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>Our new target price 4,000 yen; Raising our rating to Buy</li><li>We believe that market participants have become increasingly concerned about the sustainability of high growth for loss-making SaaS companies</li><li>We raise our 2Q (Mar-May) FY11/22 sales forecast from 5.102bn yen to 5.145bn yen (+28.8% YoY, company guidance median 4.912 bn yen)</li></ul>

Our new target price 4,000 yen; Raising our rating to BuyWe believe that market participants have become increasingly concerned about the sustainability of high growth for loss-making SaaS companiesWe raise our 2Q (Mar-May) FY11/22 sales forecast from 5.102bn yen to 5.145bn yen (+28.8% YoY, company guidance median 4.912 bn yen)

Money Forward (3994 JP): Raising Our Rating to Buy. Cash Is King