• More robust dividend policy – While the strategic rationale for separating the DH Group and AGEST Group remains sound, Digital Hearts Holdings has officially withdrawn its AGEST spin-off listing plan to protect enterprise value amid unfavorable market conditions. To compensate for this shift, the company has introduced a progressive dividend policy, raising the FY3/26 forecast to ¥25.0 DPS. We believe this withdrawal will not hinder its growth. AGEST’s growth trajectory remains well-supported, as future capital requirements and strategic M&A can be supported by internal cash flow generation and the group’s net-cash position.
