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16 February 2018NIRAKU GC HOLDINGS (1245/HK)

Pursuing Synergy

NIRAKU GC HOLDINGS, running 55 pachinko halls in East Japan with a particular focus on Fukushima- prefecture, has a long-term growth strategy that focuses on merger and acquisition. Although operations of existing pachinko halls are becoming increasingly difficult due to ongoing strengthening of regulations, the Company continues creating free cash flows, while investing in new business with funds obtained so far. The first of such investments was made in Southeast Asia on 20 November 2017, having acquired all the shares (some ¥1,870m) of Dream Games Singapore Pte. Ltd. which operates Japanese-style amusement facilities. Now a consolidated subsidiary, Dream Games Company operates collective 7 amusement facilities, 6 in Vietnam and one in Cambodia. Through all those operations, Dream Games Company has acquired knowhow of running amusement facilities, which is expected to be combined with the Company’s knowhow to run pachinko halls in order to expand Dream Games Company’s business in Southeast Asia. The Company also hopes to continue merger and acquisition in order to further pursue synergy, while also considering capital/business alliance with other pachinko hall operators at the same time.

13 February 2018 PUNCH INDUSTRY (6165)

New Business Domains Taking off

On 9 February 2018, PUNCH INDUSTRY to run operations of manufacturing and selling parts of molds & dies domestically and overseas released its Q1 to Q3 FY03/2018 results. It has been revealed that sales of new business domains are so buoyant, taking off nicely, comprising food-&-beverage-related and medical-related. The former mainly takes plastic-bottle containers as final products and the latter catheters, injectors and all those literally medical-related plastic products. Due mainly to sales better than expected for all those new business domains, FY03/2018 Company forecasts have been revised up.

7 February 2018 SENSHU ELECTRIC (9824)

Investment and Growth

SENSHU ELECTRIC or independent general/technology trading company with electric cables as the mainstay merchandises, having been listed onto TSE1 from TSE2 on 9 November 2017, is planning to see long-term steady growth being assured by management strategy to aggressively implement investment. For example, the Company’s midterm management plan (FY10/2017 to FY10/2021) is calling for CAGR of 8.1% for sales and 10.9% for earnings. Basically, earnings as a whole for the Company come from FA (Factory Automation) Cables mainly associated with capital expenditure by semiconductor industry and automotive industry. Most recently, demand here remains buoyant. Meanwhile, this is also true of “original product” to carry high gross profit margin in particular amongst others here, according to the Company. “Original product” refers to literally original and thus high-added-value product not being exposed to competition with peers, to be developed by the Company in conjunction with suppliers, i.e., manufacturers of electric cables, for customers seeking for FA Cables customized to each of their own equipment, etc. to be developed, manufactured and sold, through so-called “spec-in” services. The strengths of the Company also lies in its established capability of distribution warehouses to deliver “original product” on a just-in-time basis for customers. While revealing management strategy to focus on “original product” going forward, the Company is currently implementing large-scale investment in distribution warehouses and sales offices to further beef up own capabilities in there. On top of this, the Company is also working on an issue to develop new business domains with electric cables as the core competence, e.g., trying to get at booking of sales as early as by the end of FY10/2018 for the first time in regards to agriculture-related business.

5 February 2018SHOFU (7979)

Launching New Product

On 2 February 2018, SHOFU, mainly developing, manufacturing and selling dental materials, released its Q1 to Q3 FY03/2018 results. It has been revealed that the Company is to see a turnaround for its business performance trend. The Company saw decreasing sales and earnings in FY03/2017, temporarily lacking in launch of new product, while sales and earnings increasing in FY03/2018. As has been initially assumed, the Company benefited from launch of new product on the mainstay Dental-related Business side in Q1 to Q3, while having seen substantially improving earnings on the Nail-related Business side to develop, manufacture and sell nail salon materials. Meanwhile, given SG&A expenses having been successfully controlled, etc., initial Company forecasts look marginally being exceeded in terms of operating profit. On top of this, the Company sees unexpected forex profit at the non-operating level, unexpectedly driving recurring profit and profit attributable to owners of parent.

2 February 2018FREUND CORPORATION(6312)

Adjustment and Development of New Business Domains

FREUND CORPORATION, being heavily involved with the operations of developing, manufacturing and selling of pharmaceutical-related and industrial-related equipment, is planning to see a long-term growth together with development of new business domains. On the equipment side, short-term order intake is adjusting most recently, negatively affected by slowing capital expenditures by generic drug industry in Japan. Although the Company is still seeing some increases in terms of order intake on a 12-quarter moving average basis to suggest midterm sales trends, adjusting short-term order intake so far has negatively affected to short-term sales and earnings as a whole for the Company. Meanwhile, the Company suggests that uncertainty for future remains for order intake on the mainstay pharmaceutical-related granulation /coating equipment, but anticipating steady development of new business domains for both pharmaceutical- related and industrial-related in a long-term view. The former is tablet-printing equipment (TABREX Rev.), while the latter equipment for manufacturing rechargeable battery components. After the first order having been placed in Q4 FY02/2017, tablet-printing equipment (TABREX Rev.) has been suffering from rather delayed take off. However, problems at the initial stage are to be solved in the foreseeable future and the Company is to increasingly benefit from here. On the other hand, equipment for manufacturing rechargeable battery components has been adopted by manufacturers of rechargeable battery for R&D purposes only to date and thus sales and earnings have remained insignificant for the Company as a whole. Still, when said equipment is adopted in mass-production, the Company should benefit from here too.

31 January 2018KAWANISHI HOLDINGS(2689)

Steady Consumables

On 30 January 2018, KAWANISHI HOLDINGS, selling medical consumables and equipment to medical institutions represented by major base hospitals heavily involved with acute care, released its Q1 to Q2 FY06/2018 results. It has been revealed that earnings increased faster than initially expected. Medical consumables, accounting for the bulk of sales as a whole for the Company, saw steady sales increases. Still, FY06/2018 initial Company forecasts have remained unchanged. The Company suggests it is too early to upgrade prospective full-year earnings, given uncertainty on negative impacts from redemption price revision to be implemented in April 2018.

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.

22 November 2017 AVANT (3836)

Frontloaded Investment

AVANT, mainly involved with running operations of selling DivaSystem, i.e., packaged software for consolidated management and accounting, on a licensing basis together with related services, is currently suffering from frontloaded investment to drive sales and earnings in a long-term view. In the development and/or version upgrade for the Company’s product, i.e., DivaSystem as well as in the provision of diverse services, the key source of creating value is nothing but manual labor by own personnel, suggesting it is just indispensable to expand own human resources to drive growth going forward. Still, most recently, the Company is increasing the number of own personnel roughly the fastest ever, while coping with work style reform on a full-fledged basis at the same time. Due mainly to this, the Company currently sees temporary increases of human-resource-related expenses to a considerable extent, giving negative impacts to short-term earnings. However, this drives long-term earnings at the same time as far as we could gather. 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. When based on the FY06/2017 results, sales are to see CAGR of 8.4% and of 7.6% for operating profit during the same period. Meanwhile, according to Tetsuji Morikawa who founded the Company and is currently President Group CEO, the Company, having offered solutions on “accounting (accounts processing of the past results)”, is now starting up offering solutions on “finance (optimum allocations of business assets for the future growth)”, in order to further beef up earnings growth in a long-term view.

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.

10 October 2017ZUKEN (6947)

Car Drives ZUKEN

ZUKEN, holding the core competence in the development of “EDA (Electronic Design Automation) system for PCBs (Printed Circuit Boards)” being adopted by manufacturers belonging to automotive and/or industrial machinery industry, is planning to see consistent earnings growth going forward by means of providing them with IT solutions on design and data management to cope with changing manufacturing environment in line with introductions of new technologies associated with IoT and AI (Artificial Intelligence). While being exposed to automotive industry by almost 50% in terms of sales when indirect sales included, the Company is highly competitive with market shares of 60% in the mainstay Japan as far as the domains with which it is involved. Thus, the Company is likely to benefit a lot from all those changes in the manufacturing environment this time around. On the overseas side, the Company sees high operating profit margin in Asia, while starting to see improving earnings in Europe and in the United States. The Company’s midterm management plan is calling for prospective sales increasing by 5.8% in terms of CAGR and 49.6% for earnings through FY03/2017 to FY03/2019.

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.

21 August 2017 Tama Home (1419)

Improving Profitability

Tama Home, running operations as building contractor of order-made home is to see profitability to further improve. FY05/2018 Company forecasts are going for ROE of 10.5% versus 6.6% in FY05/2017 results. Due mainly to aggressive hiring of new graduates to beef up own sales forces in a long-term view, the Company is to see short-term adjustments of earnings on the mainstay Housing Business side, but this is to be more than compensated for by ongoing increases of sales and earnings of Real Estate Business and by positive impacts stemming from reconsiderations on loss-making operations elsewhere. The Company is to see operating profit and recurring profit almost unchanged over the previous year as a result of short-term adjustments of earnings on the Housing Business side, but surging profit attributable to owners of parent as expenses associated with the reconsiderations on loss-making operations are not to reappear. Thus, improving profitability is to keep on going, when it is measured by ROE. The Company runs own sales network comprising collective 238 exhibition centers based in 47 prefectures across Japan in order to aggressively promote sales by means of efficient advertising, etc. Order intake on a value basis increased by 11.9% in FY05/2017 over FY05/2016, which was followed by increases of 11% over the previous year during June to July in 2017, implying strengths continuing most recently. The Company is heavily involved with low-priced order-made home with high quality, which is a market domain different from that of the major 8 contractors of order-made home represented by Daiwa House Industry, Sekisui House, etc. and thus effectively not competing with them head on at all. Meanwhile, small-sized local builders are mentioned as one of the peer domains for the Company to compete with head-on. Given that they are likely to be forced to get out of the market in line with inevitably upcoming market consolidation, the Company should see survivor’s benefits over the long term. At the moment, it appears that the Company is seeing order intake firmer than the market, due to its superiority for own operations over the peers in terms of cost efficiency, 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.

12 June 2017 KAGA ELECTRONICS (8154)

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7 June 2017 URBANET CORPORATION (3242)

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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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14 Dec. 2016Uzabase (3966)

Business Intelligence to Change Your World

Uzabase, advocating “Business Intelligence to Change Your World”, is to see long-term growth by means of creating new added value with its economic data & information services. Since the release in May 2009, SPEEDA has been adopted by collectively more than 500 institutions with 1,451 IDs based on contract concluded (1,305 in Japan and 146 overseas) as of the end of September 2016. Compared with Bloomberg, etc., this is more competitive in terms of economic data & information associated with Japan and Asia, while offering relatively superior features in terms of a) usability, b) industry-wise analysis, c) consulting services, etc. Meanwhile, this has been adopted mainly by financial-related institutions, consulting firms and accounting firms in the current mainstay market in Japan and there remains huge room to cultivate market in regards to general business firms going forward. On the overseas side, the Company has started with market cultivation in Asia, while just starting with the behemoth market in North America and Europe.

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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17 March 2016 Startia (3393)

Adjusting COCOAR

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

2 Feb 2016 Nippon Air Conditioning Services (4658)

Earnings in Line

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

20 November 2015 MORITO (9837)

Successful M&A Strategy

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

2 September 2015 SEPTENI HOLDINGS (4293)

Driven by “In-Feeding Type” Advertising

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

18 August 2015 R-TECH UENO (4573)

Improving Awareness & Expansion to Europe

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

26 June 2015Rentracks (6045)

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10 June 2015 CMC CORPORATION (2185)

Steady Auto-Related Sector

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

15 April 2015 Shirohato (3192)

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1 April 2015Nippon Manufacturing Service (2162)

Exposure to In-Car Domains

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

25 February 2015 RACCOON (3031)

Favorable Earnings & Share Buyback

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

19 November 2014 MonotaRO (3064)

Pursuit of Persistent Growth

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

22 September 2014 Shin Pro Maint (6086)

“Emergency Maintenance” to Expand

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

14 March 2014KENKO Mayonnaise (2915)

No Further Cooking Oil Price Hikes

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

21 February 2014 ValueCommerce (2491)

“Financial”, “Travel” and Shopping-Related

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

17 February 2014 PROTO CORPORATION (4298)

Synergy to be Pursued

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

15 November 2013 Panasonic IS(4283)

Decreasing Exposure to Panasonic

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

24 June 2013 ODELIC(6889)

Ensuring Market Share

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

13 December 2012 Yamaichi Electronics (6941)

Fixed Cost to be Cut

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

28 November 2012mobcast (3664)

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31 August 2012 Interspace(2122)

Smartphone & Real Affiliate

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

25 June 2012 SATO HOLDINGS (6287)

Achieve More Than 12% ROE

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

1 June 2012 ELECOM(6750)

More Emphasis on Earnings than Sales

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

1 May 2012KOBE BUSSAN (3038)

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4 April 2012 TRUSCO Nakayama(9830)

Supporting Disaster Recovery

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

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

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

30 March 2012 TAKE and GIVE NEEDS (4331)

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7 March 2012 The Monogatari Corporation (3097)

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31 January 2012 Dr.Ci:Labo (4924)

Purchase Rates Recovery

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

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

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

8 April 2011  Tosho (8920)

Front-Loaded Investments and Earnings Growth Potential

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

5 April 2011  NEXT (2120)

Changeover to New Charging Scheme

NEXT, with the operations of one of the largest real estate information portal “HOME’S” in Japan as the key earnings pillar, is to suffer short-term corrections with its earnings. “Tohoku Region Pacific Ocean Earthquake”, occurred on 11 March, did not lead to any meaningful damages to its board members and employees nor to its computer systems, while the impacts to earnings are currently under investigations. So far, the Company has been seeing advertising expenses ¥0.4bn to ¥0.5bn per quarter, but it is assumed now that the levels are as much as ¥1.1bn in Q4 (Jan to Mar) FY03/2011. This is in line with the Company’s intention to contribute to earnings with the affiliated stores, through January to March when the market for real estate is in the prime time and just after the changeover to new charging scheme with the Company. Meanwhile, the Company claims that this is a one-off issue, and this does not matter with the Company’s long-term growth potential.

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  Nihon Trim (6788)

Leading the Market for Electrolyzed Reduced Water

In Q1 FY03/2010 results, sales came in at ¥2.3bn (up 4.6% YoY), operating profit ¥0.4bn (up 26.0%), and they were roughly in line with Company forecasts. On a full-year basis, sales are expected to be ¥9.1bn (up 10.2%) and operating profit ¥1.4bn (up 18.9%). The Company has a dominant exposure to its home-use system for electrolyzed reduced water, over 90% in terms of sales and even more in terms of earnings. The system comprises hardware (accounting for some 75% of sales) and filter cartridge (25%). Meanwhile, the Company is not only involved with the developments and the manufacturing of the system but also with sales directly to consumers. Some 80% of hardware sales are associated with so-called “Shokuiki Hanbai” and its equivalents, in which the Company holds small gathering directly for consumers so that they should notice detailed advantages of the Company’s system. In this main sales channel, “TRIM ION NEO”, the Company’s new system, made a substantial contribution to overall hardware volume, having resulted in 1.8x increases when compared with the levels in the previous year and this was the key positive factor for Q1 earnings growth. “TRIM ION NEO” has retail price of ¥172,000 per unit and filter cartridge to be placed every 12 months ¥9,975. These levels are meaningfully lower than their old equivalents, and a concept, advocated by the Company, that “the system is of home appliance”, does appear to have started to penetrate into consumers. The Company is the leading maker of the home-use system, accounting for almost half of the domestic market, while the second Panasonic Electric Work (6991).

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).


2018年2月16日 二ラク・ジー・シー・H(1245/HK)


福島県を中心とした東日本地域でパチンコホール55店舗を運営するニラク・ジー・シー・ホールディングスは、企業買収を通した中長期的な成長戦略を打ち出している。引き続く規制強化を受けて既存のパチンコホールの運営における業況は厳しさを増しているものの、現状においても同社はフリーキャッシュフローの創造を続けている一方、今迄に得られた資金を新規事業へと投資することを始めている。2017年11月20日、第一弾として東南アジアで日本式のアミューズメント施設を運営する Dream Games Singapore Pte. Ltd.の全株式(概算で1,870百万円)を取得し、同社はこれを子会社化している。Dream Games社は、その海外子会社を通してベトナムで6店舗、カンボジアで1店舗と、合計7店舗の運営を展開しており、これを通して得られたアミューズメント施設の運営に係るノウハウを有している。一方、同社は、ここでのノウハウと同社が有するパチンコホールチェーンの運営におけるノウハウを融合させたかたちでDream Games社の事業を展開し東南アジアにおける業容拡大を進めていくとしている。また、同社は、今後に向けてもこれと同様にシナジーを追求していくことが可能とならしめられる企業買収を実施していきたいとしている。更には、パチンコホール業界における同業他社と資本業務提携していくことも検討している。

2018年2月13日 パンチ工業(6165)






2018年2月5日 松風(7979)





医薬品関連及び産業関連の機械装置を開発・製造・販売することに深く関与しているフロイント産業は、新分野の開拓を通して中長期的な成長を遂げていくことを目指している。機械部門の直近の動向においては、日本国内のジェネリック医薬品業界における設備投資抑制の動きを受けて、短期的な受注高が調整を余儀なくされている。中期的な売上高の方向性を示す12四半期移動平均受注高は未だ前年同期に対する増加傾向を示しているものの、今迄の短期的な受注高の調整が、同社としての短期的な売上高及び損益の調整における主因となっている。一方、今後に向けても機械部門の中核を占めるとされる医薬品関連の造粒・コーティング装置の受注動向には不透明感が残るとされているものの、医薬品関連でも産業関連でも中長期的には新分野の開拓が進捗していく見通しである。前者が、錠剤印刷装置(TABREX Rev.)であり、後者が、二次電池関連の製造装置である。2017年2月期第4四半期より受注を開始した錠剤印刷装置(TABREX Rev.)に関しては、その後の立ち上がりにやや遅れが認められるものの、やがては初期段階における問題が解決され、同社としての損益に対する寄与が拡大していくことになる見通しである。一方、現状に至る経緯における二次電池関連の製造装置に関しては、顧客である二次電池メーカーの研究開発段階に用いられているに過ぎず、売上高も同社としての損益への寄与も限定的に留まっている。ただし、これが量産スケールで採用される段階に至っては、大きな寄与をもたらす可能性がある。




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22日 アバント(3836)



2017年11月13日 日本商業開発(3252)





自動車業界や産業機械関連業界に属する製造業を対象とした「プリント基板のEDA(Electronic Design Automation)システム」の開発に最大のコアコンピタスを有する図研は、モノづくり環境がIoTや人工知能(AI)などの新たに登場した技術の採用を通した大きな変革期を迎えているなか、これに対応する設計やデータ管理のITソリューションの提供を積極的に進め、持続的な増益を達成していくことを計画している。間接的な関与も含めた場合、自動車業界に関連する売上高が同社としての売上高の50%近くを占めるとされている一方、同社が事業を展開している領域においては、主力の日本国内で市場シェア60%と、圧倒的な競争力が認められる。これに鑑みれば、今般のモノづくり環境の大きな変革に際して、同社はかなりのメリットを享受することとなろう。海外では、アジアでの営業利益率が高い一方、欧州及び米国では損益向上が始まっている。また、同社の中期経営計画においては、2017年3月期から2019年3月期に向けて、年間平均で増収率5.8%、増益率49.6%が見込まれている。

2017年9月14日 明豊エンタープライズ(8927)



2017年8月21日 タマホーム(1419)



2017年7月24日 あかつき本社(8737)






2017年6月7日 アーバネットコーポレーション(3242)


投資用ワンルームマンションの開発・1 棟販売を基軸事業とするアーバネットコーポレーションは、2017年6月期第3四半期決算説明会を開催し、ワンルームマンション市場は緩やかな拡大を続けていくとの認識を明らかにした一方、売上総利益率の高い一棟一括販売が堅調に推移していることなども明らかにした。また、少数精鋭で効率的な経営が展開されている同社においては、2017年6月期第3四半期累計期間における連結社員一人当たり純利益が30百万円にも及んでおり、2016年6月期の通期実績である29百万円を既に超過しているとのことである。

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14日 ユーザベース(3966)



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3月17日 スターティア(3393)


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

2016年2月2日 日本空調サービス(4658)



2015年11月20日 モリト(9837)


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

2015年9月2日 セプテーニ・ホールディングス(4293)


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

2015年8月18日 アールテック・ウエノ(4573)


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

2015年6月26日 レントラックス(6045)



2015年6月10日 シイエム・シイ(2185)



2015年4月15日 白鳩(3192)






2015年2月25日 ラクーン(3031)



2014年11月19日 MonotaRO(3064)



2014年9月22日 シンプロメンテ(6086)



2014年3月14日 ケンコーマヨネーズ(2915)



2014年2月21日 バリューコマース(2491)





2013年11月15日 パナソニックIS(4283)



2013年6月24日 オーデリック(6889)



2012年12月13日 山一電機(6941)



2012年11月28日 モブキャスト(3664)


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

2012年8月31日 インタースペース(2122)



2012年6月25日 サトーホールディングス(6287)



2012年6月1日 エレコム(6750)



2012年5月1日 神戸物産(3038)



2012年4月4日 トラスコ中山(9830)





2012年3月30日 テイクアンドギヴ・ニーズ(4331)





2012年3月7日 物語コーポレーション(3097)



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


2012年1月31日 ドクターシーラボ(4924)





2011年4月8日 東祥(8920)



2011年4月5日 ネクスト(2120)



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 日本トリム(6788)


8月9日に発表された2010年3月期第1四半期実績は、売上高23億円(前年比4.6%増)、営業利益4億円(26.0%増)での着地となった。通期会社予想に対しては、ほぼ想定通りの業績推移である。通期では、売上高91億円(10.2%増)、営業利益14億円(18.9%増)が見込まれている。同社においては、同社の主力製品である家庭用整水器に対するエクスポージャーが圧倒的に大きい。売上高構成比では90%以上、そして利益における構成比は売上高以上に大きい。家庭用整水器の売上高はハードウェア(売上高構成比75%)並びにカートリッジ(25%)によって構成される。また、同社は製品の開発・製造に加えて、販売にも直接関与している度合いが大きい。ハードウェアの販売の80%前後は、「職域販売(並びに職域販売関連)」と呼ばれる同社が最終消費者向けに開催する説明会等を通じた販売チャネルによって占めらている。この「職域販売」において、同社の新製品である「TRIM ION NEO」の好調な販売を背景に、ハードウェアの数量が前年対比で1.8倍にまで膨らんだのが同社の第1四半期における好調な業績推移の主因である。「TRIM ION NEO」の定価は172,000円、12ヵ月に一度の交換が必要なカートリッジの定価は9,975円と、従来のモデルとの比較においては低価格に抑えられており、同社が標榜する「整水器は家電」というコンセプトが消費者に浸透しつつあると考えられる。また、同社は国内市場の半分近くを占める家庭用整水器の首位メーカーであり、第2位はパナソニック電工(6991)である。

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。