On 15 October 2024, INTERLIFE HOLDINGS, running operations of interior construction and designing/construction of sound & lighting facilities, released its Q1 to Q2 FY02/2025 results. It has been revealed that the Company saw as much as 74.7% for rate of progress in operating profit against assumptions of full-year Company forecasts, implying a probability for full-year forecasts to be revised upward again, to be proceeded by the upward revision already made once. Meanwhile, given such a strength in recent trading, the Company has decided to increase planned annual dividend for FY02/20225 up to ¥10 per share (from ¥8 per share) , implying payout ratio of 38.8%. According to the Company, sales are increasingly posted in line with a steady progress made in operations to complete existing large-scales projects, while this is generating sales-increase effect for earnings. At the same time, there is a trend of expansion also for order intake in line with increasing demand associated with EXPO 2025 OSAKA/KANSAI (to be held during 13 April to 13 October in 2025) and redevelopment in urban areas. For example, the Company has posted sales of ¥1,179m (up 186.0% YoY and/or 14.4% of total sales) in its Osaka Sales Office, while sales are to remain buoyant also for H2. We are to have an interview with the management to obtain further details in order to update our Company Report and release afresh.

On 11 October 2024, MORESCO, running operations of R&D, manufacture and sale of chemical goods used in diverse applications with autos as the mainstay, released its Q1 to Q2 FY02/2025 results. It has been revealed that the Company is seeing a steady increase in sales and earnings in line with assumptions of full-year Company forecasts. Sales in Japan, the mainstay by region, are suffering from a stagnation in auto production volume, but benefiting a substantial rise in sales of hard disk surface lubricants for Q1, which was followed by a further strength for Q2. At the same time, the Company has posted sales for a large-sized project to deliver wastewater treatment equipment via its subsidiary. In other words, there is an aspect that the Company’s product portfolio is exposed to “diverse applications”, which is regarded as one of the Company’s advantages. We are to attend the results briefing via webcast (scheduled for 21 October 2024) and then interview with the management for further details, so that we should be able to update our Company Report in light of the content of both and release afresh.

MUGEN ESTATE, running purchase and resale of pre-owned real estate mostly in the Tokyo metropolitan area, continues to show solid performance. In light of the significant momentum in sales and operating profit, the Company's performance continues to “outperform” the strength of the real estate market. The Company's performance for Q1 to Q2 FY12/2024 suggests that assumptions of full-year Company forecasts were exceeded, but full-year Company forecasts have remained unchanged, presumably from a conservative perspective. Meanwhile, the purchase amount for Q1 to Q2 came in at no less than \25,295m (up 39.4% YoY) and real estate for sale outstanding (inventory) as of the end of Q2 has remained at a high level. As well, the Company is making a steady progress in its policy to enhance its sales force, while beginning to do so also for another policy to make its competitive business model to horizontally expand region-wise, having already posted sales in some part of the operations. At the moment, the Company is in the process of formulating its new midterm management plan to be followed by the existing one, the second midterm management plan (FY12/2022 to FY12/2024). As far as we could see, the Company is to release its new midterm management plan, when the actual results of FY12/2024 are confirmed, including impact of a horizontal expansion region-wise as well as the operations of asset management to start up in the near future.