Japan Experts, Extraordinary Performance, Astris Advisory Japan

Astris Advisory Japan

Japan Experts, Extraordinary Performance

Our Corporate Advisory service is designed to give clients access to a wider range of investors. These include Japan specialists as well as global investors. The goal is to help achieve a fair equity valuation.

Equity Bottom-Up

<div><div><div><div><ul><li>Positive results from core activities – Driven by sustained growth at the core matchmaking business, Q1-3 FY12/24 results were stronger than expected which was a positive surprise.</li><li>The company has maintained FY12/24 guidance, but has telegraphed stronger OP expectations and has announced an FY DPS of ¥8 (+33.3% YoY), indicating a more progressive shareholder returns policy.</li><li>With affiliate franchisee numbers on an uptrend and membership numbers continuing to rise at the Directly-Managed Lounge Business, we believe this demonstrates the company’s core business activities are growing, with improvement in the quality of earnings.</li></ul></div></div></div></div>

Positive results from core activities – Driven by sustained growth at the core matchmaking business, Q1-3 FY12/24 results were stronger than expected which was a positive surprise.The company has maintained FY12/24 guidance, but has telegraphed stronger OP expectations and has announced an FY DPS of ¥8 (+33.3% YoY), indicating a more progressive shareholder returns policy.With affiliate franchisee numbers on an uptrend and membership numbers continuing to rise at the Directly-Managed Lounge Business, we believe this demonstrates the company’s core business activities are growing, with improvement in the quality of earnings.

IBJ (6071 JP) - Raising the Quality of Earnings

<ul><li>Q1-4 FY12/23 results were in line with company guidance, highlighting the stable growth profile of the Affiliate business segment.</li><li>In January 2024, the Japan Fair Trade Commission (JFTC) concluded its investigation by approving a Commitment Plan submitted by IBJ; we believe this is a positive development, allowing the company to focus on core operations and increase market confidence.</li><li>We believe a theme for FY12/24 will be upfront investments to drive longer-term growth, with integration efforts continuing with the O-net alliance, and initiatives to scale the Life Design business to transform into a material earnings pillar to drive long-term growth.</li></ul>

Q1-4 FY12/23 results were in line with company guidance, highlighting the stable growth profile of the Affiliate business segment.In January 2024, the Japan Fair Trade Commission (JFTC) concluded its investigation by approving a Commitment Plan submitted by IBJ; we believe this is a positive development, allowing the company to focus on core operations and increase market confidence.We believe a theme for FY12/24 will be upfront investments to drive longer-term growth, with integration efforts continuing with the O-net alliance, and initiatives to scale the Life Design business to transform into a material earnings pillar to drive long-term growth.

Ibj (6071) - Strategic Investments for Sustainable Long-Term Growth

<ul><li>Market leader positioning to consolidate – IBJ is a marriage consultancy service with strong brand equity, offering high-quality services delivered by human professionals.</li><li>With an industry-leading membership base, affiliated marriage consulting firms within the IBJ network harness the economies of scale through the platform, ensuring a cost-effective approach to service delivery.</li><li>It has a strong track record of sustainable free cash flow generation. </li></ul>

Market leader positioning to consolidate – IBJ is a marriage consultancy service with strong brand equity, offering high-quality services delivered by human professionals.With an industry-leading membership base, affiliated marriage consulting firms within the IBJ network harness the economies of scale through the platform, ensuring a cost-effective approach to service delivery.It has a strong track record of sustainable free cash flow generation. 

IBJ (6071) - Aiming to Solidify Its Dominant Market Position

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One Inc (2412 JP)</a> announced a partial tender offer from <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 Inc (2413 JP)</a> at JPY1,600 per share, a 40.0% premium to the undisturbed price. </li>
<li>The transaction facilitates <a href="https://www.smartkarma.com/entities/pasona-group-inc" target="_blank" data-smartkarma-citation="entities:15778:1" rel="noopener">Pasona Group (2168 JP)</a>'s exit. The offer is for a minimum of 81.2 million shares (51.16% ownership ratio) and a maximum of 87.3 million shares (55.00%). </li>
<li>Irrevocables from Pasona represent a 51.16% ownership ratio, satisfying the minimum acceptance condition. The offer is light vs. historical multiples and share prices. </li>
</ul>



Benefit One Inc (2412 JP) announced a partial tender offer from M3 Inc (2413 JP) at JPY1,600 per share, a 40.0% premium to the undisturbed price. 
The transaction facilitates Pasona Group (2168 JP)'s exit. The offer is for a minimum of 81.2 million shares (51.16% ownership ratio) and a maximum of 87.3 million shares (55.00%). 
Irrevocables from Pasona represent a 51.16% ownership ratio, satisfying the minimum acceptance condition. The offer is light vs. historical multiples and share prices. 


Benefit One (2412 JP): M3’s Partial Tender Offer

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.

<ul><li>On April 27, IBJ (6071, the company) announced that it would sell part of its stake in subsidiary Diverse and deconsolidate the subsidiary</li><li>We believe that the casual dating app market is highly competitive and hard to achieve profitability due to heavy burden of advertising costs</li><li>In light of the above transaction, the company announced changes to its 1H and full-year guidance for FY12/22</li></ul>

On April 27, IBJ (6071, the company) announced that it would sell part of its stake in subsidiary Diverse and deconsolidate the subsidiaryWe believe that the casual dating app market is highly competitive and hard to achieve profitability due to heavy burden of advertising costsIn light of the above transaction, the company announced changes to its 1H and full-year guidance for FY12/22

IBJ (6071): Fully Concentrating on Marriage Support, While Exiting from Casual Dating Apps

Japan

IBJ Inc provides marriage matchmaking services. The Company offers marriage consulting services through the Internet. IBJ also offers and consults business events and seminars.

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IBJ (6071 JP)

IBJ (6071 JP) - Raising the Quality of Earnings

Positive results from core activities – Driven by sustained growth at the core matchmaking business, Q1-3 FY12/24 results were stronger than...

Astris Advisory Japan

Ibj (6071) - Strategic Investments for Sustainable Long-Term Growth

Q1-4 FY12/23 results were in line with company guidance, highlighting the stable growth profile of the Affiliate business segment.

Astris Advisory Japan

IBJ (6071) - Aiming to Solidify Its Dominant Market Position

Market leader positioning to consolidate – IBJ is a marriage consultancy service with strong brand equity, offering high-quality services delivered...

Astris Advisory Japan

Benefit One (2412 JP): M3’s Partial Tender Offer

Irrevocables from Pasona represent a 51.16% ownership ratio, satisfying the minimum acceptance condition. The JPY1,600 partial offer is light vs....

Arun George

IBJ (6071): Fully Concentrating on Marriage Support, While Exiting from Casual Dating Apps

On April 27, IBJ (6071, the company) announced that it would sell part of its stake in subsidiary Diverse and deconsolidate the subsidiary

Mita Securities

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