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TOKAI Holdings / 3167 R TOKAI Holdings / 3167 COVERAGE INITIATED ON: 2013.05.31 LAST UPDATE: 2019.10.08 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. TOKAI Holdings / 3167 R LAST UPDATE: 2019.10.08 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp Coverage 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 ------------------------------------------------------------------------------------------------------------------------------------- 4 Recent updates ---------------------------------------------------------------------------------------------------------------------------------------- 6 Highlights ------------------------------------------------------------------------------------------------------------------------------------------------------------6 Trends and outlook --------------------------------------------------------------------------------------------------------------------------------- 11 Quarterly trends and results --------------------------------------------------------------------------------------------------------------------------------- 11 Full-year company forecasts --------------------------------------------------------------------------------------------------------------------------------- 17 Outlook------------------------------------------------------------------------------------------------------------------------------------------------- 19 Medium and long-term plans ------------------------------------------------------------------------------------------------------------------------------- 19 Strategy ------------------------------------------------------------------------------------------------------------------------------------------------------------- 23 Business ------------------------------------------------------------------------------------------------------------------------------------------------ 24 Business description -------------------------------------------------------------------------------------------------------------------------------------------- 24 Profitability snapshot, financial ratios --------------------------------------------------------------------------------------------------------------------- 35 Market and value chain ---------------------------------------------------------------------------------------------------------------------------------------- 38 Strengths and weaknesses ------------------------------------------------------------------------------------------------------------------------------------ 43 Historical performance and financial statements ------------------------------------------------------------------------------------------ 44 Historical performance ---------------------------------------------------------------------------------------------------------------------------------------- 44 Income statement ----------------------------------------------------------------------------------------------------------------------------------------------- 60 Balance sheet ----------------------------------------------------------------------------------------------------------------------------------------------------- 62 Statement of cash flows --------------------------------------------------------------------------------------------------------------------------------------- 64 News and topics ------------------------------------------------------------------------------------------------------------------------------------- 65 Other information ---------------------------------------------------------------------------------------------------------------------------------- 67 History -------------------------------------------------------------------------------------------------------------------------------------------------------------- 67 Major shareholders --------------------------------------------------------------------------------------------------------------------------------------------- 68 Top management ----------------------------------------------------------------------------------------------------------------------------------------------- 68 Employees --------------------------------------------------------------------------------------------------------------------------------------------------------- 68 Dividends and shareholder benefits ---------------------------------------------------------------------------------------------------------------------- 68 Investor relations ------------------------------------------------------------------------------------------------------------------------------------------------ 69 Company profile ------------------------------------------------------------------------------------------------------------------------------------------------- 70 02/71 TOKAI Holdings / 3167 R LAST UPDATE: 2019.10.08 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp Coverage Executive summary TOKAI Holdings provides a diverse range of products and services in Shizuoka Prefecture, Kanto and other areas, and has a ◤ customer base of 2.9mn customers (as of end-FY03/19). Operations are energy and housing-related, which includes liquefied petroleum gas (LP gas) and information and communication (including a fiber-optic network and CATV). TOKAI Holdings Corporation was established on April 1, 2011, after the management integration of TOKAI CORPORATION (registered name: The TOKAI Corporation) and TOKAI Communications Corporation (formerly VIC TOKAI Corporation; name changed on October 1, 2011), and an accompanying transfer of shares to a holding company. The company’s businesses, which provide a diverse array of services targeting both retail and commercial customers, fall into ◤ six business segments: Gas & Petroleum; Information and Communications; CATV; Aqua; Building and Real Estate; and Others. The Gas & Petroleum, Information and Communications, and CATV segments account for the majority of sales and operating profit (see the business section for further details). Trends and outlook On May 9, 2017, the company unveiled its new medium-term business plan, Innovation Plan 2020 “JUMP.” Designed to ◤ guide the company through FY03/21, the new business plan targets FY03/21 sales of JPY339.3bn (almost double the sales in FY03/17), operating profit of JPY22.5bn (roughly an 80% increase over FY03/17), and a ROE of 13%. Under the new plan the company has allocated JPY100bn for M&A, and intends to aggressively pursue opportunities for strategic mergers, acquisitions, and business alliances. The company makes it a priority to expand the revenue and customer base of its core businesses in gas, CATV, and information and communications through M&A. For FY03/19 (second year of the Innovation Plan 2020 “JUMP”), the company posted sales of JPY191.6bn (+3.0% YoY), ◤ operating profit of JPY13.1bn (+19.0% YoY), recurring profit of JPY13.3bn (+18.5% YoY), and net income attributable to owners of the parent of JPY7.8bn (+17.4% YoY). Initiatives to acquire more customers and increase orders proved a success. Sales reached a record high on the benefit of expanded revenue from M&A in FY03/18, in addition to increased customer count. Operating Profit achieved double digit YoY growth to reach its highest level in two years thanks to higher sales in accordance with the increase in monthly subscriptions from increased customer count, as well as curtailment of upfront costs, including costs to acquire new customers. For FY03/20, the company forecasts consolidated sales of JPY200.8bn (+4.8% YoY), operating profit of JPY14.2bn (+8.5% YoY), ◤ recurring profit of JPY14.0bn (+5.9%), and net income attributable to owners of the parent of JPY8.2bn (+5.9% YoY). The company is aiming for record high sales and operating profit for the second consecutive year. While continuing to expand its customer base, the company will pursue M&A, expand into new sales areas and advance into new locations overseas. It plans a dividend of JPY28 per share, which is the same as for FY03/19. Strengths and weaknesses Shared Research thinks TOKAI Holdings’ strengths center on its regional dominance providing greater profit contributions from non-gas businesses, flexibility to take business away from major utility companies, and beneficiary of structural reform and realignment of the LP gas industry. Weaknesses center on its lack of experience in cross-selling, structural decline in LP gas market, and intensifying competition in the CATV business. 03/71 TOKAI Holdings / 3167 R LAST UPDATE: 2019.10.08 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp Coverage Key
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