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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. for eight consecutive years through FY02/19 *In compliance with requests for cooperation from cities and prefectures covered by the state (-30.3% YoY in FY02/21) of emergency declaration and/or priority measures for prevention of the spread of COVID-19, Weaknesses stores in affected areas have been closing at 8 p.m. or 9 p.m. and are not serving alcohol. Limiting restaurant openings to Greater Dominant strategy: The company’s chain restaurants are almost all directly Tokyo squeezes availability of favorable operated. The company opens stores of around 100sqm (30 tsubo) in busy locations: As the company continues to open shopping areas near train stations (usually at multiple exits). As of end-February multiple restaurants in busy locations in 2021, the company had 432 restaurants in Tokyo and the five neighboring Greater Tokyo, only less attractive locations prefectures, and it aims for a net increase of 25 stores annually over the next three are becoming available years, taking the total to 600 in the Greater Tokyo area. In FY02/21, average Difficulty in securing staff: Poor public annual sales per store were JPY68mn. opinion regarding long working hours in the Earnings restaurant industry makes it harder to hire staff Operating loss in FY02/21; no FY02/22 forecast disclosed at the start of fiscal year Formats other than Hidakaya underdeveloped: The company needs Sales down 30% YoY, in the red at operating level: In FY02/21, HIDAY formats other than Hidakaya to grow in HIDAKA posted sales of JPY29.6bn (-30.0% YoY) and an operating loss of JPY2.8bn Greater Tokyo, but successor formats still in (profit of JPY4.1bn in FY02/20). Comparable store sales fell 30.3% YoY due to the development stage shortened opening hours and restraints on alcohol sales, with consumers also refraining from going out under the COVID-19 related state of emergency. Growth drivers Operating cash flow was JPY8.1bn lower YoY, and although interest-bearing debt Historical: Hidakaya format is key was zero as at end-FY02/21, cash and deposits fell JPY5.9bn YoY. Future: Hidakaya to be key format, but raise FY02/22 forecast: HIDAY HIDAKA did not disclose a forecast for FY02/22 at the brand awareness of Yakitori Hidaka start of the fiscal year. When reporting Q1 results the company announced a forecast calling for sales of JPY30.0bn (+1.5% YoY) and an operating loss of JPY2.8bn (loss of JPY2.8bn in FY02/21). It forecasts recurring profit of JPY1.3bn and net income of JPY1.0bn, partly in anticipation of compensation payments for cooperation with reduced opening hours. Plans call for 30 new store openings, mainly in the Hidakaya format, and seven closures. The company will open new stores not just in busy areas near train stations but also in roadside locations and new formats. It will focus also on maintaining and enhancing the brand equity of all formats. Medium-term strategy 600 restaurants. Long-term steady growth with 10%+ ROE and 10%+ RP ratio Adjusted for stock splits; issued shares include treasury stock. Steady sustainable growth: The company has not released detailed medium-term targets, but aims for a net increase of 25 restaurants p.a. over the next three years until the number of restaurants reaches 600 in Greater Tokyo. Assuming annual sales per restaurant remain at about JPY100mn (pre-pandemic level), 600 restaurants implies sales of JPY60bn. The company plans to improve employee satisfaction and quality, service, and cleanliness (QSC). It targets long-term stable RP to sales ratio of 10% and ROE of 10% or higher. 01/19 HIDAY HIDAKA Corporation｜7611｜ Research Espresso by Shared Research Note: Figures rounded to the nearest million yen (company data rounded down to the nearest million yen); per-share data adjusted for splits Business Hidakaya restaurants in Greater Tokyo serve noodles as well as stir-fries and side dishes Company overview Hidakaya is key format Key restaurant format is Hidakaya (94.2% of sales in FY02/21) that serves ramen, gyoza ▶ Serves ramen, sometimes called the (dumplings), and other popular Chinese dishes at low prices. The company has 432 “national dish,” and other popular Chinese dishes at low prices restaurants under this chain in Tokyo and five neighboring prefectures (end-FY02/21). Share of sales by region in FY02/21 was Tokyo, 49.2%; Saitama, 22.7%; Kanagawa, 16.4%; ▶ Basic concept since 1973 founding: “Food Chiba, 10.9%; Tochigi, 0.3%; and Ibaraki, 0.5%. stands near train stations” (where customers can drop in casually, open until Sales by format and region (FY02/21) late at night) ▶ 432 restaurants in Tokyo and five neighboring prefectures ▶ Growth in sales and operating profit from FY02/04 through FY02/19 Source: Shared Research based on company data Historical overview The company was founded by Tadashi Kanda (current chairman) in February 1973, who was born in Saitama city, Saitama. Successfully launched first downtown Tokyo outlet (Shinjuku Ramen Kabukicho restaurant, later the Hidakaya Seibu Shinjuku Ekimae restaurant, closed in 2017) in December 1994. Listed on OTC market in September 1999 to improve fundraising and borrowing capacity (note: HIDAY HIDAKA normally leases stores, which are not useful as collateral, so fundraising capacity was a constraint on growth at the time; store leasing requires borrowing ability). The Hidakaya format was launched in June 2002. Gyoda factory was completed in February 2005. The company listed on the TSE Second Section in April 2005, transferring to TSE First Section in August 2006. Expanded Gyoda factory in November 2013. Continued sales and profit growth Successfully opening restaurants in prime urban Tokyo locations, and improving fundraising and borrowing capacity following a public share offering and listing led to the company accelerating its rollout of restaurants near train stations. These prime locations were highly profitable despite steep rents. The store rollout strategy was the springboard for today’s success. From FY02/99 (before the company’s public share offering in September 1999) through FY02/20, the company posted a string of 21 YoY gains in sales. From FY02/04 through FY02/19, the company posted new record highs in operating profit for 16 consecutive years. 02 /19 R HIDAY HIDAKA Corporation｜7611｜ Research Espresso by Shared Research Long-term trends in sales, operating profit, GPM, and OPM Business model Hidakaya restaurants serve ramen and other popular Chinese dishes to a broad customer base ▶ Directly operated restaurants in Tokyo and five neighboring prefectures under dominant strategy Source: Shared Research based on company data; figures rounded to the nearest million yen ▶ Opens restaurants in busy areas near train stations Business model ▶ Low prices Key format is Hidakaya restaurants (94.2% of sales in FY02/21) that serve ramen, gyoza, and other popular Chinese dishes. Using an area-dominant strategy, the company focuses on ▶ Broad demographic including students, opening directly managed chain restaurants. It has a broad customer base due to low businesspeople, and late-shift workers prices and long opening hours. ▶ Owns a food production plant (central kitchen) Restaurant locations The company opens restaurants in busy shopping areas near train stations (at multiple exits of each station) of around 100sqm (30 tsubo). It has 432 restaurants in Tokyo and five neighboring prefectures. (Share of restaurants by region in FY02/21: Tokyo, 49.2%; Saitama, 22.7%; Kanagawa, 16.4%; Chiba, 10.9%; Tochigi, 0.3%; and Ibaraki, 0.5%.) The company aims for a net increase of 25 stores annually over the next three years, taking the total to 600 in the Greater Tokyo area. Restaurant numbers and sales Source: Shared Research based on company data Pricing and customer demographics Customer demographics span a wide range including students, businesspeople, and late-shift workers, as well as seniors, due to affordable prices (JPY390 for ramen and JPY230 for gyoza including tax) and long opening hours (nearly half of stores are open till 2 a.m.; more than 10% are open 24 hours; about 40% close before 12 a.m.*).
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