PSA Internet / eCommerce: CyberAgent (4751 JT) in FY23 is Different from CyberAgent in FY21
Following the recent weakness of CyberAgent’s share price post the Sep quarter results, analyst Thao Nguyen reviews the company’s different businesses. While consolidated OP may stay flat in the near term, the firm will likely have succeeded in turning ABEMA into its third earnings pillar by FY23. This will mitigate the company’s reliance on the volatile Game business, and in the meantime, the Internet Ad business remains firm. The stock is on undemanding valuations; EV/OP on our FY23 OP estimate is 9x.CyberAgent is an information technology company. Media segment is engaged in the operation of internet TV station "AbemaTV," free live streaming programs without subscription "FRESH!," blog service "Ameba," matching services "Tapple" and music streaming service "AWA." Game segment offers a variety of games for smartphones such as "GRANBLUE FANTASY." Internet Advertisement segment is engaged in the provision of internet advertising agency services. Investment Development is engaged in the corporate venture capital business, as well as the establishment and operation of investment fund. Others segment is engaged in the operation of smartphone media.
Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods.
PSA produces both company and sector reports. The focus of PSA’s research is to identify winners and losers as new technologies impact the top and bottom lines of corporations. Critical to our research is the clear explanation of how these new technologies work and how they impact companies and industries.
The founding partners have worked closely together for twenty years and the team has more than doubled in size since 2012.
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