Research from Mita Securities, Mita Securities

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.

Research from Mita Securities

Equity Bottom-Up

<ul><li>FY12/21 full-year results: slight increase in effective OP</li><li>4Q (Oct-Dec): Directly-owned store business drove QoQ profit growth. Significant increase in the number of new franchisees as well</li><li>FY12/22 guidance: Showing aggressive stance toward medium- to long-term growth</li></ul>

FY12/21 full-year results: slight increase in effective OP4Q (Oct-Dec): Directly-owned store business drove QoQ profit growth. Significant increase in the number of new franchisees as wellFY12/22 guidance: Showing aggressive stance toward medium- to long-term growth

IBJ (6071): Neutral Impression on the Results.