In today’s briefing:
- GoTo May Not Be So Expensive, If You Own It Through Beenos
- Honda – Expanding EV Partnership With GM
- JD Health (6618.HK) 2021 Results – The Logic and the Outlook
- Ohsho Food Service (9936): Record High Sales for March. Full-Year Sales Exceed the Company’s Target
- J-Front (3086) | Recent Datapoints Point to High-End Shoppers Loosening the Purse Strings
GoTo May Not Be So Expensive, If You Own It Through Beenos
- Beenos Inc (3328 JP) is a relatively small cross-border e-commerce and internet company from Japan with a consolidated GMV of ¥64.7bn last year.
- The company also runs an incubator platform to create new businesses and invest in start-ups mainly in emerging regions such as India and South-East Asia.
- Down below, we analyse the impact on Beenos’ valuation following GOTO’s impending IPO of which Beenos owns 0.5%.
Honda – Expanding EV Partnership With GM
- Honda and GM announced today that they would further expand their partnership on EV technologies.
- A new EV series will be produced for North America by 2027 and the two companies will collaborate on advanced battery technologies.
- This is an incremental positive for Honda and GM but the array of partnerships Honda is creating points to a lack of decisiveness on its part.
JD Health (6618.HK) 2021 Results – The Logic and the Outlook
- The 2021 performance of JD Health (6618 HK) beat market expectation. The scale of annual active users, commodity SKU, warehouse, logistics, medical resources, etc. all had breakthroughs.
- The growth rate and gross margin of service revenue were higher than that of product revenue. So, the performance of service sector can better determine JD Health’s future outlook.
- The outlook of online healthcare service is uncertain.Whether successful or not, JD Health still has other businesses to support future development, and is therefore our top pick in this sector.
Ohsho Food Service (9936): Record High Sales for March. Full-Year Sales Exceed the Company’s Target
- Ohsho Food Service (9936, the company) disclosed monthly data for its directly-owned stores for March (on a preliminary basis)
- FY3/22 full-year sales for its directly-owned stores were 77.2bn yen on an all-store basis (104.9% vs. FY3/21), and 74.9bn yen on a same-store basis (103.1% vs. FY3/21)
- In March, the company opened one new store (one directly-owned store) and closed no store
J-Front (3086) | Recent Datapoints Point to High-End Shoppers Loosening the Purse Strings
- J-Front Retailing, a Japanese department store operator, will announce full-year results on April 11.
- We expect FY2/23 guidance to be more optimistic as Japan normalises post COVID.
- Pent up demand for luxury goods to drive recovery of department stores. J-Front is still trading below book value.
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