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17 May 2019Sanyo Homes (1420)

Recovery of Housing

On 10 May 2019, Sanyo Homes to develop/sell houses and condos released its FY03/2019 results. It has been revealed that the Company is to see increases of sales and earnings in FY03/2020 due mainly to those of Housing Business. In FY03/2019, the Company suffered from decreased earnings as a whole, because the Company saw sales of large-scale photovoltaic power generation facilities in the previous year. More importantly, however, Housing Business turned into profit, while Condos Business also saw increased earnings. On the Housing Business side, sales of Rental & Welfare Housing surged, while gross profit margin improved on the Condos Business side.

17 May 2019UZABASE (3966)

Recouping Investments

On 14 May 2019, UZABASE, advocating “Business Intelligence to Change Your World” as own mission, released its Q1 FY12/2019 results. It has been revealed that recent trading is line with assumptions of initial Company forecasts. Sales have remained buoyant for existing segments, i.e., SPEEDA and NewsPicks, persistently driving EBITDA margin with them. On top of this, sales are surging in the segment of Other, mainly comprising FORCAS adopted as business support system, while EBITDA margin here is substantially improving. As far as we could see, the Company has been well recouping investments aggressively enforced to date. Meanwhile, the Company suffers from major deficit in the segment of Quartz, which is currently at the stage of initial investments to start up paid subscriptions in the Unites States. Still, this is as expected. Going forward, the Company is likely recouping investments as time goes by as in existing operations, benefiting from consistently improved EBITDA margin. The Company firmly believes “discipline is a must for investments”, while having enforced investments consistently and aggressively based on this idea. As a result, the Company has seen growth exceptionally high, while this is likely to persist in the foreseeable future, when looking at recent investments in the United States.

17 May 2019OKADA AIYON (6294)

Record High Earnings Renewed

On 15 May 2019, OKADA AIYON, holding strengths on sales and maintenance services for demolition attachments, held results meeting and disclosed details of FY03/2019 results (released on 14 May) and prospects. The Company suggested that sales and earnings are likely to perform in line with assumptions of long-term management plan “Arch 2020 Strategy” (FY03/2016 to FY03/2021). Having achieved sales increases for the 9th consecutive year in FY03/2019, the Company has persistently renewed record high earnings at the same time. Meanwhile, above-mentioned long-term management plan is calling for CAGR of 9.0% for sales and 14.4% for earnings during its period. The Company is one of the largest suppliers in Japan with respect to demolition attachments (crushers and hydraulic breakers) which are used as tips of hydraulic shovels adopted for demolition of buildings, etc., suggesting a major benefit from increased demand for demolition in a long-term view. On top of this, cultivation of markets overseas is steadily making progress in the mainstay North America, etc., while the Company is on the verge of benefiting from synergy to come from recent merger and acquisition. We are to interview with management to discuss the issues more in depth so that we should be able to initiate the Company.


Starting Over

FREUND CORPORATION, developing, manufacturing and selling equipment and chemicals, is seeing order intake levelling out on the Equipment side, while benefiting from ongoing steady increases of sales for the mainstay pharmaceutical excipients on the Chemicals side. It appears that the Company is on the verge of starting over for period of “growth”, which is of FY02/2021 and FY02/2022 as defined by the Company. On the Equipment side, order intake came down sharply in FY02/2018 over FY02/2017 due mainly to reaction against special procurement demand in line with the government measure to enhance generic drug penetration rate up to 80% in Japan. More importantly, however, this did not reappear in FY02/2019, having resulted in order intake marginally increased over FY02/2018. Going forward, the Company appears going for further increases of order intake in FY02/2020, looking to benefits from cultivation of markets overseas, focus on new products, etc. Still, as it takes 8 to 10 months for order intake to book sales in regards to the mainstay granulation/coating equipment for example and thus sales are to be delayed to this extent. Meanwhile, on the Chemicals side, the Company sees persistently increasing demand for pharmaceutical excipients, those of expertise domains with the Company in particular. As far as we could see, the Company has been achieving sales and earnings in line with assumptions of the 7th midterm management plan “ONE FREUND” (FY02/2018 to FY02/2022) on the Chemicals side.

15 May 2019 eole (2334)

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15 March 2019PUNCH INDUSTRY (6165)

China-US Trade War to Persist in H1

On 13 May 2019, PUNCH INDUSTRY, manufacturing and selling parts of molds & dies domestically and overseas, released its FY03/2019 results. It has been revealed that negative impacts from China-US trade war will inevitably persist going forward, given almost half of sales exposed to China. FY03/2020 Company forecasts assume major adjustments for sales and earnings in H1. At the same time, however, Company forecasts are going for sales and earnings in H2 increased over the same period in the previous year. Business performance of the Company’s subsidiaries based in China, all ending fiscal year as of December, is reflected with a three month delay with the Company’s consolidated accounts. Because of this, the Q1 results (January to March for the subsidiaries based in China) have been already fixed, while recent trading so far in Q2 (April to June, ditto) has turned out to be sluggish to date. H1 (April to September) Company forecasts have well reflected all those factors. Still, it is too early to estimate now about prospective impacts stemming from China-US trade war in H2 (October to March) where trading of the subsidiaries based in China in July and onward is to be reflected. Thus, the Company says H2 Company forecasts do not assume any impacts associated with China-US trade war. We are to attend the Company’s results meeting on 28 May as well as interviewing with management afterward to update PUNCH INDUSTRY (6165) Correction after Overshoot (12 March 2019) and release anew.

10 May 2019SHOFU (7979)

Consistent Growth

On 9 May 2019, SHOFU, developing, manufacturing and selling dental materials/equipment, released its FY03/2019 results. It has been revealed that the Company is to see consistent growth going forward. Meanwhile, the Company has decided to upgrade dividend for FY03/2019, given better than expected results, while going for increases of divided in FY03/2020 on top of said upgrade. Markets overseas have been consistently and steadily cultivated, which is the key reason for the growth with the Company. In developed countries, the Company’s existing sales promotion measures are doing well as in the United States, while maintaining high growth in emerging countries as in China. On top of this, sales are literally emerging from India due to recent establishment of local bridgehead to beef up sales in there. Still, there remains a huge room to cultivate for the Company in markets overseas and the prospective growth is expected to come from here. Meanwhile, in Japan where the market suffers from maturity, the Company is going for increased sales in FY03/2020 by means of launching new products (self-developed dital device to photograph oral cavity, CAD/CAM-related materials). Meanwhile, we are to attend the upcoming results meeting on 22 May as well as interviewing with management afterwards so that we should be able to update SHOFU (7979) Growth Overseas (19 December 2018) and release anew.

25 March 2019KLab (3656)

Earnings on a Global basis

KLab, developing and running smartphone-app games, has become “an entity to pursue earnings on a global basis”. Sales overseas came in at ¥11,508m (up 129.4% YoY), having accounted for 35.2% (up 16.5% points) of sales as a whole for the Company in FY12/2018. This was driven by the Company’s measure to make progress with multilingual localization in regards to the mainstay title of “Captain Tsubasa: Dream Team”, etc. Meanwhile, it appears that sales in FY12/2019 are to be driven by launch of subsequent title for “Love Live! School idol festival” whose users have reached 45m in the number on a global basis. On top of all those titles taking advantage of third-party IP, where it has expertise, the Company has been developing original IP titles for some time, represented by “Magatsu Wahrheit” which is also expected to launch in FY12/2019. Compared with original IP titles so far, the Company is more aggressively tying up with external creators proven influential with their achievements in the past at the stage of planning and/or developing, trying to get at increasing exposure to original IP titles to see high marginal profit ratio with a probability higher than before. Due to extended efforts for quality improvement, the Company has failed to launch this title as early as initially planned, but it should be the case that sales stemming from here become larger to the extent of quality improvement at the end of the day.

20 March 2019KAWANISHI HOLDINGS(2689)

Beyond Cruising Speed

Kawanishi Holdings, selling medical consumables and equipment to customers represented by major base hospitals heavily involved with acute care, is likely to see steady increases of sales and earnings over the long term. The Company suggests that Japan’s market for medical consumables and equipment to which it is exposed is to see CAGR of 2.4% going forward, while the Company or the fourth-largest player in the market is expected to see sales increasing by this rate as cruising speed. In Q1 to Q2 FY06/2019, sales came down marginally over the same period in the previous year, which was attributable to one-off adjustment. In Q2 to follow, sales came in at ¥29,608m (up 4.5% YoY), operating profit ¥497m (up 14.4%) and operating profit margin 1.68% (up 0.15% points), having seen sales growth rate beyond cruising speed. In a midterm view, the Company is to benefit from add-ons from new operations as general sales agent to involve with distribution of merchandises more deeply than now and thus to pursue gross profit margin higher. To date, the Company has already sold four units of simulator robot for medical education, i.e., merchandises to have acquired through medical-engineering collaboration, which is expected to be followed by ultrahigh-resolution endoscope, etc. Meanwhile, system to detect breast cancer by exhalation currently approaching the final stage of verification test is expected to launch in CY2021 after clinical trial, examination and approval. The Company is now formulating new midterm management plan taking this into account, while planning to release the contents at around the announcement of FY06/2019 full-year results, as far as we could see.

14 February 2019 SENSHU ELECTRIC (9824)

Expanding Private Capex

SENSHU ELECTRIC, running the operations as technology-oriented trading house on electric cables, suggests that sales and earnings are to continue increasing with stability due mainly to expanding private capex. “SENSHU ELECTRIC Group Midterm Management Plan” for the 5-year period ended by FY10/2021 is calling for CAGR of 8.1% for sales and 10.9% for earnings during the same period, while recent trading suggests that earnings are running ahead and thus the target earnings are now likely to be achievable earlier than expected. In regards to FA (Factory Automation) Cables to drive earnings as a whole for the Company to a large extent, although semiconductor-production-equipment-related is rather slowing down most recently, private-capex-related represented by automotive production lines and machine tools is still expanding, driving sales and earnings with the Company. On top of this, consolidated add-ons stemming from overseas subsidiaries are on the rise and this trend may accelerate in the foreseeable future. Meanwhile, the Company is currently in the process of setting up Osaka Distribution Center based in Toyonaka-city, Osaka-prefecture, whose completion is expected to further beef up efficiency of distribution, while relocations of existing business offices are going on for the same purpose. Eventually, spending on all those projects suppresses increases of excess cash. On top of this, the Company is keen on sharing earnings with shareholders by means of buying back own shares. As far as we could see, the Company saw total return ratio as high as 43.1% in FY10/2018, while going for 38.1% in FY10/2019.

8 February 2019ZUKEN (6947)

Benefit of Higher Sales

On 7 February 2019, ZUKEN, providing manufacturers based in Japan and overseas with design solutions, released its Q1 to Q3 FY03/2019 results. It has been revealed that sales increased by 16.8% over the same period in the previous year and by 145.4% for operating profit due mainly to benefit of higher sales. The Company’s mainstay customer base, comprising all those manufacturers belonging to electronics, automobiles and industrial equipment by sector, has been keen on capex for some time, given recovered earnings, steadily driving demand for design solutions with which the Company is heavily involved. In the first place, demand for design solutions takes place in line with appetite for development of new products, which will remain consistent and stable over the long-term. In other words, although some final products are currently suffering from decreased production volumes, e.g., in the domain of consumer electronics, etc., it appears that the Company’s business performance could be almost immune to all those recent situations. Meanwhile, the Company to see long-term growth driven by paradigm shift on the manufacture is aggressively implementing M&A measure to further get the growth convinced. On 29 January 2019, it was released that Company was to acquire Vitech Corporation based in the United States with an objective to fully enter the domain of solutions for MBSE (Model-Based Systems Engineering).

6 February 2019Shinwa(3447)

Next Generation Scaffold

Shinwa, manufacturing temporary materials and logistics equipment, is trying to get at long-term growth by means of beefing up sales of Next Generation Scaffold. The current mainstay Wedge Tightened Scaffold adopted for detached housing, etc. does not have major market growth potentials going forward, but the Company sees the market for Next Generation Scaffold adopted for high-rise building, etc. will remain buoyant in the foreseeable future, consistently replacing existing Prefabricated Scaffold with its capability to shorten construction period and to improve construction efficiency. The Company, having not being exposed to existing Prefabricated Scaffold as “manufacturer of system for scaffold” at all, is heavily involved with business to supply temporary materials leasing operators and general contractors with own competitive Next Generation Scaffold, benefiting from the said changeover on a net basis. On top of this, the Company suggests its strategy to cultivate markets overseas should accelerate growth potentials in a long-term view. Meanwhile, the Company is keen on sharing earnings with shareholders as another strategy for management, going for payout ratio of 40% or more with its dividend policy, resulting in prospective annual dividend of ¥44.0 per share, implying payout ratio of 40.5% in FY03/2019. On top of this, the Company is keen on IR activities, including those for overseas institutional investors.

21 January 2019EM SYSTEMS(4820)


EM SYSTEMS, running operations of development, sale and maintenance for healthcare-related systems, is going for a long-term growth by means of adopting new services for customers based on MAPs (Medical Advance for People, System), i.e., the industry’s first shared information system foundation. Sales on the Pharmacies side, basically driving business performance as a whole for the Company, comprise those of one-time-fee business and of subscription-based business. The former represents initial license fees and price of hardware, while the latter monthly fees for the use of systems and of maintenance services. In Q1 to Q2 FY03/2019, sales of one-time-fee business accounted for 38% of total and subscription-based business 62%. Meanwhile, the Company is to introduce a new business model in line with the adoption of new services based on above-mentioned MAPs, where customers pay monthly fees only and initial license fees being completely abolished (hardware to be procured by customers). With this changeover for business model, it will be unavoidable that sales are to come down at the initial stage as the Company is not to see sales of one-time-fee business any more. However, the Company is expected to see steady increases of sales and earnings together with increasing market shares in a long-term view, i.e., 5.3% and 8.2%, respectively, in terms of CAGR over five-year period through FY03/2019 to FY03/2023.

19 December 2018Sanyo Trading (3176)

Challenging ourselves for the BEST solution

Sanyo Trading, advocating “Challenging ourselves for the BEST solution” as own slogan to refer to the basis of new management philosophy, is going for a steady long-term earnings growth with stability, while planning to persistently increase divided with this. The Company, which is a multiple specialist trading house, mainly involved with automotive-related business by domain, saw recurring profit of ¥5,575m (up 5.8% YoY) in FY09/2018. On top of strengths beyond expectations on automotive-related business, developments overseas are also favorable. Meanwhile, long-term management plan “VISION 2023 (FY09/2019 to FY09/2023)” released on 6 November 2018 is calling for prospective recurring profit of ¥7,500m and ROE of 15% (versus 14.5% in FY09/2018) in the last year of the plan, i.e., FY09/2023 as well as CAGR of 10% for sales of overseas offices. The Company is to maintain high level of ROE and CAGR of 6.1% is expected for recurring profit during the said period. Long-term vision “VISION 2020” released on 26 November 2015 was calling for prospective recurring profit of ¥5,000m, etc. by FY09/2020, while the target was achieved as early as in FY09/2017 in regards to recurring profit. Thus, prospective earnings with the Company could be better than expected as in the past, as far as we are concerned.

10 December 2018 Nihon Trim (6788)

Emerging Evidence

Nihon Trim, advocating to set up “a global medical company group”, is seeing favorable business performance. Although frontloaded investment to materialize said management target being implemented at the moment, increasing earnings from existing operations associated with water healthcare are more than compensating as far as we could gather. The Company’s electrolyzed reduced water (ERW) system is of household medical equipment whose effect to improve gastrointestinal problems is approved in Japan’s regulations on medical equipment, which are sold to consumers mainly through the Company’s proprietary channel of work-area vending. The Company has successfully launched new product, driving sales, beefing up volume effect and thus earnings favorably. More importantly, the Company is trying to get at sales promotions of a different dimension by means of starting up those on a BtoB basis versus on a BtoC basis so far, including entrance into the markets overseas. For example, the Company is to contribute paper to international journal on its clinical trial for diabetic to drink electrolyzed reduced water in collaborative research with medical school of Tohoku university. On top of this, the Company suggests that there are more issues like this with fairy extensive domains, mainly those of medical care, likely providing epoch-making effect near term. In the first place, ERW system represents equipment to generate alkaline water full of hydrogen by means of electrolyzing tap water after elimination of impurities such as chlorine and lead dissolved through water purifying filter. Thus, ERW system offers above-mentioned effect that cannot be found in water purification system to simply purify water and/or water server to simply provide natural water, etc., implying a possibility for ERW system to even replace them all going forward, according to the Company.

6 November 2018KAGA ELECTRONICS (8154)

Next Midterm Management Plan

On 6 November 2018, KAGA ELECTRONICS, electronics trading company heavily involved with EMS business, released the outline of “Midterm Management Plan 2021 (2019-2021)”. While FY03/2019 Company forecasts released at the same time are going for prospective sales of Y290,000m (up 22.9% YoY), operating profit of Y7,700m (down 5.2%) and ROE of 9.9%, this next midterm management plan sales of Y500,000m, operating profit of Y13,000m and ROE of 8.0% or more in the last year, i.e., FY03/2022, as the business performance target. When based on FY03/2019 Company forecasts, this implies CAGR of 19.9% for sales and 19.1% for earnings over three-year period through FY03/2020 to FY03/2022. The Company is to hold results meeting on 29 November and to discuss the issues more in depth.

4 September 2018 Tama Home (1419)

The Leader in All Prefectures

Tama Home, running operations as building contractor of low-price and good-quality custom-build homes, is likely to see consistent and steady earnings growth going forward. Midterm management plan “Tama Step 2021” is calling for CAGR of 12.6% for prospective sales and 37.1% for earnings towards FY05/2021, assuming CAGR of 11.6% for sales volume of custom-build homes, while new operations to sell “a floor ownership of commercial buildings” are to quickly take off on a full-fledged basis. The Company, which celebrated their 20th anniversary on 3 June 2018, has been providing general consumers with custom-build homes with quality beyond a certain level at average unit selling prices of some ¥17m per unit, far below some ¥30m for the largest 8 house suppliers. In November 2016, the Company saw cumulative delivery of 100,000 units, while having recently become the leading supplier of custom-build homes in one prefecture out of 47 in total. More importantly, the Company is going for the same in the remaining 46 prefectures in the future, expecting further market share increases to persist. To date, the Company has been ranked as one of the top three players in 14 prefectures and top five in 25 prefectures. To a large extent, has this been driven by launch of “region-specific” merchandises, which are those to cope with indigenous preferences and/or needs region to region, based on Daianshinnoie or the mainstay merchandises so far, while being priced with a decent respect to price-oriented competition with local builders to compete head-on. At the end of the day, “region-specific” merchandises have accounted for almost 70% of order intake on a volume basis to date and it looks they are to drive prospective sales volume increases of custom-build homes assumed in midterm management plan “Tama Step 2021”. The Company, beefing up sales with collective 242 sales offices based in all the 47 prefectures in Japan, has launched “region-specific” merchandises in 37 prefectures by the end of FY05/2018, while planning to do so for the remaining 10 prefectures to eventually gain the No.1 market shares in all of the prefectures.

20 August 2018NIRAKU GC HOLDINGS (1245/HK)

Rock Bottom

NIRAKU GC HOLDINGS, running pachinko hall chain comprising 55 halls based in East Japan with focus on those in Fukushima-prefecture, is seeing rock bottom with its earnings. Given increases of payout ratio (gross pay-outs divided by gross pay-ins) and successful management strategy, the Company sees increases for the number playing visitors, while gross pay-ins are starting to stop declining as well as revenue from pachinko and pachislot hall business after deduction of gross pay-outs at the same time. In other words, the Company still sees marginal decreases of revenue from pachinko and pachislot hall business, but seeing a recovery on earnings in line with lowering expenses to run the 55 pachinko halls. While having closed down loss-making halls, the Company has opened up new halls as well as planning to get involved with new operations to run halls through capital tie-up with peers. On top of this, the Company is going for business developments in ex-Japan Asia for the sake of long-term growth in the form for itself to be able to pursue synergy. In fact, the Company has already started up its operations to run amusement arcades in Vietnam and Cambodia. This generated some loss in FY03/2018, but the Company is too see a turnaround in FY03/2019. On top of this, the Company has a plan to start running Japanese dish food court in urban shopping mall based in Shenzhen, China, in March 2019, which is also expected to drive long-term earnings with the Company.

1 August 2018 LIFULL (2120)

Upheavals Overseas

LIFULL, running “LIFULL HOME’S”, i.e., one of the largest real estate and housing information listing websites in Japan, is to see upheavals with its Overseas Business. The Company is currently preparing for upcoming consolidation of Mitula (to be implemented in October 2018) running aggregator websites mainly on real estate and housing information across the world, while having already pulled out of loss-making operations to run local editions of “LIFULL HOME’S” in Australia and Germany. Meanwhile, Trovit has been consolidated since November 2014, which is peer of Mitula in many respects, while the Company is currently planning to implement integration of management between Trovit and Mitula after the consolidation of Mitula. The Company’s midterm management plan is calling for “revenue of ¥50,000m to ¥60,000m, EBITDA margin of some 20%” in FY09/2020, which does not include impacts from upcoming consolidation of Mitula. The Company roughly suggests revenue of ¥2,800m, EBITDA of ¥900m and EBITDA margin of 32% for Mitula in FY12/2017, while also suggesting that Mitula has been seeing some organic growth since then. Assuming Mitula being consolidated on a full-year basis in FY09/2019, the Company is to see net add-ons to this extent stemming from consolidation of Mitula, while net add-ons by synergies to be created in line with integration of management with Trovit equating to ¥100m to ¥200m in revenue and to ¥200m to ¥300m in cost reductions in the said fiscal year. For example, the Company is to see collective market shares overwhelmingly high in Chili, Italy and Mexico in regards to traffic on the aggregator sites (no integration of websites planned even after that of management), respectively, 68%, 85% and 90% after the consolidation, beefing up the strengths of the Company.

30 May 2018 AVANT (3836)

Map for Future

AVANT, advocating “picture map for future based on management information” as own mission, is to see long-term growth by means of practicing said mission. DivaSystem, which is proprietary packaged software for consolidated accounting and management to have been adopted by collective 977 corporates (as of the end of March 2018), including more than half of top 100 market cap ones in Japan, enables management information get “utilized”, while own system integration services “visualized” and own outsourcing services “entrusted”. Together with this, the Company is trying to get at enhancement of operations as CIFO ACCELERATOR to support CIFO in charge of harmonized role of CFO and CIO, enlarging exposure to provision of solutions associated with “optimal allocation of business assets for future (finance)”. Meanwhile, demand for the Company’s product (DivaSystem) and services continues increasing in fact, generating an issue to go on expanding human resources to cope with this going forward. Still, the Company currently sees benefits from increasing sales more than impacts from increasing expenses on human resources, resulting in steady increases of earnings. The Company’s midterm management plan (FY06/2018 to FY06/2020) is calling for prospective sales of ¥13,433m and operating profit of ¥1,626m in FY06/2020, i.e., the last year of the plan, suggesting CAGR of 8.4% for sales and 7.6% for operating profit during the same period, when based on FY06/2017 results. On top of this, Tetsuji Morikawa, the founder and current President Group CEO, is going for CAGR of 18% for earnings as long-term management target over 10-year period through FY06/2018 to FY06/2027.

1 December 2017 IWAKI (8095)

On the Semiconductor Side

IWAKI, involved with manufacturing and selling of pharmaceutical raw materials and pharmaceuticals as the key earnings pillar, is seeing V-shaped recovery of earnings beyond assumptions of its long-term vision. The Company is seeing buoyant earnings in Pharmaceuticals & FC to manufacture and sell pharmaceutical raw materials and pharmaceuticals as well as in Chemical Products at the same time. In particular, turnaround of earnings in Chemical Products drives increasing earnings as a whole for the Company. Since around 2015, this business segment has been suffering from loss due to halved sales as a result of suspension of a major partnership agreement, but most recently starting to make money. As far as we could gather, the Company is starting to benefit from operations associated with UBM (Under Bump Metal) process, carrying high gross profit margin, adopted in the manufacture of power semiconductors, etc. On top of this, the Company has been keen on investing in Fan-Out WLP/PLP (Wafer Level Package / Panel Level Package), which is expected to materialize densification of next-generation Smartphones by means of extremely miniaturizing or thinning semiconductor packages. Meanwhile, the Company’s long-term vision of “i-111” is calling for prospective sales of ¥100,000m or more and ROIC of 10% or more in FY11/2025 when it celebrates the 111th anniversary. When based on ¥55,121m in FY11/2016 results, sales are to see CAGR of 6.8% or more toward FY11/2025, while ROIC, the KPI for the Company, is to see improvement up to 10% or more from 3.2% during the same period.

13 Nov. 2017 Nippon Commercial Development (3252)

Accelerating Land Procurement

On 10 November 2017, Nippon Commercial Development, running JINUSHI Business (Buy land. Lease land. Sell leased land.), released its Q1 to Q2 FY03/2018 results. It has been revealed that the Company is seeing accelerating land procurement. As of the end of Q2, property for sale outstanding stood at ¥46,574m (up 59.6% YoY), while as much as some ¥62,000m (up 72%), when projects on a priority negotiating rights basis being all included.

14 September 2017 Meiho Enterprise (8927)


On 14 September 2017, Meiho Enterprise to run unique operations of selling real estate released its FY07/2017 results. It has been revealed that earnings were better than expected, due mainly to successful corporate efforts of “adding value” in the mainstay MIJAS operations to procure deformed land where it is hard to put up any buildings and to develop apartments for rent in there, while eventually selling them as real estate investment products. At the same time, it has been also revealed that prospective earnings in FY07/2018 are to soar in line with surging sales associated with the MIJAS operations. The Company, having had suffered from operating loss three years in a row through FY07/2009 to FY07/2011, has been seen steady and consistent recovery of earnings to date since having had turned into profit in FY07/2012. Indeed, the Company is now to resurrect. Presumably, having had fully reorganized operations as a whole, the Company has just announced that it will see changeover of management in order to further pursue strengthening of management structure, etc.

24 July 2017Akatsuki Corp. (8737)

Involvement with Real Estate

Akatsuki Corp., or ex-Akatsuki Financial Group to have changed corporate identity on 1 July 2016, is to see a major turnaround for its period gains and losses. In the first place, the Company used to run a group with Akatsuki Securities, Inc. being involved with sales to retail investors with 12 branches across Japan as the key subsidiary for earnings as a whole for the Company. Meanwhile, operating revenue in FY03/2018 is to be dramatically driven by a merger on the Real Estate Business side and thus earnings. That is to say, in Q2, the Company is to incorporate TOTAL ESTATE, Ltd. to have seen sales of ¥23,494m and operating profit of ¥1,041m in FY09/2016 with its operations to refurbish secondhand condos (purchase and resale) as consolidated subsidiary. According to the Company, goodwill of ¥2,000m (roughly estimated) to be generated here is to be written off equally for 10 years, i.e., ¥200m pa. The Company, whose period gains and losses as a whole having hinged on those of brokerage of securities for retail investors on the Securities Business side to be driven by state of the stock market to a meaningful extent, is trying to get at stable earnings growth over the long-term by means of consolidating TOTAL ESTATE, Ltd., i.e., the 4th largest operator, although not being listed, in terms of the number of purchase and resale for secondhand condos. On top of this, the Company came up with the release on 25 April 2017 to disclose that it will see consulting revenue of ¥1,100m on the Real Estate Business side in H1, which will drive full-year earnings as a whole for the Company a lot. However, this is just one-off and thus positive impacts from here will disappear in FY03/2019 over FY03/2018.

22 May 2017 POCKET CARD(8519)

Increasing Card Members

POCKET CARD, aiming at future growth with Famima T Card business, is seeing favorable business performance. Given management integration between FamilyMart and UNY GHD (1 September 2016), having not been assumed in midterm management plan (FY02/2017 to FY02/2019), the number of new openings for FamilyMart stores, i.e., the key channel to invite new applications for Famima T Card, is to be larger than initially assumed and thus the number of new applications for Famima T Card. That is to say, the Company is to see unexpected increases for its own key earnings source. Meanwhile, the Company is to see unexpectedly increasing expenses to acquire new applications, etc. at the same time, but this is to be compensated for by interest-refund-related expenses, etc. to fall short of initial assumptions, suggesting a high probability for midterm management plan to be met at the end of the day. In regards to Famima T Card, the number of effective members stood at 2.70m as of the end of FY02/2017, while midterm management plan assumes 2.81m as of the end of FY02/2019. Meanwhile, the Company now suggests that this target could be achieved probably as early as by the end of FY02/2018, judging from the most recent trends. FamilyMart alone is going for prospective new openings of 796 stores (versus 831 in the previous year) in FY02/2018, while those by store conversion to FamilyMart from Circle K Sunkus (CKS) stemming from above- mentioned management integration are to surge, i.e., up to 2,600 stores (versus 829). Thus, in a view of the Company, the number of FamilyMart stores or the key channel to invite new applications for Famima T Card is to double (1,660 to 3,396) in FY02/2018 over FY03/2017, while the Company is to benefit from operating revenue represented by customer charges to be obtained through shopping on revolving credit by all those new card members acquired here on a full-year basis, starting in FY02/2019.

27 March 2017 DUNLOP SPORTS (7825)

Short-term Adjustments

DUNLOP SPORTS, manufacturing and selling golf clubs and golf balls as the key earning pillars, is trying to get at a long-term growth principally by means of recovering own market shares in North America. However, short-term earnings are to adjust. This is due mainly to costs starting to rise after recent decreases. While FY12/2017 Company forecasts are going for net decreases of some ¥1,200m in operating profit over the previous year, the Company’s analysis suggests that net decreases of ¥1,100m are to appear by increasing raw material prices in line with hiking crude oil prices, etc. and that net decreases of ¥800m by increasing expenses. Given a one-off factor, expenses in FY12/2016 came down a lot over the previous year, having given net increases of ¥700m in operating profit, which is not to reappear in FY12/2017. Meanwhile, the Company suggests that the market shares of golf clubs and golf balls in North America are on the verge of recovering. As far as we could gather, the Company’s measures to rebuild operations in North America are starting to make steady progress, triggered by bullet write-off of remaining goodwill of ¥3,947m as of the end of FY12/2015, associated with Roger Cleveland Golf Company, Inc., i.e., the subsidiary based in California of the United States in charge of the Company’s operations in North America. The Company is going for buoyant sales in North America in the near future, suggesting no further meaningful losses to be generated here in FY12/2017. Midterm management plan (FY12/2016 to FY12/2020) to have been released at the release of FY12/2015 results (12 February 2016) are calling for prospective sales of ¥100,000m, operating profit of ¥6,000m and ROE of more than 5% in the last year of the plan, i.e., FY12/2020, suggesting CAGR of 5.1% in prospective sales and 32.3% in earnings through FY12/2016 to FY12/2020. The Company also suggests that all those figures are basically achievable with IFRS to have been voluntarily adopted since the yearend results of FY12/2016.

1 February 2017 CROOZ (2138)

Game to Fast Fashion

CROOZ, having introduced strategy to focus own resources upon online shopping of fast fashion, i.e., “SHOPLIST.com by CROOZ” and other EC business, is seeing strengths for its earnings. The Company is calling for long-term target to see unique purchasers of 5m pa and purchase value per person of ¥20,000 pa, up some 3.8 times and up some 1.5 times, respectively, compared with recent results. Thus, the Company is looking to SHOPLIST as the growth driver, going forward, while the targets simply imply full-year sales of ¥100,000m. On the other hand, the Company transferred Internet Contents Business (Game Business) but for “ELEMENTAL STORY” to Mynet Group on 1 November 2016. “ELEMENTAL STORY”, having accounted for bulk of earnings in Game Business, will remain, but the Company is to suffer from decreases of sales and earnings due to this transfer, starting in Q3 FY03/2017. More importantly, however, funds raised by this transfer will be invested in SHOPLIST to accelerate its growth in the future, enabling the Company to create corporate value, more than used to be expected, in a long-term view. The Company is to release its Q3 FY03/2017 results on 10 February 2017 and to hold investor meeting at the same time, planning to discuss all those issues more in depth.

21 Dec. 2016 FTGroup(2763)

Developing New Stock Income

FTGroup, running operations to sell diverse merchandises to small businesses, sole proprietors and consumers, while providing them with services at the same time, is trying to get at long-term growth by means of “Accumulation of Stock Income” together with other management strategies. Most recently, the number of subscribed lines for Hikari Collaboration, expected to drive “Accumulation of Stock Income” most substantially, has been on a steadily rise and so has been for gross profit stemming from here. However, the number of subscribed lines has not increased as many as initially expected at the beginning of FY03/2017 due mainly to intensifying competition with mobile phone carriers, etc. Meanwhile, the Company has already started up further enhancement of sales promotions for Hikari Collaboration towards yearend and fiscal yearend by means of efficiently beefing up utilization of new sales agents while proposing sales together with “FT Denki”, i.e., retailing of power to have started in October 2016. At the same time, the Company is eager to develop new services to generate stock income. For example, the Company is looking to increasing penetration for services of “JET” which is innovated water saving device to boost water pressure by outside air to be installed at restaurants, etc. on a rental basis. This makes it possible to cutback amount of water consumption by 30% with no change in feeling of use, accordingly cutting back water bill by 30%. Given water bill cutback is larger than rental charges, the Company believes in a great room to cultivate market from now on, while this will be a new acquisition of source of stock income to be generated in a long-term view. On top of “Accumulation of Stock Income”, the Company is working on “Market Share Enhancement for Existing Business Domains” and “Development and Promotion for New Business”, calling for prospective recurring profit of ¥10,000m in FY03/2019, suggesting CAGR of 27.4% over the next three years based on recurring profit of ¥4,835m in FY03/2016 results.

15 Dec. 2016 Cross Marketing (3675)

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8 Dec. 2016 CCS (6669)

Further Rise of Sales and Earnings

On 8 December 2016, CCS, running MV Business (Machine Vision Business to develop, manufacture and sell image-processing-use LED lighting) domestically and overseas, released its Q1 FY12/2016 (5-month irregular accounting period) results. It has been revealed that sales and earnings steady increased as a whole for the Company in spite of negative impacts from yen’s appreciation. It appears the Company is heading for further rise of sales and earnings going forward, having seen increasing sales and earnings over the past three years in a row.

20 Sep. 2016 Nousouken Corporation (3541)


Nousouken Corporation, which is described as “a company to persistently create new distribution of agricultural products based on new concept by means of use of IT”, is planning to beef up its total distribution amount (collective value in terms of retailing prices) of agricultural products, mainly fruit and vegetables through its proprietary distribution platform in a long-term view. FY08/2016 Company forecasts are going for total distribution amount of ¥5,201m (up 34.9% YoY), while the Company suggests CAGR of almost 40% in upcoming several years. At the moment, the Company sees gross profit equating to 18% to 19% of total distribution value. As far as this ratio persists, future absolute value of gross profit should increase in line with total distribution amount.

16 Sep. 2016 URBANET CORPORATION (3242)

Persistently Increasing Dividend

URBANET CORPORATION, developing and selling (wholesaling: B to B) studio apartments for investment on a building basis, exclusively in Tokyo’s 23 wards with condition to arrive within 10 minutes by walking from nearest stations, as the key operations, is seeing persistently increasing sales and earnings, while planning to increase annual dividend for the sixth consecutive year in FY06/2017. Sales and earnings increased sharply over the previous year in FY06/2016 due mainly to selling of 658 units (up 29.8% YoY) for self-developed studio apartments for investment, which is to be followed by steady increases of sales and earnings in FY06/2017. Although the Company goes for selling of no more than 587 units (down 10.8% YoY) for studio apartments for investment, unit selling prices and thus gross profit margin are to rise in line with increasing exposure to direct lump-sum sales on a building basis to domestic / overseas investors as well as to individuals who are keen on inheritance tax measures. When compared with existing mainstay sales to apartment sales companies, the Company inevitably sees delayed timing for sales contracts being signed but sales and gross profit relatively larger. That is to say, high risk leads to high return. However, in regards to prospective 587 units (down 10.8% YoY) in FY06/2017, sales contracts for all of them have been signed to date, including those of direct lump-sum sales. It is often the case that real estate brokers are intervened in regards to direct lump-sum sales, resulting in increases of SG&A expenses due to brokerage fees to be paid to them. Still, gross profit margin higher is more than compensating and thus operating profit margin is enhanced. Meanwhile, it should be also spotted that the Company is increasingly exposed to diverse sources for earnings in a long-term view, given steady startup of operations for end users (retailing: B to C) by URBANET LIVING CO., LTD. (100% subsidiary).

28 July 2016 Akebono Brake Industry (7238)

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17 March 2016 Startia (3393)

Adjusting COCOAR

Startia, providing mainly small-&-medium-sized corporates with total IT solutions, including offering of self-developed packaged software, is currently suffering from correcting earnings, short-term. The Company sees increasing sales and earnings, in regards to existing key earnings sources, i.e., operations to sell network devices and MFPs (multifunctional printers) to customers, but sales of self-developed packaged software to create AR (Augmented Reality) contents, i.e., COCOAR, carrying high gross profit margin, are adjusting. A part of adoptions of said packaged software has been arousing interests. Nevertheless, sales of COCOAR as a whole have been far below expectations, due to unsuccessful sales promotion measures, etc. As both gross profit margin and marginal profit ratio are high, the Company inevitably suffers from major negative impacts in terms earnings. This has led to downgrade for FY03/2016 Company forecasts, while the Company has officially announced to abandon existing prospects for earnings in FY03/2017, where ongoing increases of sales for COCOAR are assumed. At the moment, the Company is in the process of working on sales promotions for COCOAR again from scratch, by means of retraining junior sales representatives who have joined with the Company as new graduates within the past couple of years, while reconsidering pricing strategy at the same time. Until recently, the Company used to be so keen on hiring new graduates as many as possible to beef up own sales forces, but now cutting back the number of new graduates to be hired. The Company argues that excess hiring of new graduates appears to have created some cases that they inevitably spoke to customers with insufficient knowledge and/or experiences. Going forward, all those changes are expected to nicely drive prospective earnings in FY03/2017, but it is too early for the Company to come up with exact figures for this until the timing to disclose FY03/2016 results.

2 Feb 2016 Nippon Air Conditioning Services (4658)

Earnings in Line

On 29 January 2016, Nippon Air Conditioning Services, being involved with maintenance services for diverse buildings & facilities comprehensively on air conditioning and with renewal construction at the same time, released its Q1 to Q3 FY03/2016 results. It has been revealed that earnings are in line with initial Company forecasts.

20 November 2015 MORITO (9837)

Successful M&A Strategy

MORITO, involved with wholesaling of apparel materials and consumer-products materials on a global basis as the key earnings source, is likely to see its business growing mainly driven by implementation of M&A strategy. In Q1 to Q3 FY11/2015, the Company saw steady organic growth, while having benefited from increasing net add-ons stemming from SCOVILL (GSG Fastener, LLC), i.e., manufacturer of apparel materials, based in Georgia, U.S.A. It has been consolidated since the beginning of the fiscal year as a result of implementation of M&A strategy. Going forward, initial costs associated with this are not to reappear in FY11/2016, while the Company is likely to start benefiting from synergy from here on a full-fledged basis. As far as apparel materials, being estimated to account for substantial part of earnings of the Company as a whole, are concerned, the Company has already obtained decent market shares on a global basis in the existing domains to date. However, it is still the case that there remains ample room for the Company to substantially expand own exposure to domains but for existing ones, i.e. those of high-end products, etc., going forward.

2 September 2015 SEPTENI HOLDINGS (4293)

Driven by “In-Feeding Type” Advertising

SEPTENI HOLDINGS, being involved with sales of Internet advertising as the key earnings pillar, is seeing accelerating growth rates in sales and earnings. In May 2015, “Yahoo! Japan”, one of the media on which the Company is running own Internet advertising, has newly introduced advertising slot to be displayed between articles, which is called “in-feeding type”, in line with reformation of the Smartphone-edition top page. As far as we could gather, the Company is starting to see surging sales stemming from here. At the same time, the Company is seeing expenses as well, due to aggressive frontloaded investments in manga content to be future earnings sources, but this is far more than compensated for by increasing earnings from sales of Internet advertising, i.e., the current earnings pillar. Meanwhile, the Company has come up with a target to quickly “double earnings”, as own management policy, since November 2013. When based on operating profit ¥1,593m in FY09/2013, the Company is now going for 1.7 times in two years, i.e., ¥2,701m in FY09/2015.

18 August 2015 R-TECH UENO (4573)

Improving Awareness & Expansion to Europe

On 12 August 2015, R-TECH UENO, a drug discovery venture, released its Q1 FY03/2016 results. It has been revealed that sales and earnings are steadily increasing over the year. In regards to contacted manufacturing services of “AMITIZA® Capsules” (therapeutic agent for chronic idiopathic constipation symptom, etc.), having accounted for almost 90% of sales as a whole for the Company, the Company continues to see surging demand in Japan, where their excellent therapeutic effect has been well recognized across the board, triggered by being taken up in a very popular TV program broadcasted by NHK (Japan Broadcasting Corporation). Meanwhile, it is spotted that they could be newly launched as early as in H2, in Europe where approval for marketing has been applied for some time. If it is the case in reality, this will be a factor for Company forecasts to be exceeded. On the drug discovery venture side, where the Company came up with new measure of “strengthening the development pipelines by selection and concentration”, corporate efforts are made for implementing licensing out, in regards to compound for sever dry eye as target indication (code number: RU-101) and compound for alopecia as target indication (RK-023). Going forward, the Company is to conduct phase 1 repeat-dose studies, in regards to compound for diabetic retinopathy, etc. as target indication (RTU-1096) very soon. At present, all those three issues should be mentioned as good candidates to generate cash flow in the near future, as far as we could gather.

26 June 2015Rentracks (6045)

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10 June 2015 CMC CORPORATION (2185)

Steady Auto-Related Sector

CMC, involved with marketing business mainly for auto-related sector, sees favorable earnings short-term. In regards to its expertise operations of planning, editing and producing manuals (user manuals, repair manuals, etc.), the Company sees steady increases in the number of projects domestically and overseas, contributing to sales and earnings for the Company a lot. As far as we could gather, merger with a competitor Maruboshi Group in January 2011 is one of the factors to have driven the increases overseas. The Company, having been involved also with support services for internal educations of sales representatives, sales promotions of the merchandises, etc. for customers belonging to auto-related sector, is now planning to horizontally expand knowhow, etc. earned in here to non-auto-related sector in a long-term view. In our rough estimates, auto-related sector accounts for 70% of sales and non-auto-related sector 30%, at the moment. The Company is trying to get at steady sales increases in both of them to drive earnings in a long-term view.

15 April 2015 Shirohato (3192)

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1 April 2015Nippon Manufacturing Service (2162)

Exposure to In-Car Domains

On 30 March 2015, Nippon Manufacturing Service, heavily involved with EMS Business for major Japanese manufacturers, e.g., those of consumer electronics, revealed that the Company entered into capital & business alliance with KANEMATSU CORPORATION. At the same time, it was also revealed that the Company was to start up operations of EMS for companies involved with in-car-related business in North America in two years as a prospect. As far as we could gather, the Company is going for net sales add-ons at least ¥10,000m over the next three years through FY03/2016 to FY03/2018 for its EMS Business from here, combined with net sales increases associated with existing customer base.

25 February 2015 RACCOON (3031)

Favorable Earnings & Share Buyback

On 25 February 2015, RACCOON, comprehensively pursuing efficiency of corporate transactions by means of running operations for online shopping, settlement agent services and accounts receivables guarantee, released its Q1 to Q3 FY04/2015 results. It has been revealed that earnings trends are favorable in all those three business domains (business segments), across the board.

19 November 2014 MonotaRO (3064)

Pursuit of Persistent Growth

MonotaRO, running Internet store of indirect materials (diverse consumables but for raw materials), e.g., tools, mainly for small-&-medium-sized corporates belonging to manufacturing, construction & engineering and automotive aftermarket by sector, maintains high growth rate in sales. While the number of registered accounts is steadily increasing in line with increasing number of incoming new customers, sales per registered account remain roughly stable. As far as we could see, the Company is seeing business performance, well coping with its midterm milestone target to achieve sales ¥100,000m (more than doubled from the current level). On the other hand, operating profit margin is under pressure short-term. On top of expenses associated with changeover to new distribution center, the Company is currently seeing increasing procurement expenses in line with yen’s depreciation, changes of product mix and initial expenses of new operations in Korea at the same time. However, going forward, prospective operating profit margin in FY12/2015 is likely to improve over the year. One-off expenses incurred by changeover to new distribution center will not reappear, while efficiency will be enhanced as the operations of new distribution center will be on track. In regards to product mix, the Company suggests that it will place emphasis on both national-brand merchandises and private-brand ones, while the operations in Korea are to remain making loss.

22 September 2014 Shin Pro Maint (6086)

“Emergency Maintenance” to Expand

Shin Pro Maint, one of the TSE Mothers IPO companies in 2013 (December), is heavily involved with operations to provide 24-hour emergency repair services with major operators of chain-store restaurants for any troubles of facilities, equipment, etc. in their stores, and all those operations are called “Emergency Maintenance”. Demand for “Emergency Maintenance” with the Company is steadily increasing in recent trading, while long-term prospects are also favorable. In order to cope with this trend, the Company has decided to set up in-house system to improve efficiency in own daily business operations. Management argues that the Company is to aggressively take advantage of the in-house system, which is to be highly cost efficient, to cope with future demand increases, while suppressing the increases of headcounts as much as possible. Thus, the Company is likely to be able to suppress increases of SG&A expenses in a long-term view. Added value, created by the Company, mainly comes from its capability to quickly arrange the most appropriate solutions for troubles taken place at own customers. The Company has been doing this basically by means of human labors to date, while it has started up storing all those knowhow, etc. acquired and accumulated in own operations so far in the in-house system to utilize in the foreseeable future. Thus, the Company is to be able to more efficiently create value than before.

14 March 2014KENKO Mayonnaise (2915)

No Further Cooking Oil Price Hikes

KENKO Mayonnaise, involved with developments, manufactures and sales of mayonnaise & dressings, salads & delicatessens, processed egg products, etc. as a professional-use food manufacturer, is suffering from procurement price hikes of major ingredients, i.e., cooking oils, eggs, etc. as well as from yen’s depreciation, resulting in increasing costs of sales in FY03/2014. However, as far as cooking oils are concerned, their procurement prices have already peaked to date and thus those of cooking oils are to come down over the previous year in FY03/2015, suggesting lower cost rate with the Company over the previous year. Meanwhile, the Company succeeds in incorporating persistently increasing demand associated with the market for ready-made meal, enhancing potentials for the Company to persistently see steady sales growth. In a long-term view, on top of this, earnings with the Company are to see increasing contributions from new business units, i.e., overseas market cultivations and face-to-face sales of salads after frontloaded investments in them so far.

21 February 2014 ValueCommerce (2491)

“Financial”, “Travel” and Shopping-Related

ValueCommerce, running affiliate marketing service, is likely seeing steady earnings growth in a long-term view, driven by the growth in the market for E-Commerce. Short-term earnings with the Company overwhelms the market for E-Commerce in terms of growth rates, to which increasing advertising from “Financial” and “Travel” contributes a lot. Going forward, meanwhile, the Company is likely being increasingly exposed to shopping-related domains. In Q4 FY12/2013, trading with the Company suggested this trend, for example, in a respect that advertising from “Shopping & Auctions” increased substantially.

17 February 2014 PROTO CORPORATION (4298)

Synergy to be Pursued

PROTO CORPORATION, providing used car dealers with advertising and peripheral services as the key earnings source, is to pursue synergy associated with recent mergers and acquisitions. At the moment, earnings are under pressure due partly to delayed pursuit of synergy associated with recent deals, but this could suggest that there are good chances for the Company to pursue synergy in the near future. Meanwhile, earnings of the existing earnings pillar or advertising and peripheral services for used car dealers are not growing at the moment as front-loaded investments are on the verge of enhancing sales. Thus, short-term corrections of earnings with the Company are likely to be one-off.

15 November 2013 Panasonic IS(4283)

Decreasing Exposure to Panasonic

Panasonic Information Systems, running developments and operations for business systems, is steadily cultivating the general market. At the moment, the Company is heavily involved with those for housing-related businesses with the Panasonic Group, but most recently sales associated with “Information Technology as A Service” in the general market, relating to customer base other than the Panasonic Group, are starting to pick up nicely. More specifically, cloud services to offer pay-as-you-go operations for business systems on the cloud, are showing expanding trends in the number of projects and proceeds. The Company is aiming at long-term growth by aggressively beefing up sales in the general market through appointing some full-time system engineers as own sales forces, etc. According to the Company, the gap, stemming from the appointments, is supposed to be filled by outside engineers.

24 June 2013 ODELIC(6889)

Ensuring Market Share

ODELIC, one of the three major players of residential-use LED lighting, is likely to maintain and/or enhance its share in the market for LED lighting, enabling itself to benefit from future growth in the market. The strengths with the Company have a lot to do with its established capability of quick-delivery supply for diversified lighting products through own sales channels, as far as the mainstay residential-use LED lighting, accounting for 70% of sales with the Company, is concerned. Meanwhile, the Company, specializing in lighting products, had no less than 49.8% exposure to those of LEDs in terms of sales in FY03/2013. That is to say, the Company has a high exposure to fast-growing market for LED lighting, together with distinguished competitiveness, generating a major driver for prospective earnings in a long-term view. According to mid-term management plan, the Company goes for prospective sales ¥40,000m, operating profit ¥5,500m and operating profit margin 13.8% in FY03/2016.

13 December 2012 Yamaichi Electronics (6941)

Fixed Cost to be Cut

Yamaichi Electronics has revealed its plan to achieve a turnaround at the operating level in FY03/2014. Continuously suffering from operating loss, as a result of deteriorating market environment, the Company is to reorganize own operations, basically, by means of cutting back fixed cost, calling for fixed cost ¥10,500m (down ¥1,700m YoY) in FY03/2013 and ¥9,700m (down ¥800m) in FY03/2014. Collectively, net decreases ¥2,500m for fixed cost are expected to feed through in two years. The Company has a target to set up a framework to make money at the operating level, even when sales are to come down, to a certain extent, in FY03/2014 over FY03/2013, helped by fixed cost reductions, combined with strategy to lower the ratio of variable cost to sales.

28 November 2012mobcast (3664)

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31 August 2012 Interspace(2122)

Smartphone & Real Affiliate

Interspace sees strengths with its earnings, driven by surging sales associated with Smartphone in the mainstay Affiliate Business. Out of this segment, 15% of sales were related to Smartphone in Q1 FY09/2012, 25% in Q2 and 33% in Q3, showing a steady growth trend, on a sequential basis. Given an advent of Smartphone as a new device on top of PC, pay-per-click income on the existing affiliate service side are increasing favorably, while the Company also benefits from increasing volume of Smartphone at retailing stores for mobile phones, where it runs real affiliate by means of using the stores’ marketing capability as media. Meanwhile, the Company is anticipated to start making money on Media Business in FY09/2013, as the stage of front-loaded investments in developing social game titles are almost completed.

25 June 2012 SATO HOLDINGS (6287)

Achieve More Than 12% ROE

SATO HOLDINGS, realizing “precision, labor-savings and resource-savings” in diversified industries, together with its auto-identification systems, has released its long-term management plan, calling for more than 12% prospective ROE in FY03/2021. Compared with 5.5% for ROE in FY03/2012, the Company is to achieve ROE 10% in FY03/2015 and is to pursue further improvements with its profitability going forward. Prospective sales and operating profit in FY03/2021 are, respectively, ¥150.0bn and ¥15.0bn. In line with long-term improvements with ROE, the Company is to consistently increase absolute value for dividend per share.

1 June 2012 ELECOM(6750)

More Emphasis on Earnings than Sales

ELECOM’s management strategy is now making a change. The Company has successfully enhanced sales by means of applying aggressive measures to increase market shares in storage (external HDDs) and network (wireless LAN equipment), on top of Smartphone-&-tablet-PC-related products. However, most recently, short-term profit margin is under pressure in line with intensifying price-oriented competition and increasingly costs associated with inventory write-offs on short-life-cycle products, represented by Smartphone-related ones. Intentional price cuts to avoid such write-offs are another negative factor. Given this trend, the Company has decided not to be involved with excess price-oriented competition, while pursuing further improvements with its distribution systems, eventually looking to a recovery with its profit margin trends. Earnings are now more pursued than further increases in sales.

1 May 2012KOBE BUSSAN (3038)

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4 April 2012 TRUSCO Nakayama(9830)

Supporting Disaster Recovery

Prospective earnings with TRUSCO Nakayama are to be firm, due to its distinguished conveniences offered to its customers. The Company supplies Japan’s manufacturers etc. with diversified items, as a wholesaler, dealing in registered items as many as 972,000, mainly comprising tools, consumables, machineries, etc. to be used in factories and outdoor work. These items are always delivered to customers so quickly through the Company’s own efficient delivery systems, across the nation, and this contributes to production activities by Japan’s manufacturing industry to a large extent.

In Q1 to Q3 FY03/2012, sales came in at ¥94.3bn (up 12.7% YoY) and operating profit ¥5.6bn (up 52.9%). Driven by steady increases in sales, the Company nicely saw volume effects. Major contributors to sales increases were recovery of demand associated with auto industry and increases of demand for disaster recovery (associated with East Japan Earthquake). Recent trading suggests the strengths have been persisting, in a respect that aggregated sales by February rose 12.9% YoY, and growth like this was persisting in March, while likely persisting in FY03/2013.

The most recent management plan calls for prospective sales ¥135.0bn (up 3.8% YoY) and operating profit ¥9.6bn (up 14.3%) in FY03/2013, in which increasing demand associated with disaster recovery appears not to have been fully incorporated. Thus, prospective earnings here are likely exceeded in reality. In the history, the Company used to see sales in line with the trends of Industrial Production in Japan, but recent trading suggests that the Company has been doing better than the trends. It appears that the Company’s original and unique strengths on “inventory”, “catalogue” and “distribution” are all well utilized in efficiently coping with disaster-recovery-related demand, which is now increasing faster than the previous assumptions.

30 March 2012 TAKE and GIVE NEEDS (4331)

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7 March 2012 The Monogatari Corporation (3097)

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31 January 2012 Dr.Ci:Labo (4924)

Purchase Rates Recovery

Dr.Ci:Labo, developing the market for pharmaceutical cosmetics, is to see a recovery in recent trading. In Q1 (Aug to Oct) FY07/2012, sales rose only 4.4% YoY, while Q2 (Nov to Jan) started with the same sort of trends in trading. Most recently, however, purchase rates by newly registered members in the mainstay mail order are on the verge of seeing trend of recovery, while corrections in sales with wholesaling in Q1 have turned out to be one-off. It appears that corrections of sales growth rates with the Company are now starting to subdue, and the Company is on the verge of retrieving two-digit growth rates in sales in the near future, as it used to do so over the past few years.

The Company is mainly in charge of supplying users with cosmetics for skin-care, developed by Yoshinori Shirono, the founder (and the current chairman) of the Company, who has also been a doctor who specializes in beauty dermatology. Products, here, incorporating Aqua-Collagen-Gel Series as the core constituents, are called pharmaceutical cosmetics. The Company has been seeing steady increases in sales for years, replacing products by system cosmetics makers through offering innovated products & services in line with users’ needs in many aspects. The Company saw recurring profit margins 28.1% and ROE 39.9% in FY07/2011. At the end of the day, the number of registered members with mail order should reach 13 to 14 million in Japan versus 7.87 million as of the end of Q1. The Company is so eager to make further progress with its enlightenment activities in Japan where it appeals relative superiority with own products, and thus the market should be more cultivated by itself. Looking forward, developments in the overseas markets like in China are already in sight, and the developments here are expected to be the key driver with sales in a long-term view.

In Q1 (Aug to Oct), there were no fundamental changes in the Company’s strategy to enhance the number of newly registered members in mail order, but the Company spots that it made a change in “how it looks like”. In the same old way, the Company acquires new members by offering free samples at first, and then, persuades them to actually purchase own products. In Q1, the Company offered opportunities to win miniaturized products together with a pouch at the lottery. As a result, the Company saw some newly registered members who were mainly triggered by the opportunities to acquire the prize, and their purchase rates for own products after the achievements were disappointing. To date, the Company is to make a changeover back to the same old way in terms of “how it looks like”, and the purchase rates for own products after the registration among new members will be back to the levels prior to the change.

8 April 2011  Tosho (8920)

Front-Loaded Investments and Earnings Growth Potential

Tosho, mainly in charge of running “Holiday Sports Club” or health club, has a long-term growth potential. This is in line with a prospect that a series of new center openings for “Holiday Sports Club” is expected to feed through in a long-term view. However, short-term, earnings with the Company are under pressure, given increasing front-loaded investments associated with new center openings. In Q3 (Oct to Dec) FY03/2011, the Company had two new center openings with “Holiday Sports Club”, while some of costs associated with three new center openings in Q4 (Jan to Mar) also had been incurred. Such front-loaded investments are essential for the Company to see future earnings growth, with the Company’s business model. Meanwhile, the impacts from “Tohoku Region Pacific Ocean Earthquake” are currently under investigations. The operations of some centers have been restricted due to unstable supply of fuels and for the sake of saving power to date, although the Company’s facilities have not been effectively damaged. Here could it be a concern this may negatively affect the number of members with such centers.

24 December 2010  TOWA (6315)

A Recovery Expected in Q4

TOWA, the leading maker in the market for semiconductor molding equipment, saw favorable earnings recovery in Q1 to Q2 FY03/2011 results. Nevertheless, the order intake in Q2 (¥4.1bn) suffered from a sharp correction from Q1 order intake (¥9.0bn), while it seems the trend of correction has been going on, likely to lead to order intake of some ¥3.4bn in Q3. Still, the Company (i.e., TOWA) suggests a sequential recovery of order intake in Q4 over Q3, up to the levels in Q2 (¥4.1) or more. In the most recent order intake, another trend to be suggested is that the LED side is doing rather worse than expected, while the semiconductor side is doing rather better than expected. It could be discussed that the Company’s order intake basically hinges on the trend of semiconductor capex (back-end) on a global basis, and thus that the levels of order intake are beyond the control by the Company to a large extent. In fact, having learned another lesson in the course of global economic recession, started in 2008, the Company has been reforming itself in order to set up “A Corporate Structure to Make No Deficit”, even during the periods of order intake corrections, by means of carrying out full-fledged reductions in fixed costs. Now, after the trials so far since then, the Company spots that its break-even point is less than ¥16.0bn in terms of sales in FY03/2011 versus ¥21.0bn in FY03/2010.

1 October 2010  Iriso Electronics (6908)

High Exposure to In-Car Connectors

Iriso Electronics, a connector maker with a high exposure to in-car connectors, is seeing favorable earnings growth. In Q1 FY03/2011 results, released on 10 August, sales came in at ¥6.0bn (up 37.4% YoY), operating profit ¥0.8bn (4.6x) and operating profit margins 14.0%. Full-year Company forecasts are going for sales ¥23.5bn (up 11.2%), operating profit ¥3.0bn (up 48.1%) and operating profit margins 12.7%. Recent trading is running ahead of assumptions with Company forecasts, but full-year Company forecasts have remained unchanged so far. The Company is in charge of developments, manufacturing and sales of variety of connectors, while being exposed to in-car connectors as much as 60% in terms of application (in Q1 results) as the key characteristics. Presumably, its exposure in terms of earnings is even higher. The Company’s connectors are adopted as components of diversified in-car electronics and as those of electronic devices like car navigation, and its direct customers are so-called “Tier1”, i.e., the first suppliers of car components for car makers. The Company develops its businesses both domestically and overseas, and the recent driving forces for sales include increasing supply shares among “Tier1” in Europe as well as increasing volume of cars in Japan due to eco-car tax deductions and the Government subsidies. Q1 sales of in-car connectors were ¥4.0bn, up 6.8% QoQ and up 56.1% YoY.

1 October 2010  Riken (6462)

Leading the Market for Piston Rings in Japan

In Q1 FY03/2011 results, released on 4 August, sales came in at ¥18.5bn (up 36.6% YoY), recurring profit ¥1.9bn (6.3x). Compared with H1 Company forecasts, sales were achieved by 52.8% while recurring profit 75.1%, and thus earnings are running ahead of assumptions. Nevertheless, the environment for the domestic market for automobiles in H2 remains as a risk for full-year Company forecasts calling for sales ¥71.0bn (up 6.8%) and recurring profit ¥5.5bn (up 37.4%). The Government subsidies for eco-cars were a major driving in the domestic market for automobiles in H1, and this should lead to a correction in H2 to some extent. Riken is an independent auto-parts maker, mainly involved with piston rings with the leading 50% market share in Japan, as well as with camshafts, sealing etc. In the market for piston rings on a global basis, Riken (18% share) has a tie-up with Mahle (25% share), based in Germany, forming the world-largest group for producing piston rings, collectively accounting for 43% of the market. The second group comprises Federal-Mogul, based in the US, and TPR (6463), holding 25% share and 12% share, respectively, and accounting for collective 37% of the market. Mainly has Riken developed the domestic market in which own market share is high, while its exposure to the overseas markets to date often relates to cases through tie-up operations. Contribution to earnings from these overseas tie-up operations is booked as equity-accounted income at the non-operating levels with the Company’s consolidated accounts, and this equated to as much as 22% of recurring profit in Q1 results. Still, this is not good enough, given that TPR, or one of peers, is more rapidly increasing its exposure to overseas markets like China in particular.

1 October 2010  Cookpad (2193)

810,000 Dish-Recipes

Earnings are surging with the Company, running a PC site “Cookpad” and a mobile site “Mobile Dish-Recipe”. In Q1 FY04/2011, sales came in at ¥732m (up 75.6% YoY), operating profit ¥394m (up 120.5%). Contents of the Company’s sites are dish-recipes as many as 810,000, while the number of unique users for “Cookpad” in July 2010 stood at 9.44 million (up 38.9% YoY), together with about half of this on mobile front. As far as females in their 30’s in Japan are concerned, the Company penetration is as high as 47% with its services. Currently, the key driver for sales with the Company is increasing membership fees from all those users, collectively, over 400,000, to date. With a monthly charge of ¥294, the members are entitled to use high-functional services, making them take advantage of the contents with a high convenience. The sites are free for being accessed, but it turns out to be just advantageous to sign it up when assuming a case of everyday accesses, having resulted in ongoing sequential increases in the number of registered members. Out of the estimated number for collective unique users for the Company’s sites, i.e., 15 million, the registered users equate to less than 3%, implying ongoing increases from the current low levels in the future. On top of this, the number of unique users also has a high potential to expand from now on.

24 August 2010  AFC-HD AMS Life Science (2927)

Steady Increases of Functional Foods Manufacturing on an OEM Basis

Sales were ¥10.9bn (up 15.9% YoY), operating profit ¥0.7bn (up 27.3%) in Q3 FY08/2010 (9 months) results, announced on 9 July, having shown favorable earnings growth with the Company. Still, the Company has achieved only 63.4% of prospective operating profit in FY08/2010, and thus it remains questionable whether the Company may meet its Company forecasts or not. The key driving force with the Company’s earnings is the manufacturing of functional foods on an OEM basis, and this business is faring well, literally driving the earnings with the Company. In terms of Q2 results (6 months), the manufacturing of functional foods on an OEM basis saw sales of ¥2.4bn (up 43.3%), due mainly to new demand from new clients, and this trend is still continuing. Meanwhile, the Company suffers from delayed developments in its advertising agency business, reporting operating losses, albeit small, making Company forecasts a touch too optimistic. In Q3 results (9 months), the segment of Health Care, including the manufacturing of functional foods on an OEM basis, accounted for the bulk of earnings, while also including retailing of functional foods through own shops and via mail order as well.

24 August 2010  EPCO (2311)

Exceeding Assumptions

Q2 FY01/2011 results are set to be released on 9 September, and the release is likely to confirm that earnings are running ahead of the assumptions of full-year earnings forecasts by the Company. At the Q1 stage, sales were exceeded by 6.3% and operating profit by 20.2%. More importantly, it is suggested that the trends of earnings have not changed much so far. On a full-year basis, sales are expected to be ¥2,420m (up 6.9% YoY), operating profit ¥604m (up 1.3%) and operating profit margins 25.0%. In Q1 results, sales came in at ¥571m (up 18.4%), operating profit ¥143m (up 59.4%) and operating profit margins 25.0%. The “EPCO System” is steadily accepted by clients, and thus this is driving sales and earnings with the Company. The Company’s target is to achieve operating profit growth rate of 30% pa and operating profit margins of 30%. In FY01/2009, the Company achieved the target on an operating profit growth rate front, by reporting operating profit ¥596m (up 35.3%) and operating profit margins 26.3%.

24 August 2010  Yumeshin Holdings (2362)

Temporary Staff Service for General Contractors and Construction-Related Operations

In terms of 9-month results in Q3 FY09/2010, announced on 30 July, sales were ¥3,632m (equating to 76.0% of prospective full-year sales) and recurring profit ¥451m (79.1%). Meanwhile, the Company’s long-term target calls for sales of ¥11,570m (versus ¥4,780m in FY09/2010) and recurring profit of ¥1,740m (¥570m) in FY09/2013. Currently, temporary staff service for general contractors and construction-related operations is the key earnings pillar with the Company. The core of this business is that of construction management engineers (white collar) for general contractors, on a regularly employed basis. In the market for this business, the largest five operators account for collective 50% of the market, while the Company is ranked No. 5 with a 5% market share. A typical feature of the Company on a cost front is that it has a high exposure to low-wage youngsters, given that the employees in their 20’s account for more than 60% of total. Meanwhile, the Company has high exposure to relatively highly-rated construction projects in metropolitan areas on an order intake front, pursuing profit margins combined with its low-wage burdens. A problem is that the industry trend for general contractors as a whole is now sluggish and will remain so in the foreseeable future. In order to cope with this, the Company is well expanding into electric engineering, equipment construction etc. or all those construction-related operations with its temporary staff service.

26 July 2010  CHINTAI (2420)

Real Estate Rents Information Services on Various Medias

The Company released its Q2 FY10/2010 results on 14 June. “Media Business” or real estate rents information services, accounted for almost 90% of operating profit (¥2.3bn). “Media” relates to its portal site, its paper medium and its mobile site, and the Company is in charge of providing end users with real estate rents information (advertising for objects available) through the own medias, having seen high margins of 43.6% in terms of operating profit before elimination. With its portal site, the number of objects posted is 600,000 to 800,000 (fluctuating due to seasonal factors through the year), while the Company issues paper medium “CHINTAI” for end users, different ones with selected objects in the 26 different regions across Japan. One third of the objects dealt in by the Company are those of ABLE (8872) or one of the largest brokers of objects for rents, while the rest comprises those of the other nation-wide majors as well as of smaller-sized players dedicated to operations in specific regions. As long as the paper medium “CHINTAI” in metropolitan regions are concerned, the bulk of objects posted are of ABLE, given that ABLE has many directly-operated shops in there. On the contrary, the paper medium has a little exposure to ABLE objects in non-metropolitan regions where it has a limited exposure to its directly-operated shops. With its company forecasts, sales in FY10/2010 are expected to be ¥15.8bn (up 5.5% YoY), operating profit ¥3.5bn (up 9.5%) and operating profit margins 21.8%.

26 July 2010  Yaizu Suisankagaku Industry (2812)

Creating From Nature

Based on natural resources such as fish and shellfish, the Company, manufacturing natural seasonings as well as function food ingredients, has shown steady earnings growth. In FY03/2010, sales came in at ¥21.9bn (up 8.6% YoY) and operating profit ¥1.7bn (up 66.9%). Meanwhile, “Challenge & Growth”, or the Company’s long-term plan, calls for sales of ¥30.0bn and operating profit of ¥2.5bn in FY03/2013. Skipjack tunas, tunas, crab shells, scallops and other materials are processed into the Company’s products though the Company’s processing stages including extraction, refinement, dryness etc, shipped to the Company’s customers comprising domestic processed food makers (top 100 accounting for some 80% of sales here) and health food makers. The former relates to “Seasoning Business”, and it accounted for 67% of operating profit in FY03/2010 while the latter “Function Food Business” 31%.

26 July 2010  Chiyoda Integre (6915)

A Major Mechanical Parts Specialist

In Q3 FY08/2010, released on 12 July, the Company performed well, with sales ¥28.6bn (up 8.7% YoY) and operating profit ¥1.0bn versus losses in the last Q3. Still, it appears that the levels of operating profit suffered from a little shortage when compared with the Company’s expectations calling for a full-year operating profit ¥1.4bn in FY08/2010, having achieved 68.9% so far in Q3. The Company supplies mechanical parts with major office automation makers, home appliance makers etc., and one-off adjustments with a customer’s production appear to have negatively affected its performance in Q3 results. Mechanical parts, developed and manufactured by the Company, are made of soft materials such as films etc. and processed by means of specialty high precision technology called “SOFT PRESS”. Sales associated with office automation equipment in terms of final products equate to 48% of sales, where the Company’s products are used as toner cartridge sealing for copiers (leak prevention), for instance. It differs for the Company with who to compete depending upon in which customers, which regions to refer to (regularly competing with a few competitors), while it is noteworthy that the Company almost always has relatively large supply share as the specialist of mechanical parts. With the Company, the largest eight customers account for collective 60% of sales or more, and all of them are Japanese makers.

26 July 2010  Cosel (6905)

Improvements of Market Circumstances

Developing and producing switching power supply mainly for “Industrial Equipment”, the Company is anticipated to see surging earnings. In FY05/2011, sales ¥24.0bn (up 42.8% YoY) and operating profit ¥6.0bn (up 98.1%) are anticipated by the Company. Specializing in standard products with its developments and production and listing these products on a catalogue (4,000 to 5,000 items, currently traded), the Company has some 90% exposure to sales through dealers in both domestic market (76.2% of sales) and overseas market (23.8%). In addition to own marketing, the direct sales force with the Company is also in charge of sales promotion guidance for all these dealers. “Industrial Equipment”, mentioned earlier, relates to such final products like control equipment (40.5% of the domestic sales) whose demand hinges on the levels of capital expenditure among manufacturers, telecom & broadcasting equipment (16.1%) including telecom-infrastructure-related equipment such as mobile phone base-stations, semiconductor production equipment (10.3%) etc. On the overseas market front, the Company has a similar exposure to final products in terms of ratio to overall sales. In the market on a global basis, the Company is one of the second-tiers with a stable 8% share. The key strategy of the Company is to pursue profit margins, and it could be said that the market share is nothing but something produced as a result of the Company’s pursuit. Lowering market defective rates as well as rates of total losses from spoilage are the two key issues always mentioned by the Company, and they are the details of the strategy. Consequently, recent improvements of the market circumstances should directly enhance earnings with the Company which sees stable market share.

26 July 2010  Meiko Network Japan (4668)

Towards Even Higher Market Share

In Q3 FY08/2010 results, released on 8 July, sales came in at ¥9.0bn and operating profit ¥1.8bn. Full-year forecasts calling for ¥12.8bn and ¥3.0bn, respectively, remained unchanged. An operator of individual-guidance cram school “Meiko Gijuku” (for students in elementary, junior-high and high schools), has set up its nation-wide network to date, together with its directly-run classrooms and FC classrooms. In the Q3 results, the former accounted for some 20% of operating profit while the latter some 80%. “Meiko Gijuku” comprised collective 1,863 classrooms (directly-run: 211, FC: 1,652) or collective 125,065 students enrolled as of the end of February 2010, and is the third largest in the market after Kumon and Gakken. The key drivers for earnings are currently the openings of new classrooms by existing FC owners, and this will be the case in the foreseeable future. Over the past 13 years since the stock market listing in 1997, the Company’s operations consistently expanded with no exceptional years in terms of the numbers of classrooms as well as of the number of students enrolled, having resulted in increases by 2.3x and 3.2x, respectively, when compared with the levels at the listing. The market for cram schools and prep schools, to which the Company is exposed, is estimated at over ¥0.9 trillion pa, but the lowering birth rates have been gradually suppressing the market and this will be the case in the foreseeable future. However, the Company succeeded in consistent increases in its classrooms and students enrolled, having increased its market share up to 4.7% to date. Its strategy is to focus upon volume-zone students whose grades are mediocre and efficiently guides them one by one with each individual’s needs at the market average fees while offering premium results, consequently having led to consistent market share increases and then consistent increases in both sales and earnings. Such trends are anticipated to keep on going in the foreseeable future.

26 July 2010  BIC CAMERA (3048)

Better Earnings and Turnaround

Sales came in at ¥454.8bn (up 2.0% YoY) and operating profit ¥10.8bn (up 55.1%) in Q3 FY08/2010, released on 9 July, and the results were better-than-expected. There was an improvement of 0.8% points at the gross profit margins to 24.6%, driven by decreasing sales of relatively low-margin items such as PC hardware etc. and increasing sales of relatively high-margin items such as home appliances (refrigerators, washing machines etc.). Nevertheless, recurring profit was limited to ¥6.8bn (down 5.4% YoY) due to equity-accounted losses ¥4.6bn at the non-operating levels, stemming from net losses ¥37.4bn (in FY02/2010) of Best Denki (8175), 15% held by the Company. Such huge losses were mainly attributable to one-off restructuring expenses with Best Denki, and they have been incorporated in the Company’s forecasts in FY08/2010. The equity-accounted affiliate has moved into profit at the net levels in Q1 FY02/2011 while it is expected to do so, on a full-year basis, and thus there should be a meaningful turnaround at the Company’s non-operating levels in FY08/2011 versus FY08/2010. At present, the Company calls for sales of ¥600bn (up 1.8% YoY) in FY08/2010, and this equates to 7.5% of the domestic retail market for consumer electronics (¥8.0 trillion yen, according to the Company data). The Company is one of the largest-sized urban-type consumer electronics retailer chains, together with Yodobashi Camera (8.8% share).


2019年5月17日 サンヨーホームズ(1420)



2019年5月17日 ユーザベース(3966)



2019年5月17日 オカダアイヨン(6294)





機械装置及び化成品の開発・製造・販売を展開するフロイント産業では、機械部門での受注動向が平準化している一方、化成品部門では主力の医薬品添加剤が大幅な増収を続けている。同社が「飛躍期」として位置付けている2021年2月期及び2022年2月期における成長に向けての再出発が始まりつつあると考えられよう。機械部門においては、国内におけるジェネリック医薬品普及率80%達成に向けての特需発生に対する反動などから、2017年2月期から2018年2月期に向けて受注高が大きく減少したものの、この反動は既に一巡しており2018年2月期から2019年2月期に向けては受注高が微増に転じている。また、2020年2月期に向けては、海外市場の開拓や新製品効果などを背景とした受注高の拡大が見込まれている模様である。ただし、主力の造粒・コーティング装置に関しては、受注高を計上してから売上高を計上するまでに8ヵ月~10ヵ月を要するとされており、売上高の動向に対するインパクトはこの分だけ後ろ倒しされることになる。一方、化成品部門においては、同社が特に得意とする分野の医薬品添加剤への需要が大幅な拡大を続けており、第7次中期経営計画「ONE FREUND」(2018年2月期~2022年2月期)の前提に沿った業績推移が引き続く模様である。

2019年5月15日 イオレ(2334)



2019年5月15日 パンチ工業(6165)



2019年5月10日 松風(7979)





スマホアプリ向けゲームの開発及び運営を展開するKLabは、「グローバルで収益を図れる会社」へと脱皮している。2018年12月期の実績においては、海外で売上高11,508百万円(前年比129.4%増)、海外売上高構成比35.2%(16.5%ポイント上昇)である。主力タイトルである『キャプテン翼 ~たたかえドリームチーム~』の多言語対応などが寄与している。一方、2019年12月期に向けてはグローバルベースでのユーザー数が45百万人に及んでいる、『ラブライブ!スクールアイドルフェスティバル』の後続タイトルがリリースされることが、同社としての増収に寄与する模様である。また、同社が得意とするのは上述のような他社IPに基づくタイトルなのだが、『禍つヴァールハイト』などのオリジナルIPに基づくタイトルの開発も進められており、同タイトルも2019年12月期においてリリースされる見通しである。従来のオリジナルIPタイトルの企画及び開発との比較では、外部の実績のある有力なクリエイターに対してより大きな協力を仰ぎ、より確実に限界利益率が高いオリジナルIPタイトルへの関与を深めていくことが試みられている。また、クオリティアップに注力した結果、そもそもの予定よりは同タイトルのリリースのタイミングは遅れているのだが、その分だけより大きな売上高を計上していける可能性が高まっているとも考えられよう。









2019年2月7日、内外の製造業に設計ソリューションを提供する図研は、2019年3月期第3四半期累計期間の実績を発表した。増収率16.8%、増益率145.4%と、売上高の順調な拡大を受けて営業利益においては大幅な増収効果が発生していることが明らかになった。同社の主要顧客層であるエレクトロニクス製造業、自動車関連・産業機器製造業においては、業績の回復を背景とした設備投資に対する積極的な動きが目立つようになってきており、同社が深く関与している設計ソリューションへの需要も堅調に推移している模様である。そもそも設計ソリューションへの需要は、新製品開発に対する意欲向上に伴い拡大していくものであり、中長期的にも安定的な右肩上がりの推移を示す方向性にあるとされている。即ち、現状においては、コンシューマーエレクトロニクスなどの領域において生産数量の大きな調整を余儀なくされている最終製品も存在するのだが、同社の業績推移に対する影響は限定的に留まる模様である。また、モノづくりのパラダイムシフトを追い風に中長期的にも着実な成長を遂げる見通しである同社は、これをより確実なものとするため企業買収などにも積極的に取組んでいる。例えば、2019年1月29日、同社は、MBSE(Model-Based Systems Engineering)ソリューション分野に本格参入することを目的として米国Vitech社の買収について基本合意したことを明らかにしている。






ヘルスケア分野向けシステムの開発、販売、保守を展開するEMシステムズは、業界初となる共通情報システム基盤であるMAPs(Medical Advance for People, System)に基づく新たなサービスの顧客への導入を通して、中長期的に業績を引き上げていくことを計画している。同社としての業績推移に対して圧倒的な影響を及ぼしている調剤システム事業の売上高は、ハードウェアの代金及び初期ライセンス費用に相当するフロービジネスの売上高、そしてシステムの利用や保守サービスに対する月額費用に相当するストックビジネスの売上高によって構成されている。2019年3月期第2四半期累計期間の実績においては、フロービジネスで売上高構成比38%、ストックビジネスで売上高構成比62%である。これに対して、上述のMAPsに基づく新たなサービスのビジネスモデルにおいては、ハードウェアを顧客側が用意することになる一方、初期ライセンス費用を全般的に廃止し月額費用のみを課金するとのことである。このビジネスモデルの転換に際しては、フロービジネスの売上高が剥落することに起因する売上高の短期的な調整が不可避となるものの、中長期的な観点においては、市場シェアの上昇を伴う着実な増収及び増益が達成される模様である。同社が示唆するところによれば、2019年3月期から2023年3月期に向けての5ヶ年において年平均で増収率5.3%、増益率8.2%である。




2018年12月10日 日本トリム(6788)






2018年9月4日 タマホーム(1419)



2018年8月20日 二ラク・ジー・シー・HD(1245/HK)



2018年8月1日 LIFULL(2120)


日本最大級の住宅・不動産情報ポータルサイト『LIFULL HOME’S』を運営するLIFULLの海外事業が大きな変革の途上にある。住宅・不動産情報を中心としたアグリゲーションサイトを世界各国で運営するMitulaの子会社化(2018年10月予定)の準備が進められている一方、損失の計上が続いた豪州及びドイツでの現地版『LIFULL HOME’S』の運営からは既に撤退しているとのことである。同社は、あらゆる側面でMitulaとの類似性が認められるTrovitを2014年11月に子会社化しており、Mitulaの子会社化に際してはTrovitとの経営統合を進めていくとのことである。一方、同社の中期経営計画の業績目標においては、2020年9月期に対して「売上収益50,000百万円台、EBITDA率20%前後」を達成することが掲げられているのだが、ここにはMitulaの子会社化による影響は織り込まれていない。2017年12月期の概算値として売上収益2,800百万円、EBITDA900百万円、EBITDA率32%であったとされるMitulaは、現状に至る経緯においてオーガニックグロースを続けているとのことであり、子会社化の際にはより大きな売上収益及びEBITDAが同社に連結される模様である。仮に、同社の2019年9月期に対して通期連結されると想定した場合、これに加えてTrovitとの経営統合に起因するシナジーが、売上収益で100百万円~200百万円、コスト削減で200百万円~300百万円に及んで発生するとの試算が示唆されている。例えば、チリ、イタリア、メキシコにおける両社のアグリゲーションサイト(経営統合後もサイトは個別に運営することを予定)を併せたトラフィックシェアは、それぞれ68%、85%、90%と、圧倒的な水準にまで拡大することになり、同社としての競争力が大きく向上する。

2018年5月30日 アバント(3836)


「経営情報を未来の地図に変えていく」というミッションを掲げるアバントは、これの実践を通して中長期的な成長を達成していける見通しである。日本国内の時価総額トップ100の過半を含む総計977社に採用(2018年3月末時点)されるに至っている、自社開発の連結経営及び連結会計向けパッケージソフトDivaSystemが、経営情報の「使える化」を促している一方、システムインテグレーション・サービスが、経営情報の「見える化」を促している。更には、アウトソーシング・サービスが、経営情報の「任せる化」を促している。また、以上をもって、CIFOの業務(CFOと CIOが融合された業務)を支援するCIFO ACCELERATORとしてのサービスを強化し、「将来に向けての事業資産の最適配置(ファイナンス)」に係るソリューションを提供への関与を深めていきたいとのことである。一方、実際にも、同社が提供するプロダクト(DivaSystem)及びサービスに対する需要は増加を続けており、これに対応する人的リソースを持続的に拡大していくことが将来に向けての1つの課題となっている。ただし、現状においては、増収によるインパクトが人的費用の増加を上回っているため、着実な増益が引き続いている。同社の中期経営計画(2018年6月期~2020年6月期)においては、最終年度である2020年6月期に対して売上高13,433百万円、営業利益1,626百万円が見込まれている。2017年6月期の実績を起点とした場合、年間平均で増収率8.4%、増益率7.6%が達成されることになる。また、同社の創業者であると同時に現代表取締役社長である森川徹治氏は、2017年6月期の実績を起点とする2027年6月期までの10年間において、年間平均増益率18%を達成することを長期経営目標として明らかにしている。

2017年12月1日 イワキ(8095)


医薬品原料及び医薬品の製造・販売を最大の収益源とするイワキでは、中長期ビジョンの前提を上回る水準に及ぶ損益のV字回復が認められる。これには、医薬品原料及び医薬品の製造・販売を展開する医薬・FC事業及び化学品事業における損益向上が大きな影響を及ぼしている。特に、化学品事業における損益向上が同社としての損益向上に寄与している。大口提携先との契約が解消されたことを受けて売上高の半分程度が消失したことに起因して、2015年頃より営業損失の計上が続いていたものの、ここにきて短期的な損益が黒字転換を果たしている。パワー半導体などの製造に用いられている売上総利益率の高いUBM(Under Bump Metal)プロセスによる寄与などが拡大している模様である。更には、同社が積極的な投資を進めているFan-Out WLP/PLP(Wafer Level Package / Panel Level Package)が、半導体パッケージの極小化(薄型化)を通して次世代スマートフォンの高密度化に寄与する可能性が高まっている。同社の中長期ビジョン「Vision “i-111”(アイ・トリプルワン)」においては、創業111周年を迎える2025年11月期に対して、売上高100,000百万円以上、ROIC10%以上を達成することが計画されている。2016年11月期の実績である売上高55,121百万円を起点とした場合、2025年11月期に向けて年間平均で増収率6.8%以上が計画されていることになる。また、同社が最も重要な経営指標としているROICは、3.2%から10%以上へと大幅に向上することになる。

2017年11月13日 日本商業開発(3252)



2017年9月14日 明豊エンタープライズ(8927)



2017年7月24日 あかつき本社(8737)



2017年5月22日 ポケットカード(8519)



2017年3月27日 ダンロップスポーツ(7825)


ゴルフクラブ及びゴルフボールの製造・販売を主な収益源とするダンロップスポーツは、北米での市場シェア回復を主軸とした中長期的な成長を計画している。ただし、短期的には損益が調整する。減少傾向にあった費用が増加に転じることが主因である。2017年12月期に向けての営業利益の増減分析によれば、同社としての営業利益の純減幅が概算で1,200百万円であるのに対して、原油価格の上昇などに起因する材料価格の上昇で純減1,100百万円、経費の増加で純減800百万円とのことである。2016年12月期における経費は一時的な要因で大幅に減少して同社としての営業利益に対して純増700百万円をもたらしたのだが、2017年12月期に向けてはこれが一巡する。一方、北米でのゴルフクラブ及びゴルフボールの市場シェアに関しては回復に向けての兆しが表れ始めているとされている。2015年12月期の期末に実施された北米での事業を担う米国のカリフォルニア州に所在する子会社であるRoger Cleveland Golf Company, Inc.(クリーブランド社)に係るのれんの残存部分(3,947百万円)の一括償却を契機とした北米における事業の再構築が着実な進捗を示している模様である。2017年12月期に向けて、北米では売上高が堅調な推移を示し損失の計上がほとんどなくなるとのことである。同社が、2015年12月期の実績の発表(2016年2月12日)と同時に公表した中期経営計画(2016年12月期~2020年12月期)においては、最終年度である2020年12月期に対して売上高100,000百万円、営業利益6,000百万円、ROE5%以上を達成することが業績目標として掲げられている。2016年12月期から2020年12月期に向けて年平均で増収率5.1%、増益率32.3%が見込まれていることになる。また、2016年12月期の期末決算より任意で採用されているIFRSにおいても概ね同等の数値が期待できるとのことである。



ファストファッション通販『SHOPLIST.com by CROOZ』を中心としたEC事業へ経営資源を集中することを明らかにしたクルーズの業績動向が好調に推移している。同社はSHOPLISTの中長期的な目標として年間ユニーク購入者数500万人、1人当たり年間購入金額20,000円を掲げている。直近の実績値との比較ではそれぞれ概算で3.8倍、1.5倍の規模に相当する。即ち、同社はSHOPLISTを将来に向けての成長の基盤として位置付けるに至っている。また、単純に考えた場合、両目標が示唆するところは通期売上高100,000百万円の達成である。一方、同社は2016年11月1日付けで『エレメンタルストーリー(エレスト)』を除くインターネットコンテンツ事業(ゲーム事業)をマイネットグループに譲渡している。ゲーム事業における利益の中核を占めると推測されるエレストは残存するものの、2017年3月期第3四半期より当該譲渡に起因する売上高及び利益の減少が一定水準以上に及んで発生する模様である。ただし、当該譲渡によって得られた資金などを活用し成長力が大きいSHOPLISTへの投資を加速することなどを通して、中長期的にはより大きな企業価値の創造が可能となる模様である。また、同社は2017年2月10日に予定されている2017年3月期第3四半期の決算発表及び決算説明会において更なる詳細を開示することを計画している(説明会へのご出席などは下記にて受付け中)。

2016年12月21日 エフティグループ(2763)



2016年12月15日 クロス・マーケティング(3675)



2016年12月8日 シーシーエス(6669)



2016年9月20日 農業総合研究所(3541)



2016年9月16日 アーバネットコーポレーション(3242)


東京23区駅徒歩10分以内の地域に特化した投資用ワンルームマンションの開発・1棟販売(卸売:B to B)を基軸事業とするアーバネットコーポレーションは、持続的な増収増益を達成する一方、2017年6月期に向けて6期連続となる増配を実施することを計画している。2016年6月期においては、自社開発の投資用ワンルームマンションを658戸(前年比29.8%増)売却したことを主因として大幅増収増益を達成したのに引き続いて、2017年6月期に向けても着実な増収増益を続ける見通しである。投資用ワンルームマンションの売却に関しては、587戸(同10.8%減)に留まるものの、内外法人や相続税対策の個人への1棟一括直接販売が増加することから、売却単価及び売上総利益率が上昇する模様である。従来からの基本的な売却先であるマンション販売会社への売却との比較においては、売買契約を締結するタイミングを遅くせざるを得ないものの、1棟一括直接販売による売却は、売上高及び売上総利益が相対的により大きくなるとされている。即ち、リスクがある分だけ、リターンが大きくなる。ただし、2017年6月期に対して見込まれている587戸(同10.8%減)に関しては、1棟一括直接販売を含む全物件において既に売買契約締結済みとのことである。1棟一括直接販売による売却に際しては、不動産仲介業者が介在することが多く、仲介手数料などが販売管理費を増加させるが、売上総利益率における格差がより大きいため、営業利益率は向上する。一方、株式会社アーバネットリビング(100%連結子会社)によるエンドユーザー向け事業(小売:B to C)が堅調になりつつあることに鑑みれば、同社の収益源は中長期的に多様化していく方向性にあると考えられよう。

2016年7月28日 曙ブレーキ工業(7238)


独立系ブレーキ専業メーカーの曙ブレーキ工業が2019年3月期を最終年度とする新中期経営計画「akebono New Frontier 30 – 2016 (aNF30-2016)」を発表した。中計の柱である①北米事業の立て直し、②製品別事業部制への移行によるグローバルネットワークの確立、③HP(ハイパフォーマンス)ビジネスの拡大と欧州事業の新築、を通して健全な財務体質への回復を図り、2019年3月期には売上高255,000百万円、営業利益10,000百万円を達成する方針だ。同社売上高の55%を占める北米事業は2015年3月期に想定以上の受注増から生産混乱が発生し、2016年3月期においても大きな損失を出している。この北米事業の立て直しは急務であり、現地経営体制を一新、抜本的な組織改革を断行するとともに、生産体制の改善を図り、早期に収益力を回復させる。

2016年3月17日 スターティア(3393)


中小・中堅企業を主要顧客層として、自社開発のパッケージソフトの販売を含むIT関連のトータルソリューションを提供するスターティアの短期的な損益動向が調整を余儀なくされている。従来からの収益源であるネットワーク機器やMFP(複合機)などの顧客への販売に関しては、増収・増益が確保されているのだが、売上総利益率が高い自社開発のAR(Augmented Reality、拡張現実)コンテンツ作成ソフト(COCOAR)の売上高が伸び悩んでいる。一部の採用事例が注目されるに至っているものの、全般的には、販売戦略における拙攻などによって、COCOARの売上高は、当初の想定に対して大きく下振れている。売上総利益率及び限界利益率が高いだけに、損益の下振れも大きく成らざるを得ない模様である。これを受けて、同社は、2016年3月期に対する当初の会社予想を修正している一方、更なるCOCOARの拡販が織り込まれていた2017年3月期に対する業績見通しを見直すことを明らかにしている。現在の同社は、新卒入社以来数年以内の若手の販売担当者の再研修を進めることに加えて、価格戦略の変更も含めたCOCOARの拡販に向けての戦略を改めて練り直す過程にある。従来、同社は、販売リソースの拡充に向けて、新卒採用を大量に行うことを旨としてきたのだが、ここにきて、新卒採用者が十分な研修などを経ずに営業の現場に赴かざるを得ない事例も発生するに至り、新卒採用を絞り込むに転じている。2017年3月期に向けては、以上をもって一定の成果が得られる方向性にあるものの、具体的な業績の数値目標の開示に関しては、2016年3月期の実績の発表と同じタイミングになる見通しである。

2016年2月2日 日本空調サービス(4658)



2015年11月20日 モリト(9837)


アパレル資材関連及び生活産業資材関連のグローバル卸売販売を収益源とするモリトは、M&A戦略の実施を主軸とする事業規模の拡大を続けていく見通しである。2015年11月期第3四半期累計期間の実績においては、着実なオーガニックグロースが達成された一方、M&A戦略の実施に伴い期初より連結対象となっている、米国のジョージア州に本拠を置くアパレル資材関連の製造会社SCOVILL社(GSG Fasteners, LLC)からの寄与が拡大を続けた。また、2016年11月期に向けては、これに係る初期費用の発生が一巡することに加えて、シナジーの発生が本格化していく見通しである。また、同社の利益の相当部分を占めるとされるアパレル資材関連においては、既存の商品領域においてグローバルベースでもかなりの市場シェアが同社によって占められるに至っている模様だが、よりハイエンドな商品領域においては、今後に向けて大きなエクスポージャーの拡大余地が残されているとのことである。

2015年9月2日 セプテーニ・ホールディングス(4293)


インターネット広告の販売を主な収益源とするセプテーニ・ホールディングスの増収率及び増益率が加速する方向性にある。同社がインターネット広告を配信しているメディアの一つである「Yahoo! Japan」では、2015年5月のスマホ版トップページの刷新に伴い、記事の間に表示する新しいタイプの「インフィード型」と呼ばれる広告枠が導入されているのだが、同社では、これに係る売上高が急速に立ち上がり始めているようだ。一方、同社は、将来の収益源の育成を目的として、積極的にマンガコンテンツ事業への先行投資を行っており、これに起因する費用の計上もあるものの、現在の収益源であるインターネット広告の販売による増益がこれを十二分に補っている。一方、2013年11月に公表された中期経営方針においては、早期に「利益倍増」を達成することが目標として掲げられている。2013年9月期の営業利益1,593百万円を基準とした場合、2年後に当たる2015年9月期に向けて利益1.7倍増(2,701百万円)が達成される見通しである。

2015年8月18日 アールテック・ウエノ(4573)


2015年8月12日、創薬ベンチャー アールテック・ウエノは、2016年3月期第1四半期の実績を発表した。前年同期に対する大幅な増収・増益が達成されていることが明らかになった。売上高の90%近くを占めるに至っている慢性特発性便秘症などの治療薬「AMITIZA®カプセル」の受託製造においては、日本国内での急速な需要拡大が享受され続けている。NHKの人気テレビ番組で紹介されたことに端を発して、その優れた効果が広く一般に認知されたことが大きな影響を及ぼしている模様である。また、早ければ下半期に向けて、販売承認申請中の欧州での発売が実現する可能性が指摘されている。これが実際に発生した場合には、会社予想に対する上振れ要因となる。一方、新たな方針として「選択と集中による開発パイプラインの充実化」が掲げられた創薬事業に関しては、重症型ドライアイを適応疾患とした化合物(開発コード:RU-101)や脱毛症を適応疾患とした化合物(RK-023)に関して、ライセンスアウトの実施に向けての活動が積極的に展開されているとのことである。また、今後の研究開発に向けては、近日中に糖尿病網膜症などを適応疾患とした化合物(RTU-1096)の第1相反復投与試験を行う予定とのことである。現状においては、以上に起因する将来に向けてのキャッシュフロー発生の可能性が高まっている模様である。

2015年6月26日 レントラックス(6045)



2015年6月10日 シイエム・シイ(2185)



2015年4月15日 白鳩(3192)






2015年2月25日 ラクーン(3031)



2014年11月19日 MonotaRO(3064)



2014年9月22日 シンプロメンテ(6086)



2014年3月14日 ケンコーマヨネーズ(2915)



2014年2月21日 バリューコマース(2491)





2013年11月15日 パナソニックIS(4283)



2013年6月24日 オーデリック(6889)



2012年12月13日 山一電機(6941)



2012年11月28日 モブキャスト(3664)


スポーツコンテンツに特化したモバイルエンターテインメントプラットフォーム「mobcast」の自社運営を行うモブキャストは、プラットフォームのオープン化を通して中長期的な成長ポテンシャルを引き上げていくことを計画している。「モバプロ」に代表される自社開発のソーシャルゲームを通して獲得した会員数が270万人を突破(2012年10月末、前年比85%増)しているプラットフォーム「mobcast」では、いわゆるSAP(Social Application Provider)からのソーシャルゲームの提供を受け容れ、自社開発のソーシャルゲームと同様にユーザーに配信することが計画されている。ここからの手数料収入は、中長期的には同社の売上高の半分近くを占めるまでに拡大することが見込まれている。

2012年8月31日 インタースペース(2122)



2012年6月25日 サトーホールディングス(6287)



2012年6月1日 エレコム(6750)



2012年5月1日 神戸物産(3038)



2012年4月4日 トラスコ中山(9830)





2012年3月30日 テイクアンドギヴ・ニーズ(4331)





2012年3月7日 物語コーポレーション(3097)



同社の総店舗数は2011年6月期末から2012年6月期第2四半期末にかけて213店から230店へと17店純増している(新規出店24店、退店7店)。ここでの店舗数純増による影響を含めた2012年6月期第2四半期累計実績における同社の売上高は88億円(前年比14.2%増)とほぼ想定通りの推移を示している。同社の事業の中核を形成している「焼肉きんぐ」等のブランドで展開されている焼肉部門では、売上高50億円(前年比21.2%増、売上高構成比57%)が達成されている。食中毒ユッケ事件、セシウム汚染稲わら給餌牛に係る風評被害等もあったものの、ここでは既存店売上高が前年比でほぼ維持されている。同社が開発した「お席で注文 食べ放題」を標榜する焼肉食べ放題の新業態が消費者ニーズを掴んでいる模様である。


2012年1月31日 ドクターシーラボ(4924)





2011年4月8日 東祥(8920)



2010年12月24日 TOWA(6315)



2010年10月1日 イリソ電子工業(6908)



2010年10月1日 リケン(6462)



2010年10月1日 クックパッド(2193)



2010年8月24日 AFC-HDアムスライフサイエンス(2927)



2010年8月24日 エプコ(2311)



2010年8月24日 夢真ホールディングス(2362)



2010年7月26日 CHINTAI(2420)



2010年7月26日 焼津水産化学工業(2812)


魚介類等の天然素材から天然調味料並びに健康・機能食品を製造する同社の利益が好調に推移している。2010年3月期実績においては、売上高219億円(前年比8.6%増)、営業利益17億円(66.9%増)が達成された。また、同社の中長期目標「Challenge & Growth」によれば、2013年3月期は売上高300億円、営業利益25億円が達成される見込みである。同社が調達したカツオ、マグロ、蟹殻、ホタテ等の素材は、同社の抽出・精製・乾燥等の工程を経て同社の製品となり、同社の顧客である国内加工食品メーカー(トップ100社で売上高の80%前後を占める)並びに健康食品メーカー等に納入されている。前者に相当する「調味料事業」は、2010年3月期営業利益の67%を占め、後者に相当する「機能食品事業」は31%を占めた。

2010年7月26日 千代田インテグレ(6915)



2010年7月26日 コーセル(6905)



2010年7月26日 明光ネットワークジャパン(4668)


7月8日に発表された2010年8月期第3四半期実績は、売上高90億円、営業利益18億円での着地となった。通期予想における売上高128億円、営業利益30億円は据え置かれた。同社は、小・中・高生対象の個別指導塾「明光義塾」を直営並びにFC方式にて全国展開している。第3四半期実績においては、直営が営業利益の約20%を占め、FCが約80%を占めた。同社の展開する「明光義塾」は、2010年2月末現在で1,863教室(直営:211、 FC:1,652)、総在籍生徒数125,065人であり、学習塾業界においては公文、学研教室に次いで第3位の規模である。同社の現在の成長を支える最大のドライバーは、既存のFCオーナーによる新教室の開設であり、これが今後も同社の成長を担う見込みである。1997年の上場以来の13年間において、同社の運営する総教室数並びに総在籍生徒数は毎年例外なく前年比増を達成し、累計ではそれぞれ2.3倍、3.2倍の水準にまで増加している。同社が対峙する学習塾・予備校市場の規模は現状で年間9,000億円を超える水準にあるが、少子化を背景に毎年その市場規模は縮小してきており、今後に関しても緩やかな縮小が見込まれている。ただし、同社は継続的な総教室数並びに総在籍生徒数の増加を背景にその市場シェアを着実に上昇させており、直近値では同市場におけるシェアを4.7%にまで高めている。同社の経営戦略においては、ボリュームゾーンである成績中位層の生徒をターゲットとして生徒ひとりひとりに適応した個別指導を効率的に行い、業界平均的な費用負担で相対的に高い効果を提供しており、結果として市場シェアの継続的な上昇が実現されてきている。今後も更に市場シェアを上昇させて、売上高並びに利益を継続的に拡大させることが見込まれている。

2010年7月26日 ビックカメラ(3048)


7月9日に発表された2010年8月期第3四半期累計決算においては、売上高4,548億円(前年比2.0%増)、営業利益108億円(55.1%増)と会社予想の前提を超える着地となった。粗利益率は前年比で0.8%ポイント改善の24.6%となったが、主な要因としては価格競争の激しいパソコン本体等のマージンの取りにくい製品の売上高が減少した一方、家庭電化製品(冷蔵庫や洗濯機等)を中心とする相対的にマージンが高い製品の売上高が順調に増加したことが挙げられる。ただし、営業外損益では持分法による投資損失46億円を計上したため、経常利益は68億円(5.4%減)に留まった。これは持分法適用会社(保有比率:15%)であるベスト電器(8175)が一時的なリストラ損失等から2010年2月期に当期純損失374億円を被ったことに起因するものだが、そもそもこれは同社の会社予想に織り込まれていたものである。一方、同持分法適用会社の2011年2月期第1四半期は黒字での着地となり、通期でも黒字を維持する見込みであることから、同社の2011年8月期の営業外損益は2010年8月期との比較で大きく改善する見込みである。同社の会社予想によれば、同社の2010年8月期の売上高は6,000億円(1.8%増)となる見込みであり、これは同社資料による国内家電小売市場(年間約8兆円)の 7.5%に相当する。同社は、ヨドバシカメラ(8.8%シェア)と並ぶに国内最大級の都市型家電量販店である。