Investor Presentation: Mid Small Cap/Non-Manufacturer: Mid/longer-term Growth Perspectives, and Stocks with Near-term Catalysts

研报英文原文证据摘录

Investor Presentation: Mid Small Cap/Non-Manufacturer: Mid/longer-term Growth Perspectives, and Stocks with Near-term Catalysts

FoundationM

Subindustry Outlooks and Focus Stocks

Company Rating PT Industry-specific growth factors

FOOD & LIFE COMPANIES (3563) OW ¥ 6,600 Guidance still conservative after upward revision; also watch new MTP to be unveiled in Nov

Zensho HD (7550) OW ¥ 12,000 Guidance over-allows for Middle East effects; overshoot could be a catalyst

Nextage (3186) OW ¥ 5,400 Watch improvement in retail gross margin, potential for upward revision to FY guidance

BuySell Technologies (7686) OW ¥ 4,800 Guidance still conservative after upward revision; watch China & US business too

ALSOK (2331) OW ¥ 1,600 Eyes on possible upward revision due to NDC tender offer, potential for added shareholder return

Boosting sales growth through proactive investment; focus on long-term part-time worker recruitment support

Timee (215A) OW ¥ 1,900

scheme being introduced this summer

Subindustry Current FY Next FY Key Point Main coverage

Current FY: Strong concern over rising costs; earnings polarization depending on SSS trends F&LC, Zensho,Saizeriya

Food-service ➚ ➚

Next FY: Effects of 0% consumptio tax on food items, situation with growth in costs Skylark, Toridoll, Yoshinoya

Current FY: Strong auction prices, robust demand for second-hand cars both in Japan and overseas Nextage, IDOM, USS

Used cars ➚ ➚

Next FY: Accelerated store openings by Nextage, IDOM's new MTP

Current FY: Brisk activity in conditions of a rising gold price and inflation Buysell, Duskin

Reuse, Recycle ➚ ➚

Next FY: Expect ongoing structural growth due to inflation and increasing first-hand experience of reuse

Current FY: Recovery of a generally sluggish US market Sanrio

IP ➚ ➚