New Street Research - Z Holdings Corporation (4689) LY Corp (Buy, TP: ¥585, +33%) Q2 FY23 Quick Take: Better trends and a strong EBITDA beat

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New Street Research

Chris Hoare

EUR 9318.00 For Business Accounts Only

LY Corp (Buy, TP: ¥585, +33%) Q2 FY23 Quick Take: Better trends and a strong EBITDA beat

LY (previously “Z Holdings”) delivered a strong set of results today. EBITDA outperformed and was 15% ahead of expectations, led by increased efficiency in sales promotion and reduction of commissions. Trends in Media and Commerce improved, while PayPay’s EBITDA stayed positive for the second quarter. The company is also seeing good traction from its Yahoo and Line ID linkage.

07/11/2023 1 EN

Underlying

Z Holdings Corporation

Yahoo Japan is engaged in the provision of Internet advertising and e-commerce services. Media Business segment provides marketing and advertising services including paid search, display, in-feed video advertising and other advertising-related services for corporations; and Yahoo! News and media-related services. Commerce Business segment provides e-commerce related services including YAHUOKU! (net auction site), Yahoo! Shopping, ASKUL, LOHACO and other shopping websites; membership services including Yahoo! Premium, Yahoo! BB and other services; and financial and payment-related services including credit card, e-money, foreign exchange margin trading and other related services.

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JP3933800009 Japan

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New Street Research

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Analysts

Chris Hoare

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LY Corp (Buy, TP: ¥585, +25%) Q3 FY23 Quick Take: Strong EBITDA beat; upgraded EBITDA guidance

LY delivered a strong EBITDA beat today, ahead consensus by 9% and upgraded EBITDA guidance for the full year, from +10% to +17%. We observed strong momentum in Commerce and Strategic. Beginning from this quarter onwards, the company had reallocated its costs, mostly to its Media and Commerce business and a smaller proportion to Strategic., thus retroactive revisions were made.

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Z Holdings reported after close today, where EBITDA came in ahead of consensus by 8%, driven by lower promotion costs in Commerce.

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LY Corp (Buy, TP: ¥585, +33%) Q2 FY23 Quick Take: Better trends and a strong EBITDA beat

LY Corp (Buy, TP: ¥585, +25%) Q3 FY23 Quick Take: Strong EBITDA beat; upgraded EBITDA guidance

Z Holdings (Buy, PT: ¥585, +53%) Q1 FY23 Quick Take: Strong EBITDA beat; cost efficiency remains priority for FY23

FYBR quick thought following the call

FYBR 1Q24 Quick Take: Strong financial results powered by ARPU growth

Reddit (RDDT, Hold, $54 Target) Quick Thoughts Ahead of Tuesday’s Print

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