Nippon Parking Development / 2353
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R Nippon Parking Development / 2353 COVERAGE INITIATED ON: 2010.09.06 LAST UPDATE: 2018.04.03 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. Nippon Parking Development / 2353 R LAST UPDATE: 2018.04.03 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. Key financial data ------------------------------------------------------------------------------------------------------------------------------------- 3 Recent updates ---------------------------------------------------------------------------------------------------------------------------------------- 4 Highlights ------------------------------------------------------------------------------------------------------------------------------------------------------------4 Trends and outlook ----------------------------------------------------------------------------------------------------------------------------------- 5 Quarterly trends and results -----------------------------------------------------------------------------------------------------------------------------------5 Full-year company forecasts --------------------------------------------------------------------------------------------------------------------------------- 20 Outlook ------------------------------------------------------------------------------------------------------------------------------------------------------------- 37 Business ------------------------------------------------------------------------------------------------------------------------------------------------ 38 Business description -------------------------------------------------------------------------------------------------------------------------------------------- 38 Key financial data ------------------------------------------------------------------------------------------------------------------------------------------------ 51 Strengths and weaknesses ------------------------------------------------------------------------------------------------------------------------------------ 54 Market and value chain ---------------------------------------------------------------------------------------------------------------------------------------- 55 Financial statements-------------------------------------------------------------------------------------------------------------------------------- 57 Income statement ----------------------------------------------------------------------------------------------------------------------------------------------- 57 Balance sheet ----------------------------------------------------------------------------------------------------------------------------------------------------- 58 Statement of cash flows --------------------------------------------------------------------------------------------------------------------------------------- 60 Other information ---------------------------------------------------------------------------------------------------------------------------------- 61 Corporate governance, environment, and CSR information (as of November 2016) ---------------------------------------------------- 61 Shareholder returns--------------------------------------------------------------------------------------------------------------------------------------------- 62 History -------------------------------------------------------------------------------------------------------------------------------------------------------------- 63 Major shareholders --------------------------------------------------------------------------------------------------------------------------------------------- 64 Top management ----------------------------------------------------------------------------------------------------------------------------------------------- 64 Employees --------------------------------------------------------------------------------------------------------------------------------------------------------- 64 Investor relations ------------------------------------------------------------------------------------------------------------------------------------------------ 64 By the way --------------------------------------------------------------------------------------------------------------------------------------------------------- 64 Historical earnings ---------------------------------------------------------------------------------------------------------------------------------- 66 Historical quarterly earnings --------------------------------------------------------------------------------------------------------------------------------- 66 News and topics ------------------------------------------------------------------------------------------------------------------------------------------------- 86 Company profile ------------------------------------------------------------------------------------------------------------------------------------------------- 89 02/90 Nippon Parking Development / 2353 R LAST UPDATE: 2018.04.03 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp Coverage Key financial data Income statement FY07/04 FY07/05 FY07/06 FY07/07 FY07/08 FY07/09 FY07/10 FY07/11 FY07/12 FY07/13 FY07/14 FY07/15 FY07/16 FY07/17 FY07/18 (JPYmn) Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Est. Sales 3,583 4,512 5,548 6,795 7,508 7,870 8,664 9,607 10,591 13,437 15,118 17,008 18,140 21,987 23,500 YoY 42.6% 25.9% 23.0% 22.5% 10.5% 4.8% 10.1% 10.9% 10.2% 26.9% 12.5% 12.5% 6.7% 21.2% 6.9% Gross profit 1,649 1,957 2,340 2,538 2,924 3,052 3,593 4,058 4,533 5,759 6,594 7,624 7,724 9,552 YoY 35.0% 18.7% 19.6% 8.4% 15.2% 4.4% 17.7% 12.9% 11.7% 27.0% 14.5% 15.6% 1.3% 23.7% GPM 46.0% 43.4% 42.2% 37.3% 38.9% 38.8% 41.5% 42.2% 42.8% 42.9% 43.6% 44.8% 42.6% 43.4% Operating profit 706 979 1,128 920 1,181 1,258 1,481 1,501 1,821 2,021 2,335 2,573 1,978 3,067 3,500 YoY 65.2% 38.7% 15.2% -18.4% 28.4% 6.5% 17.7% 1.3% 21.3% 11.0% 15.5% 10.2% -23.1% 55.1% 14.1% OPM 19.7% 21.7% 20.3% 13.5% 15.7% 16.0% 17.1% 15.6% 17.2% 15.0% 15.4% 15.1% 10.9% 14.0% 14.9% Recurring profit 711 1,019 1,824 1,329 1,827 1,168 1,117 1,438 1,906 2,236 2,592 3,010 2,241 3,212 3,500 YoY 68.2% 43.3% 79.0% -27.1% 37.4% -36.1% -4.4% 28.8% 32.6% 17.3% 15.9% 16.1% -25.6% 43.4% 9.0% RPM 19.8% 22.6% 32.9% 19.6% 24.3% 14.8% 12.9% 15.0% 18.0% 16.6% 17.1% 17.7% 12.4% 14.6% 14.9% Net in co me 397 612 1,069 642 489 614 765 850 518 1,378 1,582 3,531 1,255 2,243 2,350 YoY 80.2% 54.2% 74.7% -39.9% -23.9% 25.5% 24.7% 11.1% -39.0% 165.9% 14.7% 123.2% -64.5% 78.7% 4.8% Net margin 80.2% 54.2% 74.7% 9.5% 6.5% 7.8% 8.8% 8.8% 4.9% 10.3% 10.5% 20.8% 6.9% 10.2% 10.0% Per share data (JPY) Shares issued (year end; '000) 159 3,372 3,419 3,437 3,439 3,445 3,445 3,445 3,445 3,445 345,274 346,585 347,658 348,399 EPS 2,296.4 183.1 315.1 187.8 144.1 181.2 226.2 251.6 155.5 413.4 4.7 10.5 3.7 6.7 7.0 Dividend per share 500.0 200.0 200.0 200.0 200.0 200.0 100.0 150.0 200.0 250.0 2.7 3.3 3.5 3.8 4.0 Book value per share 9,027 592 681 569 530 490 505 635 675 917 12 20 20 23 Balance sheet (JPYmn) Cash and cash equivalents 1,242 1,572 2,590 2,105 1,852 1,701 1,201 1,777 2,885 3,899 4,765 9,902 13,121 13,888 Total current assets 1,420 1,794 3,152 2,525 2,599 2,191 1,708 2,358 3,486 4,766 5,768 11,230 15,014 15,524 T angible fixed asset s 0 0 0 805 847 904 1,261 1,588 1,204 1,703 1,993 3,164 3,852 5,015 Investment and other assets 401 2,011 2,992 4,319 3,685 3,293 2,766 2,354 1,216 2,431 2,696 2,978 2,098 3,040 Int angible fixed asset s 16 43 39 67 94 83 64 76 97 220 186 411 380 393 Total assets 1,837 3,848 6,183 7,716 7,225 6,472 5,799 6,377 6,003 9,121 10,643 17,783 21,344 23,973 Accounts payable 3 53 42 33 29 29 29 32 30 81 88 98 281 313 Short-term debt 0 67 733 3,391 2,022 1,938 1,368 1,274 1,156 624 209 102 424 1,380 Tot al current liabilit ies 413 680 1,706 4,069 3,033 2,640 2,435 2,459 2,483 2,261 2,404 2,982 2,842 4,435 Long-term debt 0 933 1,917 1,348 1,998 1,751 1,179 1,176 650 2,530 2,906 5,170 6,624 6,444 Tot al fixed liabilit ies 220 1,210 2,209 1,692 2,370 2,143 1,625 1,732 1,239 3,619 3,826 6,078 9,856 9,519 Tot al liabilit ies 633 1,889 3,915 5,761 5,403 4,783 4,060 4,191 3,722 5,880 6,230 9,061 12,698 13,954 Net assets 1,432 1,996 2,329 1,955 1,823 1,688 1,738 2,186 2,281 3,241 4,413 8,722 8,646 10,019 Interest-bearing debt 0 1,000 2,650 4,739 4,020 3,689 2,547 2,451 1,805 3,154 3,115 5,272 7,048 7,824 Statement of cash flows (JPYmn) Cash flow s from operat ing act ivit ies 462 659 347 -314 898 868 1,529 1,289 1,473 1,460 2,014 1,965 602 3,778 Cash flow s from invest ing act ivit ies -180 -1,279 -735 -1,744 728 322 -203 -73 800 -1,048 -424 1,378 2,490 -3,135 Cash flow s from financing act ivit ies 0 949 1,053