bearish
Q3 Follow-Up: Golf Digest Online (3319 JP)
SUMMARY
- 9M consolidated EBITDA -17.4% YoY, OP before goodwill amortization, etc. -87.5%, operating loss expanding sharply, and profits on down turning into loss could paint a dire picture.
- However, deployment of MTP upfront investments and volatile swings of the forex rate are masking steady progress in underlying MTP business expansion initiatives, in SIR’s view.
- Regarding the impact of the forex rate on Overseas segment P/L and the consolidated B/S, please refer to our special TOPICS section in the Q1 Follow-up Report (June 3).
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