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2429 World Holdings Coverage initiated on: 2020-09-18 ResearCh Coverage Report By Shared ResearCh InC. Last update: 2021-08-02 2429 WORLD HOLDINGS 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. INDEX ExeCutive summary . .3. Key finanCial data . .5. ReCent updates . .6. Trends and outlook . 8. Quarterly trends and results . .8. Business . .1.8. Business model overview . 1.8. Group Business overview . .2.3. ProfitaBility analysis . .3.0. Market and value Chain . .3.2. Competition . .3.2. Market trends . .3.5. Strengths and weaknesses . .3.8. HistoriCal results and finanCial statements . .4.0. InCome statement . 4. .0. BalanCe sheet . .4.1. Cash flow statement . .4.2. HistoriCal results . 4. .2. Other information . .5.1. News and topiCs . .5.5. Company profile . .5.6. WORLD HOLDINGS/ 2429 ResearCh Coverage Report By Shared ResearCh InC. | https://sharedresearCh.jp 2 ExeCutive summary Business overview World Holdings Co., Ltd. is a pure holding Company with 32 Consolidated suBsidiaries under its umBrella and operates in four Business domains. The Human ResourCes and EduCation Business (57.5% of total revenue and 60.5% of total operating profit in FY12/20) mainly provides suBContraCting and staffing for various professional serviCes. The Real Estate Business (33.3%, 39.0%) foCuses on new Condominium development and renovations. The Information and TeleCommuniCations Business (6.3%, 2.6%) is mainly engaged in moBile phone handset sales, and the Other Businesses (2.2%, loss of JPY200mn) Cover management of agriCultural park faCilities. World Holdings uses its diverse Business portfolio to hedge against market fluCtuation and other Business risks. It operates aCross a range of geographiC regions and industries, and inCorporates Both reCurring-revenue Business (Human ResourCes and EduCation, Information and TeleCommuniCations) and one-time revenue Business (Real Estate). While the Human ResourCes and EduCation Business represents the Bulk of its operations, the Company has expanded into other Businesses as well. LaunChed in DeCemBer 2005, the Information and TeleCommuniCations Business helped offset the slump in the staffing Business amid the gloBal finanCial Crisis in 2008. The Crisis also left the real estate industry with a dwindling numBer of players, and World Holdings Capitalized on that opportunity to make a full-fledged push into the Real Estate Business in 2010. The Core Human ResourCes and EduCation Business Consists of four segments. The faCtory staffing Business (38.1% of total revenue, 28.9% of segment operating profit) runs staffing and suBContraCting in the manufaCturing industry. The teChnology staffing Business (11.8%, 22.2%) ConduCts teCh staffing and suBContraCting. The R&D staffing Business (5.0%, 9.3%) ConduCts researCh and development staffing and suBContraCting, and the sales and marketing staffing Business (2.7%, 0.2%) provides sales and Call Center staffing. With its foCus on the manufaCturing industry (produCtion proCesses, R&D), the Company’s strength lies in Blue-Collar staffing and suBContraCting. The Company has aChieved suBstantial growth in the fields of semiConduCtors and maChinery-related manufaCturing, and it further expanded into third-party logistiCs (3PL) in 2012 when it Began handling logistiCs duties for Amazon Japan (Amazon Japan is now a major Customer, aCCounting for 14.1% of Companywide revenue and 38.4% of revenue in the faCtory staffing Business in FY12/19). The Company has also Been working to augment its Business portfolio By expanding its sCope Beyond manufaCturing to design and development of maChinery and eleCtroniCs, as well as R&D for pharmaCeutiCals and BioteChnology. Most reCently, it has also Been spreading out into white-Collar staffing serviCes. The Human ResourCes and EduCation Business has a laBor-intensive earnings struCture. Earnings in suBContraCting are determined By the formula “revenue = numBer of ContraCts x ContraCt value.” In the staffing Business, the formula is “revenue = numBer of registered workers x Billing rates,” and ongoing revenues are generated Commensurate with the numBer of registered workers. Registrations have Been on the rise in the years sinCe the gloBal finanCial Crisis, and Billing rates as well have Been growing. The Real Estate Business Began in earnest in 2010, after the gloBal finanCial Crisis, By launChing development operations in Japan’s Central Kanto region. The Company is partiCularly adept at the “seed lot” Business. It makes strategiC purChases of small parCels of land (“seed lots”), negotiates for the rights to surrounding land, and then puts them up for either sale or joint development. The Company primarily develops and sells new Condominiums (of 20 to 60 units selling for around JPY26mn per unit). For large development projeCts it mostly teams up with major developers. The Company also exCels in renovation, i.e., fixing up and adding new value to pre-owned properties, and most reCently it has Been venturing into Conversion work as well, in whiCh it redesignates the use of existing Buildings, fully refurBishes them, and Converts them to new Buildings. Lead times in the Real Estate Business, from sourCing through design, ConstruCtion, Completion, and sale, vary depending on property type. In Condominium development, lead times are long, taking two to three years from sourCing to handover, and Capital turnover is slow. Conversely, detaChed homes and Conversion have lead times of six to 12 months. Renovation is a one-time revenue Business with lead times of four to six months. PrefaBriCated homes and property management are high Capital turnover, reCurring-revenue Businesses with revenues generated on an ongoing Basis over the duration of ContraCt. The formula for the Real Estate Business is “revenue = revenue generated along the duration veCtor (time of property delivery, month-to-month) x the quantity of respeCtive properties).” The Company works to ensure staBility within the Real Estate Business By diversifying its portfolio over Business type, Capital turnover times, and reCurring vs. one-time revenue operations. WORLD HOLDINGS/ 2429 ResearCh Coverage Report By Shared ResearCh InC. | https://sharedresearCh.jp 3 Trends and outlook World Holdings posted FY12/20 revenue of JPY143.6Bn (+5.3% YoY), operating profit of JPY6.3Bn (+32.2%), reCurring profit of JPY6.8Bn (+41.2%), and net inCome attriButaBle to owners of the parent of JPY5.9Bn (+100.0%). Progress vs. revised full-year Company foreCasts (announCed on NovemBer 9, 2020) was 100.7% for revenue, 104.1% for operating profit, 106.6% for reCurring profit, and 114.7% for net inCome. The Company’s FY12/21 foreCast Calls for revenue of JPY150.2Bn (+4.6% YoY), operating profit JPY6.5Bn (+3.4%), reCurring profit JPY6.4Bn (-5.9%), and net inCome attriButaBle to owners of the parent JPY4.6Bn (-22.7%). In addition, the Company’s 1H foreCast Calls for revenue of JPY63.7Bn (-10.1% YoY), operating profit JPY1.3Bn (-53.0% YoY), reCurring profit JPY1.3Bn (-55.3% YoY), and net inCome attriButaBle to owners of the parent JPY886mn (-64.5% YoY). Final year targets of the Company’s five-year Medium-Term Business Plan 2021 spanning FY12/17 to FY12/21 were revised downward in a rolling plan updated on August 19, 2019. The revised plan Called for FY12/21 revenue of JPY175Bn (versus initial target of JPY200Bn) and operating profit of JPY8Bn (JPY10Bn). The main reason for the revision was the shift in the Company’s stanCe toward strengthening risk management for the Real Estate Business, whiCh experienCed a BuBBle in FY12/16. The Company left intaCt its targets for ROE of 20% or higher, equity ratio of 20% or higher, and dividend payout ratio of 30% or higher. Strengths and weaknesses Strengths ‧ Business portfolio ConduCive to well-BalanCed risk hedging against Changes in Business Conditions and industry fluCtuation. ‧ In its Core Human ResourCes and EduCation Business, the Company has differentiated itself from Competing staffing Companies By expanding its range of suBContraCting sChemes. ‧ One-stop serviCes from upstream to downstream manufaCturing proCesses (from R&D through design and development, manufaCturing, logistiCs, and repair work). Weaknesses ‧ Inter-segment fragmentation leads to ineffiCient resourCe alloCation and keeps low-profit Businesses artifiCially alive. ‧ Little sign of disCiplined judgment in Business development. ‧ High dependenCy on the Company’s owner in the Real Estate Business puts sustainaBle operations at risk. WORLD HOLDINGS/ 2429 ResearCh Coverage Report By Shared ResearCh InC. | https://sharedresearCh.jp 4 Key finanCial data Income statement FY12/11 FY12/12 FY12/13 FY12/14 FY12/15 FY12/16 FY12/17 FY12/18 FY12/19 FY12/20 FY12/21 JPYmn) Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Est. Revenue YoY % % % % % % % % % % % Gross profit YoY % % % % % % % % % % Gross profit margin % % % % % % % % % % Operating profit YoY % % % % % % % % % % % Operating profit margin % % % % % % % % % % % Recurring profit
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