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><p>Substantial surplus in 1Q RP due to subsidies. The results were harsh at OP level, but RP, including subsidy income was substantially in the black.</p></li><li>Many stores were subject to shortened hours until mid to late October, and as such, sales during the late-night hours did not fully recover.</li><li><p>We believe that the company is likely to achieve a relatively quick recovery in sales within the izakaya industry.</p></li></ul>

Substantial surplus in 1Q RP due to subsidies. The results were harsh at OP level, but RP, including subsidy income was substantially in the black.Many stores were subject to shortened hours until mid to late October, and as such, sales during the late-night hours did not fully recover.We believe that the company is likely to achieve a relatively quick recovery in sales within the izakaya industry.

Torikizoku Holdings (3193): 1Q FY7/22 Results. Substantial Subsidy Effect