On 12 July 2024, INTERLIFE HOLDINGS, principally running operations of interior construction and those of installing sound & lighting facilities, released its Q1 FY02/2025 results. It has been revealed that the Company has achieved 96.5% of prospective operating profit, assumed in its full-year Company forecasts. According to the Company, it saw large-scale projects having been completed faster than expected as well as having made progress faster too, having resulted in an overshoot in sales, while having made steady progress in reducing expenses, mainly due to the success of measures to bring material transportation in-house and its focus on advanced procurement. The Company is strengthening sales activities at its Osaka Sales Office, in light of the potential for increased demand associated with EXPO 2025, the Osaka-Kansai Expo (13 April to 13 October 2025) and the Osaka Integrated Resort (IR), which Osaka-prefecture is advocating to hold in the fall of 2030. For FY02/2024, sales generated through the Osaka Sales Office accounted for some 10% of the Company's sales, while the trends since the beginning of FY02/2025 suggest that this ratio is on the rise. As well, the Company is to write off as many as 3,000,000 shares out of its treasury shares, equating to 14.99% of the number of shares outstanding prior to the deal, scheduled on 31 July 2024. We are to have an interview with the management for further information and initiate our Company Report to be followed by ongoing coverage by us.

NORITZ, mainly running operations to manufacture and sell gas water heaters & oil-fired boilers for private homes, is calling for a long-term growth via transformation of its business portfolio as the principal strategy. The Company's midterm management plan (FY12/2024 to FY12/2026) suggests CAGR of 4.4% in sales and 32.8% in operating profit. The Company is also calling for prospective ROE of 6.0% or higher (versus 0.7% for FY12/2023) for FY12/2026, the final year of the plan. It is assumed that sales on the Domestic Operations side to see CAGR of 3.4% during the relevant period and 6.4% on the Foreign Operations side. For the operations in Japan, the Company is to promote sales associated with non-residential applications (business-grade gas water heaters & oil-fired boilers) in the mainstay domain of water heaters & air, where the bulk of sales is of gas water hearers & oil-fired boilers for private homes, as well as promoting sales in the domain of kitchen appliances (e.g., built-in stove burners) at the same time. Meanwhile, for the operations in foreign countries, the Company is looking to an improvement of performance in China, i.e., a high growth rate in sales and earnings due to favorable sales promotions in the domain of kitchen appliances on top of that of the mainstay domain of water heaters & air. The midterm management plan assumes that the Domestic Operations side is to account for 62% of the Company’s net increase in earnings and the remaining 38% for the Foreign Operations side, of which 86% is to come from its operations in China.

Shinwa, which mainly manufactures and sells scaffoldings used at fields of construction work, has consolidated its sale destination of scaffoldings, YAGUMI Group, as wholly owned subsidiary following the acquisition of the shares, which is in charge of constructing scaffoldings as one of the largest in Japan and the largest class in the Tokai region, for the sake of achieving growth from a long-term perspective. The Company's midterm management plan (FY03/2025 to FY03/2029) is implying CAGR of 9.5% in revenue and 27.9% for operating profit. The Company saw a sluggishness in its organic growth or self-directive growth via utilization of resources accrued internally for the FY03/2024 actual results, due to construction material prices having remained high and construction operations having been delayed stemming from a labor scarcity in the construction industry, while the Company is now looking to a sustainable growth for the future together with the above-mentioned policy implemented. As well, for FY03/2025, the Company suggests that it will be able to regain growth on an organic basis. The Company is currently in the process of eagerly pursuing synergy attendant on the said deal, i.e., forging a solid value chain “from manufacture to construction” for scaffoldings, by means of making progress with integration of management, operations and consciousness between itself and YAGUMI Group.