Selected Reads

Smartkarma

Equity Bottom-Up

At the top of the show, Adam shares his love of John Hiatt’s music to Bryan and Gina. Adam also complains about people who don’t follow instructions, increased gas prices, and Asians not being considered minorities. Bryan and Gina also talk about how much they loved performing live again, and Adam takes listener calls about helicopter auto-rotations, the answer to terrible airplane meals, why the media keeps playing politics, and why people stopped focusing on building things with their hands.…

QUICK Corp.

OP increased by 30% in 1H, but it expects a 5% increase in profit for 2H due to aggressive upfront investment
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ZOZO's new contribution and strong mail-order business led its performance The consolidated OP for 1H of FY3/21 was JPY98.2bn (+30% YoY). In addition to the profit contribution of ZOZO (3092), which operates a fashion e-commerce site that joined the consolidated subsidiary in November last year, the existing mail-order business was also strong. In the same period of the previous year, NP…</li>
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Notes: This is translated from our Japanese report issued on 3 Aug 2020.
1n 1Q, OP increased by 40%, as a result of ZOZO's new contribution and Askul's profit improvement
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Online advertising has struggled due to the impact of COVID-19 In 1Q FY3/21, the consolidated OP increased by 40% YoY to JPY50.6bn. In addition to the profit contribution of ZOZO (3092), which operates a fashion e-commerce site became a consolidated subsidiary in November 2019, the existing mail-order business was also strong…</li>
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Morningstar

Morningstar, Inc.

Yahoo Japan’s new operating income guidance of JPY 140-150 billion is in line with our expectation, and thus we will retain our fair value estimate of JPY 360, along with our narrow moat rating. While the company expects 5% revenue growth for the new fiscal year, increasing costs for video ad development, data servers, e-commerce, and mobile payment, will offset its sales growth. So, we consider that marginal cost to achieve revenue growth is becoming larger than in the past, and therefore, we…

We revise Yahoo Japan’s fair value estimate to JPY 360 from JPY 400, as we consider that its operating margin will be lower than we had anticipated because of the increasing costs. Yahoo Japan intends to provide a comprehensive marketing solution to merchandisers in the longer term by integrating its advertisement, e-commerce, and mobile payment businesses, but the related cost seems to be much larger than our original forecast, and as a result, Yahoo Japan’s operating margin will remain flat…

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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