Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Z HD's stock has been heavily sold with other tech stocks amid a rising interest rate environment</li>
<li>However, we believe that the 3 core business segments are all performing strongly and will continue to gain share</li>
<li>Using global comps, we believe that Z HD has more than 100% upside and is the top pick in the online space in Japan</li>
</ul>


Z HD's stock has been heavily sold with other tech stocks amid a rising interest rate environment
However, we believe that the 3 core business segments are all performing strongly and will continue to gain share
Using global comps, we believe that Z HD has more than 100% upside and is the top pick in the online space in Japan


Z Holdings (4689) | SOTP Reveals Huge Upside

Telco/Internet specialist

Kirk Boodry

Redex Research

<ul>
<li>Askul posted Q4 results that were largely in-line and issued FY23 targets that are robust for revenue growth (+6%) but accompanied by upfront investment</li>
<li>Management also announced it would prepare subsidiary AlphaPurchase for a public listing although the timing has not been determined</li>
<li>The miss on profitability guidance is not ideal but the acceleration of top-line growth is attractive</li>
</ul>


Askul posted Q4 results that were largely in-line and issued FY23 targets that are robust for revenue growth (+6%) but accompanied by upfront investment
Management also announced it would prepare subsidiary AlphaPurchase for a public listing although the timing has not been determined
The miss on profitability guidance is not ideal but the acceleration of top-line growth is attractive


Askul Corp - Q4 22 Results Reaction: Mixed as Growth Looks Appealing but Profits Light

<ul>
<li>Fintech is the key mid-term earnings driver for Z Holdings</li>
<li>We are focused on the underlying growth drivers and KPIs </li>
<li>PayPay is at the heart of driving the fintech ecosystem and its growth</li>
</ul>


Fintech is the key mid-term earnings driver for Z Holdings
We are focused on the underlying growth drivers and KPIs 
PayPay is at the heart of driving the fintech ecosystem and its growth


Z Holdings (4689) | PayPay Key to Fintech Growth

<ul>
<li>Z HD's media business accounts for 80% of consolidated earnings.</li>
<li>We believe that the combination of Yahoo Japan and LINE is driving new synergies and growth opportunities.</li>
<li>We believe that the media business alone could justify an EV of ¥4.5t, way above ZHD's current EV of ¥3.5t</li>
</ul>


Z HD's media business accounts for 80% of consolidated earnings.
We believe that the combination of Yahoo Japan and LINE is driving new synergies and growth opportunities.
We believe that the media business alone could justify an EV of ¥4.5t, way above ZHD's current EV of ¥3.5t


<ul>
<li>Z Holdings has the best ecosystem in Japan with 30% top line growth over the past year</li>
<li>We think that Z HD can out grow the competition in E-Commerce this year by leveraging group synergies</li>
<li>Z HD has earmarked an aggressive ¥35b to grow its Commerce Business this year </li>
</ul>


Z Holdings has the best ecosystem in Japan with 30% top line growth over the past year
We think that Z HD can out grow the competition in E-Commerce this year by leveraging group synergies
Z HD has earmarked an aggressive ¥35b to grow its Commerce Business this year 


Z Holdings (4689) | The Expanding Opportunity in E-Commerce

Japan

LY Corporation operates as an internet search engine "Yahoo! JAPAN". The Company provides electronic commerce and settlement finance services for small medium enterprises and individuals. LY also operates media business including search linked advertising and display advertising services.

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LY (4689 JP)

Z Holdings (4689) | SOTP Reveals Huge Upside

Given its growth prospects, expanding ecosystem, and business synergies, we are bullish on Z HD at single-digit FY3/23 EV/EBITDA multiples

Mark Chadwick

Askul Corp - Q4 22 Results Reaction: Mixed as Growth Looks Appealing but Profits Light

Askul is forecasting 6% top-line growth for the coming year, in line with mid-term plans, but like parent Z Holdings, investment to drive its FY25...

Kirk Boodry

Z Holdings (4689) | PayPay Key to Fintech Growth

Given its growth prospects, expanding ecosystem, and business synergies, we are bullish on Z HD at single-digit FY3/23 EV/EBITDA multiples. We...

Mark Chadwick

Z Holdings (4689) | An Online Goldmine

Z will see above-market earnings growth in all three core businesses: Commerce, Media, and Strategic. Given growth, expanding ecosystem, &...

Mark Chadwick

Z Holdings (4689) | The Expanding Opportunity in E-Commerce

Given its secular growth prospects, expanding ecosystem, unique assets, and business synergies, we are bullish on Z HD at single-digit FY3/23 EV...

Mark Chadwick

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