Beluuga Research
Company-level research on Japanese listed companies that rarely get English-language coverage. Each company's investment case, bear case, catalysts and risks sit on its English company page, next to financials, ownership, management and the underlying public filings, updated daily.
For event-driven situations, see Japan Intelligence and ongoing tender offers in Japan.
Shizuki Electric makes film capacitors and power-quality equipment, with Mitsubishi Electric and Murata as its top shareholders. Its 2025–2028 plan moves from share growth to profitability and capital efficiency, and it raised its forecasts in August 2026.
JAPAN Creative Platform Group Co., Ltd. · TSE: 7814JAPAN Creative Platform Group is a Tokyo holding company that keeps buying printing, packaging, display and digital production firms. Revenue has grown, but operating profit fell in 2025 and the first half of 2026, while borrowing and capital returns have both increased.
SAN HOLDINGS, INC. · TSE: 9628SAN Holdings, a Japanese funeral services group, bought Kizuna Holdings in 2024 and Kokoro Net in 2026 and raised its hall target for fiscal 2031. It moved its year-end to August, has a progressive dividend policy and has renewed a takeover defense plan.
HEROZ, Inc. · TSE: 4382HEROZ, a Tokyo AI company known for the Shogi Wars app, made its listed security subsidiary Vario Secure wholly owned in June 2026. It also sold Strategit and bought AKM Consulting as it pursues an AI back-office services strategy.
Shindengen Electric Manufacturing Co., Ltd. · TSE: 6844Shindengen makes power semiconductors, motorcycle and car electrical units, and telecom power systems, with sales concentrated in Asia. Its medium-term plan to March 2028 targets a share price at or above book value, backed by a Kyocera acquisition and an India expansion.
Segue Group Co., Ltd. · TSE: 3968Segue Group imports and integrates network security and IT infrastructure products and sells its own RevoWorks software, mainly to public-sector users through partners. Owners should watch the final year of its Segue300 plan, a February 2026 share offering and partner concentration.
YAKUODO HOLDINGS Co., Ltd. · TSE: 7679Yakuodo Holdings runs a food-heavy drugstore chain rooted in Japan's Tohoku region and entered the Kanto region in 2025 under a plan for 450 new stores by February 2030. Sales are rising, but profits have fallen as borrowing and costs increase.
IMV CORPORATION · TSE: 7760IMV makes vibration test systems, runs contract testing labs and sells vibration and earthquake monitors. It reported record results for FY2025 and a larger order backlog at June 2026, while nine-month orders were flat.
Primo Global Holdings Co., Ltd. · TSE: 367APrimo Global Holdings runs I-PRIMO and LAZARE DIAMOND bridal ring stores in Japan and across Asia. Its new plan to August 2029 sets a minimum payout ratio and share buybacks, while borrowings, goodwill and a remaining private-equity stake are points to watch.
AOI ELECTRONICS CO., LTD. · TSE: 6832AOI Electronics is an independent Japanese semiconductor assembly and test contractor that is borrowing to fund a new plant for panel-level advanced packaging. Returns remain well below its own targets, and a depreciation change raises reported profit from April 2026.
Japan Tissue Engineering Co., Ltd. · TSE: 7774Teijin-controlled regenerative medicine company whose cultured cartilage product won reimbursement for knee osteoarthritis in January 2026. After a loss-making year to March 2026, the company returned to operating profit in the first quarter.
Startia Holdings, Inc. · TSE: 3393Startia Holdings sells office equipment, network and telecom services, and marketing SaaS to small and mid-sized Japanese companies. A medium-term plan to March 2028 relies on roll-up acquisitions, and the largest shareholder handed the president role to a successor in 2026.
ERI HOLDINGS CO., LTD. · TSE: 6083ERI Holdings runs Japan's largest group of private building-confirmation and housing-performance inspection bodies. Its annual report ties the year to May 2026 to new energy-code mandates and acquisitions, and describes a legal cap on ownership by builders.
SHIMA SEIKI MFG., LTD. · TSE: 6222Shima Seiki makes computerized flat knitting machines, design software and automatic cutters, selling mostly outside Japan. The year to March 2027 is the last of its Ever Onward 2026 plan, and first-quarter sales fell with an operating loss.
OKAMOTO MACHINE TOOL WORKS, LTD. · TSE: 6125Okamoto makes surface grinders, precision gears and semiconductor wafer polishing and grinding equipment, and Mitsui & Co. is a principal shareholder under a 2024 capital alliance. Its takeover defense plan lapsed in June 2026, and it started the year to March 2027 with a first-quarter loss.
CORE CORPORATION · TSE: 2359CORE CORPORATION is a Tokyo-based independent IT services group with three segments and a balance sheet weighted toward equity and cash. Its new plan to March 2029 targets recurring revenue and nationwide M&A, and in July 2026 it changed its dividend policy.
RHYTHM CO., LTD. · TSE: 7769Rhythm makes precision components for cars, machine tools and data servers, plus clocks, handy fans and humidifiers. A 2025 dividend policy with payout and equity floors, cash above debt, and a plating acquisition due in September 2026 frame the owner's view.
SODA NIKKA CO., LTD. · TSE: 8158SODA NIKKA is a Tokyo-based trading house for inorganic and organic chemicals and synthetic resins. The year to March 2027 is the last year of its medium-term plan, which sets targets for net income, ROE and dividend payout.
TOUMEI CO., LTD. · TSE: 4439Toumei resells NTT fiber lines and retail electricity to small businesses across Japan, and these two services provide most of its revenue. Hikari Tsushin is classed as an other related company, and the company's medium-term plan ends in August 2027.
UORIKI CO., LTD. · TSE: 7596Uoriki sells fresh fish and take-out sushi from tenant stores around Tokyo and, since consolidating Mogami Sengyo in March 2025, in Kyushu. It funds itself internally, holds sizable securities, and forecasts lower profit for the year to March 2027.
KENKO Mayonnaise Co., Ltd. · TSE: 2915KENKO Mayonnaise makes mayonnaise, long-life salads and egg products mainly for Japanese foodservice, bakery and retail buyers. In 2026 it revised its KENKO Vision 2035 plan, adding ROIC and net D/E targets, cash-based management and a dividend policy review.
ASAX CO., LTD. · TSE: 8772ASAX lends to small businesses and individuals in the Tokyo area against residential and income property, funded by bank borrowing. An asset-holding company is an affiliated shareholder, and the chairman and president are also major holders.
TENTIAL Inc. · TSE: 325ATENTIAL designs and sells BAKUNE recovery sleepwear and other conditioning products in Japan, mainly online. In the year to August 2026 it repurchased its own shares while a large inventory build reduced cash; it pays no dividend.
NISSHIN GROUP HOLDINGS Company, Limited · TSE: 8881Nisshin Group Holdings develops Tokyo-area condominiums, builds through Tada Construction and manages nearly 1,000 condo buildings. Profit rose sharply in the year to March 2026, but the company guides lower for the year to March 2027 as project inventory and borrowing grow.
ORO Co., Ltd. · TSE: 3983ORO sells the ZAC cloud ERP system to project-based businesses and runs a digital marketing services arm. It carries a large cash balance with no bank borrowings and is buying back and canceling shares under a program running to September 2026.
Chuo Warehouse Co., Ltd. · TSE: 9319Kyoto-based Chuo Warehouse runs warehousing, transport, customs and packing services plus a small property-leasing arm. It says its return on equity sits near its cost of capital, is buying back shares, and is building a new Aichi warehouse.
GSI Creos Corporation · TSE: 8101GSI Creos is a Japanese trading company selling fibers, apparel, chemicals, semiconductor materials and machinery, with sales led by its Fiber segment and two Asian customers. Its 2025-2027 plan aims to keep its share price at or above book value by lifting ROE.
ADVAN GROUP CO., LTD. · TSE: 7463ADVAN Group imports tiles, stone and kitchen and bath fittings and sells them directly to builders across Japan. Its largest shareholder is owned by company officers and their relatives, and currency-hedge valuations cause large swings in reported net income.
AMUSE INC. · TSE: 4301Amuse manages Japanese artists under exclusive contracts and earns from concerts, merchandise, royalties, film and advertising. A new treasury-share policy and a higher dividend forecast come as the company guides to lower profit after a year of large tours.
KOZO KEIKAKU ENGINEERING HOLDINGS Inc. · TSE: 208AKozo Keikaku Engineering Holdings, set up in 2024 over a 1959-founded engineering consultancy, also sells cloud services in Japan. Its main target adds staff costs to operating profit, and it booked an equity-method loss on US affiliates in the year to June 2026.
CAN DO CO., LTD. · TSE: 2698AEON took control of Can Do in 2021–22 and, in June 2026, moved an affiliate's block onto its own books. We set out what that ownership means for minority shareholders alongside margins, store expansion, the balance sheet and liquidity, from primary filings.
Beluuga Research is prepared by the Beluuga AI Research Team. Drafts may be prepared with AI assistance; every page is reviewed and approved by an editor before publication, and figures come from beluuga.ai's daily data set built from the original filings. We do not publish ratings, price targets or buy/sell views, and we do not use consensus estimates. Pages are independent unless clearly marked as sponsored at the top. Nothing here is investment advice.