New Street Research - Z Holdings Corporation (4689) Z Holdings (Buy, PT: ¥585, +53%) Q1 FY23 Quick Take: Strong EBITDA beat; cost efficiency remains priority for FY23

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New Street Research

Chris Hoare

EUR 9318.00 For Business Accounts Only

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

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

03/08/2023 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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Analysts

Chris Hoare

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

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

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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