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>Recovery continues, but still weaker than non-izakaya restaurants. Same- store sales were 92.7% vs. November 2020 (November 2020 = 100%; 66.7% for October)</li><li>The number of stores at the end of October was 615 (unchanged MoM). The number of directly-owned stores was 383 (unchanged MoM).</li><li>We believe that the stock prices of izakaya operators are likely to continue to lack direction, until reliable information on the efficacy of the vaccine becomes available.</li></ul>

Recovery continues, but still weaker than non-izakaya restaurants. Same- store sales were 92.7% vs. November 2020 (November 2020 = 100%; 66.7% for October)The number of stores at the end of October was 615 (unchanged MoM). The number of directly-owned stores was 383 (unchanged MoM).We believe that the stock prices of izakaya operators are likely to continue to lack direction, until reliable information on the efficacy of the vaccine becomes available.

Torikizoku Holdings (3193): November Sales; Current Status of Izakaya Pubs