Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>Revenue increased by 13.5% YoY to JPY41.0bn, with record highs in cumulative Q3 FY02/25 revenue and profits. </li><li>Hidakaya restaurants contributed JPY38.9bn, or 95% of total revenue, with a 14.4% YoY increase in cumulative Q3. </li><li>The company plans two new store openings in Q4, with a focus on recruitment and HR development.</li></ul>

Revenue increased by 13.5% YoY to JPY41.0bn, with record highs in cumulative Q3 FY02/25 revenue and profits. Hidakaya restaurants contributed JPY38.9bn, or 95% of total revenue, with a 14.4% YoY increase in cumulative Q3. The company plans two new store openings in Q4, with a focus on recruitment and HR development.

Hiday Hidaka (7611 JP): Q3 FY02/25 flash update

<ul><li> In FY02/24, revenue was JPY48.8bn (+27.8% YoY), operating profit was JPY4.6bn (+653.2% YoY), recurring profit was JPY4.8bn (+92.5% YoY), and net income was JPY3.2bn (+112.8% YoY).</li><li>The company attributed YoY revenue growth to the following factors.</li><li>First, customer count continued to grow after the March 2023 price hike.</li></ul>

 In FY02/24, revenue was JPY48.8bn (+27.8% YoY), operating profit was JPY4.6bn (+653.2% YoY), recurring profit was JPY4.8bn (+92.5% YoY), and net income was JPY3.2bn (+112.8% YoY).The company attributed YoY revenue growth to the following factors.First, customer count continued to grow after the March 2023 price hike.

<ul><li>Revenue for 1H FY02/25 was JPY26.9bn, a 13.0% YoY increase, with record highs in monthly and half-year periods.</li><li>Operating profit for 1H FY02/25 reached JPY2.8bn, up 15.7% YoY, despite rising ingredient and personnel costs.</li><li>The company plans six new store openings in Q3, focusing on northern Kanto expansion and recruitment enhancement.</li></ul>

Revenue for 1H FY02/25 was JPY26.9bn, a 13.0% YoY increase, with record highs in monthly and half-year periods.Operating profit for 1H FY02/25 reached JPY2.8bn, up 15.7% YoY, despite rising ingredient and personnel costs.The company plans six new store openings in Q3, focusing on northern Kanto expansion and recruitment enhancement.

Hiday Hidaka (7611 JP): 1H FY02/25 flash update

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

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.

Event-Driven

<p>Tokyo Stock Exchange is expected to restructure its market structure in April 2022, with new guidelines encouraging companies to sell down cross holdings. <a href="https://www.smartkarma.com/entities/kirin-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16977:1" rel="noopener">Kirin Holdings (2503 JP)</a>, <a href="https://www.smartkarma.com/entities/asahi-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10482:1" rel="noopener">Asahi Group Holdings (2502 JP)</a> and <a href="https://www.smartkarma.com/entities/sapporo-holdings-ltd" target="_blank" data-smartkarma-citation="entities:14085:1" rel="noopener">Sapporo Holdings (2501 JP)</a> have capital tie-ups with a number of popular restaurants chains in Japan. We believe the upcoming TSE restructure and the dislike among institutional investors of crossholdings could force these beer companies to sell their shareholdings in Japanese restaurants.</p>

Tokyo Stock Exchange is expected to restructure its market structure in April 2022, with new guidelines encouraging companies to sell down cross holdings. Kirin Holdings (2503 JP), Asahi Group Holdings (2502 JP) and Sapporo Holdings (2501 JP) have capital tie-ups with a number of popular restaurants chains in Japan. We believe the upcoming TSE restructure and the dislike among institutional investors of crossholdings could force these beer companies to sell their shareholdings in Japanese restaurants.

TSE Restructure Might Force Japanese Beer to Break Their Capital Tie-Ups with Restaurant Chains

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<p>TSE2-listed <a href="https://www.smartkarma.com/entities/5313" target="_blank" data-smartkarma-citation="entities:5313:1">SFP Dining Co Ltd (3198 JP)</a> is a company with 11 branded restaurant chains - ten "traditional Japanese" food themes (sushi, chicken, gyoza, etc) and a Spanish tapas bar-like chain - with a total of 214 restaurants. Over half the restaurants are in Tokyo with 90% of all restaurants in the Greater Tokyo Metropolitan Area and the remainder in the Kansai area (Osaka and Hyogo Prefecture). About two thirds of the restaurants are one brand of seafood restaurant, about 20% are the chicken…</p>

TSE2-listed SFP Dining Co Ltd (3198 JP) is a company with 11 branded restaurant chains - ten "traditional Japanese" food themes (sushi, chicken, gyoza, etc) and a Spanish tapas bar-like chain - with a total of 214 restaurants. Over half the restaurants are in Tokyo with 90% of all restaurants in the Greater Tokyo Metropolitan Area and the remainder in the Kansai area (Osaka and Hyogo Prefecture). About two thirds of the restaurants are one brand of seafood restaurant, about 20% are the chicken…

SFP Holdings (3198) - BIG Buyback Means TSE1 Eligibility

Japan

HIDAY HIDAKA Corp. operates a chain of Oriental noodle and Chinese restaurants mainly in Saitama Prefecture.  The Company produces noodles, soup, and dumplings at its own factory.

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Hiday Hidaka (7611 JP)