Q2 First Impression: Neutral

研报英文原文证据摘录

Q2 First Impression: Neutral

TIMEE INC (215A JP)

Equity Research

June 11, 2026

Company Description

TIMEE INC

Timee, Inc. operates a matching service for short term spot work for venues such as restaurants or distribution centers. The company is headed

by a young CEO called Mr Ryo Ogawa who started this service while at University. This matching service has grown to be the number one spot

work company in Japan. The benefit of spot work is flexibility when companies are struggling for workers. The clients are mainly restaurants or

logistics or distribution centers. The benefits for restaurants are that it can fill a vacancy in a short period of time. As a market leader, Timee has

workers review data after the shift. This is important as the workers do not require interviews or resume submission to get spot work. Therefore,

the first few shifts are essentially interviews which makes the follow-up job offers likely or less likely. The right level of matching is essential.

For example if there are too many registered workers to the number of premises, there will not be enough jobs where the registered workers

get annoyed. Equally, if there are too many premises compared to registered workers, the premises run the risk of being understaffed. This can

be the difference between not having a dishwasher available for a restaurant and the manager having to work this spot, which probably affects

the day take for restaurants.

Company Valuation/Risks

This is a high-growth stock, with the spot work market expected to grow by 5x from 2023 to 2028. We use PER and SOTP related valuation.

Downside risks include competition concerns, decrease in take rate and decrease in growth of the key sub segments. Upside risks are dividend

payments, takeovers and revival of food and beverage sector.