Hoshizaki

Research evidence excerpt

Hoshizaki

Global Markets Research

16 June 2026Hoshizaki

6465.T 6465 JP / EQUITY: JAPAN MACHINERY

Company announces strategic partnership with Rating BuyJapan Activation Capital

Target price JPY 5,800Quick Note

Closing price

16 June 2026 JPY 5,191Looking to speed up execution of overseas growth strategy

On 16 June, Hoshizaki resolved to enter into a strategic partnership with Japan Activation (Note: Quick Note reports are not a

Capital (JAC) and dispose of treasury shares by way of a third-party allotment to funds vehicle for changes to ratings, target

managed by JAC, and announced the same. Hoshizaki will allot a total of 2.329mn shares prices, or earnings forecasts)

in the disposal, giving JAC-related funds a stake of 1.62%, and 2.67% when including

1.52mn shares that certain shareholders are scheduled to transfer to the JAC-related

funds. In order to curb dilution, Hoshizaki plans to fund share buybacks using the total

amount paid in of roughly ¥12.0bn. We attribute this partnership to the company's Research Analysts

management policy of boosting corporate value, as it is prioritizing margins and capital

Japan machineryefficiency more than before, in anticipation of the new medium-term business plan that will

Angela Yang - NSCrun from 2027. Management has designated faster overseas growth as a particularly

wenching.yang@nomura.com

important challenge and is looking to accelerate restructuring and execution of growth +81 3 6703 1819

strategies by bringing JAC in as a strategic shareholder to gain outside knowledge and

support.

Hoshizaki will utilize JAC's execution support; we focus on restructuring and

capital efficiency improvements

JAC prioritizes building trust relationships with the management teams of companies it