Core Insights - The company reported a decline in group net fee income of 14% year-on-year in Q4 2025, reflecting mixed market conditions across its geographic portfolio [4][5][7] - Productivity measures have shown improvement, with perm placements per fee earner rising 2% to 0.84, supported by growth in the U.K. and Southern Europe [2][5] - The company anticipates that group net fee income for 2026 will be slightly below 2025, with a gradual recovery expected on a market-by-market basis [6][20] Financial Performance - Group net fee income declined 14% year-on-year in Q4 2025, consistent with trends observed in the first three quarters [4][7] - The U.K. market showed strong performance with Q4 fees up 25%, while Europe and APAC faced challenges with fees down approximately 23% and 11% respectively [6][14] - Monthly run-rate costs decreased to below £24 million, down from £25 million to £26 million a year earlier, with a target of at least £10 million in annualized structural savings by 2027 [9][10] Regional Performance - The U.K. experienced a notable increase in fees, while Europe faced significant declines, particularly in France, the Netherlands, and Belgium [13][14] - In Asia-Pacific, net fee income fell 11% year-on-year in Q4, with Japan down 10% and Australia declining 20% [11][12] - Southern Europe showed signs of improvement, particularly in Spain, while Northern Europe remained challenging due to various uncertainties [13] Service Line Performance - Specialist recruitment accounted for 82% of group fees in Q4, while recruitment outsourcing made up 18% [3][7] - Recruitment outsourcing fees declined 12% year-on-year, attributed to the annualization of contracts not renewed in 2025 [15] - Talent advisory services nearly doubled in net fee income compared to 2024, indicating strong growth potential in this area [17] Strategic Focus - The company is focused on reallocating resources based on strategic opportunities and activity levels across markets [8] - Management emphasized the importance of maintaining a strong balance sheet for capital allocation decisions [10] - The company plans to continue cost reduction and showcase a full range of solutions to drive productivity in 2026 [20]

Core Insights - PageGroup reported a decline in gross profit for Q4 and the full year of 2025, highlighting uneven regional trading conditions and cautious client behavior [8] Regional Performance - **Asia-Pacific (16% of group)**: Q4 gross profit increased by 6.4%, with Asia growing by 7% and Southeast Asia up by 8%. Greater China grew by 5%, with Mainland China up by 10% [1] - **Americas (19% of group, excluding Argentina)**: Gross profit grew by 2.4% in Q4, with the U.S. rising by 5% and Brazil up by 6%. Mexico declined by 17% due to tariff uncertainty, while Colombia rose by 22% [2] - **Europe, Middle East and Africa (53% of group)**: Gross profit declined by 8.9% year over year in Q4, with France falling by 17% and Germany declining by 5%. Spain rose by 10% [3] Management Commentary - Management noted mixed regional trends, with ongoing growth in the U.S. and Asia, while continental Europe and the U.K. showed weakness. The U.S. achieved its fifth consecutive quarter of growth [4] - The conversion of offers to placements was identified as a significant challenge, with clients tightening budgets and becoming more risk-averse [7][10] Staffing and Productivity - Fee earner headcount fell by 75 (1.5% reduction), primarily in Europe, ending the period with 4,968 fee earners [5] - Despite a challenging environment, productivity improved, with gross profit per fee earner increasing by 3% compared to Q4 2024 [6] Financial Outlook - PageGroup's net cash was approximately GBP 31 million at the end of December, with expectations of an outflow of GBP 20 million to GBP 25 million in January related to bonuses [11][12] - The company expects full-year operating profit for 2025 to be broadly in line with current market consensus of GBP 21.1 million, focusing on cost control and strategic resource allocation [14]

Core Insights - Demand for workers in AI, regulation, data reporting, and other specialist skills led to a 12% increase in vacancies in Britain's financial sector in 2025 [1] - The year-on-year increase occurred despite a slowdown in the fourth quarter due to global market volatility and uncertainty regarding the government's budget [2] - Software and computer services now represent over 16% of vacancies, surpassing traditional roles like investment management and banking, which each accounted for 15% of total vacancies last year [3] - Clerical and administrative positions saw a decline of 16%, while broking roles decreased by 20% as AI and automation reduced the demand for these functions [3] - Robust hiring trends are expected to continue into the first quarter of the current year, supported by a relatively low unemployment rate of 5% and stable inflation at 3.2% [4]

Core Insights - Small fleet owners often struggle with driver recruitment, which involves not just finding drivers but also filtering, selling, onboarding, and retaining them [1] - Third-party driver recruiting companies can be beneficial but may also hide deeper operational issues [2] Group 1: Recruitment Challenges - Recruiting is not merely about finding drivers; it encompasses multiple facets including filtering and retention [1] - Many small carriers face difficulties in managing the comprehensive recruitment process effectively [1] Group 2: Role of Recruiting Companies - Recruiting firms are designed to address availability issues rather than experience problems, which is a crucial distinction for fleet owners [3] - These companies can provide significant advantages in specific scenarios, such as when rapid volume is needed [5] Group 3: Specific Needs Addressed by Recruiting Firms - Recruiting firms maintain extensive databases of drivers, offering small fleets access to a larger talent pool than they could achieve independently [5] - They provide screening infrastructure to help prevent unsuitable candidates from being considered [8] - Administrative relief is another benefit, as these firms can handle various tasks, although they do not eliminate the owner's responsibilities [9] Group 4: Critical Questions for Fleet Owners - Fleet owners should assess whether their trucks are parked due to a lack of drivers or because drivers are not staying long-term, as these are fundamentally different issues [10] - A recruiting company may not resolve underlying problems if the operational system is flawed [10]

Summary of the Conference Call on Japanese IP/Brands Industry Overview - The focus is on the Japanese IP (Intellectual Property) and consumer brands, which are characterized by high functionality, craftsmanship, and technology. Notable examples include Dragon Ball, Super Mario Bros., and Uniqlo's Heattech [2][3]. Core Insights - **Profit Pool Growth**: From FY15 to FY25E, the profit pool for selected Japanese IP/brands increased from ¥1.2 trillion to ¥2.4 trillion, with overseas exposure expanding 3.0 times from ¥0.4 trillion to ¥1.2 trillion, compared to a 1.6 times increase in domestic exposure [3][19]. - **Sustainable Growth Factors**: Key factors for sustainable growth in IP/brands include: 1. **IP/Brand Value**: Unique positioning and added value are crucial for monetization [30]. 2. **Value Chain Strengthening**: Diversification of the portfolio enhances monetization potential [31]. 3. **Consumer Experience**: Products that allow consumers to easily perceive functionality and quality have a higher probability of sustainable growth [22][41]. Investment Recommendations - **Highlighted Stocks**: The report recommends 11 Buy-rated stocks, including: - Asics - Food & Life Companies - Ryohin Keikaku - Fast Retailing - Sony Group - Nintendo - Recruit Holdings - Konami Group - Toyo Suisan - Kotobuki Spirits - Shiseido (upgraded from Neutral to Buy) [3][19]. Performance Disparities - Significant disparities in stock performance were noted, with Capcom's market cap growing approximately 11 times compared to Square Enix's 3.4 times. For brands, Asics and Kotobuki Spirits rose 5.5 times, while Calbee, Meiji HD, and Pola Orbis HD lagged at 0.6 times [3][19]. Earnings and Share Price Drivers - An analysis of 27 Japanese companies revealed that while some achieved sustained profit expansion, others experienced volatility. The three necessary factors for sustainable growth were identified as: 1. **Consumer Experience**: High functionality and quality products. 2. **Brand-Building Capabilities**: Effective communication and supply chain management. 3. **Market Share**: High market share can act as a tailwind for growth [20][21][22]. Financial Projections - Operating profits for the 27 companies are projected to grow significantly, with total operating profits expected to reach ¥2.4 trillion by FY25E, driven by increased overseas exposure [24][43]. Risks and Considerations - Potential risks include economic slowdowns, changes in consumer preferences, and increased competition, particularly in sectors like cosmetics where differentiation is challenging [38][46]. Conclusion - The Japanese IP and consumer brands are positioned for growth, driven by expanding overseas markets and strong brand values. However, companies must navigate challenges related to market dynamics and consumer preferences to sustain this growth trajectory [19][41].

Core Insights - The AI recruitment platform HelloBoss, developed by the Asian startup NGA, has attracted significant attention in the capital market after completing a Series A funding round led by Bertelsmann Group through BAI Capital, with funds aimed at technology development and global market expansion [1][9] - HelloBoss aims to automate 90% of the recruitment process using its proprietary AI matching algorithm, enhancing communication efficiency and matching success rates between employers and job seekers [1][5] Company Overview - NGA's founder, Wang Qin, has a background in HR with five years at the renowned Recruit Group and has previously launched a platform for overseas illustrators [2] - The technical advisory team includes Dr. Xue Yanbo, former chief scientist at BOSS Zhipin, with a development team sourced from major tech companies like ByteDance, Tencent, and Microsoft Research [2] Market Context - The recruitment market in Japan is characterized by a significant shortage of labor, with an effective job-to-applicant ratio of 1.31 in 2023, indicating a severe labor shortage exacerbated by aging demographics [3][5] - Japan's headhunting industry is substantial, with over 30,000 firms and a market size exceeding $10 billion, driven by high demand for recruitment services across various sectors [3][7] Product Features - HelloBoss is designed to streamline the recruitment process, allowing employers to create job postings efficiently using a database of 5.5 million companies in Japan, and automating the editing and publishing of job descriptions [5][6] - The platform offers a results-based payment model, where companies pay only upon successfully hiring candidates, potentially reducing overall recruitment costs by about 20% and halving the recruitment cycle time [6][7] Financial Performance - HelloBoss has achieved a tenfold revenue increase since its launch, with expectations to reach profitability by 2026 based on new service packages [9] - The company plans to invest in model training and infrastructure optimization, as well as expand its team to enhance service delivery quality [9] Future Plans - NGA aims to expand internationally, focusing on regions with aging populations and imbalanced labor markets, leveraging Bertelsmann's resources for support in Europe [9][10] - The recent partnership with US unicorn Deel Inc. introduces a "Global Remote Hire" service, facilitating remote hiring processes for companies without the need for local entities [10]

Group 1 - Employers maintain steady hiring activity during the holiday season, contrary to the belief that they pause interviews [1][2] - Companies aim to fill positions before the end of the year to utilize their talent-acquisition budgets effectively [2][3] - Job seekers can benefit from lighter competition during the holidays, as many others may pause their job searches [3][6] Group 2 - Networking during the holiday season is advantageous, as individuals are generally more receptive to outreach [5][6] - Delaying networking until January may result in lower response rates due to increased busyness from new projects [6] - The job market is expected to become more competitive in January as many individuals resume their job searches [6] Group 3 - Job hunting during the holidays can be mentally challenging due to distractions from holiday activities [7][8] - Maintaining a consistent job application routine can help mitigate the distractions of the holiday season [8]

Core Viewpoint - Korn Ferry (KFY) shares have underperformed over the past year, losing approximately 10% of their value due to growing fears about the labor market and renewed pressure on recruiting-related stocks [1] Company Performance - Korn Ferry's stock has seen a decline of about 10% in value over the last year, indicating challenges in the current market environment [1] Industry Context - The recruiting industry is facing renewed pressure as concerns about the labor market continue to escalate, impacting stocks related to recruitment [1]

Core Viewpoint - Korn Ferry (KFY) shares have underperformed over the past year, losing approximately 10% of their value due to growing fears about the labor market, which has put pressure on recruiting-related stocks [1] Company Performance - Korn Ferry's stock has seen a decline of about 10% in value over the last year, indicating a challenging market environment for the company [1] Industry Context - The recruiting industry is facing renewed pressure as concerns about the labor market continue to escalate, impacting stocks related to recruitment [1]

Market Trends - Web3 job seekers in China are surging, marking the first increase since 2022 [1] - The Web3 job market experiences an imbalance between supply and demand [1] Job Market Analysis - Job openings significantly outnumber job seekers [1] - Over 70% of Web3 recruitment focuses on CEX（中心化交易所） and DEX（去中心化交易所）-related positions [1]