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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>Skylark HD is Japan’s largest operator of family restaurants, including “Gusto,” and “Bamiyan.” The company had 3,108 stores at the end of June 2021. </li><li><p>Significant upward revision of full-year OP guidance due to subsidy effect</p></li><li>The new dividend forecast should be received positively by the market, as investors in the company's shares have high expectations for dividends and shareholder benefits.</li></ul>

Skylark HD is Japan’s largest operator of family restaurants, including “Gusto,” and “Bamiyan.” The company had 3,108 stores at the end of June 2021. Significant upward revision of full-year OP guidance due to subsidy effectThe new dividend forecast should be received positively by the market, as investors in the company's shares have high expectations for dividends and shareholder benefits.

Skylark Holdings (3197): Strong Subsidy Effect; Dividend Guidance Is Good News for the Market

<h2>Company profile</h2>
<p>Skylark Holdings is Japan’s largest operator of family restaurants, including “Gusto,” and “Bamiyan.” The company had 3,108 stores at the end of June 2021. FY12/20 sales were 288.4bn yen.</p>

Company profile
Skylark Holdings is Japan’s largest operator of family restaurants, including “Gusto,” and “Bamiyan.” The company had 3,108 stores at the end of June 2021. FY12/20 sales were 288.4bn yen.

Skylark Holdings (3197): Significant Recovery in October Sales

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.

<p><a href="https://www.smartkarma.com/entities/skylark-co-ltd" target="_blank" data-smartkarma-citation="entities:474:1" rel="noopener">Skylark Co Ltd (3197 JP)</a> is one of the largest restaurant operators in Japan with over 3,100 restaurants serving Western, Chinese, Japanese, conveyer belt Sushi and Italian cuisines under several restaurant banners such as Gusto, Bamiyan, Syabu-Yo, Jonathan’s, Yumean, and Steak Gusto. The company’s restaurant operations are predominantly based in Japan with just 66 overseas restaurants in Taiwan (63), Malaysia (2) and the US (1) respectively.</p>

Skylark Co Ltd (3197 JP) is one of the largest restaurant operators in Japan with over 3,100 restaurants serving Western, Chinese, Japanese, conveyer belt Sushi and Italian cuisines under several restaurant banners such as Gusto, Bamiyan, Syabu-Yo, Jonathan’s, Yumean, and Steak Gusto. The company’s restaurant operations are predominantly based in Japan with just 66 overseas restaurants in Taiwan (63), Malaysia (2) and the US (1) respectively.

Skylark Holdings: Japan Reopening Story Is Starting to Take Shape

<h2>Summary</h2>
<p>Our top pick is S Foods. Points of interest are 1) its strength in meat wholesaling to restaurants, and 2) the US meat packer business benefiting from increased demand for restaurants in the US. We believe that these factors have not been fully factored into the current stock price</p>

Summary
Our top pick is S Foods. Points of interest are 1) its strength in meat wholesaling to restaurants, and 2) the US meat packer business benefiting from increased demand for restaurants in the US. We believe that these factors have not been fully factored into the current stock price

<h2>Company profile</h2>
<p>Skylark HD is Japan’s largest operator of family restaurants, including “Gusto,” and “Bamiyan.” The company had 3,108 stores at the end of June 2021. FY12/20 sales were 288.4bn yen.</p>
<h3>Monthly data for September: affected by the shortened hours like in August</h3>
<p>Skylark HD (3197, the company) disclosed monthly data for September (on a preliminary basis). Same-store sales were 79.3% of September 2020 (same month last yar = 100%; 83.3% for August). The number of holidays (weekends and national holidays) was the same as in September 2020. The breakdown is as follows: number of customers 83.5% (85.6% for August); average spend per customer 95.0% (97.3% for August).</p>
<p>Same-store sales were 62.5% of September 2019 figure (61.5% for August). The number of holidays was one less than in September 2019.</p>
<p>In September, like in August, a number of areas were subject to emergency measures or priority measures to prevent the spread of the disease, and restaurants in these areas were requested to shorten their hours and stop serving alcohol. As such we expect there would be no surprises to the market.</p>
<p>In September, the company opened one new store. The number of stores at the end of September was 3,101 (-7 stores MoM). The company opened its first U.S. restaurant “Shabu-you” in the suburbs of Chicago, IL. It is an all-you-can-eat restaurant with a $36.99 base price. We will keep an eye on the company's potential to develop multiple stores in the US.</p>

Company profile
Skylark HD is Japan’s largest operator of family restaurants, including “Gusto,” and “Bamiyan.” The company had 3,108 stores at the end of June 2021. FY12/20 sales were 288.4bn yen.
Monthly data for September: affected by the shortened hours like in August
Skylark HD (3197, the company) disclosed monthly data for September (on a preliminary basis). Same-store sales were 79.3% of September 2020 (same month last yar = 100%; 83.3% for August). The number of holidays (weekends and national holidays) was the same as in September 2020. The breakdown is as follows: number of customers 83.5% (85.6% for August); average spend per customer 95.0% (97.3% for August).
Same-store sales were 62.5% of September 2019 figure (61.5% for August). The number of holidays was one less than in September 2019.
In September, like in August, a number of areas were subject to emergency measures or priority measures to prevent the spread of the disease, and restaurants in these areas were requested to shorten their hours and stop serving alcohol. As such we expect there would be no surprises to the market.
In September, the company opened one new store. The number of stores at the end of September was 3,101 (-7 stores MoM). The company opened its first U.S. restaurant “Shabu-you” in the suburbs of Chicago, IL. It is an all-you-can-eat restaurant with a $36.99 base price. We will keep an eye on the company's potential to develop multiple stores in the US.

Skylark Holdings (3197): Skylark Goes To Chicago

Japan

Skylark Co. Ltd. mainly operates a family restaurant chain across Japan.  The Company offers Japanese-style, Western-style, and Asia-style foods for a wide variety of targeted customer segments.  Skylark also sells food and provides delivery servies.

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Skylark Co Ltd (3197 JP)

Skylark Holdings (3197): Strong Subsidy Effect; Dividend Guidance Is Good News for the Market

Skylark HD is Japan’s largest operator of family restaurants, including “Gusto,” and “Bamiyan.” The company had 3,108 stores at the end of June 2021.

Mita Securities

Skylark Holdings (3197): Significant Recovery in October Sales

Skylark Holdings is Japan’s largest operator of family restaurants, including “Gusto,” and “Bamiyan.” The company had 3,108 stores at the end of...

Mita Securities

Skylark Holdings: Japan Reopening Story Is Starting to Take Shape

The pent-up demand for leisure in Japan is even higher than it was in the US during March-July 2021. With foot traffic returning, we think Skylark...

Oshadhi Kumarasiri

List of Covered Stocks (7 October 2021)

Our top pick is S Foods. Points of interest are 1) its strength in meat wholesaling to restaurants, and 2) the US meat packer business benefiting...

Mita Securities

Skylark Holdings (3197): Skylark Goes To Chicago

Skylark HD is Japan’s largest operator of family restaurants, including “Gusto,” and “Bamiyan.” The company had 3,108 stores at the end of June 2021.

Mita Securities

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