<div id="readability-page-1"><div><p>Systena Corporation, established in 1983 and headquartered in Tokyo, specializes in information technology and operates through eight distinct segments. The Solution Design segment provides services such as automated operations, in-vehicle systems, and carrier services. The Framework Design segment develops critical systems for financial, industrial, and public sectors, as well as foundational systems. The IT Service segment manages system and network operations, maintenance, user support services, and data entry.</p><p> The Solution segment focuses on selling IT products and system integration. The Cloud segment is involved in the sale and installation of cloud software. The Consumer Service segment creates and sells game content for smartphones and tablets. The Overseas segment oversees solution business activities in international markets. The Investment Development segment is dedicated to new business ventures. The company has approximately 5,700 employees.</p><h2> Positive Q1 26 results, Guidance raised</h2><p> Systena released its Q1 26 results on July 31, 2025, reporting a 14.2% y/y increase in revenue at JPY22.6bn, mainly driven by reallocating managerial resources, expanding high value-added businesses in DX, PMO, and generative AI application, and strengthening its focus on subscription business models. Operating income rose by 33% to JPY3.5bn, with margins expanding by 220bp to 15.6%, aided by operational efficiency and the expansion of strategic high-margin segments. Net profit increased by 42.5% to JPY2.6bn.</p><p> The company updated its forecast for FY 26, which now targets 7.2% y/y revenue growth to JPY89.6bn (Previous guidance: JPY89.1bn) . The shift of management resources to growth businesses led to an increase in unit contract prices and an increase in orders for high value-added projects. Operating profit is expected to grow to JPY13.5bn, 11.9% y/y (Previous guidance: JPY12.7bn), and net profit is expected to increase by 10.9% y/y to JPY9.4bn (Previous guidance: JPY8.9bn).</p><h2> Strategic collaboration</h2><p> Systena has announced an enhanced collaboration with SB C&amp;S to expand SaaS sales, leveraging their expertise to meet the growing market demand. SB C&amp;S brings extensive SaaS business acumen, including their &#34;Cloud Service Concierge&#34; and ClouDX subscription management platform. Together, they aim to deliver streamlined proposals and deployment for enterprise SaaS solutions, supporting clients' digital transformation initiatives.</p><p> This partnership addresses Japan's need for next-generation IT infrastructure, helping enterprises manage complex SaaS environments while ensuring security and compliance. Systena's vision is to co-create value, empower digital change, and drive innovation, positioning itself as a catalyst for sustainable growth in the Japanese market.</p><h2> Improved cash flow</h2><p> Systena reported a strong top-line performance over FY 22-25, posting a revenue CAGR of 8.6% to reach JPY83.6bn in FY 24, mainly driven by the Next-Generation Mobility Business and the expansion of DX and recurring-revenue businesses. EBIT outpaced revenue at a CAGR of 11.7% to JPY12.1bn, with margins expanding by 117bp to 14.4%. Net income increased at a CAGR of 12.3% over the same period, reaching JPY8.5bn.</p><p> Consistent net income growth contributed to an increase in FCF from JPY3.8bn to JPY6.7bn over FY 22-25, supported by robust growth in cash inflow from operations, increasing from JPY5.5bn to JPY8.0bn. In addition, the gearing, which was already lower, declined from 5.1% to 4.7%. Moreover, ROA rose from 13.1% to 14.3% over FY 22-25.</p><p> In comparison, DTS Corporation, a local peer, reported a revenue CAGR of 10.1% over FY 22-25, reaching JPY126bn in FY 25. EBIT rose at a CAGR of 9.0% to JPY14.5bn. Net income increased at a CAGR of 10.6% to JPY10.6bn.</p><p> Looking ahead, analysts anticipate revenue CAGR of 7% over FY 25-28, reaching $102.4bn in FY 28. Moreover, analysts expect EBIT CAGR of 12.3% to $17.1bn, with margins expanding by 225bp to 16.7%. Net income is estimated to increase at a CAGR of 11.4% to $11.7bn, with EPS expected to rise to JPY32.8 in FY 28 from JPY23.2 in FY 25. Likewise, the analysts estimate an EBIT CAGR of 9.7% and a net profit CAGR of 7.3% for DTS Corporation.</p><h2> Consistent dividend yield</h2><p> Over the past 12 months, the company’s stock has delivered strong returns of approximately 29.7%, while in comparison, DTS Corporation’s stock delivered slightly lower returns of 28.3% over the same period. In addition, the company declared annual dividend of JPY12, with a rate of return of 3.3% in FY 25.</p><p> Systena is currently trading at a P/E of 18.3x, based on the FY 26 estimated EPS of JPY27.7, which is higher than its 3-year historical average of 15.2x but slightly lower than that of DTS Corporation (P/E of 18.8x). The company is currently trading at an EV/EBIT multiple of 9.8x, based on FY 26 estimated EBIT of JPY14.2bn, which is higher than its 3-year historical average of 8.6x but lower than that of DTS Corporation (11.1x).</p><p> Systena is monitored by three analysts, with each having ‘Hold’ ratings for an average target price of JPY450. However, the stock has already reached its target, any near-term correction in the stock prices can create an opportunity for investors to evaluate stocks for investment.</p><p> Overall, Systena Corporation has demonstrated strong financial performance and strategic growth, particularly in high-margin segments and digital transformation initiatives. The enhanced collaboration with SB C&amp;S and consistent dividend yield further bolster its market position. Despite the stock reaching its target price, the company's robust fundamentals and promising outlook suggest potential for future investment opportunities, especially if there is a near-term correction in stock prices.</p><p>However, Systena faces several core risks, including business/operational challenges like project profitability and dependency on high-value contracts, human resources issues in talent acquisition, market volatility in tech sectors, financial risks such as stock volatility and dividend sustainability, ESG concerns, and macroeconomic factors affecting customer spending and regulatory changes.</p></div></div>

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<p>Systena Corporation 宣佈與 SB C&S 建立戰略合作關係，以增強 SaaS 銷售，旨在滿足日益增長的數字化轉型解決方案市場需求。此次合作將利用 SB C&S 在 SaaS 領域的專業知識，包括他們的雲服務禮賓和 ClouDX 平台，以簡化企業 SaaS 部署。Systena 報告稱，2026 財年第一季度收入同比增長 14.2%，將其 2026 財年收入指引上調至 896 億日元。該公司還指出現金流改善和淨收入持續增長，股息收益率達到 3.3%</p>

Systena 通過戰略合作來擴大銷售