IR & Research Intelligence, Sessa Investment Research

Sessa Investment Research

IR & Research Intelligence

Sponsored research focusing on Japanese small cap.

Equity Bottom-Up

<div><div><div><div><ul><li>Post-merger integration (PMI) for SkyTrak business was largely completed during the 1H, and the GOLFTEC ANYWHERE initiative is now in full swing.</li><li>GOLFTEC continues to steadily open new corporate centers.</li><li>Following 1H unit sales of 5,000 units (new SkyTrak+ only launched at the end of May), the Company expects SkyTrak 2H unit sales of 10,000+ units. </li></ul></div></div></div></div>

Post-merger integration (PMI) for SkyTrak business was largely completed during the 1H, and the GOLFTEC ANYWHERE initiative is now in full swing.GOLFTEC continues to steadily open new corporate centers.Following 1H unit sales of 5,000 units (new SkyTrak+ only launched at the end of May), the Company expects SkyTrak 2H unit sales of 10,000+ units. 

2Q Follow-Up - Golf Digest Online (3319 JP)

<ul><li>On May 4, GOLFTEC announced the launch of “SkyTrak+,” a premium version of the award-winning and No.1 best-selling consumer launch monitor, now offering tour level accuracy and performance at a price that is still only a fraction of the top-ofthe-line commercial-use product.</li><li>Having largely completed the integration of SkyTrak business during the 1Q, the GOLFTEC ANYWHERE initiative is now going into full swing.</li><li>Since our 4Q FY22/12 Follow-up Report, GDO’s share price has declined another 12.7%, the decline from the peak now equal to the -64% seen in the case 1 shown below. </li></ul>

On May 4, GOLFTEC announced the launch of “SkyTrak+,” a premium version of the award-winning and No.1 best-selling consumer launch monitor, now offering tour level accuracy and performance at a price that is still only a fraction of the top-ofthe-line commercial-use product.Having largely completed the integration of SkyTrak business during the 1Q, the GOLFTEC ANYWHERE initiative is now going into full swing.Since our 4Q FY22/12 Follow-up Report, GDO’s share price has declined another 12.7%, the decline from the peak now equal to the -64% seen in the case 1 shown below. 

Golf Digest Online (3319 JP) - Follow-Up Q1 FY2023/12

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

Golfzon Commerce / Equity Capital Markets

<ul>
<li>Golfzon Commerce is getting ready to complete its IPO in Korea in October. The total offering amount is from 80.2 billion won to 99.8 billion won. </li>
<li>The expected market cap of the IPO is from 323 billion won to 336 billion won. The book building for the institutional investors starts on 11 October. </li>
<li>Golfzon Commerce operates Golfzon Market (a leading golf shop chain in Korea) and Golping (golf related e-commerce site). </li>
</ul>


Golfzon Commerce is getting ready to complete its IPO in Korea in October. The total offering amount is from 80.2 billion won to 99.8 billion won. 
The expected market cap of the IPO is from 323 billion won to 336 billion won. The book building for the institutional investors starts on 11 October. 
Golfzon Commerce operates Golfzon Market (a leading golf shop chain in Korea) and Golping (golf related e-commerce site). 


Japan

Golf Digest Online Inc. an online retailer sells and trades golf products. The Company also provides golf reservation services and delivers golf related news.

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2Q Follow-Up - Golf Digest Online (3319 JP)

Post-merger integration (PMI) for SkyTrak business was largely completed during the 1H, and the GOLFTEC ANYWHERE initiative is now in full swing.

Sessa Investment Research

Golf Digest Online (3319 JP) - Follow-Up Q1 FY2023/12

Having largely completed the integration of SkyTrak business during the 1Q, the GOLFTEC ANYWHERE initiative is now going into full swing.

Sessa Investment Research

Golfzon Commerce IPO Preview

Golfzon Commerce is getting ready to complete its IPO in Korea in October. The total offering amount is from 80.2 billion won to 99.8 billion won.

Douglas Kim