Japan Specialist

Mark Chadwick

Equity Bottom-Up

BayCurrent Consulting  / Equity Bottom-Up

<ul>
<li>The company will report Q1 earnings today. We think they will beat expectations</li>
<li>The stock has been a poor performer so far this year, despite profitable growth</li>
<li>BayCurrent is THE key beneficiary of Digital Transformation in Japan</li>
</ul>


The company will report Q1 earnings today. We think they will beat expectations
The stock has been a poor performer so far this year, despite profitable growth
BayCurrent is THE key beneficiary of Digital Transformation in Japan


BayCurrent (6532) | Jumping in Ahead of Earnings

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/baycurrent-consulting-inc" target="_blank" data-smartkarma-citation="entities:25985:1" rel="noopener">Baycurrent Consulting (6532 JP)</a> reported 4QFY02/2022 results today. Revenue grew 30.9% YoY to JPY16.2bn while OP increased 61.3% YoY to JPY6.8bn.</li>
<li>Full-Year FY02/2022 revenues grew 34.4% YoY to JPY57.6bn and OP increased 58.7% YoY to JPY21.5bn. Both revenue and OP beat guidance by 1.9% and 2.4% respectively.</li>
<li>BayCurrent’s shares are down 30% since its peak in September 2021, and we think current share price offers a good entry point.</li>
</ul>



Baycurrent Consulting (6532 JP) reported 4QFY02/2022 results today. Revenue grew 30.9% YoY to JPY16.2bn while OP increased 61.3% YoY to JPY6.8bn.
Full-Year FY02/2022 revenues grew 34.4% YoY to JPY57.6bn and OP increased 58.7% YoY to JPY21.5bn. Both revenue and OP beat guidance by 1.9% and 2.4% respectively.
BayCurrent’s shares are down 30% since its peak in September 2021, and we think current share price offers a good entry point.


BayCurrent: Strong Results but Guidance Seems Too Conservative

<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

<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

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) | Jumping in Ahead of Earnings

BayCurrent is the best play on Digital Transformation in Japan. We see continued earnings growth in the long-term due to the company's ability to...

Mark Chadwick

BayCurrent: Strong Results but Guidance Seems Too Conservative

BayCurrent reported 4QFY02/2022 results today. Revenue grew 30.9% YoY to JPY16.2bn while OP increased 61.3% YoY to JPY6.8bn. We think the company's...

Shifara Samsudeen, ACMA, CGMA

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

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