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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>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

<h2>Summary</h2>
<p>Our top pick is S Foods. Points of interest are 1) its strength in meat wholesaling to restaurants, and 2) the US meat packer business benefiting from increased demand for restaurants in the US. We believe that these factors have not been fully factored into the current stock price</p>

Summary
Our top pick is S Foods. Points of interest are 1) its strength in meat wholesaling to restaurants, and 2) the US meat packer business benefiting from increased demand for restaurants in the US. We believe that these factors have not been fully factored into the current stock price

<h2>Company profile</h2>
<p>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.</p>
<h3>Target price changed to 5,600 yen due to stock split</h3>
<p>Fast Fitness Japan (7092, FFJ, the company) will conduct a 1:1.2 stock split with September 30 as the record date and October 1 as the effective date. As a result, we have revised our assumptions for the number of shares outstanding used in our earnings forecasts and have changed our target price from 6,700 yen to 5,600 yen. The changes to our earnings forecast are limited to changes in per-share indicators (EPS, BPS, DPS). Our view on the company's fundamentals remains unchanged, and we reiterate the Buy rating.</p>

Company profile
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.
Target price changed to 5,600 yen due to stock split
Fast Fitness Japan (7092, FFJ, the company) will conduct a 1:1.2 stock split with September 30 as the record date and October 1 as the effective date. As a result, we have revised our assumptions for the number of shares outstanding used in our earnings forecasts and have changed our target price from 6,700 yen to 5,600 yen. The changes to our earnings forecast are limited to changes in per-share indicators (EPS, BPS, DPS). Our view on the company's fundamentals remains unchanged, and we reiterate the Buy rating.

Fast Fitness Japan (7092): Target Price Changed Due to Stock Split

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): 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

List of Covered Stocks (7 October 2021)

Our top pick is S Foods. Points of interest are 1) its strength in meat wholesaling to restaurants, and 2) the US meat packer business benefiting...

Mita Securities

Fast Fitness Japan (7092): Target Price Changed Due to Stock Split

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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