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

<h2>Company profile</h2>
<p>Skylark HD is Japan’s largest operator of family restaurants, including “Gusto,” and “Bamiyan.” The company had 3,108 stores at the end of June 2021. FY12/20 sales were 288.4bn yen.</p>
<h3>Monthly data for September: affected by the shortened hours like in August</h3>
<p>Skylark HD (3197, the company) disclosed monthly data for September (on a preliminary basis). Same-store sales were 79.3% of September 2020 (same month last yar = 100%; 83.3% for August). The number of holidays (weekends and national holidays) was the same as in September 2020. The breakdown is as follows: number of customers 83.5% (85.6% for August); average spend per customer 95.0% (97.3% for August).</p>
<p>Same-store sales were 62.5% of September 2019 figure (61.5% for August). The number of holidays was one less than in September 2019.</p>
<p>In September, like in August, a number of areas were subject to emergency measures or priority measures to prevent the spread of the disease, and restaurants in these areas were requested to shorten their hours and stop serving alcohol. As such we expect there would be no surprises to the market.</p>
<p>In September, the company opened one new store. The number of stores at the end of September was 3,101 (-7 stores MoM). The company opened its first U.S. restaurant “Shabu-you” in the suburbs of Chicago, IL. It is an all-you-can-eat restaurant with a $36.99 base price. We will keep an eye on the company's potential to develop multiple stores in the US.</p>

Company profile
Skylark HD is Japan’s largest operator of family restaurants, including “Gusto,” and “Bamiyan.” The company had 3,108 stores at the end of June 2021. FY12/20 sales were 288.4bn yen.
Monthly data for September: affected by the shortened hours like in August
Skylark HD (3197, the company) disclosed monthly data for September (on a preliminary basis). Same-store sales were 79.3% of September 2020 (same month last yar = 100%; 83.3% for August). The number of holidays (weekends and national holidays) was the same as in September 2020. The breakdown is as follows: number of customers 83.5% (85.6% for August); average spend per customer 95.0% (97.3% for August).
Same-store sales were 62.5% of September 2019 figure (61.5% for August). The number of holidays was one less than in September 2019.
In September, like in August, a number of areas were subject to emergency measures or priority measures to prevent the spread of the disease, and restaurants in these areas were requested to shorten their hours and stop serving alcohol. As such we expect there would be no surprises to the market.
In September, the company opened one new store. The number of stores at the end of September was 3,101 (-7 stores MoM). The company opened its first U.S. restaurant “Shabu-you” in the suburbs of Chicago, IL. It is an all-you-can-eat restaurant with a $36.99 base price. We will keep an eye on the company's potential to develop multiple stores in the US.

Skylark Holdings (3197): Skylark Goes To Chicago

Skylark Co Ltd

Skylark Holdings (3197): Skylark Goes To Chicago