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.

Equity Bottom-Up

<ul><li><p>Adjusted sales growth of 19.1%, no significant change from October</p></li><li><p>Sales to large corporations increased by 47% YoY, 6% above the company’s target.</p></li><li><p>Full-year sales guidance extremely difficult to achieve, but not a surprise</p></li></ul>

Adjusted sales growth of 19.1%, no significant change from OctoberSales to large corporations increased by 47% YoY, 6% above the company’s target.Full-year sales guidance extremely difficult to achieve, but not a surprise

MonotaRO (3064): November Sales Slightly Weak, but No Surprises

<h2>Company profile</h2><p>MonotaRO is an EC company that sells indirect materials (MRO products) used in factories, construction sites, and auto repair shops. The company has over 18 million products and 6.46 million registered accounts (as of the end of September 2021). The company is a consolidated subsidiary of W.W. Grainger.</p>

Company profileMonotaRO is an EC company that sells indirect materials (MRO products) used in factories, construction sites, and auto repair shops. The company has over 18 million products and 6.46 million registered accounts (as of the end of September 2021). The company is a consolidated subsidiary of W.W. Grainger.

MonotaRO (3064): Post-Earnings Interview with MonotaRO

<h2>Company profile</h2>
<p>MonotaRO is an EC company that sells indirect materials (MRO products) used in factories, construction sites, and auto repair shops. The company has over 18 million products and 5.83 million registered accounts (as of the end of March 2021). The company is a consolidated subsidiary of W.W. Grainger.</p>

Company profile
MonotaRO is an EC company that sells indirect materials (MRO products) used in factories, construction sites, and auto repair shops. The company has over 18 million products and 5.83 million registered accounts (as of the end of March 2021). The company is a consolidated subsidiary of W.W. Grainger.

MonotaRO (3064): Low Progress in OP Gives a Negative Impression

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

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.

<p><a href="https://www.smartkarma.com/entities/shift-inc" target="_blank" data-smartkarma-citation="entities:7266:1" rel="noopener">Shift Inc (3697 JP)</a> reported its 4QFY08/2021 and full-year FY08/2021 results on Tuesday (12<sup>th</sup> October) which saw revenues growing 60.2% YoY to JPY46.0bn from JPY28.7bn in FY08/2020. The operating profit for the year grew 69.8% YoY to JPY4.0bn vs JPY2.4bn in the previous year. Both reported revenue and OP beat Shift’s guidance by 2.2% and 17.5% respectively while revenue and OP beat consensus estimates by 0.4% and 4.5% respectively.</p><p>The company’s share price rose 10.0% at the end of Wednesday’s close following the company’s strong FY08/2021 earnings.</p><p>We discuss the details below.</p>

Shift Inc (3697 JP) reported its 4QFY08/2021 and full-year FY08/2021 results on Tuesday (12th October) which saw revenues growing 60.2% YoY to JPY46.0bn from JPY28.7bn in FY08/2020. The operating profit for the year grew 69.8% YoY to JPY4.0bn vs JPY2.4bn in the previous year. Both reported revenue and OP beat Shift’s guidance by 2.2% and 17.5% respectively while revenue and OP beat consensus estimates by 0.4% and 4.5% respectively.The company’s share price rose 10.0% at the end of Wednesday’s close following the company’s strong FY08/2021 earnings.We discuss the details below.

Shift 4Q: Growth Story Is Getting Stronger

Japan

MonotaRO Co., Ltd. mainly sells machine tools, engine parts, and factory consumable goods on the web site.

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MonotaRO Co Ltd (3064 JP)

MonotaRO (3064): November Sales Slightly Weak, but No Surprises

Adjusted sales growth of 19.1%, no significant change from October. Sales to large corporations increased by 47% YoY, 6% above the company’s target.

Mita Securities

MonotaRO (3064): October Sales

MonotaRO is an EC company that sells indirect materials (MRO products) used in factories, construction sites, and auto repair shops.

Mita Securities

MonotaRO (3064): Post-Earnings Interview with MonotaRO

MonotaRO is an EC company that sells indirect materials (MRO products) used in factories, construction sites, and auto repair shops.

Mita Securities

MonotaRO (3064): Low Progress in OP Gives a Negative Impression

MonotaRO is an EC company that sells indirect materials (MRO products) used in factories, construction sites, and auto repair shops.

Mita Securities

Shift 4Q: Growth Story Is Getting Stronger

Shift reported FY08/2021 results which saw revenues growing 60.2% YoY to JPY46.0bn from JPY28.7bn a year ago. Both revenue and OP beat its own...

Shifara Samsudeen, ACMA, CGMA

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