Equity Research Report – Mita Securities

Equity Research Report

Equity Research Report

July 4, 2022 Update “Skylark Holdings (3197): Solid guest count recovery due to promotions”

July 1, 2022 Update “Ohsho Food Service (9936): Price hike effect continues; Record sales for June”

June 24, 2022 Rating change “Money Forward (3994): Raising our rating to Buy. Cash is King”

June 20, 2022 Forecast Change “Torikizoku Holdings (3193): Earnings forecast update. Raising target price”

June 17, 2022 Forecast Change “Monogatari Corporation (3097): Evolving from King of Japanese BBQ to King of Food Service”

June 14, 2022 Update “Zenkoku Hosho (7164): Capital and business alliance with Shisoushin”

June 10, 2022 Update “Torikizoku Holdings (3193): Izakaya earnings no longer tricky but predictable”

June 10, 2022 Update “Komeda Holdings (3543): Solid wholesale sales in May; Accelerating overseas expansion; Industry update”

June 10, 2022 Update “MonotaRO (3064): Positive impression on May sales”

June 9, 2022 Update “Monogatari Corporation (3097): Extremely strong May sales; Small meeting for sell-side analysts”

June 8, 2022 Update “Kura Sushi (2695): Aggressive operations continued through 2Q”

June 7, 2022 Update “Torikizoku Holdings (3193): May SSS recovered to 83% of pre-pandemic levels; No adverse impact seen after price hikes”

June 7, 2022 Update “Kura Sushi (2695): Dragon Ball in May, Sanrio Characters in June”

June 2, 2022 Update “Skylark Holdings (3197): Improving gradually, but still below target”

June 2, 2022 Update “Ohsho Food Service (9936): Price hikes not affecting popularity; Record sales in a single month”

May 26, 2022 Update “Fast Fitness Japan (7092): Confusion over election of directors”

May 16, 2022 Update “Ohsho Food Service (9936): OP exceeds our forecast for both FY3/22 results and FY3/23 guidance”

May 16, 2022 Update “Money Forward (3994): Large additional investment in Indonesian SaaS company; Rising balance sheet risk”

May 13, 2022 Update “Monogatari Corporation (3097): Consumers cannot resist Japanese BBQ as operating restrictions get lifted”

May 13, 2022 Update “Skylark Holdings (3197): 1Q OP in line with target; Considers possible price hikes to cope with inflation”

May 13, 2022 Update “Fast Fitness Japan (7092): FY3/23 OP guidance in line with our forecast; Limited impact of inflation”

May 11, 2022 Update “Torikizoku Holdings (3193): Sales recovering in April due to easing of operating restrictions; Store openings resuming; Price hikes”

May 10, 2022 Update “Tosho (8920): Slow recovery in sports club business; Real estate business may grow dramatically”

May 10, 2022 Update “AB Hotel (6565): FY3/22 OP exceeds guidance and our forecast”

May 10, 2022 Update “IBJ (6071): 1Q OP up 19% YoY, supported by strong directly-owned store business”

May 10, 2022 Update “Monogatari Corporation (3097): Satisfactory 3Q results in light of operating restrictions”

May 10, 2022 Update “MonotaRO (3064): Positive impression on April sales”

May 10, 2022 Update “Komeda Holdings (3543): Solid wholesale sales in April; Food service industry update”

May 10, 2022 Update “Kura Sushi (2695): Detective Conan in April, Dragon Ball in May”

May 9, 2022 Update “Zenkoku Hosho (7164): FY3/22 OP achieved guidance, but not strong enough; Credit costs remain low”

May 9, 2022 Update “Skylark Holdings (3197): April sales on an improving trend; Over 1,000 robots in operation”

May 6, 2022 Update “Ohsho Food Service (9936): Solid sales for April; Announced price hikes”

April 28, 2022 Update “MonotaRO (3064): Satisfactory 1Q results; 2Q and beyond are more and more important”

April 28, 2022 Forecast Change “IBJ (6071): Fully concentrating on marriage support, while exiting from casual dating apps”

April 27, 2022 Forecast Change “IBJ (6071): Expecting reopening to trigger marriage demand; Reiterate Buy”

April 26, 2022 Update “Fast Fitness Japan (7092): Announced upward revision of full-year guidance”

April 26, 2022 Update “Makuake (4479): Announced downward revision of full-year guidance”

April 25, 2022 Update “Tosho (8920): Acquires large-scale property in Suzuka. Warehousing for Tosho REIT”

April 19, 2022 Update “Ichigo (2337): Positive impression on successful sales of hotel and commercial facility as well as share buybacks”

April 14, 2022 Update “S Foods (2292): Record profits in FY2/22; FY2/23 guidance calls for NP of 10bn yen and dividend hike”

April 13, 2022 Update “Money Forward (3994): 1Q SaaS ARR on steady growth, upfront investments lagging”

April 13, 2022 Update “Koshidaka Holdings (2157): 1H OP turns to positive; Significant store expansion”

April 13, 2022 Update “Komeda Holdings (3543): FY2/22 OP achieved guidance; FY2/23 guidance targets OP growth while assuming lower OPM”

April 12, 2022 Forecast Change “Ohsho Food Service (9936): Earnings forecast update. Demonstrating resilience to coronavirus and inflation”

April 11, 2022 Update “Komeda Holdings (3543): Wholesale sales on a recovery track in March; Food service industry update”

April 11, 2022 Update “Monogatari Corporation (3097): Signs of recovery among senior customers at Yuzuan”

April 11, 2022 Update “MonotaRO (3064): Neutral impression on March sales; Effects of price hikes appearing”

April 7, 2022 Update “Torikizoku Holdings (3193): Healthy performance in March despite difficult environment. New store to open in Hibiya next week”

April 7, 2022 Update “Kura Sushi (2695): Conan & crab popular in March; Kura Sushi is becoming a food amusement park”

April 5, 2022 Update “Ohsho Food Service (9936): Record high sales for March. Full-year sales exceed the company’s target”

April 4, 2022 Update “Skylark Holdings (3197): March sales negatively affected by Omicron again but started to recover in late March”

April 4, 2022 Forecast Change “Fast Fitness Japan (7092): Reiterate Buy while lowering TP on model adjustment. Anytime Fitness to become Japan’s leading fitness club”

March 31, 2022 Forecast Change “Komeda Holdings (3543): Earnings forecast update. Komeda’s Coffee is popular both in Japan and Taiwan”

March 29, 2022 Forecast Change “Ichigo (2337): Earnings forecast update. Near-term focal points are property sales and share buybacks”

March 29, 2022 Update “Money Forward (3994): Announces additional investment in susten”

March 29, 2022 Update “Torikizoku Holdings (3193): Announces price hike”

March 22, 2022 Forecast Change “AB Hotel (6565): Raising TP; Profit Recovery ahead of industry; New store development to restart”

March 22, 2022 Forecast Change “Tosho (8920): Earnings forecast update; Recovery in membership just beginning”

March 16, 2022 Forecast change “S Foods (2292): Raising TP; Expect strong prices in the short-term and capacity expansion in the mid- to long-term”

March 11, 2022 Update “Torikizoku Holdings (3193): 1H FY7/22 results announced. Positive impression on significant reduction of operating loss in 2Q”

March 10, 2022 Update “Komeda Holdings (3543): Solid February wholesale sales amid difficult environment; Food service industry update”

March 10, 2022 Update “MonotaRO (3064): Positive impression on February sales”

March 9, 2022 Update “Monogatari Corporation (3097): Solid sales, especially in Japanese BBQ, despite the negative impact of shorter hours”

March 9, 2022 Update “Kura Sushi (2695): Solid 1Q results. Building competitive advantage through differentiation”

March 7, 2022 Update “Torikizoku Holdings (3193): February sales affected by Omicron; Second Toriki Burger store to open this week in Shibuya”

March 7, 2022 Update “Kura Sushi (2695): February same-store sales flat YoY due to Omicron”

March 3, 2022 Update “Ohsho Food Service (9936): Solid February sales despite Omicron impact. Positive effects of TV show”

March 2, 2022 Update “Skylark Holdings (3197): February sales significantly affected by Omicron”

March 2, 2022 Update “Money Forward (3994): Takeaways from Investor Day”

March 1, 2022 Update “Money Forward (3994): Announced upward revision of 1Q guidance”

February 28, 2022 Update “Koshidaka Holdings (2157): Announced capital and business alliance with Advantage Advisors”

February 24, 2022 Forecast change “Skylark Holdings (3197): Earnings forecast update. Challenges in handling inflation”

February 22, 2022 Update “Koshidaka Holdings (2157): 1H guidance revised; 2Q OP to be positive for the first time under the pandemic”

February 17, 2022 Forecast change “MonotaRO (3064): Earnings forecast update. Focus on evolution of logistics infrastructure”

February 15, 2022 Update “Skylark Holdings (3197): Negative impression on missing FY12/21 DPS guidance (revised version of the report published as of February 14, 2022)”

February 14, 2021 Update “Fast Fitness Japan (7092): OP progress strong at 89%. Store opening plan remain an issue”

February 10, 2022 Update “Monogatari Corporation (3097): 2Q OP exceeded the company target. Japanese BBQ extremely popular”

February 10, 2022 Update “Komeda Holdings (3543): January wholesale sales on par with pre-pandemic levels; Food service industry update”

February 10, 2022 Update “MonotaRO (3064): January sales achieved the target. Market attention should shift to progress in cost control”

February 9, 2022 Update “IBJ (6071): Neutral impression on the results. Investing to meet the demand of singles waiting for dating”

February 9, 2022 Update “Monogatari Corporation (3097): Japanese BBQ extremely popular in January. SSS exceeded pre-pandemic levels”

February 7, 2022 Update “Torikizoku Holdings (3193): January sales; Second Toriki Burger store to open in Shibuya”

February 7, 2022 Update “Zenkoku Hosho (7164): Extremely low credit costs continuing”

February 7, 2022 Initiation of coverage “Money Forward (3994): SaaS & Fintech combined. Initiating coverage with a Hold”

February 4, 2022 Update “Kura Sushi (2695): Relay from Demon Slayer to BTS. Winning with entertainment value”

February 3, 2022 Update “Tosho (8920): Solid 3Q OP; Announced upward revision of guidance on property sales”

February 3, 2022 Update “MonotaRO (3064): FY12/22 guidance came as a negative surprise. One-time costs for new and old DCs look large”

February 3, 2022 Update “Ohsho Food Service (9936): Solid January sales despite Omicron impact”

February 2, 2022 Update “Skylark Holdings (3197): Skylark flies to the future world”

January 31, 2022 Update “AB Hotel (6565): Significant margin recovery in 3Q”

January 31, 2022 Update “Ohsho Food Service (9936): Real profits are much stronger, rewarding employees’ efforts”

January 28, 2022 Update “Ichigo (2337): Further acceleration in property sales. On track to achieve full-year NP guidance”

January 26, 2022 Update “Ichigo (2337): Property sales finally in full swing”

January 26, 2021 Update “Makuake (4479): A further decline in CVR is a negative, but not a new factor”

January 20, 2022 Forecast change “Skylark Holdings (3197): Earnings forecast update in light of Omicron outbreak”

January 18, 2022 Update “Koshidaka Holdings (2157): Takeaways from our post-earnings interview”

January 14, 2022 Update “Monogatari Corporation (3097): Japanese BBQ extremely popular at year-end”

January 13, 2022 Update “Ichigo (2337): Hopes rise for signs of hotel market recovery”

January 13, 2022 Update “Koshidaka Holdings (2157): 1Q sales and OP beat the company target”

January 13, 2022 Update “S Foods (2292): Remarkable positive surprises. Significant upward revision of guidance”

January 12, 2022 Update “Komeda Holdings (3543): Robust earnings and store openings”

January 11, 2022 Update “Komeda Holdings (3543): December wholesale sales strong; Food service industry update”

January 11, 2022 Update “Torikizoku Holdings (3193): December sales; Implications of infection spread”

January 11, 2022 Update “MonotaRO (3064): December sales announced. Full-year parent sales in-line with our forecast, no surprises”

January 7, 2022 Update “Skylark Holdings (3197): December sales; Industry update; Omicron”

January 6, 2022 Update “Kura Sushi (2695): Significant sales growth due to “Demon Slayer” effect. Aggressive promotions to follow”

January 4, 2022 Update “Ohsho Food Service (9936): Record high sales for December”

December 27, 2021 Initiation of coverage “Makuake (4479): Evolved form of crowdfunding; initiating coverage with a Buy”

December 16, 2021 Forecast Change “MonotaRO (3064): Lowering our earnings forecast and target price”

December 13, 2021 Update “Komeda Holdings (3543): November wholesale sales strong; Food service industry update”

December 13, 2021 Update “MonotaRO (3064): November sales slightly weak, but no surprises”

December 10, 2021 Update “Torikizoku Holdings (3193): 1Q FY7/22 results. Substantial subsidy effect”

November 10, 2021 Update “Monogatari Corporation (3097): Yakiniku King remains strong in November”

December 7, 2021 Update “Kura Sushi (2695): FY10/21 RP exceeds the company’s guidance”

December 7, 2021 Update “Torikizoku Holdings (3193): November sales; Current status of izakaya pubs”

December 6, 2021 Update “Kura Sushi (2695): Kura dominates the sushi market in November”

December 2, 2021 Update “Skylark Holdings (3197): November sales; Industry update; Our thoughts on Omicron”

December 2, 2021 Update “Ohsho Food Service (9936): November sales; Our thoughts on Omicron”

November 30, 2021 Forecast change “Zenkoku Hosho (7164): Raising our profit forecast by easing credit cost assumption; Reiterate Buy”

November 26, 2021 “List of Covered Stocks”

November 22, 2021 Forecast change “Koshidaka Holdings (2157): Back to normal business. Raising target price”

November 12, 2021 Update “IBJ (6071): Disposal of unprofitable businesses gives favorable impression”

November 12, 2021 Update “Skylark Holdings (3197): Strong subsidy effect; Dividend guidance is good news for the market”

November 11, 2021 Update “Fast Fitness Japan (7092): 1H OP progress strong at 59%; Membership recovery continues”

November 10, 2021 Update “Komeda Holdings (3543): October wholesale sales strong; Food service industry update”

November 10, 2021 Update “Monogatari Corporation (3097): October sales recovered significantly; Additional comments on 1Q results”

November 10, 2021 Update “MonotaRO (3064): October sales”

November 9, 2021 Update “Monogatari Corporation (3097): Preparing for post-COVID period”

November 8, 2021 Update “Torikizoku Holdings (3193): October sales improved significantly, but not enough”

November 5, 2021 Update “Zenkoku Hosho (7164): 1H results look positive. Significantly low credit costs, recovery continues for new guarantees”

November 5, 2021 Update “Kura Sushi (2695): October SSS exceeds pre-COVID level. Large-scale “Demon Slayer” campaign to start in November”

November 4, 2021 Update “MonotaRO (3064): Post-earnings interview with MonotaRO”

November 2, 2021 Update “Skylark Holdings (3197): Significant recovery in October sales”

November 2, 2021 Update “Ohsho Food Service (9936): Record high October sales. Clear recovery in in-store dining”

November 1, 2021 Initiation of coverage “Torikizoku Holdings (3193): Waiting for the full-scale rollout of Toriki Burger; initiating coverage with a Hold”

October 29, 2021 Update “Tosho (8920): Positive. OP exceeds company target”

October 29, 2021 Update “AB Hotel (6565): Reassurance on quarterly OP growth”

October 29, 2021 Update “MonotaRO (3064): Low progress in OP gives a negative impression”

October 29, 2021 Update “Ohsho Food Service (9936): From alcohol-free to subsidy-free”

October 20, 2021 Initiation of coverage “Kura Sushi (2695): Leading SushiTech company with global ambitions; initiating coverage with a Buy”

October 14, 2021 Update “Ichigo (2337): Low progress in line with expectations”

October 14, 2021 Update “S Foods (2292): Outstanding performance continues”

October 13, 2021 Update “Komeda Holdings (3543): Stable profits despite a difficult summer”

October 13, 2021 Update “Koshidaka Holdings (2157): Reopening karaoke. Bullish guidance looks positive”

October 11, 2021 Update “Monogatari Corporation (3097): September sales. King is strong”

October 11, 2021 Update “Komeda Holdings (3543): September wholesale sales”

October 11, 2021 Update “MonotaRO (3064): Sepmber sales”

October 7, 2021 “List of Covered Stocks”

October 6, 2021 Update “IBJ (6071): Progress in regional bank alliances in Tokai region. Approaching clients of OKB”

October 4, 2021 Update “Skylark Holdings (3197): Skylark Goes To Chicago”

Octber 4, 2021 Update “Ohsho Food Service (9936): Gyoza & beer combination is back”

September 29, 2021 TP change “Fast Fitness Japan (7092): Target price changed due to stock split”

September 27, 2021 “List of Covered Stocks”

September 22, 2021 Initiation of coverage “Fast Fitness Japan (7092): A game changer in the fitness industry; initiating coverage with a Buy rating (revised version of the report published as of August 26, 2021)”

September 21, 2021 Forecast change “Koshidaka Holdings (2157): Competitive advantage in the post-COVID period”

September 17, 2021 Initiation of coverage “IBJ (6071): Matchmaker with great quality and quantity; initiating coverage with a Buy rating”

September 10, 2021 Update “Komeda Holdings (3543): August wholesale sales essentially flat YoY”

September 10, 2021 Update “MonotaRO (3064): August sales”

September 9, 2021 Update “Monogatari Corporation (3097): August sales”

September 2, 2021 Update “Skylark Holdings (3197): August sales, industry update”

September 2, 2021 Update “Ohsho Food Service (9936): August sales, industry update”

August 13, 2021 Update “Skylark Holdings (3197): First impression of 1H results neutral”

August 11, 2021 Update “Monogatari Corporation (3097): July sales, positive impression”

August 10, 2021 Update “Monogatari Corporation (3097): OP guidance mostly in-line with our forecast”

August 10, 2021 Update “MonotaRO (3064): July sales”

August 10, 2021 Update “Komeda Holdings (3543): July wholesale sales, Strong Kome-Gyu effect”

August 6, 2021 Update “Zenkoku Hosho (7164): 1Q results look positive. Low credit costs, recovery in new guarantees executed”

August 3, 2021 Update “Skylark Holdings (3197): July sales”

August 3, 2021 Update “Ohsho Food Service (9936): July sales”

July 30, 2021 Update “Tosho (8920): Achieved YoY & QoQ increase in sales and profit”

July 30, 2021 Update “AB Hotel (6565): Successfully achieved profitability in 1Q”

July 30, 2021 Update “MonotaRO (3064): Neutral impression of 1H results”

July 30, 2021 Update “Ohsho Food Service (9936): Strong 1Q results even without subsidies”

July 28, 2021 Initiation of coverage “Ichigo (2337): Sustainable infrastructure company; initiating coverage with a Buy rating”

July 14, 2021 Update “Komeda Holdings (3543): Highest quarterly OP since listing”

July 14, 2021 Update “S Foods (2292): Robust results in 1Q FY2/22”

July 13, 2021 Update “Koshidaka Holdings (2157): 3Q results remain tough, but business environment to improve going forward”

July 12, 2021 Update “MonotaRO (3064): June sales”

July 12, 2021 Update “Komeda Holdings (3543): June wholesale sales”

July 9, 2021 Update “Monogatari Corporation (3097): June sales”

July 8, 2021 Initiation of coverage “Komeda Holdings (3543): Making money in the morning; initiating coverage with a Buy rating”

July 2, 2021 Update “Skylark Holdings (3197): June sales”

July 2, 2021 Update “Ohsho Food Service (9936): June sales, opening of first take-out/delivery specialty store”

July 1, 2021 Initiation of coverage “Skylark Holdings (3197): Top priority is credit improvement; initiating coverage with a Hold rating”

June 22, 2021 Initiation of coverage “Monogatari Corporation (3097): King of Japanese BBQ industry; initiating coverage with a Buy rating”

June 22, 2021 Initiation of coverage “Ohsho Food Service (9936): Gold medalist in Chinese cuisine. Enjoy dumplings in store or at home; initiating coverage with a Buy rating”

June 10, 2021 Update “MonotaRO (3064): May sales slightly negative”

June 8, 2021 Initiation of coverage “MonotaRO (3064): Spotlight on growth potential of large corporate business; initiating coverage with a Hold rating”

May 25, 2021 Initiation of coverage “S Foods (2292): Wagyu beef champion to expand Angus beef business; initiating coverage with a Buy rating”

May 17, 2021 Update “AB Hotel (6565): Comparison of hotel operators’ results – AB Hotel’s superiority confirmed”

May 14, 2021 Update “Zenkoku Hosho (7164): Benefiting from the restructuring of regional banks”

May 10, 2021 Update “Zenkoku Hosho (7164): FY3/21 results above consensus. Positive impression”

May 7, 2021 Update “Tosho (8920): No surprises for FY3/21 results”

May 7, 2021 Update “AB Hotel (6565): No surprises in FY3/21 results. Guidance for FY3/22 exceeds our forecast”

May 7, 2021 Initiation of coverage “Koshidaka Holdings (2157): Turning a pinch into an opportunity; initiating coverage with a Buy”

April 21, 2021 Initiation of coverage “AB Hotel (6565): Early turnaround to be achieved by focusing on business demand; initiating coverage with a Buy”

April 21, 2021 Initiation of coverage “Tosho (8920): Cost advantage to shine under COVID pandemic; initiating coverage with a Buy”

April 8, 2021 Initiation of coverage “Zenkoku Hosho (7164): Entering a new growth stage. Initiating coverage with a Buy rating”

清水 純一
Equity research analysts

Junichi Shimizu, CMA

Chief Analyst, Equity Research, Mita Securities. After working for Meiji Life, Moody's Japan, Deutsche Securities, and a major asset management company, Junichi Shimizu assumed his current position in February 2021. He has been an analyst for over 18 years. At Deutsche Securities, where he worked for 13 years, he covered a wide range of industries as a small- and mid-cap analyst and credit analyst. He has experience in various industries and companies such as food products, restaurants, banks, non-banks, real estate, e-commerce, information and telecommunications, internet services, leisure and amusement, auto parts, non-ferrous metals, and transportation. At Mita Securities, he focuses on discovering small and mid-cap stocks with high growth potential in a wide range of sectors. He holds a BA in Economics from the University of Tokyo and an MBA from the Tuck School of Business at Dartmouth. He is a Certified Member Analyst (CMA) of the Securities Analysts Association of Japan.

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