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

KOMEDA Holdings Co Ltd / Equity Bottom-Up

<ul><li>Wholesale sales to franchisees (same-store basis) in May were 109.0% vs. May 2021 (103.7% for April), 146.1% vs. May 2020 (195.1% for April), and 104.3% vs. May 2019 (103.6% for April)</li><li>The number of stores at the end of May was 966 (flat MoM). Komeda opened one new store in Japan.</li><li>Menu prices were raised on April 1 for company-owned stores and on April 28 for franchise stores. Wholesale price hikes are scheduled in 2H.</li></ul>

Wholesale sales to franchisees (same-store basis) in May were 109.0% vs. May 2021 (103.7% for April), 146.1% vs. May 2020 (195.1% for April), and 104.3% vs. May 2019 (103.6% for April)The number of stores at the end of May was 966 (flat MoM). Komeda opened one new store in Japan.Menu prices were raised on April 1 for company-owned stores and on April 28 for franchise stores. Wholesale price hikes are scheduled in 2H.

Komeda Holdings (3543): Solid Wholesale Sales in May; Accelerating Overseas Expansion