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16 July 2021 SENSHU ELECTRIC (9824)

Rising Copper Prices

SENSHU ELECTRIC, technology-oriented trading house mainly of electric cables, is seeing a favorable performance with steadily increased sales and earnings. On top of demand associated with semiconductors firmer than expected in FA cables, the key source of earnings, sales as a whole for the Company have been running ahead of expectations as a result of surging copper prices. In fact, FY10/2021 Company forecasts have been upgraded. This was also attributable to performance better than expected in consolidated subsidiaries based in Japan, according to the Company. Procurement prices of electric cables, basically made of copper, are supposed to hinge on changes in average copper prices quoted, which does take place for the recent rise in the said prices this time around as is taken for granted. Meanwhile, it appears that the Company is well passing this on to selling prices. However, gross profit margin is rather under pressure, because it takes a while to pass this on to selling prices, while the changes in copper prices are immediately reflected in procurement prices for the Company which adopts moving average cost method in evaluating inventory (merchandises). Even so, more importantly, it should be noted that gross profit margin is effectively immune to the changes from a long-term perspective as it only takes time for the changes to be reflected. Indeed, the Company, trying to get at steady growth in sales and earnings from a long-term perspective, is calling for CAGR of 7.7% in sales and 10.3% in recurring profit as target performance of midterm management plan (FY10/2021 to FY10/2024), mainly for the sake of ensuring its measure to actively return earnings to shareholders. For FY10/2021, the Company is going for total return ratio of 59.8%, implying that the Company, holding fat net cash, is also keen on improving capital efficiency.

14 July 2021Sanyo Homes (1420)

Passive to Proactive

Sanyo Homes, mainly running operations to build housings on a contract basis and develop condominiums, is trying to get at sustainable growth by means of making changeover from “passive” to “proactive” for its sales strategy principally on detached housings, the mainstay of Housing Business. As performance target for midterm management plan (FY03/2022 to FY03/2024), announced on 26 May 2021, the Company is calling for prospective sales of ¥62,900m, operating profit of ¥2,200m and operating profit margin of 3.5% for FY03/2024, the final year of the plan, implying CAGR of 5.6% for sales and 41.2% for earnings during the said period with an improvement by 2.0% points for operating profit margin. The Company is calling for increased earnings in Condos Business, currently the key source of earnings as a whole, while earnings to increase rather more in Other. More importantly, the Company is calling for earnings to increase even more in Housing Business, becoming the key factor for sustainable growth as a whole for the Company. It has been the case that the Company suffered from ongoing stagnation of earnings in Housing Business by FY03/2021, as a result of the mainstay detaching housings having had been on the downgrade. However, the Company suggests that order intake for Housing Business has been recovering from the beginning of FY03/2022, beefing up a probability for this segment to see soaring earnings as assumed in midterm management plan, having had hit the bottom for FY03/2021.

5 July 2021SHOFU (7979)

Contributing to Dentistry around the World

SHOFU, developing, manufacturing and selling dental materials & equipment in Japan and overseas, plans to achieve long-term growth based on its long-term basic policy “As It Should” to cultivate markets overseas. For FY03/2021, sales and expenses declined in response to the impacts stemming from COVID-19, having renewed record high earnings as expenses declined more than sales. Meanwhile, for FY03/2022, sales overseas are to increase favorably, but earnings are to see a short-term correction in line with active spending to drive long-term growth potential. At the operating level, the Company also suffers from a decline due to the adoption of a new accounting standard. More importantly, the fourth midterm management plan (FY03/2022 to FY03/2024) is calling for steady increase in sales and earnings to persist for FY03/2023 and FY03/2024 in its performance target, conservatively setting a strategic investment line (buffer in expenses). Meanwhile, the Company advocates to realize its corporate philosophy “contribution to dentistry through innovative business activities”, by means of achieving sales of ¥50,000m (¥17,000m in Japan and ¥33,000m overseas), operating profit of ¥7,500m and operating profit margin of 15.0% for the foreseeable future.

5 July 2021PUNCH INDUSTRY (6165)

Entering Growth Phase

PUNCH INDUSTRY, manufacturing and selling parts of molds & dies in Japan and overseas, appears to be entering growth phase. Demand is now recovering as the impacts stemming from COVID-19 are beginning to wane, while depreciation is being reduced due to impairment during the past three years. In terms of FY03/2021 results, sales in China (52.0% of the total) began to increase over the same period of the previous in Q2 and increased by no less than 10.9% in Q4. Meanwhile, sales in Japan (38.0% of the total) are said to have bottomed out in Q2, which was followed by a trend of recovery for Q3 and Q4. FY03/2022 Company forecasts (announced on 13 May 2021), taking into account above-mentioned trends, are going for full-year growth rate in sales of 12.4%, although assuming some risks for H2. It appears that sales growth rate in Chia is assumed to further accelerate and that sales in Japan are assumed to steadily increase. At the same time, the Company has been rebuilding its sales and manufacturing strategies in order to set up a robust management structure that will not lose out to changes in external environment. Rather than benefiting from balanced contraction by short-term cuts in fixed costs, the Company is now trying to get at long-term improvement in its corporate value by creating a mechanism to be able to persistently generate earnings in which all the personnel work in a unified manner under the direction of management led by representative director Tetsuji Morikubo.

5 July 2021Shinwa(3447)

Low-rise to Superhigh-rise

Shinwa, mainly manufacturing and selling system scaffoldings, advocates to have come to a stage to be involved with products comprehensively for buildings low-rise to superhigh-rise, claiming that it runs the foremost production & distribution system in the industry. Meanwhile, the Company is planning to raise its growth potential from a long-term perspective by promoting such strengths. In the short-term performance, the contribution from business development in China is expected to be limited, while the hiking of steel prices are starting to give negative impacts following on those of COVID-19. Consequently, the Company’s short-term earnings are likely to continue being under pressure. However, demand for system scaffoldings appears to be on a steady recovery trend, while the hiking of steel prices will be gradually passed on to unit selling prices of system scaffoldings and other products. It is the Company’s business model to pursue the creation of added value resulting from its operations to supply metalworking products represented by system scaffoldings by means of plating and processing procured steel materials, while the Company suggests that procurement cost of steel materials accounts for roughly half of cost of goods manufactured. In light of this, it should be the case that prospective gross profit margin for the Company hinges on how long it will take to fully pass on the hiking of steel prices to unit selling prices of own products. Meanwhile, the Company will benefit from business development in China in a few years, increasing revenue on the Scaffolding Equipment side mainly comprising system scaffoldings by some 20% as far as we could see.

28 June 2021Startia Holdings (3393)

Growth Rate of 30%

Startia Holdings, making progress in its measure to become a SaaS company, saw growth rate of some 30% in ARR related to its Cloud CIRCUS for FY03/2021, the first year of midterm management plan NEXT’S 2025 (FY03/2021 to FY03/2025), while being likely to see the same sort of growth rate from a long-term perspective. Cloud CIRCUS is an integrated marketing service that supports earnings growth at client companies by optimizing information held by client companies using a variety of SaaS tools (products) developed by the Company. For FY03/2021, the Company saw earnings declining due mainly to a factor that upfront spending was incurred on a full-fledged basis in order to ensure long-term growth of ARR. More importantly, however, Company forecasts are going for earnings improving for FY03/2022. Upfront spending is expected to get ever larger, but it is expected to be more than compensated for by the impacts stemming from further growth of ARR. Meanwhile, midterm management plan NEXT’S 2025 is calling for prospective sales of ¥31,000m and operating profit of ¥3,300m for FY03/2025, the final year of the plan. Based on the actual results of FY03/2020, the plan is calling for CAGR of 19.4% for prospective sales and 35.1% for operating profit during 5-year period up to FY03/2025. The Company is expected to achieve sustained high growth and improved profitability through steady progress in its measure to become a SaaS company.

15 June 2021 Sanyo Trading (3176)

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28 May 2021KAGA ELECTRONICS (8154)

Expanding EMS Business

On 27 May 2021, KAGA ELECTRONICS, one of the largest electronics trading companies, held its financial results briefing (web conference). It has been revealed that EMS business to mainly produce electronic substrates by commissioning is seeing performance better than previous expectations due mainly to strengths on in-car demand. There were concerns about the impacts stemming from COVID-19 at the beginning of the period, but the Company has renewed its record high in operating profit, recurring profit and profit attributable to owners of parent for FY03/2021. With the acquisition of Fujitsu Electronics (currently, KAGA FEI), gross profit margin as a whole for the Company continued declining for FY03/2019 and FY03/2020, but it was followed by a recovery in FY03/2021. According to Ryoichi Kado, President & COO, the Company has “evolved its capability to generate earnings”. Meanwhile, the Company appears to be planning to ensure long-term growth by strengthening its governance structure. The Company plans to increase the number of independent External Board Director and establish Nominating and Compensation Committee after upcoming General Meeting of Shareholders (held on 29 June 2021). Prior to this, the Company has established SDGs Committee to promote sustainability management in a manner that covers all the group companies across the board.

27 May 2021Sanyo Homes (1420)

Surging Earnings to Continue

On 14 May 2021, Sanyo Homes, which develops housing and condominiums for sale, released its FY03/2021 results. It has been revealed that the Company is to see earnings to continue surging for FY03/2022. On the Condos Business side, accounting for the bulk of earnings as a whole for the Company, cost rate in FY03/2021 has improved due to the measure to curb discounts, while SG&A expenses have just edged up as a whole for the Company. Meanwhile, for FY03/2022, Company forecasts are going for increase in prospective sales on the Condos Business side and a trend of recovery in prospective sales on the Housing Business side, where sales have been stagnated due to the impacts stemming from COVID-19. On the Condos Business side, it appears that Company forecasts assume a marginal correction in segment profit margin in line with the Company’s measure to cut back on completed inventory (completed condominiums). However, this is expected to be more than compensated for by improving earnings on the Housing Business side. The Company is currently in the process of developing standardization of so-called ZEH (net zero energy house in Japanese English, representing housing for energy consumption to balance out by own energy generation) not only for detached housing but also for rental / welfare housing, etc. Compared with conventional specifications, the Company sees added value larger and thus gross profit, driving prospective earnings on the Housing Business side, according to the Company. Meanwhile, we are to interview with management on the web conference to discuss the issues of midterm management plan (announced on 26 May 2021), etc., so that we should be able to update Sanyo Homes (1420) Extreme Concentration (26 January 2021) and release anew.

24 May 2021PUNCH INDUSTRY (6165)

Recovery of Sales

On 13 May 2021, PUNCH INDUSTRY, manufacturing and selling parts of molds & dies in Japan and overseas, released its FY03/2021 results. It has been revealed that sales are now starting to recover and the same applying to earnings. In Japan, where the decline in sales over the same period of the previous year has continued to shrink, it appears that prospective sales are to increase steadily for FY03/2022, including those of so-called custom-made products to give substantial impacts to earnings as a whole for the Company. Meanwhile, in China, where sales have been recovering since having had hit the bottom in Q1 FY03/2021, the Company saw sales in Q4 increased by 10.9% over the same period of the previous year. FY03/2022 Company forecasts assume that such strengths in recent trading to persist for H1 (Q1 to Q2), while being based on rather conservative assumptions for H2, as far as we could gather. Still, Company forecasts are going for favorable performance on a full-year basis. We are to interview with management through a web-based conference, following on viewing a video to explain the financial results scheduled to be released for Friday, 28 May. Based on the information of both, we are to update PUNCH INDUSTRY (6165) Re-engineering Sales Strategy (22 January 2021) and release anew.

19 May 2021UZABASE (3966)

Favorable Startup with a 38% Increase in Sales

On 13 May 2021, UZABASE, advocating that “we guide business people to insights that change the world” as own mission, released its Q1 FY12/2021 results. It has been revealed that sales from continuing operations increased by 38% over the same period of the previous year, implying favorable startup for FY12/2021. In March 2021, the Company saw collective MRR of ¥883m (up 24% or ¥10,607m in terms of ARR), comprising that of SPEEDA, NewsPicks, FORCAS and INITIAL, while advertising revenue related to NewsPicks increased even faster mainly due to the rapid expansion of video advertising. Meanwhile, the Company saw EBITDA margin improved up to 21.1% for Q1, having had pulled out of Quartz Business which consistently suffered from loss. Nevertheless, for Q2 and thereafter, the Company is to unavoidably see some adjustments in earnings as assumed in Company forecasts in line with increasing expenses stemming from startup of growth investment on a full-fledged basis. With such growth investment to further drive existing operations, bring up new operations, enhance capability of development by hiring engineers, improve system, etc., the Company is going for performance target of continuing to increase sales by 30% from a long-term perspective. For prospective earnings from a long-term perspective, the Company is to disclose details after the results of FY12/2021.

19 May 2021Startia Holdings (3393)

Growing Fast

On 14 May 2021, Startia Holdings, making progress in its measure to become a SaaS company, released its FY03/2021 results. It has been revealed that demand for Cloud CIRCUS is growing fast. Cloud CIRCUS represents services to support earnings at client companies by optimizing the information held by them using a variety of SaaS tools developed by the Company. In FY03/2021, the first year of Midterm Management Plan NEXT’S 2025 (FY03/2021 to FY03/2025), the growth rate of ARR (=MRR×12) related to Cloud CIRCUS has reached some 30%, while the high growth rate is expected to persist for FY03/2022. Meanwhile, when compared with the assumptions of Midterm Management Plan NEXT’S 2025, it appears that the acceleration of growth rate for ARR has occurred rather earlier. We are to watch the Company’s financial results briefing on the web, scheduled for Thursday, 20 May, which will be followed by our interview with management through web-based conference, so that we should be able to update Startia Holdings (3393) To Accelerate Further (2 April 2021) and release anew.

18 May 2021SHOFU (7979)

Upfront Investment

On 14 May 2021, SHOFU, developing, manufacturing and selling dental materials & equipment in Japan and overseas, released its FY03/2021 results. It has been revealed that record high earnings were renewed, although sales were forced to decline following the impacts stemming from COVID-19. Meanwhile, for FY03/2022, the Company’s policy to aggressively make upfront investment, such as for the commencement of operations at a manufacturing subsidiary in Vietnam (fall 2021) with the aim of expanding sales in China and other countries and it is clear that the increase in short-term expenses will be not insignificant. Furthermore, since Accounting Standard for Revenue Recognition is adopted from the beginning of the fiscal year, there is an aspect that sales and operating profit will shrink compared with the actual results prior to this. However, Fourth Midterm Management Plan (FY03/2022 to FY03/2024) announced on the same day assumes operating profit of ¥2,618m for FY03/2024, the final year of the plan and thus a further renewal in earnings is expected. We are to watch the Company’s financial results briefing on the web, scheduled for Thursday, 27 May, which will be followed by our interview with management through the web-based conference, so that we should be able to update SHOFU (7979) As It Should (21 December 2020) and release anew.

13 May 2021Shinwa(3447)

Enhanced Shareholder Return

On 13 May 2021, Shinwa, mainly manufacturing and selling system scaffoldings, released its FY03/2021 results. It has been revealed that earnings were rather better than assumptions of the most recent Company forecasts (announced on 12 February 2021), while the Company is to enhance shareholder return for FY03/2022. It appears that prospective gross profit margin for FY03/2022 will be under pressure, given a rise in prices of steel (the key raw materials for system scaffoldings and other products), presumably accounting for roughly half of cost of sales, while Company forecasts are going for steady increase in revenue. The situations have not changed that the impacts stemming from COVID-19 are unclear, but the Company suggests that the sentiment for construction work in Japan is likely to be robust, which is to drive demand for the Company’s system scaffoldings and other products. Meanwhile, the Company advocates to maintain payout ratio of 40% or more as the basic policy and is to do so for FY03/2022. On top of this, the Company is to buy back own shares, leading to total return ratio of 65.5% for FY03/2022 in our estimates. The Company is to hold online results briefing (26 May 2021) to discuss the issues more in depth. We are to watch it as well as interviewing with management afterwards, so that we could update Shinwa (3447) Paying Out 40% or More (15 January 2021) and release anew.

9 April 2021UZABASE (3966)

Persistently Realizing High Growth

UZABASE, advocating that “we guide business people to insights that change the world” as own mission, has set performance target of persistently increase prospective sales by 30% from a long-term perspective. Meanwhile, the Company is to continue implementing growth investment to realize persistent sales growth rate of 30% for the future at the same time, resulting in EBITDA and/or EBITDA margin in each fiscal year inevitably depending on the extent of cost burden from growth investment during the same period. FY12/2021 Company forecasts (announced on 10 February 2021) are going for prospective sales growth rate of 21.5%, when excluding the impacts of having had pulled out of Quartz Business, as well as aggressive growth investment to accelerate sales growth rate up to 30% for FY12/2022 and thereafter. Given the latter, it appears that the Company is to see cost burden from growth investment substantial in particular. For example, “Priority Areas for Investment in 2021”, disclosed by the Company as initiative for FY12/2021, suggests collective cost burden from growth investment as much as some ¥1,650m (10.6% of sales). Consequently, it appears that FY12/2021 Company forecasts are going for almost the lower end of prospective range for EBITDA margin over a long-term perspective. In other words, when based on the actual results in FY12/2021, i.e., the first year with new management after having had pulled out of Quartz Business, the Company is likely to see improving EBITDA margin from a long-term perspective.

2 April 2021Startia Holdings (3393)

To Accelerate Further

Startia Holdings, making progress in its measure to become a SaaS company, currently sees a trend of acceleration for the growth rate of MRR (Monthly Recurring Revenue) related to Cloud CIRCUS. Meanwhile, for Cloud CIRCUS, representing the Company’s services to optimize information held by client companies by means of a variety of SaaS tools developed in-house for the sake of maximizing earnings with them, the Company has started up aggressive investments to drive MRR and/or ARR (Annual Recurring Revenue) over a long-term perspective, which is expected to persistently increase prospective earnings for the Company. FY03/2021 initial Company forecasts (announced on 15 May 2020) assume ARR related to Cloud CIRCUS of ¥1,370m (up 7.9% YoY), while cumulative MRR in Q1 to Q3 has expanded to as much as ¥1,030m (up 13.8%). More importantly, the Company’s midterm management plan NEXT’S 2025 is going for prospective ARR of ¥4,800m for FY03/2025, i.e., the final year of the plan, implying CAGR of 30.5%, when compared with the actual results of \1,270m in FY03/2020. In other words, the Company is planning to steadily become a SaaS company from a long-term perspective.

23 March 2021 URBANET CORPORATION (3242)

Aggressively Purchasing Lands

URBANET CORPORATION, running real estate business mainly to develop and sell investment-oriented studio apartments on a per-building basis, currently suggests a direction to aggressively purchase lands for the sake of long-term growth. In Q1 to Q2 FY06/2021, it appears that the Company was highly selective in purchasing lands with a prospect that land prices in Tokyo’s central zone were to come down as to the immediate future given impacts stemming from COVID-19. As a result, the Company saw decreases in real estate for sale in process, while there have been no signs of a decline in real estate prices in Tokyo’s central zone in reality. Meanwhile, demand for investment-oriented studio apartments has remained firm in spite of a trend of decline in cap rate, because of their high stability as income properties. Thus, the Company appears to have become active in purchasing lands to date. At the same time, Hotel Business has started in earnest with the commencement of operations for HOTEL ASYL TOKYO KAMATA on 14 October 2020 and this is expected to gradually contribute to earnings as a whole for the Company from a long-term perspective. At the moment, the occupancy rate is low, inevitably making loss, due to the impacts stemming from COVID-19, but it is the case that the operations of this hotel (developed in-house and self-owned) are of “research and development” in the first place for future business to develop and sell hotels and thus it was originally expected that the operations were to make loss at the beginning.

15 March 2021Sanyo Homes (1420)


On 5 February 2021, Sanyo Homes, which develops housing and condominiums for sale, released its Q1 to Q3 FY03/2021 results. It has been revealed that the Company sees performance in line with assumptions of Company forecasts. Over the same period of the previous year, sales have declined and loss has expanded, but sales on the Condos Business side will surge in Q4, which is expected to result in steady increases in sales and earnings on a full-year basis as a whole for the Company. Meanwhile, the Company, being keen on returning earnings to shareholders, is to pay year-end dividend of ¥25.00 per share, implying payout ratio of 54.2%, for FY03/2021. In Q4, the Company is to complete 8 buildings on the Condos Business side, including THE SANMAISON Shirokanedai (19 units: Minato-ku, Tokyo) and San Maison Shinkanaoka Residential (250 units: Sakai-city, Osaka-prefecture). To a large extent, the Company has already got orders and sales as a whole for the Company will surge driven by a series of delivery of all those properties to have been awarded contracts to do so in line with completion of construction. Meanwhile, this will bring a major improvement in earnings at the same time. It has been the case that sales on the Condos Business side were concentrated in Q4, while this trend is to accelerate markedly to an unprecedented extent for FY03/2021.

25 February 2021FREUND CORPORATION(6312)

Growth Investment

FREUND CORPORATION, developing, manufacturing and selling equipment as well as chemicals, is investing to beef up its long-term growth potential. In FY02/2021, the Company is to see a substantial improvement in earnings, while it appears that upward trend for its performance is to persist thereafter too. On 5 November 2020, the Company announced that it had invested some ¥1,200m to acquire a pharmaceutical manufacturing equipment manufacturer based in Italy (Cos.Mec S.r.l.) as wholly-owned subsidiary. The Company suggests that this is to bring about add-on sales of ¥300m to ¥400m for Q4 (December to February), while roughly breaking even for earnings after goodwill amortization. For FY02/2021 and thereafter, the Company is going for major synergies stemming from a factor that there are overlaps rather limited for product lineup and regions for sale. That is to say, the Company is looking to pursue opportunities to promote sales of material handling system and other equipment corresponding to needs in emerging countries, in which Cos.Mec S.r.l. has expertise, by means of utilizing sales network of the Freund Group, for example. Further, on 1 December 2020, the Company announced that it had concluded a contract to set up a joint company in China (capitalized at RMB 50m or some ¥800m: 49%-owned). This joint company is expected to start up its operations around May 2021, while the Company is to aggressively capture ever-increasing local needs for improvement of quality with pharmaceuticals, etc.

22 February 2021eole (2334)

Recovery of Job Advertising

On 12 February 2021, eole, focusing on programmatic job advertisements, released its Q1 to Q3 FY03/2021 results. It has been revealed that the Company has started to see a recovery in the job advertising domain, accounting for the majority of sales on the mainstay “pinpoint and other programmatic ads” side, in spite of the fact that there are still no signs of a solid recovery in the external environment whose trend is implied by that of jobs-to-applicants ratio and/or the Number of Job Advertising Posted due to the impacts stemming from COVID-19. In Q3 (October to December), sales of the job advertising domain have increased by 24.9% over the same period of the previous year. Meanwhile, the number of job advertising posted on the Company’s JOBOLE has more than tripled up to almost 70,000. According to the Company, “switching from trades is further accelerating”. The Company, which has high capability in programmatic ads, has been rebuilding its sales structure and reviewing its strategy with the aim of making use of the strengths as a differentiating factor more than in the past and it appears that a big achievement is now being created. In other words, it should be the case that awareness of the superior cost efficiency brought about by the Company’s high capability is now improving. According to the Company, it costs less with the Company to obtain a certain amount of effect by advertising when compared with trades from an advertisers’ perspective. Meanwhile, the Company suggests that it has been making a steady progress as expected for operationalization and/or monetization of programmatic job advertising platform HR Ads Platform to have been launched on 12 October 2020.

17 February 2021PUNCH INDUSTRY (6165)

Recovery of Special Order Products

On 10 February 2021, PUNCH INDUSTRY, manufacturing and selling parts of molds & dies in Japan and overseas, released its Q1 to Q3 FY03/2021 results. It has been revealed that sales in Japan have recovered, including those of special order products carrying high gross profit margin, for Q3 over Q2, while it has turned out to be the case that demand in China is recovering rather faster than expected. Driven by all those factors, sales are running ahead of assumptions in the latest Company forecasts (announced on 11 November 2020), having resulted in upward revision for FY03/2021 Company forecasts. Having had posted impairment loss, it was inevitable that Company forecasts were going for deficit in profit attributable to owners of parent, but Company forecasts are currently going for surplus at this level. Still, even after this, the Company has maintained its intention to suspend yearend dividend, but it appears that the Company is likely to reconsider the issue at the end of the day. Meanwhile, the Company has reiterated that it runs the operations with a policy to pursue enhancement of its corporate value over a long-term perspective, working to cut back on costs and re-engineer sales strategy in order to build a robust management structure that will not lose out to changes in the external environment. This is expected to create a mechanism to generate earnings in a sustainable manner rather than those from balanced contraction due to short-term cuts in fixed costs and other factors.

12 February 2021Shinwa(3447)

Upward Revision

On 12 February 2021, Shinwa, mainly manufacturing and selling system scaffoldings, released its Q1 to Q3 FY03/2021 results. It has been revealed that the latest Company forecasts (announced on 29 October 2020) will be exceeded. The background to this is that demand has turned out to be firmer than expected for high-value added safety-measure equipment, which is indispensable for implementation of so-called Handrail Presetting (a method of construction) to eliminate crash disasters associated with scaffoldings. Despite the impacts stemming from COVID-19, the importance of safety at construction sites continues increasing, driving adoption rate of safety-measure equipment in the Company’s system scaffolding and other items. With a feature of high added value, it appears that safety-measure equipment is contributing a lot to gross profit margin as a whole for the Company. Meanwhile, with respect to manufacturing subsidiary based in China, GUANGDONG NISSHIN-CHUANGFU ADVANCED CONSTRUCTION MATERIALS Co., Ltd. which was set up in November 2019, the operations to locally manufacture and sell system scaffoldings and other items have started up since June 2020, although the startup was delayed by the impacts stemming from COVID-19. In our estimates, when assuming full-scale operations in a few years, its revenue would be as large as equating to some 20% of revenue on the Scaffolding Equipment side at the moment.

10 February 2021SHOFU (7979)

V-shaped Recovery in Sales Overseas

On 9 February 2021, SHOFU, developing, manufacturing and selling dental materials & equipment, released its Q1 to Q3 FY03/2021 results. It has been revealed that full-year operating profit assumed in Company forecasts (announced on 28 October 2020) was almost achieved. It appears that this is due mainly to V-shaped recovery in sales overseas. The impacts stemming from COVID-19 has reduced access to dental care, while sales activities have been consistently restricted, according to the Company. Nevertheless, sales overseas in Q3 (October to December) have increased over the same period of the previous year. In response to the impacts stemming from COVID-19, sales overseas were forced to plummet in Q1 (April to June), but it was followed by a recovery in Q2 (July to September), up to almost as high as the level of the same period of the previous year and then by a further recovery in Q3 (October to December). In H2, Company forecasts have assumed a major adjustment for sales in the United States and Europe where the number of infected people has surged, which proved unfounded as far as we could see. The impacts stemming from COVID-19 are uncertain for the future, but it appears that the Company’s measures to promote sales overseas have been successful.

4 February 2021 Pharma Foods International (2929)

Surging Regular Purchases

Pharma Foods International, developing biotechnology-based business triangle (drug discovery, ingredients and mail order), is to see a change in the market for listing to the 1st section from the 2nd in Tokyo Stock Exchange on 12 February 2021, while currently seeing a surge in regular purchases on the Mail-order Business side. In the history leading up to FY07/2019, the contents of regular purchases were of nutritional supplements and cosmetics developed by the Company via mail order, while the majority is currently of “Newmo® Hair Growth formula” to have been newly launched in FY07/2020. The number of customers for regular purchases stood at 576,941 (up 3.4 times YoY) as of the end of Q1 FY07/2021 as a whole for the Mail-order Business, while the surge in the number was due mainly to the increase of customers to purchase “Newmo® Hair Growth formula” on a regular basis. The strengths have continued into Q2, having resulted in the number of 701,171 as of 24 December 2020 for the customers to purchase on a regular basis, according to the Company. Given the effect of advertising launched in Q1 far greater than expected, it appears that there was a time temporarily that increase in demand for “Newmo® Hair Growth formula” had surpassed increase in production volume, but the Company has set up capacity to cope with volume needed for the foreseeable future to date. For H2, the Company is to curb spending on advertising, while regular purchases by customers already acquired are to persist, resulting in a massive concentration of earnings in H2 for FY07/2021 as in the past years. That is to say, so-called “model to turn profitable on a full-year basis” is going on. Meanwhile, on 26 January 2021, the Company has accounted that it enters into exclusive licensing agreement with Mitsubishi Tanabe Pharma Corporation for a new therapeutic antibody to treat autoimmune diseases for its Biomedical Business.

2 February 2021 DOSHISHA (7483)

Blue Ocean Strategy

On 29 January 2021, DOSHISHA, planning, developing and selling private brand products as well as wholesaling well-known brand products and other items, released its Q1 to Q3 FY03/2021 results. It has been revealed that the Company is successfully implementing Blue Ocean Strategy and thorough inventory control at the same time, bringing a substantial improvement in prospective operating profit margin for FY03/2021. Meanwhile, the Company suggests that it is now going for a topline growth for FY03/2022 with a stability of profitability at the current level. For example, sales are firm for CIRCULIGHT series products which combine LED lighting with a circulator function. It is highly appreciated that they contribute to the creation of comfortable spaces, while it is recognized that they also have an effect to work as the measure against infectious diseases through their ventilation. On top of this, the Company has been seeing strengths in sales for private brand products planned and developed with unique angles not available in trades, as found in a new product, launched in November 2020, which is dedicated to those who have their tongues burnt with hot drinks, i.e., “Nekojita” Tumbler or a tumbler to keep a delicate heat of hot drinks at some 60℃ for a long time. Such a feature has made it so popular with the media and SNS and it has been in short supply at the storefront for some time. Sales are firm for all those proprietary private brand products that keep a certain distance from price-oriented competition, substantially driving sales and earnings on the Product Development Business Model side. Meanwhile, the Company has organizational structure and financial base that can provide customers with its products they want speedily and stably. In light of this, the Company has a good potential to see steady growth from a long-term perspective.

29 January 2021 SENSHU ELECTRIC (9824)

Shareholder Return Rate of 51.5%

SENSHU ELECTRIC, technology-oriented trading house mainly of electric cables, is planning to achieve steady increases in sales and earnings from a long-term perspective. In FY10/2020, sales and earnings declined due to the impacts stemming from COVID-19, but the Company is going for a moderate V-shaped recovery in sales of FA Cables or the key earnings pillar for the Company in FY10/2021 over FY10/2020 and thus sales and earnings as a whole for the Company likewise. From a long-term perspective, meanwhile, the Company is going for CAGR of 7.7% for sales and 10.3% for earnings through FY10/2021 to FY10/2024 as well as achieving ROE of 8.0% or more for FY10/2024 (versus ROE of 5.9% in FY10/2020 actual results). Elsewhere, the Company remains being proactive in returning earnings to shareholders. At the moment, the Company is going for prospective shareholder return rate of 51.5% for FY10/2021, while it is considered that there is a massive leeway to proceed with share repurchases beyond the current plan in light of the fact that net cash has expanded to ¥18,356m as of the end of FY10/2020. The Company saw shareholder return rate of 70.7% in FY10/2020, having renewed record high. Another renewal may persist for FY10/2021.

14 January 2021 Nihon Trim (6788)

Starting up Online Sale

Nihon Trim, mainly running operations to sell electrolyzed hydrogen water generator, is developing measures to nicely start up online sale. The Company saw almost no seminars held for its mainstay sales channel of so-called workplace sale in May 2020 due to the impacts stemming from COVID-19. However, this was followed by continued recovery in the number of seminars held, having resulted in the level as high as that of the same month of the previous year in October 2020. Meanwhile, on 8 December 2020, the Company launched “TRIM ION CURE”, developed to dedicate to direct sales through online sale. By the end of the fiscal year (March 2021), the Company is to implement upfront investment (some ¥300m) for sales promotion measures for online sale, implying that online sale is likely to take off on a full-fledged basis for FY03/2022. With respect to regenerative medicine and electrolyzed water dialysis system, the Company inevitably suffers from the impacts stemming from COVID-19 in the same way, but the Company suggests sales have recovered most recently for regenerative medicine owing to its successful focus on web marketing. At the same time, the Company claims long-term prospects are bright for regenerative medicine and electrolyzed water dialysis system. Shinkatsu Morisawa, the CEO, announced at financial results briefing held on 29 October 2020 that he was continuing to actively take management measures to gradually shift to “global medical company”.

21 December 2020 Sanyo Trading (3176)

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30 November 2020KAGA ELECTRONICS (8154)

Upside Potential

On 26 November 2020, KAGA ELECTRONICS or independent electronics trading company held financial results briefing (web conference). It has been revealed that assumptions of initial full-year Company forecasts for FY03/2021 were exceeded in Q1 to Q2, although the Company suffered from decreased sales and earnings over the same period of the previous year. Sales declined due mainly to changes in commercial rights and distribution with large counterparty in the acquired Fujitsu Electronics. Meanwhile, the Company suggests that the impacts stemming from COVID-19 were smaller than initially expected in performance as a whole for the Company. On top of sales and earnings better than expected, the Company says that it has made progress in cost cutting amid the COVID-19 chaos in Q1 to Q2. In response to this, the Company reduced “risks due to COVID-19”, which have been assumed in initial full-year Company forecasts, by ¥10,000m (minus ¥50,000m to minus ¥40,000m) for sales and by ¥2,500m (minus ¥3,500m to minus ¥1,000m) for operating profit, while having revised up full-year Company forecasts to the same extent. According to the Company, this has reflected sales and earnings better than expected in Q1 to Q2, leaving prospects for H2 unchanged. Meanwhile, sales and earnings increased in Q2 over Q1 and the Company says that the momentum for quarterly performance had hit the bottom in Q1, implying upside potential also for H2. In the explanatory video (in Japanese) disclosed by the Company on the website, President and COO Ryoichi Kado mentions measures against COVID-19 as well as the detailed status of PMI (Post Merger Integration) at acquired companies, while also referring to the Company’s proactive efforts for SDGs.

17 November 2020NIRAKU GC HOLDINGS (HK/1245)

Proactive Shutdowns

NIRAKU GC HOLDINGS, aiming at shifting to “comprehensive entertainment company” from a long-term perspective, is currently in the process of reforming its business given the impacts stemming from COVID-19. With respect to the mainstay operations to run pachinko halls in the eastern Japan region, the Company is proceeding with the strategy to close down loss-making halls whose gross pay-ins are unfavorable, while concentrating own resources upon those of seeing profitability relatively higher at the same time. In the first place, the Company has distinguished expertise to run pachinko halls, having resulted in increased market share for itself in FY03/2020, although the size of the market had continued declining gradually. With the strengths, the Company should be able to see benefits of being one of the survivors from a long-term perspective. In other words, the recent state of closing down halls could be regarded as a process to do so in the future. Meanwhile, new business developments in ex-Japan Asia, which are to drive shift to “comprehensive entertainment company”, are also exposed to tough environment in line with the impacts stemming from COVID-19. For example, the Company has suspended the operations to run Japanese dish food court with a concept of YOKOCHO in Shenzhen Upper Hills or urban-type shopping complex based in Shenzhen, China, since around the end of FY03/2020. However, the Company is keen on starting over, when the market conditions recover in the future, to make progress with its aim to shift to “comprehensive entertainment company” together with other measures to do so.

25 August 2020IBC (3920)

In the Post-COVID-19 World

On 14 August 2020, IBC, mainly selling System Answer Series, i.e., tool developed in-house for network system performance monitoring and information management, released its Q1 to Q3 FY09/2020 results. It has been revealed that sales have failed to increase over the same period of the previous year due to the impacts stemming from COVID-19. Meanwhile, given uncertainty for the prospective impacts for Q4, when sales and operating profit are to concentrate, full-year Company forecasts have remained undecided. So far, it has been severely constrained for the Company to continue conventional face-to-face sales activities, having resulted in sluggishness for acquisition of new customers, while multi-year contracts have been renewed for one-year contracts as a trend. Thus, sales have failed to increase. More importantly, however, one-year contracts have been renewed steadily, while demand is picking up sharply, amongst existing customers consistently using System Answer Series, for provision of additional services to cope with surging stay-home work and online communications. That is to say, assuming that stay-home work and online communications are becoming more and more common across the board in the post-COVID-19 world, demand for System Answer Series provided by the Company and its related services is likely to steadily grow over the long term.

13 July 2020KLab (3656)

Diversification of Earnings

KLab, developing and running game apps for Smartphones, is currently in the process of diversifying its earning sources. That is to say, the Company is planning to enter the casual game market for the sake of pursuing billing revenues based on the traditional business model, while strengthening so-called development support model for games overseas, which leverages the Company’s strengths. Further, the Company is to support multi devices and/or platforms, to introduce in-game ads to existing game titles and to promote and/or strengthen subscription revenues. Most recently, the Company is seeing sales increased by contribution from large-scale new title, but also expenses increased stemming from here at the same time. Meanwhile, FY12/2020 initial Company forecasts have remained unchanged, going for steady increases of sales and earnings. In terms of median value, Company forecasts are going for prospective sales of ¥37,500m (up 20.5% YoY), operating profit of ¥2,000m (up 19.5%) and operating profit margin of 5.3% (down 0.0% point). It appears that Company forecasts assume as a factor that prospective earnings are to be driven by gradually increased contribution from diversification of earnings as time goes by. Meanwhile, the impacts stemming from COVID-19 have remained unclear. Demand from staying at home may pick up, while the Company suggests a possibility for development, etc. to delay with its business partners, etc. Thus, the Company reveals its intention to keep on watching the situations.

17 February 2020OKADA AIYON (6294)

Short-term Correction

On 13 February 2020, OKADA AIYON, manufacturing, selling and providing maintenance services for demolition attachments (crushers and hydraulic breakers), released its Q1 to Q3 FY03/2020 results. It has been revealed that the Company is currently in a phase of short-term correction for earnings. In Japan, shipments of hydraulic shovels for which the mainstay crushers, etc. are attached is seeing decreased shipment volume due to typhoon damages that occurred in October 2019. In Q3 (October to December), the Company had to delay delivery of crushers, etc. Forestry grapples are also attached to hydraulic shovels and thus the same trend is inevitable. Meanwhile, in the markets overseas, sales in the mainstay North America are sluggish due to the slowdown in business confidence and sales in Asia came down sharply negatively affected by the impacts of trade frictions, etc. Sales in Europe are starting to take off nicely, but not as much as compensating for the slowdown in North America and Asia. Nonetheless, the markets that the Company faces in Japan are likely to grow steadily in a long-term view, while there remains considerable room for the Company to cultivate markets overseas.

7 January 2020 LTS (6560)

Business Agility

LTS, promoting and supporting digital shift and work style reform amongst corporations, is seeing an acceleration trend for its long-term growth potential. The Company, which provides consulting services to visualize and improve business process as well as those of supporting technology utilization with its customers, i.e., leading corporations in various industries, has accumulated common know-how for solutions gained through its track records, implying a long-term growth potential by means of utilizing this know-how in the future. The Company advocates the realization of business agility or an organizational capability that can respond appropriately and promptly to various changes in the markets and the business environments that are constantly occurring. Needless to say, in the current situations where digital transformation continues to progress, the importance of utilizing this to realize business agility continues to increase. The Company selects and proposes the best solutions for each of its customers from numerous technologies and methods available, while aiming to continuously offer the services. Moreover, the Company is keen on enhancement of its engineers, sometimes by means of M&As, seeing the rate of growth in sales of Digital Utilization Services (support for technology utilization) particularly high most recently. The Company has not been involved with this domain very much until recently, while suggesting that the potential to increase sales here is greater than the increases of the input of human resources. Currently, the Company is formulating long-term plan, taking this into account, while considering announcement of the plan at the same time as the release of FY12/2019 results at the earliest.

7 August 2019Digital Arts (2326)

White List Management

On 31 July 2019, Digital Arts to plan, develop and sell proprietary software as Internet security maker released its Q1 FY03/2020 results. It has been revealed that recent trading is rather adjusting. Sales increased by no more than 2.6% over the same period in the previous year. In the first place, sales in Q1 are smaller than other quarters every year as it is a slack period, but the Company saw sales associated with a few large-scale projects on the Public Sector Market side during the same period in the previous year, having resulted in a negative repercussion. Together with some other short-term factors, sales as a whole for the Company have suffered from decelerated growth rate. Meanwhile, more importantly, the Company has already launched software to provide advanced security measures against Targeted Attacks for specific organizations on top of existing capability of filtering to block access to harmful sites, which is expected to consistently drive sales with the Company as a whole going forward. The Company, accounting for more than half of the market for website filtering in Japan, has accumulated information on every URL of Japan and overseas to date, with which white list management of websites or “sterilization” of websites and e-mails is now available for users in Japan. As far as we could see, the Company has a good opportunity to gradually replace antivirus software in the future, where the market is far too larger than existing ones to which the Company is currently exposed.

5 August 2019ITmedia (2148)

Media Power

On 31 July 2019, ITmedia (listed onto TSE1 from Mothers on 29 March 2019) to run appealing Internet media released its Q1 FY03/2020 results. It has been revealed recent trading is better than assumptions of Company forecasts. IT-related media, accounting for the bulk of revenue as a whole, sees revenue increased by no more than 1.1% over the same period in the previous year, but the remaining non-IT-related media sees revenue increased by no less than 27.0%. Revenue associated with some major customers is currently adjusting, resulting in limited increases on IT-related media. Still, more importantly, Netolabo (to provide buzzed information on Internet) or media optimized to cope with smartphones and social media sees advertising revenue increased by 49.7% over the same period in the previous year, being the key driver of revenue on non-IT-related revenue. In the first place, the Company runs in-house editorial unit comprising some 100 personnel to proprietarily create appealing contents, taking advantage of some 1,000 external contributors. In other words, the Company has media power more than a certain extent and thus it appears that the Company should be able to see steady increases of advertising revenue over the long term. On top of this, the Company is heavily involved with digital marketing by means of utilizing this media power, which is a distinguished feature with the Company. To date, the Company has renewed system to run the operations, which has set up capacity to efficiently cope with increased demand in the future, according to the Company.


Passing Factors

Kawanishi Holdings, selling medical consumables and equipment mainly to major base hospitals heavily involved with acute care, currently suffers from sales and earnings coming down. This is due mainly to slowing sales on the mainstay Medical Consumables and Equipment side. While the Company sees decelerating growth rate of sales for medical consumables, sales of equipment have been coming down for some time. Gross profit margin being secured and increases of SG&A expenses limited, but operating profit margin is rather under pressure due to decreased sales as a whole. Still, more importantly, the Company claims that sales are slowing due to passing factors and not because of structural factors. On top of this, the Company reveals its strategy to pursue improved gross profit margin in a midterm view by means of being increasingly involved with distribution of merchandises more deeply than now with operations as general sales agent. So far, the Company has already started selling simulator robot for medical education, which are merchandises to have acquired through medical-engineering collaboration, as general sales agent. This is expected to be followed by ultrahigh-resolution endoscopes, etc. Elsewhere, System to detect breast cancer by exhalation currently approaches the final stage of verification test. Assuming clinical trial, examination and approval on top of verification test are to make progress as expected, the Company suggests launch of this system in CY2021. Meanwhile, the Company is now formulating new midterm management plan to be disclosed in line with the release of FY06/2019 results.

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).

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.

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.

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.

28 July 2016 Akebono Brake Industry (7238)

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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).








2021年7月5日 松風(7979)



2021年7月5日 パンチ工業(6165)








SaaS企業への移行を進めるスターティアホールディングスでは、中期経営計画 「NEXT’S 2025(2021年3月期~2025年3月期)」の初年度である2021年3月期において「Cloud CIRCUS」に係るARRの成長率で概ね30%ほどが達成されている一方、中長期的な観点においても同等の成長率が達成される方向性にある。「Cloud CIRCUS」とは、同社が開発した多様なSaaSツール(プロダクト)などを用いて顧客企業が持っている情報を最適化することを通して、顧客企業における収益拡大を支援する統合型のマーケティングサービスである。2021年3月期においては、中長期的なARRの成長を確実なものとしていくための先行投資に伴う費用の拠出が本格化していることを1つの大きな要因として同社としての損益は悪化しているのだが、2022年3月期に向けては損益が向上する見通しである。先行投資に伴う費用の拠出は更に拡大していく方向性にあるものの、ARRの更なる伸長によるインパクトがより大きくなる模様である。一方、中期経営計画「NEXT’S 2025」においては、最終年度である2025年3月期に対して売上高31,000百万円、営業利益3,300百万円を達成することが計画されている。2020年3月期の実績を起点とした場合、2025年3月期に至る5年間に向けての年平均で増収率19.4%、増益率35.1%である。同社は、SaaS企業への移行を着実に進めることを通して、持続的な高成長並びに収益性の向上を達成していく見通しである。










2021年5月24日 パンチ工業(6165)



2021年5月19日 ユーザベース(3966)





2021年5月14日、SaaS企業への移行を進めるスターティアホールディングスは、2021年3月期の実績を発表している。「Cloud CIRCUS」に対する需要が急速に拡大していることが明らかになっている。「Cloud CIRCUS」とは、同社が開発した多様なSaaSツールを用いて顧客企業が持っている情報を最適化することを通して、顧客企業における収益拡大を支援するサービスである。「中期経営計画 NEXT’S 2025(2021年3月期~2025年3月期)」の初年度である2021年3月期においては、「Cloud CIRCUS」に係るARR(=MRR×12)の成長率が概ね30%ほどに至っている一方、2022年3月期に向けても高成長が引き続く見通しとのことである。また、「中期経営計画 NEXT’S 2025」の前提との比較においては、ARRの成長率の加速が想定以上に早いタイミングで発生している模様である。弊社では、5月20日(木)に開催予定の同社のオンライン決算説明会を視聴することに引き続いて、同社の経営陣とのWeb会議での取材を予定している。また、両者の内容に鑑みて、スターティアホールディングス(3393)更なる加速へ(2021年4月2日)の内容を更新し、改めてリリースすることを計画している。

2021年5月18日 松風(7979)






2021年4月9日 ユーザベース(3966)





SaaS企業への移行を進めるスターティアホールディングスでは、「Cloud CIRCUS」に係るMRR(月次経常収益)の増加率が加速する傾向が認められる。また、同社が開発した多様なSaaSツールを用いて顧客企業が持っている情報を最適化し顧客企業における収益拡大を支援するサービスである「Cloud CIRCUS」においては、中長期的な観点におけるMRRやARR(年次経常収益)の持続的な拡大に向けての積極的な先行投資の本格化が始まっており、今後に向けてはここからの寄与が拡大を続けていく見通しである。2021年3月期に対する当初の会社予想(開示:2020年5月15日)の前提においては、「Cloud CIRCUS」に係るARRに関して1,370百万円(前年比7.9%増)が織り込まれている一方、第3四半期累計期間の累計MRRは1,030百万円(前年同期比13.8%増)にまで拡大している。そして、中期経営計画「NEXT’S 2025」の前提においては、最終年度である2025年3月期に対してARRを4,800百万円にまで引き上げていくことが織り込まれている。2020年3月期の実績である1,270百万円との比較では、年平均成長率30.5%の達成が計画されていることになる。即ち、同社は、中長期的な観点においてSaaS企業への着実な移行を遂げていくことを計画している。

2021年3月23日 アーバネットコーポレーション(3242)





2021年2月5日、住宅及びマンションの開発・販売などを展開するサンヨーホームズは、2021年3月期第3四半期累計期間の実績を発表している。会社予想の前提に沿った業績推移が達成されていることが明らかになっている。前年同期との比較で減収及び損益悪化を余儀なくされているのだが、第4四半期に向けてはマンション事業の売上高が大きく拡大し、同社としての通期の業績推移においては着実な増収及び増益が達成される見通しである。また、株主還元に積極的な姿勢を示している同社は、2021年3月期に対して期末配当金25.00円(配当性向54.2%)の実施を予定している。第4四半期のマンション事業においては、「THE SANMAISON白金台」(東京都港区・19戸)や「サンメゾン新金岡レジデンシャル」(大阪府堺市・250戸)などをはじめとする8棟が新規竣工する予定とのことである。かなりの部分に関して既に受注済みとされており、新規竣工に際しては受注済み物件の引渡が引き続き、同社としての売上高が大きく拡大するとのことである。また、これに伴い大幅な損益向上が発生することが見込まれている。過去の実績においてもマンション事業の売上高は第4四半期に集中する傾向が強かったのだが、2021年3月期においてはその度合いが前例にないほどまで顕著に大きくなるとのことである。






2021年2月12日、運用型のインターネット求人広告への注力を進めるイオレは、2021年3月期第3四半期累計期間の実績を発表している。新型コロナウイルス感染症の影響を受けて、有効求人倍率や「求人広告掲載件数」などの推移が示唆する外部環境の動向においては未だ確固たる回復の兆しが認められないのだが、同社においては、主力の「pinpoint及びその他運用型広告」の大半を占める求人分野の売上高が回復し始めていることが明らかになっている。第3四半期(10-12月)においては、前年同期に対して24.9%増加したとのことである。また、「ジョブオレ」の求人広告掲載件数は、前年同期の3倍増以上に相当する70,000件近くにまで拡大している。同社によれば、「他社からの乗り換えがさらに加速」しているとのことである。運用型広告における高い運用力を有する同社は、これを差別化要因として従来以上に活かしていくことを目的とした営業体制の再構築や戦略の見直しを進めてきたのだが、ここにきて大きな成果が創出されつつある模様である。同社の高い運用力がもたらす優れたコストパフォーマンスに対する認知度が向上しつつあると考えられよう。即ち、広告主の観点においては、一定の広告の効果を得るための費用の拠出が、同業他社との比較で低く留まるとのことである。一方、2020年10月12日にリリースされている運用型求人広告プラットフォーム「HR Ads Platform(HRアドプラットフォーム)」の事業化並びに収益化に向けては、想定に沿った着実な進捗が認められるとのことである。

2021年2月17日 パンチ工業(6165)






2021年2月10日 松風(7979)





バイオビジネストライアングル(創薬、素材、通販)を展開するファーマフーズは、2021年2月12日をもって東京証券取引所第二部から第一部へと指定替えとなる。また、通信販売事業における定期顧客件数が急増を続けている。2019年7月期に至る経緯における定期顧客の内容は、同社が開発したサプリメントや化粧品を通信販売で定期的に購入する顧客から構成されていたのだが、現状では、2020年7月期に入って新たに投入されている「ニューモ®育毛剤」に係る定期顧客件数が大半を占めるに至っている。通信販売事業としては、2021年7月期第1四半期末で定期顧客件数576,941件(前年同期比3.4倍)である。また、増加分のほとんどが「ニューモ®育毛剤」によって占められている模様である。そして、第2四半期に入ってからも定期顧客件数は更なる増加を示しており、2020年12月24日時点で701,171件に達しているとのことである。第1四半期において投入した広告宣伝が想定を大きく上回る効率性を示したことから、一時的に「ニューモ®育毛剤」の生産数量の増加が需要の増加に追い付かない状況が発生した局面もあった模様であるが、現状に至る経緯においては、必要な生産数量を確保できる体制を構築しているとのことである。また、下半期に向けては、広告宣伝費の拠出が抑制される一方、それまでに獲得した定期顧客による定期的な購入が発生し、2021年7月期においても、例年通り、損益面では大きく下半期に偏重した業績推移となる見通しである。即ち、いわゆる「通期黒字化モデル」を継続しているとのことである。一方、2021年1月26日、バイオメディカル事業において、同社は、 田辺三菱製薬株式会社と自己免疫疾患に対する開発候補抗体について独占的ライセンス契約を締結したことを明らかにしている。



2021年1月29日、PB商品の企画開発及び販売や有名ブランド品などの卸売を展開するドウシシャは、2021年3月期第3四半期累計期間の実績を発表している。ブルーオーシャン戦略並びに在庫管理の徹底が奏功しており、2021年3月期に向けて営業利益率が大幅に向上することが明らかになっている。また、2022年3月期に向けては、現在の収益性を維持しつつトップラインの引き上げに注力していく方針であることが示唆されている。例えば、LED照明にサーキュレーター機能を組み合わせた「サーキュライト」シリーズの拡販が好調に推移しているとのことである。快適な空間づくりに寄与することが高く評価されている一方、換気による感染症対策の効果も認められるとされている。更には、2020 年11 月に発売した「猫舌専科タンブラー(猫舌の方でも飲みやすい60℃台を長時間おいしくキープできる新商品)」がメディアやSNSで話題となり店頭で品薄状態が続くなど、他社にない切り口で企画開発したPB商品の売上高が好調に推移しているとのことである。また、こういった価格競争と一定の距離を置くことができる独自のPB商品の売上高が堅調に推移している「開発型ビジネスモデル」では、大幅な増収及び増益が達成されている。一方、同社は、顧客の求める商品をスピーディーかつ安定的に市場に提供する組織体制と財務基盤を併せ持っている。これに鑑みれば、中長期的な観点においても、同社は、着実な成長力を有していると考えられよう。




2021年1月14日 日本トリム(6788)








2020年11月26日、独立系エレクトロニクス商社の加賀電子は、オンライン決算説明会を開催している。2021年3月期第2四半期累計期間においては、前年同期に対する減収及び減益を余儀なくされたものの、当初の通期会社予想の前提を上回る業績推移が達成されたことが明らかになっている。前年同期に対する減収の主因として挙げられているのは、買収した富士通エレクトロニクスにおける大口取引先との商権・商流の変更による影響である。一方、同社としての業績推移に対する新型コロナウイルス感染症の影響は、当初の想定を下回る水準に留まったとのことである。また、第2四半期累計期間においては、売上高の上振れに伴う損益面での上振れに加えて、コロナ禍での経費抑制も進捗したとのことである。これを受けた同社は、当初の通期会社予想に織り込んでいた「コロナ影響(リスク)」を売上高で10,000百万円(▲50,000百万円 → ▲40,000百万円)引き下げており、営業利益で2,500百万円(▲3,500百万円 → ▲1,000百万円)引き下げている。そして、この分だけ通期会社予想を増額修正している。ここでは、第2四半期累計期間における上振れのみが反映されており、下半期に対する想定は変更していないとのことである。一方、第1四半期から第2四半期に向けては増収及び増益が達成されている。同社によれば、四半期ベースの業績推移におけるモーメンタムは第1四半期において底打ちしており、下半期に向けても上振れポテンシャルがあるとのことである。また、同社がHPで開示している説明動画においては、代表取締役社長である門良一氏が、新型コロナウイルス感染症への対策や買収した企業におけるPMI(Post Merger Integration)の状況など詳しく説明している。更には、SDGsに対する積極的な取り組みにも言及している。

2020年11月17日 二ラク・ジー・シー・HD(HK/1245)


中長期的な観点において「総合エンターテイメント企業」へのシフトを目指すニラク・ジー・シー・ホールディングスは、新型コロナウイルス感染症の影響を受けて、事業の構造改革を進める過程にある。主力の東日本地域におけるパチンコホールの運営に関しては、貸玉収入の落ち込みからの回復が鈍い不採算店舗の閉店を加速し、相対的に収益性の高い店舗の運営へとリソースを集中させる戦略が展開されている。そもそも同社は、パチンコホールの運営に係る優れたノウハウを有しており、2020年3月期の実績においては、市場規模が緩やかな縮小を続けたなかで市場シェアを引き上げることができたとしている。中長期的な観点においては、その強みから残存者利益を享受できる可能性が指摘されよう。即ち、直近の閉店とは、これに向けての過程であるとも考えられよう。一方、「総合エンターテイメント企業」へのシフトを促す、アジア地域での新たな事業展開も新型コロナウイルスの影響を受けて厳しい市場環境に対峙することを余儀なくされている。例えば、中国の深圳市に所在する都市型複合商業施設「Shenzhen Upper Hills」における、横町(YOKOCHO)をコンセプトとした日本食フードコートの運営に関しては、一旦、2020年3月期の年度末に向けて事業展開を停止しているとのことである。ただし、将来における市場環境の改善に際しては、「総合エンターテイメント企業」へのシフトに向けての施策を改めて講じていくことが計画されている。

2020年8月25日 アイビーシー(3920)


2020年8月14日、自社開発のネットワークシステム性能監視/情報管理ツール「System Answerシリーズ」の販売を中心として事業を展開するアイビーシーは、2020年9月期第3四半期累計期間の実績を発表している。新型コロナウイルス感染症の影響を受けて、売上高が前年同期を下回って推移していることが明らかになっている。また、売上高及び営業利益が集中する第4四半期に向けての影響も依然として不透明であることから、通期の会社予想は未定である。現状においては、従来からの対面型の営業活動に大きな制約が発生しており、新規顧客の開拓が滞っている一方、複数年契約の更新に際しては単年契約に切り替わる傾向が認められる。結果、売上高が伸び悩んでいる。ただし、単年契約の更新は堅調な推移を続けている。また、「System Answerシリーズ」を継続的に利用している既存の顧客においては、リモートワークやオンラインコミュニケーションの急増に伴い、これに対応するための追加的なサービスの提供に対する需要が大きく拡大しているとのことである。即ち、ポストコロナに向けて、リモートワークやオンラインコミュニケーションが遍く常態化していくと想定すれば、同社が提供する「System Answerシリーズ」及びその関連サービスに対する需要は中長期的にも拡大していく方向性にあると考えられよう。




2020年2月17日 オカダアイヨン(6294)



2020年1月7日 エル・ティー・エス(6560)



2019年8月7日 デジタルアーツ(2326)











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9月4日 タマホーム(1419)



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。