$FIXER (5129.JP)$
FIXER's Analyst Report (IR, Stocks, IPO) | Securities Research Center
◆ Cloud Integrator focusing on Microsoft Azure
- FIXER is a cloud integrator specializing in building core systems using Microsoft Azure. They classify their business into categories such as developing new systems specialized in the cloud, migrating existing systems to the cloud through 'Project-based Services', buying and selling licenses for cloud services like 'Resale', providing maintenance and operation services like 'Managed Services', and AI services like GaiXer under 'SaaS'.
◆ The financial results for the fiscal year ending August 24 decreased by 42% in revenue and 88% in operating profit.
・The financial results for the fiscal year ending August 24 showed a 41.5% decrease in revenue and an 87.6% decrease in operating profit compared to the previous period. The trade with the Ministry of Health, Labor and Welfare, which accounted for 56.2% of the revenue in the fiscal year ending August 23, ended at the end of March 24, and the project-based services that entered the stage of project completion saw a significant decline, resulting in a significant decrease in revenue and operating profit.
◆ The company's financial plan for the fiscal year ending August 25 forecasts a 2% increase in revenue and a 51% increase in operating profit.
・25...

$Sapeet (269A.JP)$
Analyst Reports on Sapeet (IR, Stocks, IPO) | Securities Research Center
Sapeet operates the Expert AI business that contributes to expanding customer revenue and profit by analyzing and visualizing the accumulated knowledge and expertise of industry experts using AI technology so that others can replicate and implement these technologies and expertise.
In terms of AI technology, Sapeet mainly uses image recognition, natural language processing, and machine/deep learning, currently leveraging LLM and generative AI as well. Their service areas include AI body analysis algorithms, such as estimating body distortions from body images, using the company's AI and 3D technology, targeting the wellness industry for services like chiropractors, body therapists, and fitness gyms; as well as communication-related services utilizing LLM and generative AI to replicate successful salespersons' sales and customer interaction skills with communication algorithms being a core offering.
Sapeet is a single segment of the Expert AI operation, providing a comprehensive range of services from consulting to system development and operation for customers.

$Hmcomm (265A.JP)$
Hmcomm Analyst Report (IR, Stocks, IPO) | Securities Research Center
Hmcomm mainly provides solutions that utilize voice technologies such as AI and abnormal sound detection, speech recognition, and natural language processing for business efficiency and innovation. The company conducts research and development on AI focusing on 'sound,' implements the results into society, and aims to create a new society by realizing 'Human Machine Communication,' which is the origin of its company name.
Hmcomm is engaged in AI product business focused on voice recognition products for call centers and AI solution business that utilizes AI for issue resolution and DX support. The revenue composition ratio for the 23/12 fiscal year was 69.5% for the AI product business and 30.5% for the AI solution business.
The AI solution business provides AI development outsourcing and consulting services tailored to customer challenges, aiming to discover seas of products that lead to solving challenges not only for individual customer companies but also for entire industries or society as a whole.

$Emimen (9237.JP)$
Emi Matsuura's Analyst Report (IR, Stocks, IPO) | Securities Research Center
1. Company Overview
- Emi Matsuura operates the senior life support business that introduces senior homes such as paid nursing homes, service-oriented elderly residences, and group homes to the elderly and caregiving families. They also operate the Care Prime business, providing consulting and information services for senior home management.
・In the 23/10 fiscal year, the business segment revenue composition ratio was 84.0% for the Senior Life Resistance business and 16.0% for the Care Main Board business.
2. Financial Analysis
・Due to the increase in Smile numbers (introduced contract numbers) associated with the increase in affiliated senior homes and the rise in contract unit prices, as well as the contribution of the Care Main Board business started in July 21, from the 18/10 fiscal year to the 23/10 fiscal year, operating revenue increased by an average of 22.3% per year. Regarding ordinary income and loss, until the 21/10 fiscal year, losses were recorded due to strengthening the system of the Senior Life Resistance business among others. However, with the expansion of operating revenue, a net profit was achieved in the 22/10 fiscal year.
3. Non-financial analysis
The source of intellectual capital lies in solving social issues and obtaining financial returns...

$Schoo (264A.JP)$
Schoo's Analyst Report (IR, Stocks, ipos) | Securities Research Center
Schoo is an education service company that provides the online learning service 'Schoo' for working adults.
Schoo's business is a single segment of adult learning business, but revenue is divided into two categories by type of service. Revenue from services aimed at 'learners' is the main source, with 'Schoo for Business' targeted at corporations being the major service that accounts for the majority of the company's revenue.
Targeting adult learners, the mainland education service 'Schoo' is provided. Depending on the recipient who pays, the service is divided into corporate and individual, but the content of the learning materials is basically the same. As of the end of August 24, the total number of effective memberships for Schoo services is approximately 1.15 million people.
Schoo for Business, the main service of Schoo, started its service in March 15, providing online training services for corporate enterprises and local governments. The total number of introducing companies by the end of August 24...

$Nihon Suido Consultants (261A.JP)$
Nisui Construction's Analyst Report (IR, Stocks, IPO) | Securities Research Center
The Nisui Construction Group consists of Nisui Construction and four subsidiaries (including three consolidated subsidiaries) and two equity-method affiliated companies, specializing in construction consulting focused on water-related businesses centered around sewerage.
They conduct surveys, planning, design, construction supervision related to the construction and maintenance of sewerage facilities such as water purification plants and sewage treatment plants, as well as surveys, planning, designs related to flood control, water use, and environmental conservation in rivers, lakes, etc., using dams and water intake facilities.
Overseas, the company receives orders from government agencies in Southeast Asia, India, Africa, etc. through international cooperation organizations such as JICA and yen loans. Although overseas revenue varies by year, it accounts for 5-10% of total revenue.
The subsidiary, SABO Engineering, conducts investigations, planning, and design of SABO dams for the prevention of sediment disasters. IO conducts water quality inspections at water purification plants, sewerage treatment facilities, and private factories. PT. DACREA Design And Engineering Consultants is in India...

Kei Uno's analyst report (IR, stocks, IPO) | Securities Research Center
The Kei Uno Group consists of Kei Uno, its consolidated subsidiary U-Treasure, the manufacturing subsidiary U-International Factory in Thailand, and equity method affiliates, including Taiwan's Kaiwo Rouhulinmeng. They are engaged in the manufacturing and sales of jewelry and watches.
Kay Uno Group specializes in the sale of custom jewelry, offering full customization, partial customization by adding gemstones or goldsmithing to predetermined designs (referred to as Arrangement Customization at Kay Uno), and also providing ready-made products.
Kay Uno's custom jewelry involves designing based on customer requests rather than choosing from predetermined patterns. Designers draw sketches according to customer preferences, creating unique pieces of jewelry. Most stores have designers and craftsmen available on-site, working alongside salespeople (referred to as 'Advisors' at Kay Uno) to assist customers.
Regarding custom-made watches, designers design them similar to jewelry, taking into account the customer's preferences, and create unique timepieces.

$GiXo (9219.JP)$
Gix's Analyst Report (IR, Stocks, IPO) | Securities Research Center
◆ Business Description
- Gix (hereafter referred to as the Company) has established a Data-Informed business mechanism to understand and determine things using data for the purpose of solving corporate management challenges and enhancing competitiveness, with the purpose of 'Making all decisions Data-Informed.' Data-Informed refers to the use of data for logical thinking and rational decision-making by humans.
Overview of the financial results for the fiscal year ending June 2024.
- Revenue for the fiscal year ending June 24 increased by 25.6% on a standalone basis to 21,170 million yen, while operating profit decreased by 61.7% to 1,330 million yen. The increase in transaction volume with existing partners and the addition of new partners led to revenue growth. However, increased labor and outsourcing costs due to intensified product development resulted in a decline in operating profit.
Performance forecast for the fiscal year ending June 2025.
- The company's sales target for the 25/6 period is ¥2,890 million (an increase of 36.5% compared to the previous year), with an operating profit of ¥153 million (the same...

$Shimadaya (250A.JP)$
Shimadaya Analyst Report (IR, Stocks, IPO) | Securities Research Center
The Shimadaya Group consists of Shimadaya and 4 subsidiary companies, engaging in the manufacturing and selling of noodles such as udon, soba, and Chinese noodles for both household and commercial use.
Shimadaya handles sales, while its subsidiaries Shimadaya Kanto, Shimadaya Tohoku, and Shimadaya Nishi Nihon are responsible for manufacturing. Some noodles like dry yakisoba and plate udon, as well as soup base and ingredients (fried tempura bits, bamboo shoots, etc.), are sourced from OEM contractors. Another subsidiary, Shimadaya Shoji, deals with leasing, retail, property insurance, and other services for group companies.
The household division manufactures and sells chilled noodles that require refrigeration storage, as well as frozen noodles that require freezing storage. The commercial division manufactures and sells frozen noodles. In the 24/3 period, the revenue composition ratio was 62.2% for the household division and 37.8% for the commercial division.
There are a total of 11 factories nationwide, with 8 factories manufacturing chilled noodles and 4 factories manufacturing frozen noodles. Geographically, there are many factories in the Kanto region.
In the household division, chilled noodles and frozen noodles are manufactured and sold for general households.

$Netstars (5590.JP)$
NetStars' analyst report (IR, stocks, ipos) | Securities Research Center
1. Company Overview
Netstars (hereinafter referred to as the company) provides multiple cashless payment services such as QR code payments in a one-stop manner, offering merchants the multi-QR code payment service 'StarPay' and DX products related to payments 'StarPay-DX'.
Excluding the telecommunications business that withdrew in April 23, the service-specific revenue composition ratio for the 23/12 period was as follows: payment-related 74.5% (payment fees 72.6%, terminal sales 1.9%), DX-related 21.6%, and others 3.9%.
2. Financial Analysis
By strengthening efforts in response to the expansion of payment fees related to domestic brand QR code payments and the contributions of DX-related enhancements, revenue increased by an average of 41.6% per year from the 18/12 period (standalone) to the 23/12 period (consolidated). However, due to continued upfront investments such as personnel costs, operating profit has been incurring losses.
It is attractive compared to similar companies in terms of growth potential.
3. Non-financial analysis
・Financial estimates...