to players worldwide. Nexon is executing its "IP Growth Strategy," focusing on the vertical expansion of core franchises and horizontal creation of new pillars like ARC Raiders. Supported by robust performance, Nexon’s H1 2026 revenue grew 17.4% YoY to JPY 273.3 billion, backed by a JPY 842 billion cash balance and a JPY 324 billion ($2B) special dividend. For the nine-month period ending September 30, 2026, Nexon forecasts JPY 394.0 to 406.7 billion in revenue. Nexon aims to optimize capital efficiency, target an ROE over 10%, and strictly control costs. The audio and written content of this podcast are intended to help listeners understand the general business conditions and publicly available information of major listed companies in Japan. They do not constitute investment advice, investment recommendations, or investment solicitations.