DOCSLIB.ORG

Ohsho Food Service (9936): Strong 1Q Results Even Without Subsidies

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Ohsho Food Service (9936): Strong 1Q Results Even Without Subsidies MITA SECURITIES Equity Research July 30, 2021 MITA SECURITIES Co., Ltd. Ohsho Food Service Junichi Shimizu Chief Analyst, Head of Research TSE 1st Section 9936 Industry: Food service, retail [email protected] Strong 1Q results even without subsidies Update 1Q results were a positive surprise Rating Ohsho Food Service (9936, the company) announced 1Q FY3/22 results. Sales were 20.2bn Buy yen (+11.4% YoY), OP was 1.7bn yen (+309.1% YoY), and RP was 3.2bn yen (+430.7% YoY). The company posted subsidy income of 1.359bn yen as non-operating income (vs. 53m yen Target price (JPY) 7,250 in 1Q FY3/21). Same-store sales growth for directly-owned stores was +8.4% YoY (number Stock price (JPY) (Jul 30) 5,860 of customers +7.8% YoY, average spend per customer +0.6% YoY). Market cap (JPYbn) 136.5 Progress rate vs. 1H guidance announced in May (OP 2.888bn yen, RP 4.022bn yen) was Key changes 59% for OP and 78% for RP. The company maintained its 1H and full-year guidance. Rating No Target price No The number of stores at end-1Q was as follows: directly-owned stores 529 (two new Earnings forecast No openings, one closure in 1Q); FC 204 (two new openings, four closures). Stock price (JPY) 10,000 We believe that the 1Q results were quite favorable in light of the emergency measures 9,000 8,000 and proliferation prevention measures taken throughout Japan. OPM was 8.4% 7,000 6,000 (YoY+6.1ppt, QoQ+1.2ppt). The company secured a strong profit at OP level (not including 5,000 4,000 subsidy income). We believe that this reflects the positive recognition of the brand value 3,000 of “Gyoza no Ohsho” by consumers. 2,000 1,000 9936 JT Equity 0 7/20 6/21 1/20 2/20 3/20 4/20 5/20 6/20 8/20 9/20 1/21 2/21 3/21 4/21 5/21 7/21 11/20 12/19 10/20 12/20 11/19 Please refer to the report dated June 22, 2021 for the rationale of the rating and target Source: Bloomberg Finance LP price. Earnings 3/20 3/21 3/22E 3/23E 3/24E Sales JPYbn 85.6 80.6 88.4 94.2 96.9 OP JPYbn 7.7 6.1 7.5 8.8 9.1 RP JPYbn 8.1 6.9 8.8 9.2 9.4 NP JPYbn 5.3 4.3 5.5 5.9 6.1 EPS JPY 283.0 228.4 295.1 315.9 323.9 BPS JPY 2,681 2,821 3,016 3,212 3,396 DPS JPY 120.0 100.0 120.0 140.0 150.0 PER x 20.4 25.5 19.8 18.5 18.1 PBR x 2.2 2.1 1.9 1.8 1.7 Div. yield % 2.1 1.7 2.1 2.4 2.6 ROA % 8.1 5.4 6.0 6.2 6.4 ROE % 10.9 8.3 10.1 10.1 9.8 Source: Company data, Mita Securities Company profile Ohsho Food Service is a Kyoto-based restaurant company that operates the largest Chinese restaurant chain “Gyoza no Ohsho” nationwide. 734 restaurants (528 directly owned, 206 franchised) at the end of FY3/21. Sales of 80.6bn yen in FY3/21. Take-out and delivery sales are strong. MITA SECURITIES Co., Ltd. / 3-11 Nihonbashi Kabuto-cho, Chuo-ku, Tokyo, Japan 1 PLEASE SEE APPENDIX FOR ANALYST CERFICITATION AND INPORTANT DISCLOSURES. Ohsho Food Service (9936) July 30, 2021 Quarterly and monthly data Quarterly data Figure: Sales, OP, OPM 25.0 12.0 10.0 20.0 8.0 15.0 6.0 10.0 4.0 5.0 2.0 1.9 2.1 2.0 1.7 2.0 2.2 1.4 1.7 0.4 0.0 0.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 3/20 3/21 3/22 Sales OP OPM (%, RHS) Source: Company data, Mita Securities Monthly data Figure: Directly-owned, same-store sales Figure: Directly-owned, same-store number of customers Same-store sales Same-store number of customers 130.0 130.0 120.0 120.0 110.0 110.0 100.0 100.0 90.0 90.0 80.0 80.0 70.0 70.0 60.0 60.0 4/18 6/18 8/18 2/19 4/19 6/19 8/19 2/20 4/20 6/20 8/20 2/21 4/21 6/21 4/18 6/18 8/18 2/19 4/19 6/19 8/19 2/20 4/20 6/20 8/20 2/21 4/21 6/21 10/18 12/18 10/19 12/19 10/20 12/20 12/19 10/18 12/18 10/19 10/20 12/20 vs last year vs year before last vs last year vs year before last Source: Company data, Mita Securities Note: Same month last year or year before last = 100 Source: Company data, Mita Securities Note: Same month last year or year before last = 100 Figure: Directly-owned, same-store ave spend per customer Figure: Directly-owned, all-store sales (JPYm) 7,500 Same-store average spend per customer 130.0 7,000 120.0 6,500 110.0 100.0 6,000 90.0 5,500 80.0 70.0 5,000 60.0 4,500 6/21 6/18 8/18 2/19 4/19 6/19 8/19 2/20 4/20 6/20 8/20 2/21 4/21 4/18 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 10/18 12/18 10/19 12/19 10/20 12/20 vs last year vs year before last FY3/19 FY3/20 FY3/21 FY3/22 Source: Company data, Mita Securities Note: Same month last year or year before last = 100 Source: Company data, Mita Securities 2 Ohsho Food Service (9936) July 30, 2021 Food service industry data Same-store sales (compared to last year or year before last) Figure: Family restaurants Figure: Sushi restaurants 120.0 140.0 110.0 130.0 100.0 120.0 110.0 90.0 100.0 80.0 90.0 70.0 80.0 60.0 70.0 50.0 60.0 40.0 50.0 30.0 40.0 4/19 7/19 10/19 1/20 4/20 7/20 10/20 1/21 4/21 4/19 7/19 10/19 1/20 4/20 7/20 10/20 1/21 4/21 Skylark Skylark Saizeriya Sushiro Sushiro Kura Sushi Kura Sushi Saizeriya Royal Host Royal Host Kappa Sushi Kappa Sushi Genki Sushi Genki Sushi Source: Companies data, Mita Securities Note: Solid line vs last yr, dotted line vs yr before last Source: Companies data, Mita Securities Note: Solid line vs last yr, dotted line vs yr before last Figure: Izakaya (Japanese style pubs) Figure: Chinese restaurants 110.0 120.0 100.0 110.0 90.0 80.0 100.0 70.0 90.0 60.0 80.0 50.0 40.0 70.0 30.0 60.0 20.0 50.0 10.0 0.0 40.0 4/19 7/19 10/19 1/20 4/20 7/20 10/20 1/21 4/21 4/19 7/19 10/19 1/20 4/20 7/20 10/20 1/21 4/21 Torikizoku Torikizoku SFP SFP Ohsho FS Ohsho FS Hiday Hidaka Hiday Hidaka Watami Watami Chimney Chimney Kourakuen Kourakuen Ringer Hut Ringer Hut Source: Companies data, Mita Securities Note: Solid line vs last yr, dotted line vs yr before last Source: Companies data, Mita Securities Note: Solid line vs last yr, dotted line vs yr before last Figure: Yakiniku (Japanese BBQ), steak Figure: Monogatari Corporation by division 130.0 140.0 120.0 130.0 110.0 120.0 100.0 110.0 90.0 100.0 90.0 80.0 80.0 70.0 70.0 60.0 60.0 50.0 50.0 40.0 40.0 30.0 30.0 20.0 20.0 10.0 10.0 0.0 0.0 4/19 7/19 10/19 1/20 4/20 7/20 10/20 1/21 4/21 4/19 7/19 10/19 1/20 4/20 7/20 10/20 1/21 4/21 Monogatari Corp (yakiniku) Monogatari Corp (yakiniku) Monogatari Corp Monogatari Corp Amiyaki Tei Monogatari Corp (ramen) Monogatari Corp (ramen) Monogatari Corp (okonomiyaki) Monogatari Corp (okonomiyaki) Amiyaki Tei PFS (Ikinari ! Steak) PFS (Ikinari ! Steak) Monogatari Corp (Yuzuan) Monogatari Corp (Yuzuan) Source: Companies data, Mita Securities Note: Solid line vs last yr, dotted line vs yr before last Source: Companies data, Mita Securities Note: Solid line vs last yr, dotted line vs yr before last 3 Ohsho Food Service (9936) July 30, 2021 Figure: Coffee shops Figure: Hamburger shops 120.0 140.0 110.0 130.0 100.0 90.0 120.0 80.0 110.0 70.0 60.0 100.0 50.0 90.0 40.0 80.0 30.0 4/19 7/19 10/19 1/20 4/20 7/20 10/20 1/21 4/21 4/19 7/19 10/19 1/20 4/20 7/20 10/20 1/21 4/21 Komeda Komeda Doutor Coffee Doutor Coffee McDonald's McDonald's Mos Burger Mos Burger Source: Companies data, Mita Securities Note: Solid line vs last yr, dotted line vs yr before last Source: Companies data, Mita Securities Note: Solid line vs last yr, dotted line vs yr before last Figure: Curry, Beef bowl Figure: Set meal, Udon noodle 120.0 120.0 115.0 110.0 110.0 100.0 105.0 100.0 90.0 95.0 80.0 90.0 70.0 85.0 60.0 80.0 75.0 50.0 70.0 40.0 4/19 7/19 10/19 1/20 4/20 7/20 10/20 1/21 4/21 4/19 7/19 10/19 1/20 4/20 7/20 10/20 1/21 4/21 Ichibanya Ichibanya Zensho (Sukiya) Ootoya Ootoya Toridoll Toridoll Zensho (Sukiya) Yosihoya Yosihoya Source: Companies data, Mita Securities Note: Solid line vs last yr, dotted line vs yr before last Source: Companies data, Mita Securities Note: Solid line vs last yr, dotted line vs yr before last 4 Ohsho Food Service (9936) July 30, 2021 Comparison of valuations with similar companies (reference) Figure: Comparison of valuations for food service companies Company name Ticker PX Mkt cap Net D/E Sales YoY EBITDA Mgn ROE ROE ROE PER PER PER PBR EV/EBITDA EV/Sales Div yield 1M 3M 1YR 7/29 JPYbn Last LTM LTM LTM Cur E Nxt E LTM Cur E Nxt E Last Cur E Cur E Cur E Chg Chg Chg KURA SUSHI INC 2695 4,105 169.9 -0.1 7.4 4.6 3.1 8.3 12.3 119.0 42.5 26.6 3.6 14.3 1.1 0.6 -11.7 7.2 83.9 MCDONALD'S HOLDINGS CO JAPAN 2702 4,960 659.5 -0.2 2.4 14.8 12.7 11.4 10.9 31.0 30.9 29.0 3.7 13.3 2.0 0.8 1.2 -0.6 -5.5 OOTOYA HOLDINGS CO LTD 2705 2,743 19.9 0.2 -34.3 -24.0 -203.9 NA NA NA NA NA 14.1 NA NA NA 2.7 6.7 -2.5 FUJIO FOOD GROUP INC 2752 1,341 59.8 3.6 -33.9 -12.3 -81.6 11.5 NA NA 128.9 35.3 16.6 NA 2.2 0.0 7.5 -6.0 11.3 AMIYAKI TEI CO LTD 2753 2,937 20.1 -0.1 -18.3 -9.6 -2.5 2.0 NA NA 50.3 20.1 1.0 NA 0.5 0.0 0.7 4.6 13.3 HIRAMATSU INC 2764 191 9.3 4.1 -36.6 -32.2 -79.3 NA NA NA NA NA 2.6 NA NA NA -9.5 24.8 18.6 PEPPER FOOD SERVICE CO LTD 3053 411 16.2 2.4 NA NA NA NA NA NA NA NA 27.2 NA NA NA -13.5 44.7 -2.6 ARCLAND SERVICE HOLDINGS CO 3085 2,265 75.0 -0.6 18.8 12.9 14.5 13.8 12.7 23.7 23.1 23.5 3.3 10.8 1.4 1.1 3.1 3.7 27.5 CHOUSHIMARU CO LTD 3075 1,147 16.7 -0.8 -1.6 3.7 5.6 NA NA 42.2 NA NA 2.3 NA NA NA 0.4 -2.4 24.0 DOUTOR NICHIRES HOLDINGS CO 3087 1,677 76.5 -0.3 -11.4 -0.8 -5.3 4.0 3.1 NA 19.7 18.9 0.8 7.7 0.4 1.4 -2.2 3.0 15.3 BRONCO BILLY CO LTD 3091 2,482 37.4 -0.3 -12.1 5.7 4.0 NA NA 54.5 NA NA 2.1 NA NA 0.6 4.5 5.3 25.2 MONOGATARI CORP 3097 6,950 83.9 0.2 -8.4 8.5 7.8 15.4 NA 55.0 28.1 24.7 4.2 13.5 1.3 0.9 -7.0 -6.0 79.6 (TP 9,100 Buy) CHIMNEY CO LTD 3178 1,414 27.3 0.8 -67.8 -38.2 -94.9 NA NA NA NA NA 5.5 NA NA NA 3.3 17.3 21.7 TORIKIZOKU HOLDINGS CO LTD 3193 1,734 20.2 0.0 -40.8 -9.9 -39.3 NA NA NA NA 27.9 4.2 NA 0.9 0.0 -3.5 9.2 33.5 HOTLAND CO LTD 3196 1,302 28.0 0.6 -12.3 2.8 -8.1 15.3 NA NA
Load more

Recommended publications
  • Learning How to Espresso Yourself
    WP6 nationalpost.com NATIONAL POST, SATURDAY, JANUARY 27, 2018 KOPI LUWAK IS THE MOST EXPENSIVE COFFEE IN THE WORLD DUE TO ITS UNORTHODOX ORIGINS. IT’S PRODUCED FROM THE COFFEE BEANS DIGESTED AND EXCRETED BY AN INDONESIAN CAT CALLED A CIVET CAT. ITS HEFTY PRICE TAG CAN RUN FROM $100 TO $600 A POUND, ACCORDING TO CNN. rom Tokyo’s classic Press), coffee has been con- spiralling out of the drip. The Café de l’Ambre, where sidered an ordinary, every- pinching of the water kettle Learning how F centenarian master day Japanese beverage since spout so it exudes just the tini- Sekiguchi Ichiro still roasts the early 1900s. Unlike other est stream of water. At a good the beans, to sleek specialty imports – such as the dining shop it’s like a ballet. It’s just coffee shops and retro-cool room table or men’s dress suit beautiful to watch,” she adds. to espresso kissaten (traditional coffee- – that retained their Western Kissaten offer a unique cof- houses), Japan is home to one “scent,” she says that coffee fee experience, says Michie of the world’s most exciting became naturalized quickly. Yamamoto, owner of Tandem yourself coffee cultures. It evolved from being used Coffee in Toronto. Originally This may come as a sur- as a medicine in its early days from Shizuoka (a city between prise to the uninitiated, who (the late 1500s) to “a drink for Tokyo and Nagoya), Yama- Confessions of a coffee-hating assume green tea is the chief pleasure” roughly 70 years moto visits family in Japan caffeinated beverage, but later when the Dutch, Japan’s regularly.
    [Show full text]
  • Trademarks Journal Brunei Darussalam
    August 2017 Issue No. 008/2017 TRADEMARKS JOURNAL BRUNEI DARUSSALAM Brunei Darussalam Intellectual Property Office (BruIPO) D & T Building, Simpang 32-37, Anggerek Desa Technology Park Jalan Berakas BB3713, Brunei Darussalam Tel: +673 2380966 │ Fax: +673 2380545 Email: [email protected] 1 | P a g e August 2017 Issue No. 008/2017 Brunei Darussalam Intellectual Property Office (BruIPO) © 2017. All rights reserved. Modification or reproduction of this Journal without the permission of BruIPO is prohibited. CONTENTS General Information 3 Business Hours Enquiries 4 Trademarks Legislation Forms and Fee INID Codes 5 Amendments to the Trade Marks Act (Cap 98) 8 Amendments to the Trade Marks Rules, 2000 10 FIRST SCHEDULE – FEES 11 SECOND SCHEDULE – FORMS 16 THIRD SCHEDULE – CLASSIFICATION OF GOODS AND SERVICES 18 New Trade Mark Applications Filed 21 Change of Name 83 Change of Address 84 Change of Address for Service 85 Subsequent Proprietor Registered 86 Subsequent Proprietor Registered and Address For Service Registered 87 Trade Mark Renewed 88 Trade Mark Renewed and Change of Agents 89 Trade Mark Registered 91 Corrigenda 99 ******** 2 | P a g e August 2017 Issue No. 008/2017 General Information 1. With effect from 1 June 2013, the Patent Registry Office (PRO) will be known as the Brunei Darussalam Intellectual Property Office (BruIPO) and will be responsible for the registration of patents, industrial designs and trademarks. 2. The Brunei Darussalam Intellectual Property Office (BruIPO) is an Office under the Energy and Industry Department, Prime Minister’s Office (EIDPMO) and its premises with effect from the 1 January 2016 is situated at the following address: Brunei Darussalam Intellectual Property Office (BruIPO) D & T Building, Simpang 32-37, Anggerek Desa Technology Park Jalan Berakas BB3713, Brunei Darussalam Tel: +673 2380966 │ Fax: +673 2380545 Opening Hours 1.
    [Show full text]
  • Ohsho Food Service Junichi Shimizu Chief Analyst, Head of Research TSE 1St Section 9936 Industry: Food Service, Retail Gold Medalist in Chinese Cuisine
    MITA SECURITIES Equity Research June 22, 2021 MITA SECURITIES Co., Ltd. Ohsho Food Service Junichi Shimizu Chief Analyst, Head of Research TSE 1st Section 9936 Industry: Food service, retail Gold medalist in Chinese cuisine. Enjoy Initiation of coverage dumplings in store or at home; initiating coverage with a Buy rating Rating Initiating coverage with a TP of 7,250 yen and a Buy rating We initiate coverage of Ohsho Food Service Corporation (9936, Ohsho Food Service, the Buy company) with a target price of 7,250 yen and a Buy rating. Target price (JPY) 7,250 The company operates “Gyoza no Ohsho,” the largest Chinese restaurant chain, both Stock price (JPY) (Jun 21) 5,610 directly and through franchisees nationwide. The company’s earnings have been robust Market cap (JPYbn) 130.6 since pre-COVID-19 pandemic. Although sales of in-store dining declined as it was forced Key changes to shorten business hours in the wake of the COVID-19, sales of take-out and delivery have Rating New been strong. The company posted an OP of 6.1bn yen (OPM 7.5%) in FY3/21 while many of Target price New its competitors posted losses. With the withdrawal of underperforming restaurants, the Earnings forecast New potential locations for new openings have been increasing. The company appears to be the Stock price (JPY) only major Chinese restaurant chain that can continue to make positive investments. In our 10,000 view, the company’s competitive advantage will continue to strengthen. 9,000 8,000 7,000 The catalysts we envision for an upturn in the stock price include strong monthly same- 6,000 5,000 store sales, recovery in quarterly profits, easing of requests by local governments to 4,000 3,000 shorten business hours, and progress in vaccination against the COVID-19.
    [Show full text]
  • Demae-Can / 2484
    Demae-can / 2484 COVERAGE INITIATED ON: 2017.12.25 LAST UPDATE: 2021.06.25 Shared Research Inc. has produced this report by request from the company discussed herein. The aim is to provide an “owner’s manual” to investors. We at Shared Research Inc. make every effort to provide an accurate, objective, neutral analysis. To highlight any biases, we clearly attribute our data and findings. We always present opinions from company management as such. The 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. Demae-can / 2484 RCoverage LAST UPDATE: 2021.06.25 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 later Business section. Executive summary ----------------------------------------------------------------------------------------------------------------------------------- 3 Key financial data ------------------------------------------------------------------------------------------------------------------------------------- 5 Recent updates ---------------------------------------------------------------------------------------------------------------------------------------- 6 Highlights ------------------------------------------------------------------------------------------------------------------------------------------------------------
    [Show full text]
  • HIDAY HIDAKA Corporation
    HIDAY HIDAKA Corporation Restaurant chain serving ramen and Chinese dishes to the mass-market: focusing on new business formats despite the impact of COVID-19 TICKER: 7611 | TSE1 | HP: http://hidakaya.hiday.co.jp/english/ | LAST UPDATE: 2021.08.23 Business Strengths and weaknesses Runs Hidakaya restaurant chain near train stations in Greater Tokyo; particular focus Strengths on opening new branches in Kanagawa Cost advantages from area-dominant Business model: Core business is chain of Hidakaya restaurants (94.2% of strategy and central kitchen: GPM above FY02/21 sales) that serve ramen, gyoza (dumplings), and other popular Chinese 70% for over 20 years through FY02/21, dishes. It also offers side dishes that go with alcohol for customers who want a despite relatively low-price menu. One of only quick drink. Customers range from students to businesspeople, late-shift workers, a handful of leading listed restaurant and seniors, all attracted by affordable prices (JPY390 for ramen and JPY230 for operators with a GPM above 70%. gyoza including tax) and late hours (nearly half of stores are open till 2 a.m.; more Directly operated restaurants maintain than 10% are open 24 hours*). Average customer spend is about JPY750 (before quality, boost brand power, and enable tax; FY02/21). Per the company, no other chain operates the same restaurant flexible operations format (serving both ramen and Chinese dishes). From FY02/10 to FY02/19, Low prices and classic dishes keep HIDAY HIDAKA maintained an OPM of over 10%, but in FY02/21 sales fell and the customers coming back: Maintained company posted an operating loss, due in large part to shortened opening hours comparable store sales of at least 100% YoY amid the COVID-19 outbreak.
    [Show full text]
  • Putnam Panagora Market Neutral Fund Q3 Portfolio Holdings
    Putnam PanAgora Market Neutral Fund The fund's portfolio 5/31/20 (Unaudited) INVESTMENT COMPANIES (46.1%)(a) Shares Value Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. 640 $3,635 State Street Institutional U.S. Government Money Market Fund 3,939,067 3,939,067 Total investment companies (cost $3,943,561) $3,942,702 UNITS (11.0%)(a) Units Value Acamar Partners Acquisition Corp.(NON) 419 $4,291 Alussa Energy Acquisition Corp. (Cayman Islands)(NON) 856 8,483 Amplitude Healthcare Acquisition Corp.(NON) 2,947 29,529 B. Riley Principal Merger Corp. II(NON) 2,620 26,174 CC Neuberger Principal Holdings I(NON) 2,652 27,024 Chardan Healthcare Acquisition 2 Corp.(NON) 2,652 26,493 CHP Merger Corp.(NON) 2,747 27,745 CIIG Merger Corp.(NON) 4,529 45,335 Collective Growth Corp.(NON) 2,803 27,890 DFP Healthcare Acquisitions Corp.(NON) 2,866 28,746 dMY Technology Group, Inc.(NON) 2,885 29,196 East Stone Acquisition Corp.(NON) 4,230 42,089 FinServ Acquisition Corp.(NON) 831 8,194 Foley Trasimene Acquisition Corp.(NON) 2,626 26,917 Fortress Value Acquisition Corp.(NON) 2,652 26,547 Galileo Acquisition Corp.(NON) 888 8,827 GigCapital3, Inc.(NON) 2,833 28,160 Gores Holdings IV, Inc.(NON) 1,306 13,844 Greenrose Acquisition Corp.(NON) 3,350 32,931 GX Acquisition Corp.(NON) 417 4,233 Healthcare Merger Corp.(NON) 2,705 28,105 InterPrivate Acquisition Corp.(NON) 2,918 29,180 Jaws Acquisition Corp.(NON) 2,620 27,038 Juniper Industrial Holdings, Inc.(NON) 841 8,418 Landcadia Holdings II, Inc.(NON) 1,165 12,174 LGL Systems Acquisition Corp.(NON) 2,568 25,629 Lifesci Acquisition Corp.(NON) 2,866 29,806 LIV Capital Acquisition Corp.
    [Show full text]
  • Monogatari Corporation (3097): June Sales
    MITA SECURITIES Equity Research July 9, 2021 MITA SECURITIES Co., Ltd. Monogatari Corporation Junichi Shimizu Chief Analyst, Head of Research TSE 1st Section 3097 Industry: Food service, retail [email protected] June sales Update Rating Monthly data for June Monogatari Corporation (3097) disclosed monthly data for June (on a preliminary basis). Buy For directly-owned stores, same-store sales for June were 77.0% YoY (same month last year Target price (JPY) 9,100 = 100%), of which number of customers 83.2% YoY. The day-of-week effect is neutral. There Stock price (JPY) (Jul 9) 7,430 seems to be a reaction to the rapid increase in demand for yakiniku after the emergency in Market cap (JPYbn) 89.7 June of the previous year. Also, the decline in average spend per customer due to the Key changes decrease in alcohol offerings seems to have had a slight impact. The cumulative same-store Rating No sales for FY6/21 were 100.7% YoY, lower than our forecast of 102.3% YoY. The impression Target price No is slightly negative. Earnings forecast No Same-store sales were 74.0% of June 2019 figure (our estimate, same as follows), lower Stock price (JPY) 9,000 than 78.0% for May. There were two more holidays in June 2019. 8,000 7,000 6,000 For directly-owned stores, the cumulative all-store sales for FY6/21 were 109.8% YoY, lower 5,000 than our forecast of 112.8% YoY. 4,000 3,000 2,000 The number of domestic directly-owned stores at end of June was 340, (+3 MoM), higher 1,000 3097 JT Equity 0 than our forecast of 337.
    [Show full text]
  • Hotel Restaurant Institutional Japan
    THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: 12/26/2013 GAIN Report Number: JA 3526 Japan Food Service - Hotel Restaurant Institutional Japan HRI Food Service Sector Report 2014 Approved By: Steve Shnitzler, Director, ATO Japan Prepared By: Masayuki (Alex) Otsuka, Marketing Specialist, ATO Tokyo Report Highlights: The $361 billion food service industry has finally recovered from the negative impacts affected by the Great Earthquake in 2011. Per capita spending (including company spending) for HRI spending has made a significant contribution to the food service industry’s step by step growth. In addition, increased tourism has also contributed to the re-invigoration of the industry as HRI outlets are offering more international cuisines throughout the market place. Competition remains intense and the sophisticated Japanese consumer continues to demand high quality food products. U.S. suppliers are well positioned to compete in many products categories provided they are willing to adjust to changing market demand. - Table of Contents - I. MARKET SUMMARY A. Market Volume and Trends B. Sectors C. Value of Total Imported Food vs. Domestic Products D. Advantages and Challenges II. ROAD MAP FOR MARKET ENTRY A. Entry Strategy 1. Market Access 2. Competitive Analysis 3. Comparative Advantage of the Products 4. Receptivity of the Distribution Trade 5. Ability of Willingness to Meet Market Requirements B. Market Structure 1. Distribution 2. Segmentation i. Large Increase of Foreign Travelers to Japan ii. Spending More Time at Roadside Rest Areas and Airport Terminals iii.
    [Show full text]
  • Langkah Membuka Bisnis Restoran Di Jepang
    VOLUME NO.1//2020 MARKET INTELLIGENT LANGKAH MEMBUKA BISNIS RESTORAN DI JEPANG INDONESIAN TRADE PROMOTION CENTER (ITPC) OSAKA DAFTAR ISI 03 Gambaran Umum Bisnis Restoran di Jepang 04 Pasar Jasa Makanan di Jepang 07 Tren Pasar Restoran di Jepang 09 Tahapan Mendirikan Restoran bagi WNA di Jepang 10 Tahapan Umum Mendirikan Restoran di Jepang 11 Pendaftaran Perusahaan 14 Mendapatkan Visa Manajer Bisnis 17 Mendapatkan Izin Bisnis Restoran 21 Ketentuan Lain dalam Bisnis Restoran 22 Ketentuan Operasional 25 Ketentuan Tenaga Kerja 28 Ketentuan Pajak 34 Peluang Pasar Bisnis Restoran di Jepang 35 Gambaran Tren Kuliner 41 Masakan Asing di Jepang 45 Potensi Makanan Indonesia 49 Tips Menjalankan Bisnis Restoran di Jepang 50 Sertifikasi Halal 54 Suplai Bahan Baku 60 Tips Lainnya MARKET INTELLIGENT VOL.1/2020 | 2 GAMBARAN UMUM PASAR JASA MAKANAN DI JEPANG MARKET INTELLIGENT VOL.1/2020 | 3 PASAR JASA MAKANAN DI JEPANG Gambaran Umum kerja (USD 15,8 miliar). Semua sub sektor tumbuh sedikit dari 2015 hingga 2018. Dengan jumlah penduduk sekitar 127 juta dan produk domestik bruto (PDB) sebesar USD 5 Perkembangan Outlet triliun pada tahun 2018, Jepang merupakan salah satu pasar konsumen terbesar di dunia, Restoran memberikan peluang bagi para eksportir Di Jepang, sub sektor restoran memiliki Indonesia, terutama bagi mereka yang berminat penjualan terbesar di sektor jasa makanan laba pada pasar jasa makanan. Jepang, menyumbang 50,9% dari total pendapatan jasa makanan pada tahun 2018. Di Industri jasa makanan konsumen Jepang dalam sub sektor restoran, gerai makan kasual penting, mencapai penjualan sebesar USD mencatat penjualan tertinggi sebesar USD 91,5 274,6 miliar pada tahun 2018.
    [Show full text]
  • Cafe, Sweets Cafe Sweet Sales
    Cafe, Sweets The sales of cafe are going well with their strategy of store remodeling, and many of them earn high profit due to the low cost. The companies operating cafes mainly compete in suburb area, Sweet Cafe while companies operating sweets are opening restaurants at Shopping malls. Duskin Co., Ltd. Komeda’s Coffee Doutor Coffee Co., Ltd. Starbucks Coffee Japan, Ltd. Mister Donut Dotour, Execior The main business of Duskin Starbucks Coffee It has been operating food division. Most shops The leading company Komeda Coffee shop franchise café in Japan are franchise. It frequently of cafe industry. It has Originated in Nagoya and it is opening for long time. It releases new menu. been merged into franchise shops, including in Kyushu and proceeds remodeling Starbucks U.S. in 2015. Chain Tohoku area. restaurants. 102 Billion yen Sales Chain Sales of Cafe 47.9 Billion yen Sales of business 75.2 Billion yen Sales 137.8 Billion yen 48.2 Billion yen Sales business Profit of Cafe Sales 19.4 Billion yen Profit Profit of business 4.5 Billion yen 13.4 Billion yen -0.2 Billion yen business Profit 3.9 Billion yen Stores 1,359 stores Stores 588 stores 1,170 stores Stores Store 614 stores Pronto Corporation Saintmarc Holdings Co., Ltd. B-R 31 Ice Cream Co., Ltd. Tully’s Coffee Japan Co., Ltd. St. Marc Cafe Tully ‘s Coffee Originated in Okayama. Seatle styled cafe. Thirty-one Ice cream It serves freshly baked It has been merged The leading company of ice cream shops. bakery. It has good in Ito En Ltd.
    [Show full text]
  • Japón - Resumen 1
    JAPÓN - RESUMEN 1 Consejos - Los españoles no necesitamos visado, solo un pasaporte en vigor y podremos permanecer en el país con el visado de turista durante 90 días. - Hay que descalzarse para entrar en muchos sitios. - Exageradamente puntuales. - No se puede fumar en la calle, pero sí en muchos restaurantes. - La mayoría de las tapas de alcantarillas de Japón ("manhoru") están decoradas con trabajos artísticos que reflejan el atractivo de la ciudad donde están, algún monumento, festival o sus costumbres. Cada vez hay más personas que coleccionan fotos de éste fenómeno. - Los coches no pueden aparcar en las aceras. Deben hacerlo en parkings o dentro de los edificios. - En los hoteles y apartamentos suelen dejar los paraguas gratis. - No hay papeleras por la calle, pero está todo muy limpio. - Baños: o Hay baños por todas partes y están todos (o casi) impecables. o NO tocar el botón rojo: es para llamadas de emergencia. A veces pone “SOS” pero otras solo pone kanji en japonés. o En los bares no suele haber servilletas y en los baños a veces no hay papel. - Las escuelas llevan a los niños a sitios turísticos donde poder practicar el inglés con los turistas. Te hacen preguntas muy básicas y no te entretienen mucho, después te piden si pueden escribirte por correo, te regalan una grulla de Origami y se hacen una foto contigo. - En las escaleras mecánicas y por la acera, ir siempre por la izquierda, para dejar la derecha libre a aquellos que quieran desplazarse más rápido. En los peldaños comunes, subir por donde indiquen las flechas, normalmente por la izquierda también.
    [Show full text]
  • Global Equity Fund Description Plan 3S DCP & JRA MICROSOFT CORP
    Global Equity Fund June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA MICROSOFT CORP 2.5289% 2.5289% APPLE INC 2.4756% 2.4756% AMAZON COM INC 1.9411% 1.9411% FACEBOOK CLASS A INC 0.9048% 0.9048% ALPHABET INC CLASS A 0.7033% 0.7033% ALPHABET INC CLASS C 0.6978% 0.6978% ALIBABA GROUP HOLDING ADR REPRESEN 0.6724% 0.6724% JOHNSON & JOHNSON 0.6151% 0.6151% TENCENT HOLDINGS LTD 0.6124% 0.6124% BERKSHIRE HATHAWAY INC CLASS B 0.5765% 0.5765% NESTLE SA 0.5428% 0.5428% VISA INC CLASS A 0.5408% 0.5408% PROCTER & GAMBLE 0.4838% 0.4838% JPMORGAN CHASE & CO 0.4730% 0.4730% UNITEDHEALTH GROUP INC 0.4619% 0.4619% ISHARES RUSSELL 3000 ETF 0.4525% 0.4525% HOME DEPOT INC 0.4463% 0.4463% TAIWAN SEMICONDUCTOR MANUFACTURING 0.4337% 0.4337% MASTERCARD INC CLASS A 0.4325% 0.4325% INTEL CORPORATION CORP 0.4207% 0.4207% SHORT-TERM INVESTMENT FUND 0.4158% 0.4158% ROCHE HOLDING PAR AG 0.4017% 0.4017% VERIZON COMMUNICATIONS INC 0.3792% 0.3792% NVIDIA CORP 0.3721% 0.3721% AT&T INC 0.3583% 0.3583% SAMSUNG ELECTRONICS LTD 0.3483% 0.3483% ADOBE INC 0.3473% 0.3473% PAYPAL HOLDINGS INC 0.3395% 0.3395% WALT DISNEY 0.3342% 0.3342% CISCO SYSTEMS INC 0.3283% 0.3283% MERCK & CO INC 0.3242% 0.3242% NETFLIX INC 0.3213% 0.3213% EXXON MOBIL CORP 0.3138% 0.3138% NOVARTIS AG 0.3084% 0.3084% BANK OF AMERICA CORP 0.3046% 0.3046% PEPSICO INC 0.3036% 0.3036% PFIZER INC 0.3020% 0.3020% COMCAST CORP CLASS A 0.2929% 0.2929% COCA-COLA 0.2872% 0.2872% ABBVIE INC 0.2870% 0.2870% CHEVRON CORP 0.2767% 0.2767% WALMART INC 0.2767%
    [Show full text]