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And Factory / 7035 and factory / 7035 COVERAGE INITIATED ON: 2019.04.12 LAST UPDATE: 2019.08.07 Shared Research Inc. has produced this report by request from the company discussed in the report. The aim is to provide an “owner’s manual” to investors. We at Shared Research Inc. make every effort to provide an accurate, objective, and neutral analysis. In order to highlight any biases, we clearly attribute our data and findings. We will always present opinions from company management as such. Our views are ours where stated. We do not try to convince or influence, only inform. We appreciate your suggestions and feedback. Write to us at [email protected] or find us on Bloomberg. Research Coverage Report by Shared Research Inc. and factory/7035 RCoverage LAST UPDATE: 2019.08.07 Research Coverage Report by Shared Research Inc. | https://sharedresearch.jp INDEX How to read a Shared Research report: This report begins with the trends and outlook section, which discusses the company’s most recent earnings. First-time readers should start at the business section later in the report. Executive summary ----------------------------------------------------------------------------------------------------------------------------------- 3 Key financial data ------------------------------------------------------------------------------------------------------------------------------------- 5 Recent updates ---------------------------------------------------------------------------------------------------------------------------------------- 7 Highlights ------------------------------------------------------------------------------------------------------------------------------------------------------------ 7 Trends and outlook ----------------------------------------------------------------------------------------------------------------------------------- 8 Quarterly trends and results ----------------------------------------------------------------------------------------------------------------------------------- 8 Q3 FY08/19 results ---------------------------------------------------------------------------------------------------------------------------------------------- 10 Business ------------------------------------------------------------------------------------------------------------------------------------------------ 18 Business description -------------------------------------------------------------------------------------------------------------------------------------------- 18 Segment overview and business model ----------------------------------------------------------------------------------------------------------------- 20 IoT business (in FY08/18, 41.7% of sales and 22.8% of operating profit) -------------------------------------------------------------------- 26 Other businesses (in FY08/18, 0.9% of sales and 0.1% of OP) ----------------------------------------------------------------------------------- 31 Market and value chain---------------------------------------------------------------------------------------------------------------------------- 32 E-book industry -------------------------------------------------------------------------------------------------------------------------------------------------- 32 Online game industry ------------------------------------------------------------------------------------------------------------------------------------------ 35 IoT industry -------------------------------------------------------------------------------------------------------------------------------------------------------- 36 Internet advertising market ---------------------------------------------------------------------------------------------------------------------------------- 36 Real estate industry --------------------------------------------------------------------------------------------------------------------------------------------- 38 Competitors ------------------------------------------------------------------------------------------------------------------------------------------------------- 40 Strengths and weaknesses ------------------------------------------------------------------------------------------------------------------------------------ 43 Historical results and financial statements -------------------------------------------------------------------------------------------------- 44 Income statement ----------------------------------------------------------------------------------------------------------------------------------------------- 44 Balance sheet ----------------------------------------------------------------------------------------------------------------------------------------------------- 46 Cash flow statement -------------------------------------------------------------------------------------------------------------------------------------------- 47 Historical performance ---------------------------------------------------------------------------------------------------------------------------------------- 48 1H FY08/19 results ---------------------------------------------------------------------------------------------------------------------------------------------- 48 Q1 FY08/19 results ---------------------------------------------------------------------------------------------------------------------------------------------- 49 FY08/18 results --------------------------------------------------------------------------------------------------------------------------------------------------- 50 Q3 FY08/18 results ---------------------------------------------------------------------------------------------------------------------------------------------- 51 Other information ---------------------------------------------------------------------------------------------------------------------------------- 52 Mission -------------------------------------------------------------------------------------------------------------------------------------------------------------- 52 News and topics ------------------------------------------------------------------------------------------------------------------------------------------------- 52 Corporate governance and top management --------------------------------------------------------------------------------------------------------- 53 Dividend policy -------------------------------------------------------------------------------------------------------------------------------------------------- 54 Major shareholders --------------------------------------------------------------------------------------------------------------------------------------------- 55 Employees --------------------------------------------------------------------------------------------------------------------------------------------------------- 55 Profile ---------------------------------------------------------------------------------------------------------------------------------------------------------------- 56 02/57 and factory/7035 RCoverage LAST UPDATE: 2019.08.07 Research Coverage Report by Shared Research Inc. | https://sharedresearch.jp Executive summary Business overview ◤ and factory is a startup company with businesses in two areas: smartphone apps and IoT. Established in September 2014, the company has already achieved a significant level of growth and profitability. In FY08/18, sales were JPY1.9bn, operating profit was JPY365mn, and the operating profit margin was 19.1%. CAGR for sales in the three years through FY08/18 was 158%. The company moved into the black on an operating basis in the second year after its establishment, and CAGR for operating profit was 224% in the two years leading up to FY08/18. The company listed on the Mothers market of the Tokyo Stock Exchange in the fourth year after its establishment. ◤ As of August 31, 2018, in the Smartphone Apps business (in FY08/18, 57% of sales and 77% of operating profit) the company developed and offered entertainment-oriented apps, such as manga apps and gamer-forum apps (online message boards for players of social media games). The company has developed free-to-use manga apps with Square Enix and large publishers such as Hakusensha. and factory develops gamer-forum apps mostly in house. In manga apps, the company obtains revenue by charging e-comic download fees (rental fees). These apps also draw advertising revenue based on the number of clicks made on banner ads placed through ad networks. Gamer-forum apps also take in advertising revenue (affiliate revenues and revenue from clicks on ad network-based banner ads). Monthly active users (MAUs) in Q3 FY08/19 numbered 4.6mn, mainly young people. (In manga apps, the company has 4.3mn MAUs, ranking it second in the industry despite its late entry. In gamer-forum apps, MAUs number around 0.3mn). Average revenue per user, or ARPU, after revenue sharing is approximately JPY26 for manga apps. ARPU for gamer-forum apps is around JPY52. ◤ In the IoT business (in FY08/18, 42% of sales and 23% of operating profit), the company plans, develops, and operates the &AND HOSTEL brand of smart hostels, where visitors can experience services made possible by IoT. In this segment, the company also provides IoT solutions for lodging facilities, including innto (a property management system) and tabii (a tablet-based service). &AND HOSTEL (nine locations planned as of August 31, 2019) breaks down into two business categories. The first category encompasses planning and developing &AND HOSTEL facilities on property owned by other
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