Research

Amuse: Founder-led artist agency adds a treasury-share cap policy

AMUSE INC. (4301) · Published 2026-10-20 · Beluuga AI Research Team · Independent research

Not investment advice or a solicitation. See Important disclosures below.

Business overview

  • Amuse describes itself as a total entertainment company built around artist management, with 25 subsidiaries and five affiliates. It signs exclusive management contracts with each artist, and the copyrights and neighboring rights the artists create during the contract are assigned to the group.
  • It reports three segments: Event-related (concerts, stage shows, fan club fees and artist merchandise), Music & Video (record and publishing royalties, film distribution, TV program production and live viewing in cinemas and online), and Appearances & Commercials (TV, film and advertising fees). Revenue from customers in Japan is above the threshold that would require geographic disclosure.
  • From the first quarter of the year to March 2027, new businesses, IT support and customer service were moved out of Event-related into a separate "Other" category, and part of corporate overhead is allocated differently; prior-year quarterly figures were restated on the new basis.
  • The registered head office moved to Fujikawaguchiko in Yamanashi Prefecture in 2021, and in October 2024 the company split its creative, music, communication design and sports agency operations into new wholly owned subsidiaries.

Investment case

  1. The medium-term plan published on May 21, 2026 caps treasury shares at a fixed proportion of issued shares and, as a rule, cancels any excess at the end of July each year; under this policy 935,000 shares were canceled on July 31, 2026, according to the first-quarter earnings release.
  2. The first-quarter earnings release for the year to March 2027 forecasts a higher annual dividend than was paid for the year to March 2026, even though full-year profit is forecast to fall. The company also bought back shares in May 2025, and its articles allow the board to authorize market buybacks without a shareholder vote.
  3. The annual securities report states that working capital and expansion investment are funded from internal resources, with bank borrowing used only when needed; the balance sheet carries large cash and securities holdings against small borrowings (see Performance & Balance).
  4. In the year to March 2026 all three segments increased profit, driven by large concert tours, merchandise including sales for artists outside the group, TV program production and distribution income from the film "Kokuho"; the company points to long artist tenures, some running for decades, as a base for its portfolio.

Bear case

  1. The company itself forecasts lower revenue and profit for the year to March 2027 because the prior year's large concerts and stage shows will not recur, and the Event-related segment posted a loss in the first quarter.
  2. The founder is both representative chairman and president, chairs the board, the executive committee of full-time directors and the corporate governance committee, and is a major shareholder (see Shareholders); outside directors hold three of nine board seats.
  3. The articles lower the quorum for special shareholder resolutions to one-third of voting rights, a relaxation permitted under the Companies Act, which allows major decisions to pass with fewer shareholders present.
  4. An impairment loss on fixed assets was booked in the year to March 2026 in connection with starting a hotel business at the Yamanashi head office in May 2026, and the company says it will review the business plan for its culture tourism and lodging project against market conditions.

Catalysts

  • First-half and later quarterly results for the year to March 2027, to compare against the company's unchanged full-year forecast and its lower-profit guidance.
  • The end of July each year, when shares held in treasury above the cap set in the May 2026 medium-term plan are to be canceled as a rule.
  • Progress on the plan covering the three years to 2029, including the hotel business opened in May 2026, partnerships with overseas artists entering Japan, and stated M&A and capital alliances to strengthen video production.

Key risks

  • Suspension of activity by a major artist, non-renewal of an exclusive contract, or misconduct or scandal involving an artist or business partner could affect results.
  • Results swing with the timing of large concerts, music and video releases and film openings, and invested stage and film works can take a long time to recover their cost or produce losses.
  • Weather, disasters and infectious disease can force cancellations and ticket refunds; overseas operations carry legal, political and currency risk.
  • The company lists dependence on the founder, who plays a central role in strategy and in contracts with key partners and artists, as a business risk; no successor arrangement is described.

Trading liquidity

Median daily trading value US$0.38mn
Average daily volume 36,736 shares

2025-10-02 to 2026-10-19 (250 trading days). Trading value is daily closing price × daily volume on the Tokyo Stock Exchange.

Assumptions

  • Financial figures on this page come from beluuga.ai's daily data set; trading liquidity is measured over the period shown. We do not use consensus estimates.
  • Segment figures for the year to March 2027 are not directly comparable with the annual report's segment history because of the new "Other" category and the change in overhead allocation; the first-quarter financial statements were not reviewed by the auditor.
  • The shareholder register is as of March 31, 2026 and predates the July 31, 2026 share cancellation; the sale of A-Sketch to Universal Music in March 2025 also reduced music revenue year on year.
  • Qualitative statements are taken from the annual securities report for the year to March 2026 and the first-quarter earnings release for the year to March 2027.

This is independent research. No company paid for or reviewed it. We do not publish ratings, price targets or buy/sell views. Figures on the other slides of this page come from beluuga.ai's daily data set.

Important disclosures

No offer or solicitation. This material is provided for information purposes only. It is not an offer to sell, or a solicitation of an offer to buy, any security or other financial instrument in the United States or in any other jurisdiction, and it is not a recommendation to buy, sell or hold any security. It is not directed at, and may not be relied on by, any person in any jurisdiction where its publication or availability would be contrary to law or regulation.

Not investment advice. This material is general and impersonal. It does not take into account the investment objectives, financial situation or particular needs of any reader, and it is not tailored to any person. It is published to all readers on the same terms and on a regular basis, and no reader receives advice on the merits of any security for their own account. Readers should make their own independent decisions and consult their own legal, tax, accounting and investment advisers before making any investment.

Regulatory status. Beluuga AI, Inc. is not registered with the U.S. Securities and Exchange Commission (SEC) or any state securities authority as an investment adviser under the Investment Advisers Act of 1940, is not registered as a broker-dealer under the Securities Exchange Act of 1934, and is not a member of the Financial Industry Regulatory Authority (FINRA). It is not registered as a Financial Instruments Business Operator under Japan's Financial Instruments and Exchange Act. This material is not a research report prepared by a FINRA member firm and is not subject to FINRA Rule 2241, Regulation Analyst Certification (Regulation AC) or the other U.S. rules that govern broker-dealer research. The SEC, FINRA and the Financial Services Agency of Japan have not reviewed, approved or passed on the merits or accuracy of this material.

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Securities of Japanese issuers. The securities discussed are issued by companies incorporated in Japan and listed on the Tokyo Stock Exchange. They may not be registered under the U.S. Securities Act of 1933, and the issuers may not be subject to the periodic reporting requirements of the Securities Exchange Act of 1934. Information about these issuers may be less extensive than information about U.S. issuers, and their financial statements are prepared under Japanese GAAP, IFRS or U.S. GAAP as each issuer elects. U.S. persons may face restrictions, tax consequences and practical limits on buying, holding or selling these securities. Investments in non-U.S. securities involve risks that include currency movements, lower trading liquidity, and differences in market practice, corporate governance and legal protection.

Currency. Amounts shown in US$ are converted from Japanese yen at a mid-market rate for convenience only. They are not the amounts an investor would receive, and changes in exchange rates may cause the value of a yen-denominated investment to fall in US$ terms even if its value in yen does not.

Sources, accuracy and forward-looking statements. This material is based on the issuers' public disclosure documents and on market data, and it was prepared with the assistance of AI tools and reviewed by the Beluuga AI Research Team. We believe the sources to be reliable but do not guarantee that the information is accurate, complete or current, and the material may contain errors. Statements about the future, including catalysts and risks, are assumptions and are not guarantees; actual results may differ materially. Past performance is not a guide to future performance. The material speaks only as of its date, and we have no obligation to update it. Where the issuer's original disclosure is in Japanese, the Japanese original prevails over any English description given here.

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Overview
Services

AMUSE INC.

Amuse Inc. is a comprehensive entertainment company engaged in talent management, live events, and content creation across music, film, and television. The company discovers and nurtures artists—including musicians, actors, models, and voice actors—under exclusive management contracts, generating revenue through concerts, theatrical productions, fan club operations, merchandise sales, music royalties, and TV/film appearances. Its competitive strength lies in owning intellectual property rights (copyrights, neighboring rights, image rights) generated by its roster of artists, enabling diversified monetization across live events, digital streaming, CM placements, and overseas markets.

Market Cap
US$187M
¥29.9B
EV
-US$3.68M
¥-0.59B
StockUS$11.53(¥1,842)▲+0.49%
US$1 = ¥159.70 (2026-11-12)
LTM EV/EBITDA
NM
LTM EV/EBIT
NM
LTM PER
71.1
x
LTM PBR
0.8
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-20.9%pt
100
Nov 13, 25 – Nov 13, 26StockTOPIX
MC → EV Bridge
US$187M¥29.9BMarket CapUS$1.21M¥0.19B+ DebtUS$145M¥23.2B− CashUS$63.4M¥10.1B− Inv. Sec.US$16.7M¥2.67B+ NCI-US$3.68M¥-0.59BEV
AI Briefing
Amuse: founder-led talent agency spanning live events, music/video production and artist management, anchored by Southern All Stars and a decades-tenured roster. FY26/3 revenue US$436M (¥69.7B) with OP margin up to 8.8% on big tours and "Kokuho" distribution income, but guidance points to lower profit in FY27/3 as those tours don't repeat and Events posted a Q1 loss. Market read centers on governance and capital allocation: a new treasury-share cap with annual cancellations, a raised dividend forecast despite falling profit guidance, founder control across board and committees, and a lowered quorum threshold for special shareholder resolutions.
Performance & Balance
Revenue 5Y (US$)
US$243M¥38.7B'22/3US$329M¥52.5B'23/3US$343M¥54.8B'24/3US$427M¥68.2B'25/3US$436M¥69.7B'26/3
EBITDA 5Y (US$)
US$20.3M¥3.25B'22/3US$22.5M¥3.60B'23/3US$12.3M¥1.97B'24/3US$21.7M¥3.46B'25/3US$42.9M¥6.86B'26/3
Net Income 5Y (US$)
US$9.79M¥1.56B'22/3US$10.6M¥1.69B'23/3US$2.45M¥0.39B'24/3US$10.3M¥1.65B'25/3US$16.9M¥2.70B'26/3
Capital Structure
99%
EquityD/E 0.01xDebt
Liquidity vs Debt 5Y (US$)▲ Net Cash
CashInv. Sec.Debt
US$201M¥32.1BUS$0.88M¥0.14B'22/3US$240M¥38.3BUS$1.63M¥0.26B'23/3US$221M¥35.3BUS$2.34M¥0.37B'24/3US$200M¥31.9BUS$1.77M¥0.28B'25/3US$197M¥31.4BUS$1.31M¥0.21B'26/3
Business Segments
2026/03 · US$ (¥B)
63%
Live Entertainment Business
Operating revenue
US$278M(¥44.4B)
Segment profit
US$20.0M(¥3.20B)7.2%
27%
Music and Film TV Business
Operating revenue
US$117M(¥18.7B)
Segment profit
US$11.9M(¥1.90B)10.2%
10%
Booking and Commercials Business
Operating revenue
US$45.8M(¥7.31B)
Segment profit
US$6.39M(¥1.02B)14.0%
Adjustments
Operating revenue
-US$5.05M(¥-0.81B)
Segment profit
—
No segment changes in the last 5 years
Shareholders
Top 10 hold 56.2%
1
Osato Co., Ltd.
27.79%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
7.10%
3
Koshin Investment Limited Partnership
5.28%
4
AMUSE INC. Stock Ownership Association
2.84%
5
Custody Bank of Japan, Ltd. (Trust Account)
2.78%
6
Yokichi OSATO
2.68%
7
Kuniko OSATO
2.60%
8
日本マスタートラスト信託銀行㈱(株式付与ESOP信託口・75971口)
2.12%
9
Naturary Co., Ltd.
1.54%
10
BNP PARIBAS SINGAPORE/2S/JASDEC/TD SECURITIES (USA) LLC/BOOK-ENTRY JGBS+CORPORATE BONDS/TAXABLE (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
1.43%
Management
13 officers
Yokichi OSATO
Representative Director, Chairman and President
Apr 1969 Joined Watanabe Production Co., Ltd. Oct 1978 Established the Company; Representative Director, President Nov 1981 Representative Director, Chairman of the Company Jun 2008 Adviser and Honorary Chairman of the Company Jun 2009 Senior Adviser of the Company Jun 2011 Representative Director, Chairman of the Company May 2013 Representative Director, Chairman, Live Viewing Japan Co., Ltd. May 2016 Representative Director, Adviser, Live Viewing Japan Co., Ltd. Nov 2021 Representative Director, Chairman, Live Viewing Japan Co., Ltd. (current) Jul 2023 Chairman, Mirai Edutainment Foundation (current) Mar 2024 Director, Setouchi Shikoku Tourism Regional Revitalization Research Institute (current) Jun 2025 Representative Director, Chairman and President of the Company (current)
1946-08-22
Nobuhiro KASHIWAGI
Director, Vice Chairman
Apr 1985 Joined Charle Co., Ltd. Aug 2000 Director and Executive Vice President, City Park Co., Ltd. Mar 2001 Joined the Company Jul 2004 Executive Officer in charge of Strategic Planning Department Jul 2008 Executive Officer in charge of FC Business Division and MD Business Division Apr 2010 Executive Producer in charge of Amuse Research Institute Apr 2015 Director, Amuse Quest Inc. May 2019 Representative Director, President, Amuse Quest Inc. Jul 2020 Executive Officer in charge of Corporate Planning Department Jul 2021 Senior Executive Officer in charge of Corporate Planning Department Apr 2022 Executive Officer in charge of Corporate Planning Department Jul 2023 Senior Producer, Corporate Planning Department of the Company Jun 2025 Director, Vice Chairman of the Company (current)
1961-10-30
Hiroyuki ARAKI
Senior Managing Director
Apr 1994 Joined the Company Jul 2008 General Manager, Third Management Department Apr 2009 General Manager, Second Management Department Apr 2012 General Manager, Fifth Management Department Jul 2013 Executive Officer in charge of Fifth and Sixth Management Departments; General Manager, Fifth Management Department Apr 2016 Executive Officer in charge of First, Second and Third Management Departments and Sports & Culture Business Division; General Manager, Second Management Department Jul 2017 Executive Officer in charge of Second, Third and Fourth Management Departments and Sports & Culture Business Division; General Manager, Fourth Management Department Jun 2019 Director, Managing Executive Officer Jul 2020 Director, Senior Managing Executive Officer Jul 2023 Senior Managing Director of the Company (current) Oct 2024 Representative Director, President, Amuse Creative Studio Inc. (current) Mar 2026 Representative Director, TOKYO FANTASY Co., Ltd. (current)
1970-09-15
Takahiro OHNO
Managing Director
Apr 1995 Joined the Company Apr 2012 General Manager, Digital Business Division Apr 2016 Executive Officer in charge of Digital Content, FC Business, CS Business Promotion, MD Business and Rights Management Departments; General Manager, Digital Content Department Jul 2017 Executive Officer in charge of Digital Content, MD Business, Rights Management and New Business Development Departments Apr 2019 Executive Officer in charge of Rights Management Department Nov 2019 Executive Officer in charge of Rights Management, FC Business and CS Business Promotion Departments Jun 2020 Director, Executive Officer Apr 2021 Director, Managing Executive Officer Jul 2023 Managing Director of the Company (current)
1973-01-03
Toshifumi OSHIMA
Managing Director
Oct 1992 Joined Ota Showa & Co. (currently EY ShinNihon LLC) Apr 1997 Registered as Certified Public Accountant May 2008 Left Shin Nihon & Co. (currently EY ShinNihon LLC) Jun 2008 Opened Oshima CPA Office (to present) Jun 2008 Outside Corporate Auditor of the Company Jun 2014 Retired as Outside Corporate Auditor of the Company Jul 2014 Executive Producer and General Manager, Group Management Department of the Company Apr 2016 Executive Officer in charge of Group Management and Group Finance Departments Jun 2018 Outside Corporate Auditor, NexTone Inc. (current) Jun 2021 Member, Remuneration Committee, NexTone Inc. (until Jun 2023) Apr 2022 Senior Executive Officer in charge of Administration and Finance Departments Jun 2023 Director, Senior Executive Officer Oct 2024 Director of the Company Jun 2025 Managing Director of the Company (current)
1967-04-08
Kozue SEIYAMA
Director
Aug 2000 Joined Rewind Recordings Co., Ltd. Mar 2003 Joined the Company Jul 2012 Head, International Management Office, Second Management Department Apr 2016 Artist Producer, Third Production Office, Second Management Department Jul 2017 Artist Producer, Second Production Office, Fourth Management Department Oct 2019 Representative Director, President, AMUSE ENTERTAINMENT INC. (Seoul) (current) Jul 2020 Senior Supervisor, Korea Project of the Company Jul 2022 Director, Korea Project of the Company Jul 2024 Senior Director, Korea Project of the Company Jun 2025 Director of the Company (current)
1975-09-12
Yoichi ASO
Director
Apr 2006 Joined Recruit Co., Ltd. Apr 2013 Representative Director, Nijibox Co., Ltd. Feb 2018 Founded Alpha Drive Co., Ltd.; Representative Director (current) Apr 2018 Founded Genome Clinic Co., Ltd.; Representative Director (current) Jun 2018 Venture Partner, UB Ventures Co., Ltd. (now First Light Capital Co., Ltd.) (current) Jul 2018 Joined NewsPicks Co., Ltd. Mar 2019 Outside Director, Asiro Co., Ltd. Apr 2020 Outside Director, DentaLight Co., Ltd. (current) Jun 2020 Outside Director of the Company (current) Jan 2023 Representative Director, Unidge Co., Ltd. (current) Feb 2023 Representative Director, NewsPicks for Business Co., Ltd. (now Ambitions Co., Ltd.) (current) Jan 2024 Outside Director (Audit and Supervisory Committee Member), Asiro Co., Ltd. (current) Jan 2025 Founder and Representative Director, Kigyoka Art Association (current) May 2025 Director, DelQui Co., Ltd. (current) May 2025 Outside Director, Azoop Co., Ltd. (current) Jan 2026 Director, MarchOn Co., Ltd. (current) Apr 2026 Director, Alpha Drive Shizuoka Co., Ltd. (current)
1983-04-06
Yorifumi HIRAHARA
Director
Apr 2017 Joined Janssen Pharmaceutical K.K. May 2018 Joined Pronoia Group Co., Ltd. Oct 2018 Japan Representative, Young Davos Conference (One Young World) Jun 2019 Founder and Co-Representative, World Road Co., Ltd. Nov 2021 Founded HI LLC; Representative (current) May 2022 External Adviser, Mitsui Sumitomo Insurance Co., Ltd. Aug 2022 Councillor, Peace Communication Foundation (current) Sep 2022 Member, Cabinet Office Education Future Creation Council Jul 2023 Director, Mirai Edutainment Foundation (current) Nov 2023 Outside Director, Valuence Holdings Inc. (current) Dec 2023 Director, NPO PEACE DAY (current) Jun 2024 Outside Director of the Company (current)
1993-10-03
Keiko KAKIUCHI
Director
Apr 1998 Registered as attorney-at-law Apr 1998 Joined Miyahara, Suda & Ishikawa Law Office Oct 2003 Joined Kasahara Law Office Aug 2012 Opened Ryowa Law Office Sep 2015 Outside Corporate Auditor, Kingjim Co., Ltd. Jun 2016 Outside Corporate Auditor, Toppan Inc. (now TOPPAN Holdings Inc.) Mar 2018 Corporate Auditor, Yano Research Institute Ltd. (current) Sep 2019 Outside Director, Kingjim Co., Ltd. (current) Jan 2025 Joined Takagi Law Office (current)
Makoto HIROSAWA
Full-time Corporate Auditor
Apr 1986 Joined the Company Apr 2000 Hirosawa Room, Second Management Business Division Jul 2007 China Business Office (Beijing), Corporate Planning and Development Department May 2010 Seconded to Act Against AIDS Secretariat May 2017 Representative, Yamusi Entertainment Co., Ltd. (Taipei) Apr 2022 Business Strategy Department of the Company Apr 2025 Business Promotion Office, General Affairs Department of the Company Jun 2025 Full-time Corporate Auditor of the Company (current)
1963-03-13
Yoshio HAIBARA
Corporate Auditor
Feb 1982 Passed the Third Certified Public Accountant Examination Jan 1993 Opened Haibara CPA Office (to present) Jun 2008 Outside Corporate Auditor, Yamano Holdings Co., Ltd. (current) Jun 2014 Outside Corporate Auditor of the Company (current) Apr 2021 Outside Corporate Auditor, Sanyo Home Co., Ltd. (now Sanyo Realty Co., Ltd.) (current) Jul 2023 Auditor, Mirai Edutainment Foundation (current)
1955-12-14
Jun FUJIMORI
Corporate Auditor
Sep 2008 Registered as attorney-at-law (Daiichi Tokyo Bar Association) Sep 2008 Joined Shiraishi Law Office Sep 2010 Joined Surugadai Law & Accounting Office Sep 2014 Co-founded Shinagawa CS Law Office (Co-Representative); transferred registration to Tokyo Bar Association May 2019 Opened Tokyo Sprout Law Office; Managing Attorney (to present) Jun 2022 Outside Corporate Auditor of the Company (current)
1976-04-27
Yasuo SEKIYA
Corporate Auditor
Sep 1984 Joined ARK LLC (Seibashi Audit Corporation) Sep 1992 Joined TKA Iizuka Takeshi Audit Office Mar 1998 Became Representative Partner of TKA Iizuka Takeshi Audit Office Jul 2001 Merged with Ota Showa & Century Audit Corporation (now EY ShinNihon LLC) Jun 2019 Left EY ShinNihon LLC Jul 2019 Opened Sekiya CPA Office (current) Mar 2023 Outside Director (Audit and Supervisory Committee Member), Solxseeds Co., Ltd. (current) Jun 2025 Outside Corporate Auditor of the Company (current)
1960-05-17
Large Shareholding Reports
Hikari Tsushin, Inc.
2026-09-15
6.88%→6.88%
Hikari Tsushin, Inc.
2026-08-12
6.03%→6.88%
Koutsushin Co., Ltd.
2026-05-25
5.01%→6.03%
Koutsushin Co., Ltd.
2025-12-08
5.01%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-11-13
Semi-Annual Securities Report
Period: Apr 2026 – Mar 2027
TDnet
2026-11-13
Q2 Earnings Flash
FY ending Mar 2027
EDINET
2026-09-15
Large Shareholding Report
TDnet
2026-08-13
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-08-12
Large Shareholding Report
TDnet
2026-07-24
株式数に関する適時開示
EDINET
2026-06-19
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-05-29
株主総会招集通知
EDINETAmended
2026-05-27
Amended Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINET
2026-05-25
Large Shareholding Report
TDnet
2026-05-15
特別損益
TDnet
2026-05-15
Full-Year Earnings Flash
FY ending Mar 2026
TDnet
2026-02-13
Q3 Earnings Flash
FY ending Mar 2026
TDnet
2026-02-13
業績予想の修正
EDINET
2025-12-08
Large Shareholding Report
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-11-14
業績予想の修正
TDnet
2025-08-14
業績予想の修正
TDnet
2025-08-14
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-30
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-14
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-14
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-24
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINETAmended
2023-07-07
Amended Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-06-26
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
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