New Street Research - Z Holdings Corporation (4689) New Street: Z Holdings (Buy, TP: ¥940, +137%) Q2 22: Mixed quarter, good performance from e-Commerce and Strategic but soft performance from Media

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New Street Research

Chris Hoare

EUR 9179.00 For Business Accounts Only

New Street: Z Holdings (Buy, TP: ¥940, +137%) Q2 22: Mixed quarter, good performance from e-Commerce and Strategic but soft performance from Media

Z Holdings has reported a mixed set of Q2 results with improving trends on the Commerce and Strategic but deteriorating trends on the Media side which is still being impacted by the weaker macro economy. Guidance for the full year has been maintained; the company will optimise costs to offset the negative impact on Adj.EBITDA from the consolidation of PayPay and tougher trends from the Media business.

02/11/2022 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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New Street: Z Holdings (Buy, TP: ¥940, +137%) Q2 22: Mixed quarter, good performance from e-Commerce and Strategic but soft performance from Media

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

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

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

Bible 1Q24 – Foundries: leading-edge strong; Trailing-edge correction playing out.

VEON (Buy, TP: $40, +55%) Thoughts after the call

Reddit (RDDT, Neutral, $54 target) Data licensing tracking our base case after OpenAI deal

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