Report

New Street: ZOZO (Buy, TP: ¥5,200, +22%) Feedback from small group call with IR

We hosted a small group call with ZOZO IR. Following the call we see the continued likelihood of strong revenue and profit growth, well ahead of market expectations. Our view remains that the stock is attractive on this basis, and retain our Buy recommendation.
Underlying
ZOZO Inc.

Start Today is mainly engaged in the electronic commerce ("EC") business. Along with its subsidiaries, Co. operates in three principal businesses: ZOZOTOWN, B to B, and FURIMA. The ZOZOTOWN business operates brand's online shop on ZOZOTOWN by handling their inventory on a consignment based contract. Co. also purchases fashion items from brands and resell them on each brand's online shop on ZOZOTOWN. Additionally, Co. purchases/resales used fashion products from/to its users. The B to B business supports the brands to operate their individual online stores. The FURIMA business offers users a smartphone application called "ZOZO FURIMA" to sell and purchase personal fashion items.

Provider
New Street Research
New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Analysts
Chris Hoare

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