New Street Research - Z Holdings Corporation (4689) Z Holdings (Buy, TP: ¥940, +250%) Q3 22: Weak advertising and GMV, guidance cut

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New Street Research

Chris Hoare

EUR 9179.00 For Business Accounts Only

Z Holdings (Buy, TP: ¥940, +250%) Q3 22: Weak advertising and GMV, guidance cut

Z Holdings has reported a disappointing set of Q3 results with improving profitability but deteriorating trends on Media and EC GMV that are being impacted by the weaker macro economy. Revenue guidance has been maintained (though will be challenging we think), but EBITDA guidance for the full year has been cut to the low end of the previous range (¥331.5bn from range ¥331.5 - ¥340bn), despite a decent performance this quarter.

02/02/2023 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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Chris Hoare

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Z Holdings (Buy, TP: ¥940, +250%) Q3 22: Weak advertising and GMV, guidance cut

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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