Research from Mita Securities, Mita Securities

Mita Securities

Research from Mita Securities

Equity Bottom-Up

<h2>Company profile</h2>
<p>IBJ operates its marriage agency business both directly and through its franchisees. The Japan Marriage Consulting Federation, which the company manages, has over 70,000 members, making it one of the largest in Japan. As of the end of June 2021, the company had 2,832 franchisees. The company's strength lies in its counseling services that focus on marriage, and it is also active in M&amp;As.</p>

Company profile
IBJ operates its marriage agency business both directly and through its franchisees. The Japan Marriage Consulting Federation, which the company manages, has over 70,000 members, making it one of the largest in Japan. As of the end of June 2021, the company had 2,832 franchisees. The company's strength lies in its counseling services that focus on marriage, and it is also active in M&amp;As.

IBJ (6071): Matchmaker with Great Quality and Quantity

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

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.

Thematic (Sector/Industry)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/146/859/original/2020-07-20_05-45-19.png?1595191529" class="editor-image img-responsive" data-smartkarma-image-id="146859"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong><a href="https://www.smartkarma.com/entities/pasona-group-inc" target="_blank" data-smartkarma-citation="entities:15778:1" rel="noopener">Pasona (2168 JP)</a></strong>- Pasona was the largest capitalisation company to report on Friday. At the end of June, the company warned on impairment losses at the full-year ended in May 2020. The outcome was a write-off of ¥2.7 billion, resulting in a 63% decline in Comprehensive Income to Common (CITC) to ¥676 million. In the<strong> DETAIL </strong>below, we review the operating performance and valuation of this 'activist trap'.</p><hr><p style="text-align: center;"><strong>DAILY STATS</strong></p><hr><div><p style="text-align: center;"><strong>4 Quarterly Results</strong></p></div><div><ul>
<li>
<strong>Results Score:</strong> 2 Positive / 0 Neutral / 2 Negative</li>
<li>
<strong>Average Results Score Change:</strong> +2.3</li>
<li>
<strong>Average % Change in Revenue</strong>: -20% Quarter YoY / -12.9% Rolling TTM YoY</li>
<li>
<strong>Average Operating Profit Margin Change:</strong> -0.1ppt</li>
<li>
<strong>Percentage Making Quarterly Losses:</strong> 50%</li>
</ul></div><hr><div><p style="text-align: center;"><br><strong>5 Annual • 4 Interim Forecasts/Revisions</strong></p></div><div><ul>
<li>
<strong>Annual Forecast/Revision Score:</strong> 1 Positive / 0 Neutral / 4 Negative</li>
<li>
<strong>Interim Forecast/Revision Score Change:</strong> 1 Positive / 0 Neutral / 3 Negative</li>
<li>
<strong>Average Forecast/Revision Score Change:</strong> -10.0</li>
</ul></div>

Source • Japan AnalyticsPasona (2168 JP)- Pasona was the largest capitalisation company to report on Friday. At the end of June, the company warned on impairment losses at the full-year ended in May 2020. The outcome was a write-off of ¥2.7 billion, resulting in a 63% decline in Comprehensive Income to Common (CITC) to ¥676 million. In the DETAIL below, we review the operating performance and valuation of this 'activist trap'.DAILY STATS4 Quarterly Results

Results Score: 2 Positive / 0 Neutral / 2 Negative

Average Results Score Change: +2.3

Average % Change in Revenue: -20% Quarter YoY / -12.9% Rolling TTM YoY

Average Operating Profit Margin Change: -0.1ppt

Percentage Making Quarterly Losses: 50%
 5 Annual • 4 Interim Forecasts/Revisions

Annual Forecast/Revision Score: 1 Positive / 0 Neutral / 4 Negative

Interim Forecast/Revision Score Change: 1 Positive / 0 Neutral / 3 Negative

Average Forecast/Revision Score Change: -10.0


🇯🇵 JAPAN • Results & Revisions 17th July -

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

<p>I know we usually focus on Value in Japan, but sometimes it is worth looking for Growth names. We first limited the universe to names with mkt-cap below ¥200bn. We then screened for names that had positive YoY quarterly growth every quarter for the last 3 years. 98 names made that list.</p><p>We cut the list down to 24 names by limiting it to names that have also had positive quarterly OP  growth 12 out of the last 13 quarters.</p><h2>Screen Results </h2><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/029/859/original/2.png?1500323285" class="editor-image img-responsive" data-smartkarma-image-id="29859"></figure><div class="content-caption">Source: Custom Products</div><p>As you can see from the table above…</p>

I know we usually focus on Value in Japan, but sometimes it is worth looking for Growth names. We first limited the universe to names with mkt-cap below ¥200bn. We then screened for names that had positive YoY quarterly growth every quarter for the last 3 years. 98 names made that list.We cut the list down to 24 names by limiting it to names that have also had positive quarterly OP  growth 12 out of the last 13 quarters.Screen Results Source: Custom ProductsAs you can see from the table above…

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): Matchmaker with Great Quality and Quantity

IBJ operates its marriage agency business both directly and through its franchisees. The Japan Marriage Consulting Federation, which the company...

Mita Securities

🇯🇵 JAPAN • Results & Revisions 17th July -

Pasona (2168 JP)- Pasona was the largest capitalisation company to report on Friday. At the end of June, the company warned on impairment losses at...

Campbell Gunn

Small-Cap Growth Names in Japan....

I know we usually focus on Value in Japan, but sometimes it is worth looking for Growth names. We first limited the universe to names with mkt-cap...

Custom Products Group

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