Japan Specialist

Mark Chadwick

Equity Bottom-Up

BayCurrent Consulting  / Equity Bottom-Up

<ul>
<li>Another excellent set of results which supports our bullish view on the stock </li>
<li>BayCurrent is a key enabler of DX in Japan and a beneficiary of the tight labour market </li>
<li>The stock is down around 30% from its all-time high. Growth investors should be picking up stock  </li>
</ul>


Another excellent set of results which supports our bullish view on the stock 
BayCurrent is a key enabler of DX in Japan and a beneficiary of the tight labour market 
The stock is down around 30% from its all-time high. Growth investors should be picking up stock  


BayCurrent (6532) A Consulting Powerhouse Growing in the Double Digits

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nihon-m-a-center-inc" target="_blank" data-smartkarma-citation="entities:17616:1" rel="noopener">Nihon M&amp;A Center (2127 JP)</a> reported 3QFY03/2021 results yesterday alongside publication of investigation report over false recording of sales contracts on the internal system between FY03/2019 to 2QFY03/2021.</li>
<li>The company announced on 20th December 2021 that it has commenced an investigation over the above issue and postponed the announcement of its 3Q results.</li>
<li>Revenue for 3QFY03/2021 increased 14.6% YoY to JPY10.85bn (vs consensus JPY12bn) while OP dropped 5.1% YoY to JPY4.0bn (vs consensus JPY6.0bn).</li>
</ul>



Nihon M&amp;A Center (2127 JP) reported 3QFY03/2021 results yesterday alongside publication of investigation report over false recording of sales contracts on the internal system between FY03/2019 to 2QFY03/2021.
The company announced on 20th December 2021 that it has commenced an investigation over the above issue and postponed the announcement of its 3Q results.
Revenue for 3QFY03/2021 increased 14.6% YoY to JPY10.85bn (vs consensus JPY12bn) while OP dropped 5.1% YoY to JPY4.0bn (vs consensus JPY6.0bn).


Nihon: False Recording of Sales Leads to More Than 40% Drop; Can Nihon Regain Investor Confidence?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/baycurrent-consulting-inc" target="_blank" data-smartkarma-citation="entities:25985:1" rel="noopener">Baycurrent Consulting (6532 JP)</a> reported 3QFY02/2022 results last week. Revenue for the quarter increased 39.0% YoY to JPY15.0bn while OP increased 57.5% YoY to JPY3.7bn.</li>
<li>The company has revised both its revenue and OP guidance upwards for full-year FY02/2022E to JPY56.5bn and JPY21bn respectively.</li>
<li>The company has already met 73.5% and 72.7% of its revenue and OP target, we expect earnings beat for the full-year as fourth quarter is the strongest.</li>
</ul>



Baycurrent Consulting (6532 JP) reported 3QFY02/2022 results last week. Revenue for the quarter increased 39.0% YoY to JPY15.0bn while OP increased 57.5% YoY to JPY3.7bn.
The company has revised both its revenue and OP guidance upwards for full-year FY02/2022E to JPY56.5bn and JPY21bn respectively.
The company has already met 73.5% and 72.7% of its revenue and OP target, we expect earnings beat for the full-year as fourth quarter is the strongest.


BayCurrent: Strong Earnings and an Upgrade to Guidance; Drop in Multiples Offers a Good Entry Point

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Thematic (Sector/Industry)

<h3>What’s Original?</h3>
In this original, we have discussed some of the key aspects highlighted in Kishida’s policy statements along with the current status of these policies and companies that are likely to benefit.

What’s Original?
In this original, we have discussed some of the key aspects highlighted in Kishida’s policy statements along with the current status of these policies and companies that are likely to benefit.

Kishida as Prime Minister: The Path Ahead

<a href="https://www.smartkarma.com/entities/baycurrent-consulting-inc" target="_blank" data-smartkarma-citation="entities:25985:1" rel="noopener">Baycurrent Consulting (6532 JP)</a> reported its 1HFY02/2022 results on Monday (25th October) which saw revenues increasing 34.6% YoY to JPY26.6bn while operating profit for the quarter grew 76.0% YoY to JPY9.5bn. The company’s full-year guidance for FY02/2022E called for JPY51bn and JPY16bn in revenue and OP respectively, and BayCurent has already met 52.1% and 59.4% of its revenue and OP target respectively.On a quarterly basis, BayCurrent’s 2QFY02/2022 revenues grew 37.5% YoY while operating profit for the quarter more than doubled to JPY4.8bn vs JPY2.2bn in the same quarter a year ago.Read our previous insight on the company:<a href="https://www.smartkarma.com/insights/baycurrent-consulting-strong-fundamentals-up-almost-200-and-further-upside-likely" target="_blank" data-smartkarma-citation="insights:58912" rel="noopener">Baycurrent Consulting: Strong Fundamentals; Up Almost 200% and Further Upside Likely</a>

Baycurrent Consulting (6532 JP) reported its 1HFY02/2022 results on Monday (25th October) which saw revenues increasing 34.6% YoY to JPY26.6bn while operating profit for the quarter grew 76.0% YoY to JPY9.5bn. The company’s full-year guidance for FY02/2022E called for JPY51bn and JPY16bn in revenue and OP respectively, and BayCurent has already met 52.1% and 59.4% of its revenue and OP target respectively.On a quarterly basis, BayCurrent’s 2QFY02/2022 revenues grew 37.5% YoY while operating profit for the quarter more than doubled to JPY4.8bn vs JPY2.2bn in the same quarter a year ago.Read our previous insight on the company:Baycurrent Consulting: Strong Fundamentals; Up Almost 200% and Further Upside Likely 

BayCurrent Consulting: Strong Earnings Momentum Continues

Japan

Persol Holdings Co., Ltd. provides human resource solutions to a wide variety of customers worldwide. The Company's main operations include temporary staffing services, contract services, and employment services. Temp Holdings also provides outsourcing services and employment support services for job seekers.

MEITEC CORPORATION provides high-end engineering outsourcing services targeting the R&D sector in various industries such as automobile, telecommunication, semiconductors, consumer electronics, and industrial machinery.

TechnoPro Holdings, Inc. offers services and solutions in mechanical and electronic design, IT and software development, and wide range of technological fields through outsourcing. The Company also has presence in biological, chemical and construction management businesses.

OUTSOURCING Inc. provides outsourcing services for manufacturing companies. The Company mainly provides services for industries such as food, electric equipment, transport machine, chemical, and metal.  Outsourcing also provides worker dispatching service.

BeNext-Yumeshin Group Co. provides temporary help services. The Company provides personnel staffing services, technician staffing services, overseas staffing services, and other services. BeNext-Yumeshin Group also provides office building leasing, restaurants management, vocational training, and other services.

en-japan inc. provides Internet-based recruiting solutions. The Company provides recruitment information for job seekers. en-japan's web site allows member employers to access its database of job seekers. The Company also provides recruitment consulting services.

Funai Soken Holdings Inc. provides management and financial consulting services.  The Company, through its subsidiaries, also operates logistics information, publishing, and real estate businesses.

JAC Recruitment Co., Ltd. provides recruiting agency services. The Company focuses on international business area that includes job offers from foreign companies and overseas subsidiaries of Japanese companies.

NOMURA Co., Ltd. is a contractor of displays and interior designs.  The Company mainly plans and provides display services for commercial, cultural, and exhibition facilities.  Nomura produces displays, interior designs, and promotional and advertising materials.

Pasona Group Inc. manages companies that provide placement and staffing services for clients in the information technology sector.

Seek Limited operates an Internet website.  The Company offers online employment advertisements and online training in Australia and New Zealand, and offers online employment advertisements in the United Kingdom targeted at Australian and New Zealand job seekers.

Exponent, Inc. is a science and engineering consulting firm that provides solutions and information to complex problems. The Company performs scientific research and analysis, or evaluations, to solve complicated issues facing a range of industries and governments.

CBIZ, Inc. provides professional business services to companies throughout the United States.  The Company provides accounting and tax, employee benefits, wealth management, property and casualty insurance, payroll, and HR consulting services.  CBIZ also provides internal audit, litigation advisory, healthcare consulting, medical practice management, and other services.

Dun & Bradstreet Holdings, Inc. provides data and analytics solutions. The Company delivers workflows to inform commercial credit decisions and other related services. Dun & Bradstreet Holdings serves customers worldwide.

Manpowergroup Inc. provides non-governmental employment services through offices located around the world. The Company's principal operations include temporary staffing services, contract services, and training and testing of temporary and permanent workers. Manpower provides employment services to a wide variety of customers.

TriNet Group, Inc. provides human resource and consultancy services. The Company offers payroll, tax administration, risk protection, performance management, compensation consulting, and employee benefit plans. TriNet Group serves technology, advertising, banking, and government sectors in the United States.

Korn/Ferry International is a global provider of talent management solutions, with a presence throughout the Americas, Asia Pacific, Europe, the Middle East and Africa. The firm delivers services and solutions that help clients cultivate greatness through the attraction, engagement, development and retention of their talent.

ALS Limited is a commercial services company with national and international operations. The Company's services include analytical and testing services, producing industrial and commercial chemical products, and hospitality, cleaning, and catering products.

Insperity, Inc. offers human resources and business optimization services.  The Company offers recruiting, employment screening, retirement, business insurance and technology services.  Insperity also offers performance management, expense management, time and attendance, and organizational planning software.

DKSH Holding AG offers international market expansion services with a focus in Asia. The Company provides an integrated portfolio of services, including sourcing, marketing, sales, distribution and after-sales services related to the Consumer Goods, Healthcare, Performance Materials and Technology markets.

Baycurrent Consulting , Inc. offers comprehensive consulting services in a wide variety of industries. The company's main focus areas are business strategy consulting, IT consulting, and IT integration.

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BayCurrent Consulting (6532 JP)

BayCurrent (6532) A Consulting Powerhouse Growing in the Double Digits

BayCurrent is a key enabler of DX in Japan and a beneficiary of the tight labour market. The stock is down around 30% from its all-time high....

Mark Chadwick

Nihon: False Recording of Sales Leads to More Than 40% Drop; Can Nihon Regain Investor Confidence?

Nihon M&A Center reported 3QFY03/2021 results yesterday alongside publication of investigation report over false recording of sales contracts on...

Shifara Samsudeen, ACMA, CGMA

BayCurrent: Strong Earnings and an Upgrade to Guidance; Drop in Multiples Offers a Good Entry Point

BayCurrent reported strong 3QFY02/2022 earnings which has led to an upgrade to the company's full-year guidance. The company's valuation multiples...

Shifara Samsudeen, ACMA, CGMA

Kishida as Prime Minister: The Path Ahead

In this original, we have discussed some of the key aspects highlighted in Kishida’s policy statements along with the current status of these...

Mio Kato

BayCurrent Consulting: Strong Earnings Momentum Continues

BayCurrent's revenue and OP saw stellar growth in 1HFY02/2022 driven by by growth in the number of consultants, projects with high-value added...

Shifara Samsudeen, ACMA, CGMA

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