Equity Research Report

Equity Research Report

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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