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>We updated our earnings forecast for Tosho (8920, the company) and maintained our target price at 2,300 yen. We reiterate our Buy rating.</li><li>On February 3, the company announced 1-3Q (Apr-Dec) FY3/22 OP of 1.616bn yen (+55.0% YoY; OPM 10.6%)</li><li>We changed our OP forecasts from 2.464bn yen to 4.403bn yen (+307.7% YoY; OPM 16.2%) for FY3/22, 4.466bn yen to 2.732bn yen (OPM 12.6%) for FY3/23</li></ul>

We updated our earnings forecast for Tosho (8920, the company) and maintained our target price at 2,300 yen. We reiterate our Buy rating.On February 3, the company announced 1-3Q (Apr-Dec) FY3/22 OP of 1.616bn yen (+55.0% YoY; OPM 10.6%)We changed our OP forecasts from 2.464bn yen to 4.403bn yen (+307.7% YoY; OPM 16.2%) for FY3/22, 4.466bn yen to 2.732bn yen (OPM 12.6%) for FY3/23

Tosho (8920): Earnings Forecast Update; Recovery in Membership Just Beginning

Tosho Co Ltd

Tosho (8920): Earnings Forecast Update; Recovery in Membership Just Beginning