Daily Brief Equity Bottom-Up: Amvis Holdings Inc (7071 JP): Strong H1FY23 Result; FY23 Guidance Unchanged; Expansion Continues and more

In today’s briefing:

Amvis Holdings Inc (7071 JP): Strong H1FY23 Result; FY23 Guidance Unchanged; Expansion Continues
BILI US, SELL, TP US$14.1, Target Price Change: Thriving Gaming Market Makes Limited Contribution
Intelligent Wave Inc. (4847 JP) – 3Q Follow-Up

Amvis Holdings Inc (7071 JP): Strong H1FY23 Result; FY23 Guidance Unchanged; Expansion Continues

Amvis Holdings Inc (7071 JP) recorded 42% revenue growth to ¥14.7B in H1FY23, driven by 33% increase in bed capacity and stable utilization rate. Operating profit grew 37% to ¥3.9B.
The company has guided for FY23 revenue of ¥30.7B (+33% YoY), operating profit of ¥7.9B (+28% YoY), and net profit of ¥5.4B (+26% YoY).
Amvis announced plans to open 16 facilities, steadily progressing to achieve the target of opening 23 facilities in FY24. The company targets utilization rate of 82–85% for existing facilities.

BILI reported 1Q23 revenue/non-GAAP net income (4.2%)/in-line vs. our estimate, but BILI’s suggested 2Q23 revenue and gross margin are (10%) and (3.5ppts) lower vs. our prior est.;
Gaming will be BILI’s major swing factor. Although BILI indicated that 2Q23 gaming revenue could decline 10% YoY, we expect that gaming revenue will still grow 6%~ YoY in 2023.;
We maintain SELL rating and cut TP to US$ 14.1. 1Q23’s earning indicates that BILI’s cost saving measures have led to declining MAU.

IWI held an in-person briefing for 3Q FY23/6 results on Friday, May 12 at the Securities Analysts Association of Japan Kabutocho Heiwa Bldg. Annex 3F, which was also livestreamed via IR.
Stock Investment Information portal site Bridge Salon.
In SIR’s opinion, this 3Q results presentation hosted by IWI’s CEO and Representative Director Kunimitsu Sato was the most upbeat since he assumed office in Sep-2020.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network