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Sessa Investment Research

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<ul><li>WILL GROUP unveiled its new MTP “WILL-being 2026” this May.</li><li>The aim of the previous MTP "WORK SHIFT Strategy" was to boost profit margins by increasing the weight of high-margin permanent placement and temporary staffing in highly specialized fields, and the Company focused on developing strategic investment domains such as nursing care domain support, support for construction management engineers, and HR support for start-up companies.</li><li>In the previous MTP, although the profit margin improved, Domestic Working Business stagnated. </li></ul>

WILL GROUP unveiled its new MTP “WILL-being 2026” this May.The aim of the previous MTP "WORK SHIFT Strategy" was to boost profit margins by increasing the weight of high-margin permanent placement and temporary staffing in highly specialized fields, and the Company focused on developing strategic investment domains such as nursing care domain support, support for construction management engineers, and HR support for start-up companies.In the previous MTP, although the profit margin improved, Domestic Working Business stagnated. 

<ul><li>The day after the Company announced 4Q FY23/3 results and FY24/3 initial guidance for consolidated revenue flat and OP -21.0%, the share price dropped -6.3% on heavy volume, maintaining a weak trend thereafter relative to a strong underlying market.</li><li>SIR believes this is because the new MTP differed from investors‘ growth image.</li><li>While the Company would be remiss not to highlight the high base from the post-COVID surge in special demand for permanent placement as a short-term risk for this term, investors may have been sensitive to the slowdown in growth over the coming two years.</li></ul>

The day after the Company announced 4Q FY23/3 results and FY24/3 initial guidance for consolidated revenue flat and OP -21.0%, the share price dropped -6.3% on heavy volume, maintaining a weak trend thereafter relative to a strong underlying market.SIR believes this is because the new MTP differed from investors‘ growth image.While the Company would be remiss not to highlight the high base from the post-COVID surge in special demand for permanent placement as a short-term risk for this term, investors may have been sensitive to the slowdown in growth over the coming two years.

Japan

Will Group Inc. provides employee placement and staffing services. The Company offers outsourcing services for sales, call center, and manufacturing positions.

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Will Group Inc (6089 JP)

2Q Follow-Up - Will Group (6089 JP)

WILL GROUP unveiled its new MTP “WILL-being 2026” this May. The aim of the previous MTP "WORK SHIFT Strategy" was to boost profit margins by...

Sessa Investment Research

Will Group (6089 Jp) - 4Q Follow-Up

The day after the Company announced 4Q FY23/3 results and FY24/3 initial guidance for consolidated revenue flat and OP -21.0%, the share price...

Sessa Investment Research

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