New Street Research - Z Holdings Corporation (4689) Z Holdings (Buy, PT: ¥585 from ¥940, +58%) Q4 22: Weak quarter, possible turning point from FY23; FY23 guidance in line, price target cut to ¥585

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New Street Research

Chris Hoare

EUR 9179.00 For Business Accounts Only

Z Holdings (Buy, PT: ¥585 from ¥940, +58%) Q4 22: Weak quarter, possible turning point from FY23; FY23 guidance in line, price target cut to ¥585

Z Holdings reported lower than expected Q4 results, driven by the declining EC GMV trend. Q4 22 revenue was 7% lighter than consensus while adjusted EBITDA was 5% behind. However, we think FY23 may be the turning point for Z Holdings.

28/04/2023 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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Chris Hoare

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Z Holdings (Buy, PT: ¥585 from ¥940, +58%) Q4 22: Weak quarter, possible turning point from FY23; FY23 guidance in line, price target cut to ¥585

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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