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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>On April 22, Tosho (8920, the company) announced that it would acquire a fixed asset (trust beneficiary certificate) under a sponsor support agreement with Tosho REIT Investment Corporation (Tosho REIT)</li><li>Based on the announced location, we confirmed the map and found that Aeon Town Suzuka is located in the same area</li><li>The company sold 9.8bn yen in fixed assets (sports clubs, rental housing, and hotels) to Tosho REIT in March 2020 and 7.5bn yen in fixed assets (rental housing) to Tosho REIT in February 2022</li></ul>

On April 22, Tosho (8920, the company) announced that it would acquire a fixed asset (trust beneficiary certificate) under a sponsor support agreement with Tosho REIT Investment Corporation (Tosho REIT)Based on the announced location, we confirmed the map and found that Aeon Town Suzuka is located in the same areaThe company sold 9.8bn yen in fixed assets (sports clubs, rental housing, and hotels) to Tosho REIT in March 2020 and 7.5bn yen in fixed assets (rental housing) to Tosho REIT in February 2022

Tosho (8920): Acquires Large-Scale Property in Suzuka. Warehousing for Tosho REIT

<ul><li>We updated our earnings forecast for Tosho (8920, the company) and maintained our target price at 2,300 yen. We reiterate our Buy rating.</li><li>On February 3, the company announced 1-3Q (Apr-Dec) FY3/22 OP of 1.616bn yen (+55.0% YoY; OPM 10.6%)</li><li>We changed our OP forecasts from 2.464bn yen to 4.403bn yen (+307.7% YoY; OPM 16.2%) for FY3/22, 4.466bn yen to 2.732bn yen (OPM 12.6%) for FY3/23</li></ul>

We updated our earnings forecast for Tosho (8920, the company) and maintained our target price at 2,300 yen. We reiterate our Buy rating.On February 3, the company announced 1-3Q (Apr-Dec) FY3/22 OP of 1.616bn yen (+55.0% YoY; OPM 10.6%)We changed our OP forecasts from 2.464bn yen to 4.403bn yen (+307.7% YoY; OPM 16.2%) for FY3/22, 4.466bn yen to 2.732bn yen (OPM 12.6%) for FY3/23

Tosho (8920): Earnings Forecast Update; Recovery in Membership Just Beginning

<ul><li><p>Tosho (8920, the company) announced 3Q FY3/22 results and an upward revision of its full- year guidance.</p></li><li><p>Recovery progressed in 3Q mainly in the hotel business</p></li><li><p>The company announced a revision to its FY3/22 full-year guidance, raising its OP guidance from 2.0bn yen to 4.4bn yen</p></li></ul>

Tosho (8920, the company) announced 3Q FY3/22 results and an upward revision of its full- year guidance.Recovery progressed in 3Q mainly in the hotel businessThe company announced a revision to its FY3/22 full-year guidance, raising its OP guidance from 2.0bn yen to 4.4bn yen

Tosho (8920): Solid 3Q OP; Announced Upward Revision of Guidance on Property Sales

<h2>Company profile</h2>
<p>Tosho is based in Aichi Prefecture and operates Holiday Sports Club, AB Hotel, and real estate leasing business. The company has 101 sports clubs and 31 hotels at end-FY3/21. The company is actively involved in the store design stage to reduce initial investment, and also achieves low cost operations through its own store management.</p>

Company profile
Tosho is based in Aichi Prefecture and operates Holiday Sports Club, AB Hotel, and real estate leasing business. The company has 101 sports clubs and 31 hotels at end-FY3/21. The company is actively involved in the store design stage to reduce initial investment, and also achieves low cost operations through its own store management.

Japan

Tosho Company Ltd. operates sports club facilities, hotels, and a golf course in Aichi prefecture.  The Company also sells and manages condominiums.

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Tosho Co Ltd (8920 JP)

Tosho (8920): Acquires Large-Scale Property in Suzuka. Warehousing for Tosho REIT

Tosho announced that it would acquire a fixed asset (trust beneficiary certificate) under a sponsor support agreement with Tosho REIT Investment...

Mita Securities

Tosho (8920): Earnings Forecast Update; Recovery in Membership Just Beginning

We updated our earnings forecast for Tosho (8920, the company) and maintained our target price at 2,300 yen. We reiterate our Buy rating.

Mita Securities

Tosho (8920): Solid 3Q OP; Announced Upward Revision of Guidance on Property Sales

Tosho (8920, the company) announced 3Q FY3/22 results and an upward revision of its full- year guidance. Recovery progressed in 3Q mainly in the...

Mita Securities

Tosho (8920): OP Exceeds Company Target

Tosho is based in Aichi Prefecture and operates Holiday Sports Club, AB Hotel, and real estate leasing business. The company has 101 sports clubs...

Mita Securities

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