Satsudora's buyout gets cheaper once the dividend disappears

Japan's 21 major life insurers lifted premium income to ¥38.94tn and net income to ¥2.54tn in the year ended March 2026, with the FSA saying higher domestic rates boosted sales of single-premium yen-denominated policies. Base profit rose to ¥4.67tn even as capital gains and losses deteriorated to a ¥2.07tn loss. The three big non-life groups also benefited from a lighter catastrophe bill. Revenue rose to ¥6.53tn at Tokio Marine, ¥5.76tn at MS&AD and ¥5.37tn at SOMPO, though Tokio Marine's net income still slipped to ¥980.4bn. Think sector check-up, not neat league table.

Cosel's sales fell 7.4% to ¥25.05bn in the year to May 2026 and operating profit swung to a ¥695mn loss from a ¥628mn profit. Net loss widened to ¥3.41bn after a ¥3.633bn loss tied to the disposal of Powerbox International AB, yet the company held the annual dividend at ¥55 a share. Management is guiding for a rebound to ¥28.875bn of sales, ¥1.335bn of operating profit and ¥1.604bn of net profit in the current year, and says it intends to lift the dividend to ¥60. That is a recovery plan, not a receipt.

Aisan Technology reported revenue up 22.1% to ¥7.59bn and operating profit up 69.2% to ¥760mn for the year to March 2026, with net profit rising 82.4% to ¥522mn and the year-end dividend set at ¥37 a share. But the results arrived after the company missed the 50-day disclosure window because of a special investigation into suspected improper transactions at a wholly owned subsidiary. Aisan said the committee found fictitious sales, concealed below-cost sales and diverted auction proceeds, with a cumulative ¥49mn hit to consolidated operating profit. The company has suspended the used-equipment operation at the unit's marketing centre until new controls are in place and says it aims to get back inside the normal reporting timetable.

Environmental Friendly Holdings said its subsidiary AI Tech Tomakomai has signed a ¥3.94bn tax-included contract with Yurtec to build a 66kV substation for the Tomakomai AI data-centre site in Hokkaido. Construction starts on July 1, 2026 and completion is scheduled for Dec. 13, 2027, with the company describing the asset as the route from an initial 10MW plan toward a 50MW receiving-capacity target. Funding is supposed to come from internal cash, retargeted equity proceeds, warrant exercises and possibly bank borrowing. The catch is familiar: part of the money depends on future warrant exercises, so the power plan is solidifying faster than the financing certainty.

G-JTEC will set up Japan Tissue Engineering Europe GmbH in Heidelberg with EUR25,000 of capital and 100% ownership to develop, make and sell research-use products locally. The company says exports of its LabSite cultured-tissue products from Japan have hit the predictable problem of living cells: short shelf life and transport risk, especially after recent international disruptions. Management says a shared-lab partnership in Heidelberg should keep initial investment low and speed production setup, with operations due to start within 2026 and consolidation from the year ending March 2027. Near-term earnings impact is expected to be minor; the operational payoff is reliability, not instant scale.

Tiemco said it has agreed a cooperative framework with Kenka Synergy, which emerged from the May tender offer with 45.00% of voting rights. The pact covers profit growth, overseas expansion, digital transformation, ecommerce and the introduction or proposal of management and operational personnel, while Kenka Synergy also agreed to respect existing employment, business relationships and brand assets. That is a notable shift from the company's earlier opposition to the bid. Tiemco still has work to do on listing-maintenance measures and board reshaping, and it has set July 6 as the record date for an extraordinary shareholder meeting planned for late August.

Sansan completed the buyback approved in May after purchasing 1,331,600 shares for ¥2.00bn, against an authorisation of up to 2,000,000 shares and ¥2.00bn. The final June stretch alone accounted for 811,600 shares and ¥1.26bn, so the programme effectively ran into the cash ceiling before it reached the share ceiling. A separate large-shareholding report showed Ichigo Asset Management's joint holding at 14,666,900 shares, or 11.57%, as of June 12, up from 10.44% previously. The two filings do not say the moves are connected, but together they sharpen the ownership picture.

Nakatayamafuku corrected four annual securities reports, one half-year report and earnings summaries for the years to March 2025 and 2026 after finding a miscalculated shareholder total return and a cash-flow classification error. The company says neither past earnings nor financial position changed. The more useful fix for readers is cash flow. In the corrected summary for the year to March 2025, operating cash flow becomes a ¥6.2mn outflow instead of a ¥43.8mn inflow, while financing cash flow rises to ¥797.7mn from ¥747.7mn. Same cash balance, different story about where it came from.