SAN HOLDINGS, INC. (9628) · Initiated coverage 2026-10-22 · Beluuga AI Research Team · Independent research
Not investment advice or a solicitation. See Important disclosures below.
2025-10-03 to 2026-10-21 (250 trading days). Trading value is daily closing price × daily volume on the Tokyo Stock Exchange.
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 We do not publish ratings, price targets or buy/sell views.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.
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.
European Union and European Economic Area. Beluuga AI, Inc. is not authorised or supervised by any national competent authority in the European Union or the European Economic Area, including under the Markets in Financial Instruments Directive (MiFID II). This material is not investment advice, a personal recommendation or investment research within the meaning of MiFID II, and it is not a prospectus or other offering document under the Prospectus Regulation (EU) 2017/1129. It has not been prepared in accordance with the requirements of Regulation (EU) No 596/2014 (the Market Abuse Regulation) for investment recommendations and is not intended to be relied on as one.
United Kingdom. Beluuga AI, Inc. is not authorised or regulated by the Financial Conduct Authority (FCA). This material has not been approved by an authorised person for the purposes of section 21 of the Financial Services and Markets Act 2000 and is not intended as an invitation or inducement to engage in investment activity.
Singapore. Beluuga AI, Inc. does not hold a capital markets services licence under the Securities and Futures Act 2001 or a financial adviser's licence under the Financial Advisers Act 2001, and is not regulated by the Monetary Authority of Singapore (MAS). This material is not an offer or invitation for subscription or purchase of securities, has not been registered as a prospectus with the MAS, and is not advice on investment products within the meaning of the Financial Advisers Act 2001.
Other jurisdictions. Beluuga AI, Inc. is not licensed or registered to provide investment advice or dealing services in any jurisdiction. Readers are responsible for complying with the laws and regulations that apply to them where they are located.
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.
Interests. Beluuga AI, Inc., its affiliates, and their officers and employees may hold, buy or sell securities of the companies discussed, and may provide services to those companies or to other parties with interests in them. Where a company paid for the research, this is stated at the top of this page and above.
Limitation of liability. To the fullest extent permitted by law, neither Beluuga AI, Inc. nor its affiliates accept any liability for any loss arising from the use of this material or its contents. This material may not be reproduced or redistributed, in whole or in part, without our prior written consent, except through the share functions on this page.
San Holdings, Inc. is a holding company operating primarily in the funeral services industry across Japan, providing end-to-end funeral ceremony services through multiple regional brands including Koekisha (Kansai and Greater Tokyo), Sosен (Tottori/Shimane), Tarui (Hyogo), and the Kizuna Group (Kazoku-so no Famille and others). The group offers a full suite of funeral-related products and services including ceremony planning and execution, floral arrangements, catering, return gifts, and Buddhist altar sales. The company also operates a life-ending web platform (LifeForward) addressing the growing 'shukatsu' (end-of-life planning) market in Japan.
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Free Demo (No Time Limit, 10 Companies) →SAN HOLDINGS, INC. (9628) · Initiated coverage 2026-10-22 · Beluuga AI Research Team · Independent research
Not investment advice or a solicitation. See Important disclosures below.
2025-10-03 to 2026-10-21 (250 trading days). Trading value is daily closing price × daily volume on the Tokyo Stock Exchange.
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.
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.
European Union and European Economic Area. Beluuga AI, Inc. is not authorised or supervised by any national competent authority in the European Union or the European Economic Area, including under the Markets in Financial Instruments Directive (MiFID II). This material is not investment advice, a personal recommendation or investment research within the meaning of MiFID II, and it is not a prospectus or other offering document under the Prospectus Regulation (EU) 2017/1129. It has not been prepared in accordance with the requirements of Regulation (EU) No 596/2014 (the Market Abuse Regulation) for investment recommendations and is not intended to be relied on as one.
United Kingdom. Beluuga AI, Inc. is not authorised or regulated by the Financial Conduct Authority (FCA). This material has not been approved by an authorised person for the purposes of section 21 of the Financial Services and Markets Act 2000 and is not intended as an invitation or inducement to engage in investment activity.
Singapore. Beluuga AI, Inc. does not hold a capital markets services licence under the Securities and Futures Act 2001 or a financial adviser's licence under the Financial Advisers Act 2001, and is not regulated by the Monetary Authority of Singapore (MAS). This material is not an offer or invitation for subscription or purchase of securities, has not been registered as a prospectus with the MAS, and is not advice on investment products within the meaning of the Financial Advisers Act 2001.
Other jurisdictions. Beluuga AI, Inc. is not licensed or registered to provide investment advice or dealing services in any jurisdiction. Readers are responsible for complying with the laws and regulations that apply to them where they are located.
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.
Interests. Beluuga AI, Inc., its affiliates, and their officers and employees may hold, buy or sell securities of the companies discussed, and may provide services to those companies or to other parties with interests in them. Where a company paid for the research, this is stated at the top of this page and above.
Limitation of liability. To the fullest extent permitted by law, neither Beluuga AI, Inc. nor its affiliates accept any liability for any loss arising from the use of this material or its contents. This material may not be reproduced or redistributed, in whole or in part, without our prior written consent, except through the share functions on this page.
San Holdings, Inc. is a holding company operating primarily in the funeral services industry across Japan, providing end-to-end funeral ceremony services through multiple regional brands including Koekisha (Kansai and Greater Tokyo), Sosен (Tottori/Shimane), Tarui (Hyogo), and the Kizuna Group (Kazoku-so no Famille and others). The group offers a full suite of funeral-related products and services including ceremony planning and execution, floral arrangements, catering, return gifts, and Buddhist altar sales. The company also operates a life-ending web platform (LifeForward) addressing the growing 'shukatsu' (end-of-life planning) market in Japan.
Free demo (no time limit, up to 10 companies). Explore Comps, DCF, LBO, WACC on every screen. Excel export is on the paid plan.
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