Research from Mita Securities, Mita Securities

Mita Securities

Research from Mita Securities

Mita Securities provides a full scale diversified investment banking and financial services. A comprehensive investment banking department, specializes in rights offerings advisory, take-over bids agents, M&A etc. Including a proprietary trading desk, and wealth management department that offers brokerage, custody, real estate, and full proxy services.

Equity Bottom-Up

Fast Fitness Japan Inc / Equity Bottom-Up

<ul><li>We update our earnings forecast and valuation model for Fast Fitness Japan (7092, FFJ, the company) and lower our target price to 2,650 yen</li><li>We changed our OP forecasts from 2.8bn yen to 2.9bn yen (+26.5% YoY; OPM 22.6%; company guidance 2.6bn yen) for FY3/22</li><li>In calculating our target price of 2,650 yen, we used a residual income model (RIM) with a cost of equity of 7.0% (previously 5.5%) and a terminal growth rate of 3.0% (previously 3.5%), based on our earnings forecasts for FY3/22-FY3/27</li></ul>

We update our earnings forecast and valuation model for Fast Fitness Japan (7092, FFJ, the company) and lower our target price to 2,650 yenWe changed our OP forecasts from 2.8bn yen to 2.9bn yen (+26.5% YoY; OPM 22.6%; company guidance 2.6bn yen) for FY3/22In calculating our target price of 2,650 yen, we used a residual income model (RIM) with a cost of equity of 7.0% (previously 5.5%) and a terminal growth rate of 3.0% (previously 3.5%), based on our earnings forecasts for FY3/22-FY3/27

Fast Fitness Japan (7092): Reiterate Buy While Lowering TP on Model Adjustment.

<ul><li>Fast Fitness Japan (7092, the company) announced 3Q FY3/22 consolidated results. 1-3Q OP progress strong at 89% of full-year guidance</li><li>Number of stores: Downward revision of new store opening plan</li><li>Number of members per store down QoQ due to seasonal factors</li></ul>

Fast Fitness Japan (7092, the company) announced 3Q FY3/22 consolidated results. 1-3Q OP progress strong at 89% of full-year guidanceNumber of stores: Downward revision of new store opening planNumber of members per store down QoQ due to seasonal factors

Fast Fitness Japan (7092): OP Progress Strong at 89%. Store Opening Plan Remain an Issue

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The January 2022 FFW rebalance is not very large - about US$225mm a side. </li>
<li>30% of the interest is in two names - <a href="https://www.smartkarma.com/entities/net-protections-holdings-inc" target="_blank" data-smartkarma-citation="entities:35162:1" rel="noopener">Net Protections (7383 JP)</a> as an add because of its recent IPO and <a href="https://www.smartkarma.com/entities/oracle-corp-japan" target="_blank" data-smartkarma-citation="entities:16787:1" rel="noopener">Oracle Corp Japan (4716 JP)</a> as a sell.</li>
<li>This event may get overshadowed by the TSE Market Structure revamp announced the same day.</li>
</ul>


The January 2022 FFW rebalance is not very large - about US$225mm a side. 
30% of the interest is in two names - Net Protections (7383 JP) as an add because of its recent IPO and Oracle Corp Japan (4716 JP) as a sell.
This event may get overshadowed by the TSE Market Structure revamp announced the same day.


TOPIX January 2022 FFW Rebalance - Much Nothing To Do

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

<ul>
<li>Today after market-close, <a href="https://www.smartkarma.com/entities/fast-fitness-japan-inc" target="_blank" data-smartkarma-citation="entities:31510:1" rel="noopener">Fast Fitness Japan Inc (7092 JP)</a> announced they had received approval to move from the Mothers Section to the First Section of the Tokyo Stock Exchange.</li>
<li>They will move to the First Section on 27th December 2021 and that will trigger inclusion into the TOPIX Index at the end of January 2022.</li>
<li>In this insight, we take a look at the Index Inclusion Parameters to evaluate the upside potential of the TOPIX Inclusion Event. </li>
</ul>


Today after market-close, Fast Fitness Japan Inc (7092 JP) announced they had received approval to move from the Mothers Section to the First Section of the Tokyo Stock Exchange.
They will move to the First Section on 27th December 2021 and that will trigger inclusion into the TOPIX Index at the end of January 2022.
In this insight, we take a look at the Index Inclusion Parameters to evaluate the upside potential of the TOPIX Inclusion Event. 


<ul><li>FFJ operates the 24-hour machine-focused fitness club Anytime Fitness mainly through a franchise system, with 924 stores and 595,000 members as of June 30,2021.</li><li>1H OP progress strong at 59% of full-year guidance and downward revision of new store opening target</li><li>Number of members continues to recover showing a positive sign</li></ul>

FFJ operates the 24-hour machine-focused fitness club Anytime Fitness mainly through a franchise system, with 924 stores and 595,000 members as of June 30,2021.1H OP progress strong at 59% of full-year guidance and downward revision of new store opening targetNumber of members continues to recover showing a positive sign

Fast Fitness Japan (7092): 1H OP Progress Strong at 59%; Membership Recovery Continues

Japan

Fast Fitness Japan, Inc. owns and operates fitness clubs. The Company offers gym and sports facilities and training. Fast Fitness Japan provides its services throughout Japan.

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Fast Fitness Japan Inc (7092 JP)

Fast Fitness Japan (7092): Reiterate Buy While Lowering TP on Model Adjustment.

We update our earnings forecast and valuation model for Fast Fitness Japan (7092, FFJ, the company) and lower our target price to 2,650 yen

Mita Securities

Fast Fitness Japan (7092): OP Progress Strong at 89%. Store Opening Plan Remain an Issue

Fast Fitness Japan (7092, the company) announced 3Q FY3/22 consolidated results. 1-3Q OP progress strong at 89% of full-year guidance

Mita Securities

TOPIX January 2022 FFW Rebalance - Much Nothing To Do

The TSE FFW review for Jan 2022 sees 60 names with changes. Gree's share cancellation would have been big but the TSE offset it with a FFW change....

Travis Lundy

TOPIX Inclusion: Fast Fitness (7092 JP)

Fast Fitness (7092 JP) is moving to TSE1 which will trigger an inclusion into the the TOPIX Index. In this insight, we evaluate the upside...

Janaghan Jeyakumar, CFA

Fast Fitness Japan (7092): 1H OP Progress Strong at 59%; Membership Recovery Continues

FFJ operates the 24-hour machine-focused fitness club Anytime Fitness mainly through a franchise system, with 924 stores and 595,000 members as of...

Mita Securities

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