Review of Lumine Group Inc.

NOV 20, 2025 - Time will tell, a few years from now, whether this is truly an inflection point that fundamentally changes the VMS business model for the worse or if it is just investors’ fear and overreaction. For now, we would stick with a high-quality management team. We think now is the time that management’s track record really counts. Also, this is the point to test whether investors truly have conviction in LMN. Though the recent result is quite weak, it was driven largely by tough comparison last year. We think investors should remain calm and rational, evaluating facts rather than becoming pessimistic simply by looking at the share price. We are maintaining our rating at “B+.”